Management Consulting Salary 2023: An In-depth Analysis

Management consulting salary (2020)

Up-to-date salaries at 12 consulting firms in 2020: McKinsey, BCG, Bain, Accenture, Deloitte and others

Let’s face it – no matter what you say in a consulting interview, those six-digit salary figures are quite tempting; so in this article, let’s explore and compare the salary of management consultants at 12 top consulting firms, including McKinsey, BCG, Bain (Big 3), the Big 4 firms and Accenture.

Disclaimer: Unless stated otherwise, salaries in this article are based on US figures – the precise numbers vary from place to place, and we will provide additional insights where possible. “Total Annual Salary” includes Base Salary, Performance Bonus, and Profit Sharing. One-time sums are not counted such as Relocation or Signing Bonus. Actual figures may vary, depending on location, position, experience, performance and time of report. The figures in this article are rough estimates based on field reports, and rounded to the closest 500.

How much do management consultants make?

At top consulting firms, entry-level management consultants may earn $100,000 each year (bonuses and profit sharings included), while senior consultants may earn up to $200,000. Project leaders/managers are typically paid $200,000-$250,000. Partner-level managers (partners, directors, principals) can earn up to $1,000,000-$1,300,000.

In this article, we’ll explore the salary and bonuses for the following 12 consulting firms:

MBB (Big Three firms): McKinsey, BCG, Bain
Big Four firms: Deloitte, KPMG, EY, PwC
Other firms: Accenture, AT Kearney, LEK, Oliver Wyman, Booz Allen Hamilton

McKinsey & Company consulting salary

McKinsey 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. Engagement managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.

McKinsey Analyst salary (Undergraduate/Entry-level)

Base: $88,000 (Canada: CA$82,000, UK: £45,500, India: ₹1,635,000, China: ¥290,000)
Performance Bonus: up to $15,000 (UK: £5,000, India: ₹450,000)
Profit Sharing: up to $10,000 (China: ¥48,000)
Retirement: 7% annual contribution every year to 401K plan
Signing Bonus: $5,000 (UK: £3,000)
Relocation: $2,000-10,000
Total Annual Salary: up to $113,000

McKinsey Associate salary (MBA/Experienced-level)

Base: $168,000 (UK: £84,000) (China: $116,000)
Performance Bonus: up to $35,000
Profit Sharing: up to $30,000
Retirement: 7.5% into 401k
Signing Bonus: $30,000
Relocation: $2,000-9,000
Total Annual Salary: up to $233,000

McKinsey Engagement Manager salary (Manager-level)

Base: $175,000
Performance Bonus: Up to $77,000
Profit Sharing: $30,000
Total Annual Salary: up to $282,000

McKinsey Associate Partner/Partner/Director salary (Partner-level)

Base: $572,000 – $1,000,000
Performance Bonus: Up to $252,000 – $300,000
Total Annual Salary: up to $1,300,000

Boston Consulting Group (BCG) salary

At BCG, junior Associates earn around $90,000 to $110,000 per year, while the more senior Consultants can earn up to $215,000. Project Leaders has an even higher income – around $200,000-$260,000, while Principals and Partners top the scale at $1,150,000.

BCG Associate salary (Undergraduate/Entry-level)

Base: $90,000 (UK: £71,000, India: ₹1,600,000)
Performance Bonus: up to $18,000 (UK: £6,000, ₹300,000)
Profit Sharing: up to $4,500
Retirement: Profit-sharing deposited into 401k account
Signing Bonus: $5,000 (UK: £3,000)
Relocation: $5,000-8,000
Total Annual Salary: up to $112,500

BCG Consultant salary (MBA/Experienced-level)

Base: $165,000 (UK: £90,000) (Australia: A$160,000) (China: ¥700,000)
Performance Bonus: up to $41,500 (UK: up to £25,000) (Australia: up to A$61,500)(China: ¥260,000)
Profit Sharing: up to $9,000 (China: up to ¥200,000)
Retirement:$10,000 into 401k (UK: up to 9% match) (Australia: A$16,000)
Signing Bonus: $30,000 (UK: £15,000) (Australia: up to A$40,000)
Relocation: $2,000-8,000 (Australia: up to A$7,500)

BCG Project Leader salary (Manager-level)

Base: $178,000
Performance Bonus: Up to $60,000
Profit Sharing: $28,000
Total Annual Salary: up to $266,000

BCG Principal/Partner salary (Partner-level)

Base: $600,000-850,000
Performance Bonus: up to $300,000
Total Annual Salary: up to $1,150,000

Bain & Company salary

Bain consultant salary ranges from a maximum of $122,500 for junior Associate Consultants, to a $226,500 for senior Consultants. Case Team Leaders can make up to $242,000 per year, while Managers, Partners and Principals may earn as much as $1,000,000.

Bain Associate Consultant salary (Undergraduate/Entry-level)

Base: $90,000 (UK: £65,000, Canada: CA$80,000, China: ¥310,000, India: ₹1,800,000)
Performance Bonus: up to $22,500 (UK: £6,000, Canada: CA$10,000, China: ¥50,000, India: ₹200,000)
Profit Sharing: up to $10,000 (Canada: CA$5,000)
Retirement: 4.5% of base + bonus into 401k, no contribution required
Signing Bonus: $5,000 (UK: £3,000)
Relocation: $5,000
Total Annual Salary: up to $122,500

Bain Consultant salary (MBA/Experienced-level)

Base: $165,000 (UK: £86,000, Canada: CA$160,000, India: ₹3,500,000, Germany: €103,000)
Performance Bonus: up to $41,250 (UK: up to £20,000, India: ₹770,000, Germany: €25,000)
Profit Sharing: up to $20,000 (UK: £6,000, Canada: CA$20,000)
Retirement: 401k contribution up to $8,000 (UK: £10,000)
Signing Bonus: $30,000 (UK: £15,000)
Relocation: $8,000 for under 400 miles; $16,000 for over 400 miles
Total Annual Salary: up to $226,500

Bain Case Team Leader salary (Manager-level)

Base: $175,000
Performance Bonus: up to $37,000
Profit Sharing: $30,000
Total Annual Salary: up to $242,000

Bain Manager salary (Manager-level)

Base: $185,000
Base: $185,000
Profit Sharing: $40,000
Total Annual Salary: up to $285,000

Bain Principal/Partner salary (Partner-level)

Base: $400,000
Performance Bonus: $400,000-600,000
Total Annual Salary: up to $1,000,000

Deloitte Consulting salary

Deloitte junior consultants have a maximum annual salary of $98,000, with $85,000 as base. Senior consultants can make up to $201,000 per year.

Deloitte Analyst salary (Undergraduate/Entry-level)

Base: $85,000
Performance Bonus: $13,000
Retirement: 25% match for the first 6% of individual contributions in 401k
Signing Bonus: $12,500
Total Annual Salary: up to $98,000

Deloitte Consultant salary (MBA/Experienced-level)

Base: $160,000 (Toronto: C$105,000) (Calgary: C$100,000) (Mexico City: MXN700,000)
Performance Bonus: up to $41,000 (Mexico City: up to MXN35,000)
Retirement: 25% match of first 6% into 401k (a total of 1.5%)
Signing Bonus: $30,000 ($20,000 contingent on signing early) (Canada: C$15,000)
Relocation: up to $10,000
Total Annual Salary: up to $201,000

KPMG Consulting salary

KPMG junior consultants have a maximum annual salary of $83,000, with $75,000 as base. Senior consultants can make up to $185,000 per year.

KPMG Analyst salary (Undergraduate/Entry-level)

Base: $75,000
Performance Bonus: up to $8,000
Retirement: up to $7,500
Signing Bonus: up to $2,000
Total Annual Salary: up to $83,000

KPMG Consultant salary (MBA/Experienced-level)

Base: $160,000
Performance Bonus: up to $25,000
Retirement: Match 50% (2.5%) if deposit 5% + pension contribution
Signing Bonus: up to $45,000
Relocation: up to $5,000
Total Annual Salary: up to $185,000

PwC Consulting salary (Strategy&)

PwC junior consultants have a maximum annual salary of $108,000, with $90,000 as base. Senior consultants can make up to $185,000 per year.

PwC Associate salary (Undergraduate/Entry-level)

Base: $90,000
Performance Bonus: up to $18,000 (20% of base)
Signing Bonus: $5,000
Signing Bonus: $5,000
Total Annual Salary: up to $108,000

PwC Senior Associate salary (MBA/Experienced-level)

Base: $150,000
Performance Bonus: up to $35,000
Retirement: 25% match up to 6%; 1% immediate separate contribution
Signing Bonus: $30,000 (paid at start of work)
Relocation: up to $2,000
Total Annual Salary: up to $185,000

EY consulting salary (EY-Parthenon)

EY junior consultants have a maximum annual salary of $101,000, with $92,000 as base. Senior consultants can make up to $180,000 per year.

EY Associate salary (Undergraduate/Entry-level)

Base: $92,000
Performance Bonus: up to $9,000 (10% of base)
Signing Bonus: $10,000
Relocation: up to $2,000 (local)
Total Annual Salary: up to $101,000

EY Senior Associate salary (MBA/Experienced-level)

Base: $170,000
Performance Bonus: up to $10,000
Signing Bonus: $35,000
Relocation: up to $2,000
Total Annual Salary: up to $180,000

Accenture consulting salary

Accenture junior consultants have a maximum annual salary of $113,000, with $87,000 as base. Senior consultants can make up to $200,000 per year.

Accenture Analyst salary (Undergraduate/Entry-level)

Base: $87,000
Performance Bonus: up to $26,000 (30% of base)
Retirement: 6% match for 401k after 1st year
Signing Bonus: $12,500
Relocation: up to $5,000
Total Annual Salary: up to $113,000

Accenture Consultant salary (MBA/Experienced-level)

Base: $155,000 (Canada: C$135,000) (UK: £83,000)
Performance Bonus: $30,000 + $15,000 for top performers (UK: £10,000)
Retirement: 6% match for 401k after
Signing Bonus: $35,000 + $17,500 early sign on for returning interns (Canada: C$25,000) (UK: £31,500)
Relocation: up to $10,000
Total Annual Salary: up to $200,000

Other consulting firms salary

AT Kearney consulting salary

Undergraduate/Entry-level	MBA/Experienced-level
Base: $80,000	Base: $158,000 (Canada: C$153,000) (Germany: €85,000) (Dubai: AED570,000)
Performance Bonus: up to $20,000 (25% of base)	Performance Bonus: up to $44,100 (Canada: up to C$45,900) (Germany: up to €16,000) (Dubai: up to AED90,000)
Retirement: up to 6% base	Retirement: 401k contribution up to $8,000
Signing Bonus: $5,000	Signing Bonus: $25,000 (plus $10,000 for summer interns). Canada: C$20,000. Dubai: AED90,000
Relocation: up to $10,000	Relocation: up to $10,000 (Canada: C$5,000) (Germany: up to €5,000)
Total Annual Salary: up to $100,000	Total Annual Salary: up to $202,000

Booz Allen Hamilton consulting salary

Undergraduate/Entry-level	MBA/Experienced-level
Base: $75,000	Base: $130,000 (Middle East)
Performance Bonus: up to $4,000	Performance Bonus: up to $32,500 (25% of base; Middle East)
Retirement: 6% match for 401k	Allowances: 40% of base ($52,000; Middle East)
Relocation: up to $5,000	Relocation: up to $25,000 (Middle East)
Total Annual Salary: up to $79,000	Total Annual Salary: up to $162,500

Oliver Wyman consulting salary

Undergraduate/Entry-level	MBA/Experienced-level
Base: $87,000	Base: $145,000 (Doha: $144,000)
Performance Bonus: up to $16,000	Performance Bonus: up to $36,500
Retirement: 3% match	Retirement: 401k – up to 3.5% match at start of 2nd year
Signing Bonus: $10,000	Signing Bonus: up to $45,000 (Doha: $1,500)
Relocation: up to $2,000
Total Annual Salary: up to $103,000	Total Annual Salary: up to $181,500

LEK consulting salary

Undergraduate/Entry-level	MBA/Experienced-level
Base: $75,000	Base: $165,000
Performance Bonus: up to $3,000	Performance Bonus: up to $25,000
Signing Bonus: $10,000	Signing Bonus: $25,000 (additional $25,000 for returning interns)
Relocation: up to $2,500	Relocation: up to $5,000
Total Annual Salary: up to $78,000	Total Annual Salary: up to $190,000

Comparing management consulting salary

There are a gap in consultants' salaries among management consulting firms. Overall, the Big Three (MBB) companies pay their consultants more generously due to the larger scale of their consulting projects.

Salaries when exiting management consulting

Short answer: You get a raise when you quit the job.

And here’s the long answer:

Even though management consulting is among the best-paid jobs, with a few years of experience, you will receive even higher-paying offers from outside the industry – typically ranging from +20% to + 50%, but sometimes as high as +100-200%!

This is the exact reason so many people willingly exit the industry within the first few years, but at the same time, it explains why management consulting is so attractive – those learning opportunities will catapult your career and your salary sky-high!