It is unlikely that a consultant would move from one top-3 firm to another because of a difference in compensation, especially not below Partner level. Whether you’re a student or recent graduate who’s looking for their first job in consulting or you’ve already got some experience under your belt and are seeking career progression, there are certain aspects of management consulting that you need to be aware of. Understanding the differences can be really difficult. While entry-level roles pay USD ~100k for graduates, employees hired straight from their MBA or Ph.D. graduation can expect between USD 150 to 180k, similar to early experienced highers. We partner with clients from the private, public, and not-for-profit sectors in all regions to identify their highest-value opportunities, address their most critical challenges, and transform their enterprises. As the "Brexit Shambles" rumbles on, MPs in the UK received their annual pay rise today - a 2.7 percent increase to a basic salary of £79,468. Consultants can also receive a signing bonus of $12,500. Revenues at the business rose 18% to £582m. You can expect the salary progression of the top 3 firms to look similar to the chart below. Some firms offer this as part of their standard package, while others don’t. Associate Principals’ earnings vary greatly from $500,000 to $800,000. At the end of 2019, MBB firms bumped up their base salaries for business school and PhD graduates to $165k/ At both Boston and Bain, the performance element can be as high as $41,250, with a signing bonus of $30k. The 10 highest paying companies in the UK named by Glassdoor. The demand for places far outstrips the relatively scarce supply of openings. A free inside look at company reviews and salaries posted anonymously by employees. Associates (fresh MBA hire) earn a $125,000 salary + $20,000 signing bonus + performance bonus of up to $40,000 + 12% of bonus/salary contributed to retirement fund. Consultancies know that the main competition for attracting the best graduates is the investment banking sector. If you are thinking of applying to McKinsey, BCG or Bain, make sure to sign up to our newsletter here and receive free interview prep material in your inbox. 789 Maybank reviews. For experienced professional with 2-5 years of experience outside of consulting, the basic salary is higher as they enter at a higher position. Some average numbers are shown below for salaries in the United States (in USD). Consulting is not your typical 9-to-5 job. This might be the case, for instance, if you have to give up your end of year bonus at your current employer. Engagement Managers earn approximately $250,000. A Junior Consultant on average earns a base salary of £30,000 per annum, while an average Director in the consultancy industry can earn up to £190,000 including … Another book, “Case Interview Secret”, […], Sign-up to MBB Case Interview Prep Course. Deloitte Consulting Salary. If there is any room for negotiation it will be with the sign-on bonus. Students dream of working at one of the top accounting firms and receiving a Big Four accounting salary. On the other hand, McKinsey’s pension is the most generous at all levels and is comparably high across many industries. For recently graduated undergraduates and Masters students, the base salaries at McKinsey, BCG and Bain in London start from Accenture Consulting also has a fast career progression and meritocratic pay, which means that top performers stand to gain a high sum in a comparatively short period of time. Here's some information from TheCaseInterview. Bain promotes top performers faster and rewards them better than at other firms. 1-2 years post-MBA - $180-205k all-in (includes signing bonus for Y1), 8-15 years post MBA (Partner): $750K-$1.5M, 15+ years post MBA (Senior Partner): $2-10M, New comments cannot be posted and votes cannot be cast, A community for consultants and those interested in consulting, Press J to jump to the feed. How much do consultants at McKinsey, BCG, and Bain make (in USD)? Oliver Wyman is […], Case interviews are at the heart of the selection process at top consulting firms like McKinsey, BCG, and Bain, as well as at other selective […], Case interviews are at the heart of the selection process at top consulting firms. I have 2.5 years experience at a UK firm. A typical compensation package is made up of the basic salary, the bonus, and the pension contribution. Access all the online resources you need for success in your case and fit interviews. I can confirm for my MBB that this is pretty accurate. Was wondering as to starting salary / bonus + progression across MBB, B4 Strategy (S& / EY-p) and other Tier 2 (Kearney, LEK) in the UK. Can confirm through AP it's based on years and performance rating, and not on position. Pros. Hard to … Search for a career opportunity at the best, leading bank in Malaysia and one of the largest banks in Southeast Asia. The pension funds can also be managed by McKinsey’s internal hedge fund, which has a great performance track record and includes investment vehicles not typically accessible to the general public. I heard it was lower because they want to incentive people to stay on till Partner. The base salary for a consultant is about $88,000, with a performance bonus of $13,000. Overall, our data shows that there isn’t much difference in compensation between firms. Is McKinsey AP comp really that high? Each of the big three offer new undergrad hires a $5k signing bonus. BCG offers the best base salaries of the top-3 firms and is likely to offer the highest entry-level to experienced professionals. Although a pension contribution may not be top of mind for some, the percentage contributed by each firm varies widely. Living with 500k in the bank while you rent a shoebox and eat ramen is no kind of life. Was wondering as to starting salary / bonus + progression across MBB, B4 Strategy (S& / EY-p) and other Tier 2 (Kearney, LEK) in the UK. In the US and UK, the consulting firm you work for will also usually match your contributions to your pension pot. Response 1 of 17: I’m 39, still don’t have 500k saved (was negative net worth until a few years ago) and make 7 figures. Focus on the income side, and the money will come. Fast career progression, often strong managers and generally high caliber colleagues, good change of pace / leave policies (sabbatical, non-profit work at 40% pay, rotations in support functions), compensation is highly competitive at low levels (consultant, senior consultant), opportunity to jump to managerial positions at corporates / startups if you stay a few years, recent firm … Download resume templates and watch in-depth, step-by-step resume advice videos. They are very generous with top performers towards the top percentage of the cohort, so the average total compensation over a typical three year period may be higher for top performers at Bain versus other firms. For example, top boutique L.E.K. Write an answer. 5-8 years (pre-partner) - $250-500k. I'll choose this career but I'm thinking about whether to go the extra mile and try hard to get a job with one of MBB. The Big 4 treat their clients much more softly, compared with MBB. Their salaries typically start at £55,000 and can be as high as £65,000. Also, I hear that MCK, you get paid based on years and not position - can anyone confirm? Investment Banker Salary: Analysts. Money is for living life. Life happens. Find out more at Maybank Jobs Portal! Contributions vary approximately between 3% and 6% of your base salary in the US and up to 12% in the UK. Consultants (fresh MBA hire) earn a salary of $125,000 + signing bonus of $20,000 + performance bonus of up to $40,000 + profit-sharing vesting three years later of approximately $14,000 (depending on firm performance) + 5% of salary contributed into retirement fund. 8-15 years post MBA (Partner): $750K-$1.5M. Performance also matters. At McKinsey, the salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Total Salary: $113,500. 15+ years post MBA (Senior Partner): $2-10M. Bonuses are typically based on individual performance at McKinsey, BCG, and Bain unless the consultant has only been at the firm for less than a year, in which case a standard amount if given to everyone at this level. For new MBA graduates basic salaries are between £80,000 and £90,000. MBA associates receive about $145,000 as a base salary, with a performance bonus of $31,900. Compare and contrast Deloitte consulting career salaries between the US and UK: Deloitte consulting starting salary: UK-£41,160 p/year (US equivalent: 51,093K); US-$73,000K Just out of curiosity, how different would the values be at a "second tier" like atk or oliver whyman, or a big 4? I'd like to believe he's trolling, but in reality, I think he thinks too highly of himself to pretend to be someone else for even a couple of posts on reddit. Deloitte junior consultants have a maximum annual salary of $98,000, … In the UK, you can expect an £45k base salary as a business analyst, and it grows to about £145k as a Principal. Stuff costs money. What is the salary range to expect? Consultant salaries in the UK are relatively lower, which is something to consider given the high cost of living in cities like London. McKinsey remains the laggard on $87,000 despite increasing base pay by $2K. For example, the salary increase between an analyst position and an Associate position is probably only 20-30%. … 3 22.06.11 Industry vs Consulting. Bonuses at the undergraduate entry-level have been as low as £0 and as high as £6,000 depending on the firm. Salaries and remuneration packages of management consultants in the UK have not changed much over the past year, despite an improving market, as fee pressures from clients limit the scope for uplifts. Press question mark to learn the rest of the keyboard shortcuts. Might be helpful for people on this forum. For other companies with a different promotion structure, the gradation in salaries may look more like this. Generally, compensation figures within the Big Four are almost identical with only a few minor differences. That’s more than double the salary that a college graduate can earn. When you become a great interviewer, you will be in high demand to practice with best candidates. In practice, they test whether candidates have the analytical horsepower to […], Being an excellent interviewer is a valuable skill. Again that’s 20% growth in base salary every year assuming you make it to partner in 10 years. It offers unique opportunities, along with challenges you won't find in a normal corporate firm. at Manager? BUT there are plenty of exceptions. This is comparatively high compared to graduate salaries in most other fields. 28 emails packed with tips. For recently graduated undergraduates and Masters students, the base salaries at McKinsey, BCG and Bain in London start from £40,000 and can be as high as £45,000. If this is accepted, do not expect more than a few percents of your base salary, but you should also be ready for your request to be declined. 5 years ago. Spend responsibly, but go ahead and spend some. Plus sample case and fit interview videos. The “standard” progression for Analyst base salaries is $85K, $90K, and $95K over three years at the large banks, with bonuses that might be ~50% to ~100% of base salaries. Your speed of progression through the positions impacts your performance rating. FlashFash). 1-2 years post-MBA - $180-205k all-in (includes signing bonus for Y1) 3-4 years - $200-250k. Associate Consultants (fresh out of undergrad hire) earn a salary of $70,000 + signing and year-end bonus totaling $9,000 + profit-sharing vesting three years later of approximately $7,500 (depending on firm performance) + 4.5% of their salary contributed into retirement fund. McKinsey & Co. Inc UK spent around 45% of its revenues on paying staff last year. Among the MBB firms, Bain increased its base salary last year by $5K to $90K to bring it on a par with BCG. 2010 Salary Benchmarking Report. 1 22.06.11 Do airlines use consultants? This seems accurate for the US for my firm. […], The Most Popular Frameworks for Structuring Consulting Cases, Thirty years ago, people started to use frameworks to structure cases, as was popularized by the book “Case in Point”. Business analysts (fresh out of undergrad hire) earn a $75,000 salary + $5,000 signing bonus + $5,000 relocation allowance. Salary & Bonus. What kind of salary/bonus are you looking at in your second year as Consultant? That said, here are the average values (keep in mind, people who make early partner are excluded from data set): https://charlesaris.com/wp-content/uploads/2015/01/Charles-Aris-Strategy-Consulting-Compensation-Study-2015.pdf. New answer on Jul 31, 2020 Salary negotiation is highly unlikely at these levels. 8 full cases with solutions (incl. Those six-digit salaries are a major point of attraction for the best and brightest candidates out there, and also the … The Boston Consulting Group (BCG) is a global management consulting firm and the world’s leading advisor on business strategy. Engagement Managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000. If you start out at McKinsey on their £45,000 Business Analyst salary in the UK, you can expect to be on about £65,000 when you are promoted to an Associate position after two years. For candidates joining at MBA level the bonuses can be from £15,000 and again double this amount for the very top performers. All consultants receive the same contribution and this ranges from 6-12% of salaries at different firms. Check out this post to get your consulting career path questions answered. quickly matched MBB and offers a $165,000 base salary for its incoming MBA hires & PhD hires in the U.S. Other boutiques have since followed suit. I have a theory about OP: He's an amalgamation of everything r/consulting (and realistically everyone else as well) hates about MBB. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. McKinsey does pay less than other firms at the lowest entry-level, but beyond that, the differences with other firms are not large enough to be meaningful. Top consulting firms are one of the highest-compensating payers outside of financial services or corporate law. But because that sector is sluggish at the moment, more graduates are choosing consultancy as their preferred career. It's definitely on position, not years. Consulting Applications at the Time of COVID, We are all aware of the tragic toll that the coronavirus is claiming on those with poor health, poor access to healthcare, an unsteady income, […], Oliver Wyman is a leading management consulting firm with offices in 60 cities across nearly 30 countries and employing over 5,000 people. Any answers really appreciated! MBB are a much tougher taskmaster than the Big 4 for consultants, and they work long hours, which affects their family and social relationships. If one takes into account only the annual salary, MBB do a little better. Starting salaries range from between £30,000 and £42,000, and typically come with a range of benefits including healthcare, bike schemes, interest free loans, additional holiday and … Management consulting salaries are a critical factor when you’re considering job offers. The practice of offering a sign-on bonus of 2-10% of the base salary varies widely from firm to firm. This pension pot is called a 401k in the US. Associates (fresh out of undergrad hire) earn a salary of $72,000 + signing bonus of $5,000 + performance bonus of up to $16,000 + profit-sharing of up to $4,400 + 15% of salary and bonus contributed into retirement fund. Each firm has a set base salary at a given entry point and decides the entry point based on the candidate’s experience and interview performance. Consultants (fresh MBA hire) earn a salary of $135,000 + signing bonus of $20,000 + performance bonus of up to $40,000 + 5% of salary contributed into retirement fund. I know that most MBB starts in the 140k range at post-MBA, but what does it look like over time? What is the starting salary for a Senior Associate in Big 4 consulting? Then, as an exception, in the middle of 2019, MBB increased MBA & PhD base salaries to $165,000, and other firms increased MBA & PhD salaries to follow suit. Overall, if you’re looking for a high paying job that isn’t in finance or law, consulting is a very strong option, particularly for driven high-performers. If you make it to partner level in the Big Four, there's a clearer hierarchy, with Deloitte leading the charge. They can also expect a signing bonus of $25,000.Total MBA Salary: $201,900. Project Leaders earn approximately $250,000. However, if you have a good rationale for requesting a sign-on bonus you should ask. Staff at the highest paying companies receive total pay packages up to £90,000 – more than three times the median annual salary Also, can you post for the major non-MBB firms (if you have it)? For experienced hires joining below the MBA level the bonuses are typically around £10,000 and up to double this amount for top performers. At Senior Manager? In this article, we’re going to lift the lid on the compensation packages typically offered by the London offices of McKinsey, BCG and Bain. In 2018/19 partners at Deloitte got paid an annual salary of £882k ($1.5m), PWC partners got £765k ($1m) each, partners at EY got £679k and partners at KPMG (which is …

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