The report, based on Management Consulted data collected from new hires across the consulting industry, marks the third time in the firm's 17 years of recording management consultant salaries that starting pay has not increased year-on-year.
Salaries at the industry’s largest players, including the Big Three firms of McKinsey, Bain, and BCG, remain unchanged. Incoming MBA hires earn base salaries of $190k to 192k, performance bonuses of up to $60k, and signing bonuses averaging $35k.
Similarly, base salaries across the Big Four accounting and professional services firms—Deloitte, EY, KPMG, and PwC—have stayed the same since rising in 2023.
Why are management consultant salaries stagnating in 2025?
Frozen management consultant salaries in 2025 reflect broader industry trends limiting the need for new hires.
Productivity gains because of artificial intelligence and remote work have allowed firms to achieve more with smaller teams. At the same time, fewer consultants are leaving the industry, resulting in lower attrition rates and further decreasing the need for new talent.
The loosening labor market has also affected compensation. With more job seekers than available positions, consulting firms face less pressure to raise salaries, especially as traditional competitors such as banking and tech continue to struggle with hiring slowdowns.
Even with flat base salaries, some firms have adjusted other aspects of compensation to attract and keep talent.
While certain companies have cut signing bonuses and tied retirement contributions to firm performance, others have boosted bonuses. These changes aim to make total compensation packages more appealing, although only a small percentage of consultants achieve the maximum bonuses.
US management consultant salaries still lead globally
US consulting salaries continue to outpace those in other regions, largely due to the strength of the US dollar and limited success in achieving equal purchasing power across geographies.
In 2025, international salary growth stagnated in regions such as Europe and the Middle East as a result of slower economic growth in these areas.
Looking ahead, firms anticipate marginal salary increases in 2026 as workloads increase and hiring expands slightly. The layoffs and hiring freezes of 2023 increased workloads for consultants in 2024, and this trend is set to continue in 2025.
