McKinsey, Bain, BCG Increase MBA Consulting Salaries For 2023

MBB increase starting salaries for MBA hires by $15k+ following inflationary pressure and competition from other sectors. Find out how much you could earn as an MBA consultant in 2023

The Big Three management consulting firms—McKinsey, Bain, and the Boston Consulting Group—are increasing starting salaries for MBA consultants by $15-to-$17,000 in 2023, according to a new report by ManagementConsulted.

Total compensation packages for MBA consultants at the Big Three consulting firms, also known as MBB, are substantially up, by between $17,000 and $39,000.

McKinsey, Bain, and BCG are ranked among the best companies to work for globally. Their diverse work environments and sky-high MBA consulting salaries make them some of the most attractive companies for MBA grads.

While MBB salaries rose by $10,000 last year, the more substantial increase in 2023 reflects their efforts to keep up with competitors in the finance and technology sectors, while also accounting for inflation.

Considering Your Career Options?

Download Our BusinessBecause Careers Guide

Bain, BCG, McKinsey MBA consultant salaries on the up

McKinsey, Bain, and BCG recruit thousands of MBA grads each year. It’s easy to see why they’re an attractive prospect: in their first year after an MBA, an MBB consultant can expect to take home more than $260,000 including bonuses and benefits, according to ManagementConsulted.

In 2023, MBA consulting salaries at the MBB firms start at $190,000 at BCG, and $192,000 at McKinsey and Bain, up from $175,000 last year.

Performance bonuses have also increased with Bain now paying bonuses up to $63,000 and BCG up to $50,000. At McKinsey, the figure remains at $45,000. Signing bonuses across all three firms remain at $30,000.

Differing bonus schemes mean total compensation packages vary between the three firms.

While they earned the least in 2022, Bain MBA consultants now have the highest overall compensation with salaries and bonuses amounting to $285,000, a 16% increase on last year. BCG pay has increased by 9% to a total of $270,000, while McKinsey MBA consultants earn the least with $267,000, though this still represents a 7% salary increase.

PWC, EY, Deloitte consultant salaries rise, while KPMG salaries frozen

The MBB consultancies aren’t the only firms who will pay top dollar for MBA grads looking to launch careers in consulting. The Big Four—known primarily as accounting firms but all have large consulting arms—also pay high MBA consulting salaries.

PwC consultant salaries have risen to $175,000 in 2023—that’s $10,000 above what the firm offered to new MBA hires in 2022. EY has also increased salaries by $10,000 to match PwC at $175,000.

Fellow Big Four firm, Deloitte Consulting, have also increased pay after freezing salaries in 2022. Deloitte consultant salaries start at $163,000. KPMG consultants salaries remain the same at $145,000.

Performance and signing bonuses across the Big Four vary, meaning total compensation packages differ dramatically between the firms. MBAs at PwC Consulting have the highest earning potential with a possible $245,000 available. At EY the figure is $242,000, while at KPMG it’s $210,000. MBAs who work at Deloitte Consulting can earn a maximum of $204,000.

Video: Salaries In MBA Consulting Explained

Boutique consulting firms raise MBA consulting salaries

Many MBA grads go on to work with boutique consulting firms after graduation. These firms typically hire fewer roles than the MBB or Big Four, but can offer some of the highest compensation packages available.

In 2023, some of the larger boutique consultancies including LEK Consulting and Oliver Wyman have increased their salaries to similar levels offered by the likes of McKinsey and Bain. LEK consultants earn $185,000 and Oliver Wyman employees earn $190,000.

Total compensation packages on offer at boutiques can reach similar levels to the MBB firms. MBA who land jobs at Alvarez & Marsal can earn a maximum of $262,500 including performance and signing bonuses. At OC&C Strategy Consultants, employees also earn $260,000 overall.

Other top boutiques chose to increase salaries after freezing them in 2022. Kearney, a firm which has paid higher base salaries than the MBB firms in the past, increased its MBA consulting salaries by $20,000 to $188,000.

Roland Berger, one of the leading boutique consultancies froze MBA starting salaries at $160,000 for the second year running.

The lead image in this article is credited to Web Summit and published under this license.

Next Read:

Bain, BCG, McKinsey: How To Get Hired By The Big Three Consulting Firms