All About Management Consulting Salaries

Management consulting salaries are a critical factor when you’re considering job offers.

Whether you’re a student or recent graduate looking for your first job in consulting or you’ve already got some experience under your belt and are seeking career progression, you need to be aware of certain aspects of management consulting.

Your decision becomes much harder with so many consulting firms offering different remuneration packages and career paths.

Turning to Google might seem like the logical step to take but expect to be overwhelmed by the amount of arbitrary information presented to you.

That is why I’ve put together a comprehensive guide that compares management consultant salaries at some of the most prestigious consulting firms in the world.

This includes McKinsey, the Boston Consulting Group (BCG), Bain & Company, Deloitte, and Accenture.

Hereafter, you can find a synthesis for MBB.

Management Consulting Salaries: Synthesis

Management Consulting Career Path

In general, careers in management consulting have similar pathways across industries and companies.

However, titles might differ from one firm to another.

Thus, the table below illustrates the management consulting career path in five management consulting firms.

Next, how long can you expect to stay at the same level?

Of course, it depends on your performance.

For example, if you are a rockstar, you can make it from Analyst to Partner in less than 8 years.

On the other hand, if you are on the other side of the spectrum, you can face the “up or out” policy.

If the firm isn’t ready to promote you to the next level at the end of the generally accepted time frame, they’ll ask you to leave the firm.

But these are extreme situations.

Here is a table summarizing the average years you should expect per role.

Roles & Responsibilities

Next, let’s see the responsibilities per role.

The responsibilities below are broad strokes and will give you a basic sense of the activities you’d be primarily responsible for at each level.

Business Analyst Responsibilities

Business Analyst (BA) is the typical entry-level position for management consultants with an undergraduate degree.

The role involves extensive research and data gathering of client problems and suggested solutions.

This information is organized and presented to senior internal consultants in a compelling format, such as a slide deck or PowerPoint presentation.

Furthermore, BAs will often be tasked with building financial models using tools like Excel to reinforce recommendations.

For instance, here is a McKinsey Business Analyst job description:

McKinsey Business Analyst Responsibilities

Check your target firm’s website for job opportunities.

Consultant Responsibilities

The role of Consultants and BAs overlap in many ways. Gathering data in some capacity is just one of them.

However, once given an assignment, junior consultants are expected to work independently with minimal oversight to get the job done.

Senior Consultant Responsibilities

Senior consultants are more specialized than junior consultants and carry out more of a leadership role.

As such, they are generally responsible for leading BA and junior consultant teams.

Furthermore, due to the greater responsibility and the fact that they’re much ‘closer to the action,’ senior consultants have more of a voice regarding internal discussions with senior leadership.

Manager Responsibilities

Managers carry out a project management role.

Managers spend most of their time structuring problems, managing the analysts’ individual workstreams, and synthesizing them into a cohesive analysis.

In other words, they must organize the tasks that BAs, junior consultants, and senior consultants must carry out, ensure that work is delivered on time and that the proposed solutions are effective.

Besides, they bridge the higher-up principals and partners and the BAs, junior consultants, and senior consultants.

For instance, they will report progress and outcomes to their principal and partner superiors.

Principal Responsibilities

There’s a saying – the closer you get to the top, the more challenging it often becomes. This rings true for principals.

One step away from making a Partner, the first year in this position is touted as the most challenging in management consulting.

Principals have established themselves as experts in their field or specialized industry. The role consists of plenty of travel and meetings with clients.

The reason?

To foster strong relations and create new business opportunities that drive growth for the company.

Partner Responsibilities

Atop the typical management consulting tree sits the partner or director.

Most of their work revolves around building new business relationships and maintaining existing ones.

Partners are often the first point of contact during discovery calls, and they will also follow up on active cases and conduct the final meetings to wrap up cases.

Management Consulting Salaries

You now understand management consulting, including the typical career progression pathways and the standard job descriptions at each level.

Now, let’s see the salary range you can get as a consultant.

However, before you look at the numbers, remember that management consulting salaries can vary significantly by location, and job titles can differ across companies.

Therefore, I decided to focus my analysis of management consulting salaries on 2x regions: the US and France.

Management Consulting Salaries In The US

Business Analyst Salaries

McKinsey Business Analyst Salary

The average base salary for a BA in the United States is $85,000 and the average total salary is $95,000. The additional pay consists of cash bonuses.

BCG Associate Salary

The average based salary that BAs in the United States can expect to receive is $85,000, with the total average salary being $95,000. The additional pay consists of cash bonuses, stock bonuses, profit sharing, and commission sharing.

Bain & Company Associate Salary

In the US, BAs working for Bain & Co can expect to make $86,000 annually in base salary. The total average salary comes in at $98,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing.

Deloitte Analyst Salary

The average base salary for a BA working at Deloitte in the US is $76,000. The average total salary is $77,000 and the additional pay consists of cash bonuses, stock

Accenture Analyst Salary

Accenture offers BAs $78,000 in average base salary in the US. The average total salary is $79,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Consultant Salaries

McKinsey Senior Business Analyst Salary

The average base salary for a junior consultant in the United States is $107,000 and the average total salary is $124,000. The additional pay consists of cash bonuses.

BCG Senior Associate Salary

The average based salary that junior consultants in the United States can expect to receive is $112,000, with the total average salary being $125,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Senior Associate and Consultant Salary

In the US, junior consultants working for Bain & Co can expect to make $103,000 annually in base salary. The total average salary comes in at $130,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Consultant Salary

The average base salary for a junior consultant working at Deloitte in the US is $88,000. The average total salary is $91,000 and the additional pay consists of cash bonuses.

Accenture Consultant Salary

Accenture offers junior consultants $100,000 in average base salary in the US. The average total salary is $104,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit sharing.

Senior Consultant Salaries

McKinsey Associate Salary

The average base salary for a senior consultant in the United States is $154,000 and the average total salary is $181,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Consultant Salary

The average based salary that senior consultants in the United States can expect to receive is $157,000, with the total average salary being $186,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Case Team Leader Salary

In the US, senior consultants working for Bain & Co can expect to make $158,000 annually in base salary. The total average salary comes in at $186,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Senior Consultant Salary

The average base salary for a senior consultant working at Deloitte in the US is $110,000. The average total salary is $119,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Senior Consultant Salary

Accenture offers senior consultants $108,000 in average base salary in the US. The average total salary is $113,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Manager Salaries

McKinsey Engagement Manager Salary

The average base salary for a manager in the United States is $180,000 and the average total salary is $233,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Project Leader Salary

The average based salary that managers in the United States can expect to receive is $193,000, with the total average salary being $234,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

Bain & Company Manager Salary

In the US, managers working for Bain & Co can expect to make $165,000 annually in base salary. The total average salary comes in at $222,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Deloitte Manager Salary

The average base salary for a manager working at Deloitte in the US is $141,000. The average total salary is $152,000 and the additional pay consists of cash bonuses, profit sharing, and commission sharing.

Accenture Manager Salary

Accenture offers managers $135,000 in average base salary in the US. The average total salary is $143,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing.

Principal Salaries

McKinsey Associate Principal Salary

The average base salary for a principal in the United States is $225,000 and the average total salary is $402,000. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Principal Salary

The average based salary that principals in the United States can expect to receive is $231,000, with the total average salary being $363,000. The additional pay consists of cash bonuses and profit sharing.

Bain & Company Principal Salary

In the US, principals working for Bain & Co can expect to make $219,000 annually in base salary. The total average salary comes in at $427,000 with the additional pay consisting of cash bonuses and profit sharing.

Deloitte Senior Manager Salary

The average base salary for a principal working at Deloitte in the US is $186,000. The average total salary is $209,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Senior Manager Salary

Accenture offers principals $183,000 in average base salary in the US. The average total salary is $196,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.

Partner Salaries

McKinsey Partner Salary

The average base salary for a partner at McKinsey & Co in the United States is $477,000 and the average total salary is between $1m and $1.5m. The additional pay consists of cash bonuses, stock bonuses, and profit-sharing.

BCG Partner Salary

The average based salary that partners in the United States can expect to receive is $344,000, with the total average salary being between $1m and $1.2m. The additional pay consists of cash bonuses and profit sharing.

Bain & Company Partner Salary

In the US, partners at Bain & Co can expect to make $324,000 annually in base salary. The total average salary comes in at $0.9m – $1.2m range with the additional pay consisting of cash bonuses.

Deloitte Partner Salary

The average base salary for a partner working at Deloitte in the US is $333,000. The average total salary is $388,000 and the additional pay consists of cash bonuses and profit sharing.

Accenture Director Salary

Accenture pays partners $297,000 in average base salary in the US. The average total salary is $332,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing.