However, salaries are set to stagnate in 2024 as many firms, including the Big Three, have opted to keep MBA consulting salaries at 2023 levels. That follows economic challenges due to several factors, including high inflation rates and decreasing demand for consultancy services.
Despite this, while pursuing an MBA or master’s program comes at a significant cost, if you’re considering a consulting career after business school you’ll still likely make a swift return on your investment.
McKinsey & Company and Bain & Company, which offer the highest overall compensation packages among the Big Three, each offer base salaries of around $192,000 per annum. Bain also offers performance bonuses of up to $63,000 to MBA graduates, while at McKinsey the figure is $40,000.
Here, we roundup the headline stats for consulting salaries for MBA and master’s graduates at some of the world’s biggest consulting firms, from Management Consulted’s 2024 Consulting Salary Report.
You can find out more information about the specific consulting firms by clicking through to the links below.
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The Big Three
Bain & Company
The top company to work for worldwide, according to Glassdoor, Bain's consultant salary prospects are very promising for MBA graduates.
The Big Three, also known as MBB, all offer base consultant salaries of at least $190k, with Bain offering a total of $192,000. The firm also offers performance bonuses of $63,000 and a signing bonus of $30,000.
Master’s degree graduates can expect to earn around $112,000 with performance bonuses of up to $22,500. Signing bonuses for Bain' master’s-level recruits are $5,000.
Bain is ranked the world’s best consulting firm to work for based on its strong compensation as well as other benefits like work-life balance.
Boston Consulting Group (BCG)
BCG consultant salaries and bonuses are almost identical to those at Bain. BCG consultant salary prospects are $190,000 for MBA graduates and $110,000 for master’s graduates.
BCG offers fewer PTO (vacation) days than Bain and McKinsey. It offers 15 days per year for both master's and MBA grads, compared with 25 (MBA) and 20 (master's) at Bain, and 19 days for both at McKinsey.
Master’s grads at BCG earn up to $25,000 in performance bonuses.
McKinsey & Company
McKinsey MBA consultants earn $192,000 in base salary with performance bonuses of up to $40,000. McKinsey also offers 50% off second year MBA tuition for returning interns.
A McKinsey consultant salary for master’s graduates comes in at $112,000 with performance bonuses of up to $18,000.
Like any consulting firm, salaries at McKinsey increase as consultants go up the ranks from junior associate to associate to partner.
READ: 10 Best MBAs For Consulting Careers In 2024
The Big Four
Deloitte
MBA salaries for the Big Four accounting and professional services firms remain lucrative and Deloitte consultant salary prospects are no different.
Deloitte Strategy & Analytics (S&A) offers MBA graduates base salaries of $175,000; Deloitte Consulting offers up to $114,000; Deloitte Federal $128,000; Deloitte Government & Public Services $130,000. MBA consultants at Deloitte Human Capital and Deloitte Tech earn $160,000.
Performance bonuses for MBAs vary across the organization but those at Deloitte S&A can see bonuses up to $43,750 and Deloitte Human Capital consultants can expect to supplement their salary with bonuses of up to $32,200.
Master’s level consultants earn base salaries of up to $105,000 at Deloitte Consulting and around $26,250 in performance bonuses.
Ernst & Young (EY)
EY offers some of the best consultant salaries among the Big Four accounting and professional services firms. MBA consultants at EY can expect base consulting salaries of $175,000.
EY-Parthenon, which focuses on strategy consulting, also offers MBA hires $175,000 in base salary.
The EY consultant salary for master’s level graduates is $85,000, which also tends to recruit mostly from top-ranked business schools.
KPMG
KPMG offers MBA consultants $145,000 in base salary and performance bonuses of up to $17,400 as well as a signing bonus of up to $35,000.
Master’s-level graduates at KPMG earn up to $90,000 per year and can expect a signing bonus up to $10,000.
PricewaterhouseCoopers (PwC)
PwC MBA consultants earn base salaries of $175,000 on joining the firm and up to $40,000 in performance bonuses. MBA consultants hired by Strategy&, the global strategy consulting team at PwC, get paid an impressive $190,000 base salary.
Master’s graduates at PwC earn a base salary of $85,000, with a signing bonus of $5,000.
MBA & Masters Consulting Salaries
More top consulting salaries
While the Big Three and Big Four firms tend to offer the most attractive salaries for new MBA and master’s-level hires, there are many other consulting firms with attractive compensation packages.
The highest-paying boutique consulting firms tend to offer base MBA salaries ranging from $150,000 to $190,000.
MBA consultant salaries at firms like Accenture Strategy, LEK Consulting, and Oliver Wyman rival the Big Three, with base salaries ranging from $160,000-to-$190,000. Oliver Wyman offers roughly the same as the MBB with MBA grads earning $190,000 in base salary.
Consulting salaries for master’s graduates at these firms are also high with base salaries ranging from $79,500 to $110,000.
Other boutique consulting firms, including big-names like Tata Consultancy Services and Kearney, are also increasingly popular.
Getting a job in consulting is no easy feat. Going to business school can provide you with the knowledge, network, and connections with top employers that you need to send you on the right path.
For more info about what it's like to work in consulting, the perks and salaries you could gain, and tips on how to successfully become a management consultant, download our BusinessBecause Consulting Guide
The salary figures in this article are for those joining management consulting positions in 2024.
The data was sourced by ManagementConsulted from interview prep clients who received written job offers.
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