Often one of the best ways to get a leg up in the industry is by completing a consulting internship. Typically running on a yearly basis, these programs are designed to help top consulting firms identify new talent while also teaching aspiring consultants valuable industry-specific skills that aren’t easily learned in a classroom.
Even better, most top consulting companies–such as the Big Three firms–offer consulting internships, with programs typically running for 10 weeks in the US (between early June to the first or second week of August) and for eight to 12 weeks in Canada, Europe, the Middle East, and Africa.
But what exactly are the different consulting internships out there for MBAs and Masters? And–most importantly–how much do they pay?
Here’s a list of the top internships and their salaries in 2024.
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Consulting Internships: Masters Graduate Salaries
The Big Three
The Big Three firms—McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG)—are renowned for their high starting salaries, and their internship programs are no exception.
Handing out the biggest paycheck for students of business masters degrees is the Bain internship, where students can expect a whopping salary of $22,500 for their 10-week stint, plus a $1,000 relocation bonus.
Not far behind is the BCG internship, which offers an impressive $21,154 to masters students (not to mention a $10,000 signing bonus for GFL participants), and McKinsey, which pays its interns $21,250 and its sophomores $8000.
The Big Four
As the highest paying consulting internship out of the Big Four (Deloitte, PwC, KPMG, and EY), the KPMG internship offers masters students a significant $17,000 to learn the ropes.
Not far behind, PwC pays its interns up to $41 per hour ($34 per hour for sophomores), while also offering a signing bonus of $3000. Meanwhile, Strategy& offers masters interns $48 per hour, on top of overtime.
The EY internship offers masters students a payout of $39 per hour, while its more specialized arm, EY-Parthenon, pays an impressive $45 per hour.
Meanwhile, masters interns on the Deloitte Consulting internship earn a notably high $32 dollars per hour–as well as a $5000 signing bonus for sophomore students.
Boutique Firms
The likes of EY and Bain aren’t the only ones offering lucrative consulting internships for masters students. There are several boutiques offering competitive consulting internship salaries.
At Capital One Strategy Group, interns can earn an eyewatering $20,384–higher than many of the consulting internships at the Big Three or Big Four firms–plus a $3,000 signing bonus.
Equally lucrative, Oliver Wyman is writing checks of $18,900 for a nine-week internship (as well as a $2,500 signing bonus).
READ: How To Get Hired By The Big Three Consulting Firms
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Consulting Internships: MBA Graduate Salaries
The Big Three
While masters students can earn hefty sums when taking part in consulting internships, MBA students can also expect a large payout. This is particularly true when partaking in a consulting internship with either BCG, McKinsey, or Bain.
Offering the highest salary, the Bain internship promises its MBA interns a whopping $40,000 (or $41,250 if you’re in Canada) to spend 10 weeks training with the firm.
McKinsey also offers an enticingly high $36,923 to its consulting interns, while MBA students in the UK can expect £16,400, plus a £5,000 signing bonus.
Following close behind, MBA students accepted onto the BCG consulting internship earn an impressive salary of $36,538.
The Big Four
MBA students fortunate enough to get accepted onto the Deloitte Consulting internship program can expect salaries of $33,700, alongside a signing bonus of $2,500.
Similarly, interns at PwC can earn $33,650, while on the eight-week long EY-Parthenon internship MBA students earn $28,000, on top of a significant signing bonus of $5,000.
Equally impressive, interns at KPMG consulting internship can expect to get paid $66 per hour–plus $99 per hour for any overtime.
Boutique Firms
Like masters students, MBAs can also find high-paying consulting internships among the boutique consulting firms.
At NERA Economic Consulting, interns can earn an incredible $43,250 for their ten-week contract, which doesn’t even include their $1,250 signing bonus.
Equally exciting, the consulting firm Kearney offers $36,153 to its interns.
Meanwhile, for nine weeks interning with Oliver Wyman, MBA students can expect pay of $32,850, plus a $3,000 signing bonus.
So, there you have it, these just some of the exciting salaries you can expect from a top consulting internship in 2024.
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
