THE CONSULTING SALARIES REPORT
Transcript of THE CONSULTING SALARIES REPORT
THE CONSULTING SALARIES REPORT 2
021
Prep
ared
and
Cre
ated
by
the
prof
essio
nals
atM
anag
emen
t Con
sulte
d
ABOUT OUR COMPANY
THE MC METHODOLOGY
CONSULTING SALARIES OVERVIEW
SALARIES UP THE CAREER LADDER
UNDERGRADUATE/MASTER’S COMPENSATION
UNDERGRADUATE/MASTER’S BIG 4 OVERVIEW
UNDERGRADUATE/MASTER’S MBB OVERVIEW
UNDERGRADUATE/MASTER’S SALARY TRENDS
MBA/PH.D. COMPENSATION
MBA/PH.D. BIG 4 OVERVIEW
MBA/PH.D. MBB OVERVIEW
MBA/PH.D. SALARY TRENDS
SUMMARY
45678
1722262735404445
TABLE OFCONTENTS
2021
ABOUT OUR COMPANY
JENNY RAE LE ROUXMANAGING DIRECTOR
Jenny RaeJENNY RAE LE ROUX
MANAGEMENT CONSULTEDMANAGING DIRECTOR
Management Consulted (MC) was founded in 2008 as the internet’s only dedicated source for consulting industry news, case interview help, and corporate strategy insight. Due to a combination of straight talk, helpful advice, detailed content, a popular YouTube channel, and humor, MC has grown into the world’s largest source for consulting news with 4M+ readers and listeners per year.
Directed by ex-MBB consultants and powered by a focused, global team of 20 staff, MC has grown to work with 80+ partners - including universities, consulting firms, and Fortune 1000 companies - to help organizations achieve goals ranging from brand awareness to recruiting to training.
In addition, Management Consulted is the world’s largest and most premier advisor to prospective consultants when developing application strategy, practicing for case interviews, and honing analytical skills for the job through key 1:1 services (editing, coaching, and the company’s increasingly popular Excel/PowerPoint courses). MC works with 2500+ private clients each year.
Interested in learning more about how a content partnership with MC can help your firm build brand equity, attract top talent, and raise your prestige? Connect with us at [email protected] today.
If your firm is interested in a corporate training initiative to help your people up-skill in key areas, learn more at https://managementconsulted.com/corporate-training/
Our interactive training covers The Pyramid Principle, MECE, Excel/PowerPoint and more. We support pre-work, onboarding, and ongoing training initiatives as well as 1:1 coaching for staff.
Interested in improving brand equity, attracting top talent, and up-skilling staff? Connect with us at [email protected] today.
WORK WITH US
CONSULTING SALARIES REPORT 2021PAGE 4
THE MC METHODOLOGY
The consulting salary data you are about to read - representing 60+ firms across the industry - was sourced via our community of 4M readers and thousands of private interview prep clients who anonymously share their written offer letters and written submissions with us.
In addition, firms who do not want to be left out of the conversation publish their information directly with us as well. When firms do not publish, it implies to many readers that the salaries they offer are under-market.
You may notice some noteworthy firms missing from one of our lists – if we have not
received verifiable data, we do not publish estimates. However, we will provide updates to the annual report for no charge when and if that data does come in.
Note: All salary numbers are in USD unless otherwise noted.
Disclaimer: Use of this data is permissible only for internal benchmarking and strategic planning purposes. This data may not be disseminated, copied, published, or shared without the express written consent of Management Consulted.
PAGE 5
CONSULTING SALARIES OVERVIEW
Because 2020 was a disruptive year for business around the world, we expected to see disruption in consulting salaries. We were not disappointed.
At both the pre-MBA and post-MBA entry levels, 2021 consulting salaries remained steady on average, and in many cases, unchanged from 2020. This is remarkable for 2 reasons: first the decade-long winning streak of consulting salary increases abruptly ground to a halt in 2020. Second, while some salaries cratered, those decreases were rare as most other firms maintained 2020 levels and massive layoffs did not materialize.
Over the past decade, consulting firms consistently upped starting compensation every recruiting cycle. As the events of 2020 brought a temporary ceasefire in the war for talent between consulting, Wall Street, and Silicon Valley and firms sought to hedge fixed-cost salary risk, salary growth for entry level hires slowed in each sector – in fact, dipping to negative for some firms.
While many firms and practice areas implemented (temporary) job cuts and hiring freezes last year, most maintained and a handful reduced their starting salary offers. To make up for lackluster salary gains, firms began offering additional perks such as unlimited PTO (E&Y), profit sharing (L.E.K.), and one-time work-from-home bonuses. In general, firms are either offering increased variable compensation (higher performance bonus caps, increased profit sharing), or more attractive lifestyle perks (unlimited PTO). This reveals an interesting insight into the type of candidate different consultancies hope to attract, as well as their own market positions.
As we look towards the future (2022 and beyond), our anticipation is that compensation growth will first take place at the post-MBA level in the U.S., while slowly trickling down to the pre-MBA level and international markets a year or two later. Salary growth has traditionally been on a flatter
AT THE TOP OF THE MARKET, UNDERGRADUATE HIRES CAN EXPECT:
§ Base: ~$90k§ Performance Bonus: ~$18k§ Signing Bonus: ~$5k
SIMILARLY, THE TOP OF THE MARKET TREATS MBA HIRES AS SUCH:
§ Base: ~$165k§ Performance Bonus: ~$40k§ Signing Bonus: ~$25k
curve in non-U.S. markets, and the eventual rebound should follow this same pattern.
The overall health of the management consulting industry is strong. Despite a global economic slowdown, the industry continued to post strong growth, driven largely by increased public sector, S&O, and supply chain work to deal with crisis-initiated emergencies. Look beyond the surface, though, and things get more interesting. Much of this growth was driven by established players, as many new and niche market players suffered losses. In addition, the number of market entrants declined in 2020 for the first time in a decade.
Overall, management consulting remains an “essential” service for big business, even in an economic downturn. Consulting firms were called upon to help companies protect cash flow, reduce cash burn, reorient supply chains, digitize operations, and more. In addition, governments around the world relied on consulting firms to develop COVID mitigation and economic reopening plans. Due to these factors and more, we remain bullish on the industry at large, and expect strong growth in 2021 as well.
Even still, economic headwinds remain. Specific practice areas, including Human Capital and Digital, experienced the brunt of hiring freezes and job cuts. Unexpected events could once again prompt similar moves in 2021.
CONSULTING SALARIES REPORT 2021PAGE 6
Up the career ladderSalaries
FIRST-YEAR OUT OF UNDERGRAD/MASTER’S PROGRAM• Base: ~$90k• Performance Bonus: up to ~$13.5k• Signing Bonus: ~$5k
01FIRST YEAR OUT OF MBA/PH.D. PROGRAM
• Base: ~$165k• Performance Bonus: up to ~$45k• Signing Bonus: ~$30k
02MANAGER/PROJECT LEADER (2-3 YEARS OUT OF MBA/PH.D.) PROGRAM
• Base: $200-220k• Bonus: $90-130k
03ASSOCIATE PRINCIPAL/SENIOR PROJECT LEADER (4-5 YEARS OUT OF MBA/PH.D.) PROGRAM
• Base: $250-320k• Bonus: $120-220k
04JUNIOR PARTNER/PRINCIPAL (6-8 YEARS OUT OF MBA/PH.D.) PROGRAM
• Base: $350-420k• Bonus: $350-550k05
SENIOR PARTNER/DIRECTOR (10+ YEARS OUT OF MBA/PH.D.) PROGRAM • Base: $450-650k• Bonus: $500k+06
PAGE 7
UNDERGRADUATE/MASTER’SCOMPENSATION FIRMS LIST
1. AArete2. Accenture3. Accenture Federal4. Accenture Strategy5. Altman Solon6. Alvarez & Marsal7. Analysis Group8. Aurthor D. Little9. Avencore10. Bain & Company11. Bates White Economic Consulting12. BCG (Boston Consulting Group)13. Beghou Consulting14. Berkeley Research Group15. Brattle Group16. Booz Allen Hamilton17. Cambridge Associates18. CapCo19. Capgemini20. CBPartners21. CCG Catalyst22. cg4223. Charles River Associates24. Clearview Healthcare Partners25. Crowe LLP26. Cornerstone Research27. Deloitte Consulting28. Deloitte Government & Public Services29. Deloitte S&O30. Deloitte Tech31. EY Consulting32. EY-Parthenon33. Galt & Company34. GEP Worldwide35. Grant Thornton36. Guidehouse37. Huron Consulting38. IBM39. Infosys
40. Insight Sourcing Group41. Kaiser Associates42. Kearney43. Kepler Cannon44. KPMG Consulting45. Kx Advisors46. L.E.K. Consulting47. Mars & Co48. McKinsey & Company49. Mercer50. Monitor Deloitte51. OC&C Strategy Consultants52. Oliver Wyman53. Protiviti54. Putnam Associates55. PwC56. PwC Strategy&57. Rios Partners58. RSM59. Sendero Consulting60. Slalom Consulting61. SSA & Company62. Third Horizon Consulting Partners63. Triage Consulting Group64. Wavestone65. West Monroe Partners66. ZA Associates
PAGE 9
BOUTIQUE FIRMS (<200 EMPLOYEES)
Altman Solon $87,500 up to $13,125 up to $100,625 $15,000 -
Profit Sharing:2-4% of total
comp
PTO Vacation:20 days/year
Relocation:up to $5,000
Artisan Healthcare Consulting $73,000 up to $18,250 up to $91,250 $3,000 - -
Avencore $100,000 up to $25,000 up to $125,000 $15,000 -
PTO Vacation:21 days/year
Relocation:up to $10,000
Beghou Consulting - - up to $70,000 - - -
CBPartners $70,000 up to $10,500 up to $80,500 $2,000 - -
CCG Catalyst - - up to $75,000 - - -
cg42 - - up to $86,250 - - -
Galt & Company $85,000 up to $60,000 up to $145,000 $8,500 - -
Insight Sourcing Group - - up to $75,000 - 3% match PTO Vacation:15 days/year
Kepler Cannon $85,000 $5,000 up to $90,000 - 8% of base salary
PTO Vacation:15 days/year
Relocation:up to $3,000
UNDERGRADUATE/MASTER’SCOMPENSATION
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 10
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
BOUTIQUE FIRMS (<200 EMPLOYEES)
Kx Advisors $76,500 $7,650 up to $84,150 - - PTO Vacation:15 days/year
Mars & Co $87,500 - up to $87,500 $5,000.50 match of
each $1 up to 4%
PTO Vacation:20 days/year
Relocation:up to $5,000
Putnam Associates $75,000 up to $7,500 up to $82,500 $5,000 - -
Rios Partners $60,000 - up to $60,000 - - -
Third Horizon Consulting - - up to A$56,500 - - -
PAGE 11
BOUTIQUE FIRMS (200-500 EMPLOYEES)
AArete - - up to $73,500 - - -
Bates White Economic Consulting - - up to $74,500 - - -
Brattle Group - - up to $91,000 - - -
Clearview Healthcare Partners $77,500 up to $10,000 up to $87,500 -
PTO Vacation:15 days/year
Relocation:up to $2,500
-
Kaiser Associates $76,500 up to $7,650 up to $84,150 - - -
OC&C Strategy Consultants $89,000 up to $26,700 up to $115,700 $7,50050% match for first 6% (max
3% match)
Relocation:up to $5,000
Sendero - - up to $65,000 - -
SSA & Company - - up to $103,500 - -
Triage Consulting Group $55,000 up to $2,500 up to $57,500 $600 2% match PTO Vacation:20 days/year
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 12
$150K USD
$100K USD
$50K USD
AArete Bates Brattle Clearview Kaiser OCC Sendero SSA Triage
TOTAL CASH200-500 EMPLOYEES
BOUTIQUE FIRMS (501-2000 EMPLOYEES).
Analysis Group $80,000 up to $12,000 up to $92,000 $10,000 - -
Arthur D Little - - up to £120,000 - - -
Berkeley Research Group $77,000 up to $15,400 up to $92,400 $5,000 - -
Cambridge Associates - - up to $68,000 - - -
Charles River Associates $73,000 - up to $73,000 $8,000 -
PTO Vacation: 25 days/year
Relocation:up to $2000
Cornerstone Research $85,000 $8,500 up to $93,500 $15,000
50% match for first 6% of individual contributions
in 401k
100% of mov-ing expenses; 4 nights in hotel while house hunting; all broker fees
West Monroe Partners $80,500 - up to $80,500 $7,5006% of salary 401(k) match
and ESOP
PTO Vacation:Unlimited
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 13
$200k USD
$150K USD
$100K USD
$50K USD
Analysis Arthur D. Little Berkeley Cambridge Charles River Cornerstone West Monroe
TOTAL CASH501-2000 EMPLOYEES
BOUTIQUE FIRMS (>2000)
Accenture
$79,500
Melbourne: A$67,000
- up to $79,500 $10,000
6% match
Melbourne: A$6,700
Stock: 15% discount on Accenture
stock
Accenture Federal $82,000 - up to $82,000 $10,000 - Relocation: up to $2,500
Accenture Strategy
$87,000
Canada: C$75,000 base
up to $26,100 (30% of base) up to $113,100
$12,500
Canada: C$10,000 sign-
ing bonus
6% match for 401k after 1st
year
Stock: 15% discount on Accenture
stock
Relocation: up to $5,000
Alvarez & Marsal
$105,000
Dallas / Hous-ton: $70,000
up to $40,000 up to $155,000
$10,000
Dallas / Hous-ton: $5,000
6% match -
Booz Allen Hamilton $75,000 up to $4,000 up to $79,000 - 6% match for 401k
Relocation: up to $5,000
Booz Allen Hamilton - Middle East
Dubai, Abu Dhabi, Doha,
Beirut, Riyadh:$60-80,000
Dubai, Abu Dhabi, Doha,
Beirut, Riyadh:$9-12,000
$69,000 - $92,000 -
Dubai, Abu Dhabi, Doha,
Beirut, Riyadh:1 month of lat-est salary per
year of service
Allowances: 40% of base
paid in Dubai/Abu Dhabi/
Doha30% in Riyadh
Relocation:Dubai, Abu
Dhabi:up to $15,000
Capgemini $68,000 - $68,000 $5,000 - -
CapCo $75,000 - $75,000 $10,000 - -
Crowe LLP - - up to $69,000 - - -
GEP Worldwide $75,000 - up to $75,000 - -
PTO Vacation:18 days/year
Relocation: $2,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 14
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
BOUTIQUE FIRMS (>2000)
Grant Thornton Business Con-sulting - -
up to $79,200 (Dublin: up to
€30,000)- - -
Guidehouse $75,000 up to $5,000 up to $80,000 $5,000 - -
Huron Consulting - - up to $79,700 - - -
IBM Global Business Services/IBM Consulting $75,000 - up to $75,000 $5,000 5% match -
Infosys - - up to $61,000 - - -
Kearney $80,000 up to $20,000 up to $100,000 $5,000 up to 6% base
Profit Sharing:up to $8,000
Relocation:up to $10,000
L.E.K. Consulting
$80,000
Munich: €36,000
up to $3,000 up to $83,000 $10,000 -
Profit Sharing:up to $16,000 some depos-
ited into 401k
PTO Vacation:15 days/year
Relocation:up to $2,500
Mercer - - $68,000 + overtime - - -
Oliver Wyman $87,000 up to $10,000 up to $97,000 $10,000 3% match
PTO Vacation:17 days/year
Relocation: up to $2,000
Oliver Wyman - Canada C$85,000 - - C$10,000 - -
Oliver Wyman - UK £43,000 - - £7,000 - -
PAGE 15
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
BOUTIQUE FIRMS (>2000)
Oliver Wyman - Netherlands €58,000 up to €27,000 up to €85,000 - - -
Oliver Wyman - Singapore S$90,000 - - S$15,000 - Relocation: S$10,000
Protiviti - - up to $66,000 - - -
RSM - - up to C$45,000 - - -
Slalom Consulting - - up to $72,000 - - -
Wavestone $72,000 up to $2,880 up to $74,880 $5,000 - PTO Vacation:25 days/year
ZS Associates $80,000 up to $8,000 up to $88,000 up to $8,000 3% match for 401k
Relocation: up to $3,000
Cost of Living Adjustment: up
to $18,000
PTO Vacation:15 days/year
Stock:up to $5,000
ZS Associates - Canada C$85,000 - - - - Relocation: up to C$3,000
ZS Associates - Japan ¥5,500,000 - - - - Relocation: up to ¥300,000
CONSULTING SALARIES REPORT 2021PAGE 16
BIG 4OVERVIEW
The Big 4 undertook the strictest hiring freezes, job cuts, and salary decreases amongst any category of firms. However, each of the Big 4 recovered quickly between 2020 internship halts and offer “renegs” to return to hiring for 2021, requiring an investment in higher salaries in highly profitable strategy practices to lure more top talent (especially talent that is cheaper than MBA talent).
Deloitte Total Comp
Deloitte S&O Deloitte Consulting
2018 ~$90k ~$85k
2019 ~$93k ~$90k
2020 ~$98k ~$97k
2021 ~$98k ~$97k
EY Total Comp
EY S&O EY Consulting
2018 ~$111k ~$80k
2019 ~$111k ~$80k
2020 ~$111k ~$80k
2021 ~$111K ~$78K
KPMG Total Comp
KMPG Strategy KPMG Consulting
2018 ~$87k ~$76k
2019 ~$96k ~$88k
2020 ~$100k ~$91k
2021 ~$100K ~$91K
PwC Total Comp
PwC Strategy& PwC Consulting
2018 ~$98k ~$87k
2019 ~$107k ~$94k
2020 ~$113k ~$102k
2021 ~$113K ~$102K
PAGE 17
UNDERGRADUATE/MASTER’S SALARY
Deloitte Consulting
up to $80,000
Master’s: up to $105,000
Luxembourg:
€53,000
Master’s: up to $26,250
Luxembourg: up to €2,000
up to $80,000
Master’s: up to $131,250
$12,500
Master’s: $15,000
150% match for individual
contribu-tions
-
Government & Public Ser-vices
$71,000
GPS Tech: $80,000
- up to $71,000
$7,000
GPS Tech: $10,000
- -
Deloitte S&O $85,000Only after
3rd year (15% of base)
up to $85,000 $12,500
25% match for first 6% of individual
contribu-tions in 401k
-
Deloitte Tech $70,000 - up to $70,000 $7,500 - -
Monitor Deloitte $72,000 up to $15,000
up to $87,000 - -
PTO Vacation:22 days/year
Relocation:up to $4,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 18
UNDERGRADUATE/MASTER’S SALARY
EY
$72,500
Canada: C$65,000
UK: £55,000
Dublin: €32,000
UK: up to £1,200
up to $72,500
up to $5,000
Canada: C$3,000
25% match up to 6% (to-tal of 1.5%)
PTOVacation:Unlimited
Relocation:up to $2,000
EY-Parthenon $90,000 up to $9,000 up to $99,000 $10,000 -
PTOVacation:Unlimited
Relocation:up to $2,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 19
UNDERGRADUATE/MASTER’S SALARY
KPMG
$75,000
Canada:C$62,000
up to $8,160 up to $83,160 up to $7,500 - Relocation:
up to $2,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 20
UNDERGRADUATE/MASTER’S SALARY
PwC C$65,000 up to C$6,500
up to C$70,500 C$5,000 - -
PwC Strategy& $90,000 up to $18,000
up to $108,000 $5,000 - Relocation:
up to $2,000
PwC Strategy& - UK £42,000 £2,000 up to £44,000 £5,000 - -
PwC Strategy& - Australia A$81,000 - - A$11,000 - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 21
MBBOVERVIEW
Compensation packages remained steady at the post undergrad (i.e., analyst) level, a reflection that the war for talent is nowhere near as ferocious than it is at higher levels. We anticipate starting comp to remain steady across analyst roles at MBB into 2022.
McKinsey Total Comp
2018 ~$106k
2019 ~$106k
2020 ~$107k
2021 ~$125K
Bain Total Comp
2018 ~$101k
2019 ~$105k
2020 ~$117k
2021 ~$117k
BCG Total Comp
2018 ~$105k
2019 ~$111k
2020 ~$113k
2021 ~$113k
CONSULTING SALARIES REPORT 2021PAGE 22
UNDERGRADUATE/MASTER’S SALARY
Bain & Company $90,000up to
$22,500 (25% of base)
up to $112,500 $5,000
4.5% of base + bonus into
401k, no contribution
required
Relocation: $5,000
Housing Al-lowance: up to
$5,000
PTO Vacation:20 days/year
Bain & Company - UK £46,400 up to £11,000
up to £57,400 £3,000 9% of base
salary -
Bain & Company - Dubai $85,000 - - $3,000 - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 23
UNDERGRADUATE/MASTER’S SALARY
BCG $90,000 up to $18,000
up to $108,000 $5,000
Profit sharing deposited into 401k account
Profit Sharing: up to
$4,400
Relocation: up to 8,000
PTO Vacation:15 days/year
BCG - Canada C$82,000 - - C$8,000 - -
BCG - Germany €68,500 - - - -Relocation:
up to €10,000
BCG - Australia A$67,000 - - A$15,000 - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 24
UNDERGRADUATE/MASTER’S SALARY
McKinsey & Company $90,000 up to $30,000
up to $120,000 $5,000 -
Relocation: up to 10,000
PTO Vacation:19 days/year
McKinsey & Company - Canada C$90,000 - - - - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 25
TRENDS IN UNDERGRADUATE/MASTER’S SALARIES
Max Base: $105,000Max Performance Bonus: $40,000Max Signing Bonus: $10,000Max Total Compensation: $155,000
ALVAREZ & MARSAL01
Max Base: $85,000Max Performance Bonus: $60,000Max Signing Bonus: $8,500Max Total Compensation: $153,500
GALT & CO02
Max Base: $100,000Max Performance Bonus: $25,000Max Signing Bonus: $15,000Max Total Compensation: $140,000
AVENCORE03
Max Base: $87,000Max Performance Bonus: $26,100Max Signing Bonus: $12,500Max Total Compensation: $125,600
ACCENTURE STRATEGY04
Max Base: $90,000Max Performance Bonus: $30,000Max Signing Bonus: $5,000Max Total Compensation: $125,000
MCKINSEY04
Max Base: $89,000Max Performance Bonus: $26,700Max Signing Bonus: $7,500Max Total Compensation: $123,200
OC&C STRATEGY04
Max Base: $90,000Max Performance Bonus: $22,500Max Signing Bonus: $5,000Max Total Compensation: $117,500
BAIN07
Max Base: $90,000Max Performance Bonus: $18,000Max Profit Sharing: $4,400Max Signing Bonus: $5,000Max Total Compensation: $117,400
BCG08
Max Base: $87,500Max Performance Bonus: $13,125Max Signing Bonus: $15,000Max Total Compensation: $115,625
ALTMAN SOLON09
Max Base: $90,000Max Performance Bonus: $18,000Max Signing Bonus: $5,000Max Total Compensation: $113,000
PWC STRATEGY&10
Top 10 Consulting Firms for Undergraduate Entry-Level Salary
*Note: Total compensation calculations include base salary, max performance bonus, and max signing bonus
Yearly Salary Trend
2018 2019 2020 2021
Base ~$83k ~$85k ~$90k ~$90k
Signing ~$5k ~$5k ~$5k ~$5k
Perf. Bonus ~$12k ~$15k ~18k ~18k
CONSULTING SALARIES REPORT 2021PAGE 26
MBA/PH.D. COMPENSATION FIRMS LIST
1. Accenture 2. Accenture Strategy3. Alexander Group4. AlixPartners5. Altman Solon6. Alvarez & Marsal7. Analysis Group8. Bain & Company9. BCG (Boston Consulting Group)10. Booz Allen Hamilton11. CapCo12. Carpedia International13. Chartis Group14. Clearview Healthcare Partners15. Cognizant16. Compass Lexecon17. Deloitte Consulting18. Deloitte Federal19. Deloitte Government & Public Services20. Deloitte Human Capital21. Deloitte S&O22. Deloitte Tech23. Everest Group24. Eversana25. EY Consulting26. EY-Parthenon27. Galt & Company28. Gartner29. GEP Worldwide30. Grant Thornton
31. Huron Consulting32. IBM GBS33. Infosys34. Larx Advisors35. LEK Consulting36. Kearney37. KPMG Consulting38. MasterCard Advisors39. McKinsey & Company40. Monitor Deloitte41. Oliver Wyman42. Palm Tree LLC43. Partners In Performance44. ProcureAbility45. Putnam Associates46. PwC47. Roland Berger48. Simon & Kucher49. Slalom Consulting50. Strategy&51. Strive Consulting52. Targus Consulting53. Tata Consultancy Services (TCS)54. Vizient55. West Monroe Partners56. ZS Associates
CONSULTING SALARIES REPORT 2021PAGE 28
BOUTIQUE FIRMS (<200 EMPLOYEES)
Altman Solon $160,000 $40,000 (up to 25% base)
up to $200,000 $25,000 - -
Alexander Group $140,000 up to $30,000
up to $170,000
up to $15,000 - -
Carpedia International up to C$99,000 - up to
C$99,000 - - -
Chartis Group $140,000 up to $28,000
up to $168,000 $20,000 - -
DGCpartners up to $180,000 - up to
$180,000 - - -
Galt & Company $145,000 up to $55,000
up to $200,000 - $8,000 PTO Vacation:
20 days/year
Larx Advisors up to $123,625 - up to
$123,625 - - -
Mars & Company $155,000 (MBA only)
up to $40,000
up to $195,000 $20,000 4% into 401k Relocation:
$5,000
Palm Tree LLC $100,000 up to $50,000
up to $150,000 - - -
ProcureAbility $135,000 up to $13,500
up to $148,500 - up to 4%
match
PTO Vacation:20 days/year
Putnam Associates $120,000 up to $25,000
up to $145,000 $10,000 - -
Targus Consulting - - up to $88,000 - - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
MBA/PH.D. COMPENSATION
Oth
er
PAGE 29
BOUTIQUE FIRMS (200-500 EMPLOYEES)
Clearview Healthcare Partners $115,000 up to
$17,500up to
$132,500 $2,500 2.5% match of base salary
PTO Vacation:15 days/year
Relocation:up to $2,500
MasterCard Advisors - - up to C$121,000 C$20,000 - -
OC&C Strategy Consultants $165,000 up to $57,750
up to $222,750 $25,000
50% match for first 6%
(max 3% match)
Relocation:up to $7,500
Strive Consulting $142,000 up to $15,000
up to $157,000 - - PTO Vacation:
Unlimited
BOUTIQUE FIRMS (501-2000 EMPLOYEES)
AlixPartners $150,000-165,000
up to $60,000
up to $225,000
$25,000
C$25,000 signing bonus
3.75% of total comp after Year 1
PTO Vacation:22 days/year
Analysis Group $160,000 up to $30,000
up to $190,000 $40,000 5% match -
Compass Lexecon up to $160,000 - up to
$160,000 - - -
Everest Group $135,000 up to $13,500
up to $148,500 $25,000 - PTO Vacation:
15 days/year
Partners in Performance - - up to C$180,000 - - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 30
BOUTIQUE FIRMS (>2000)
Accenture Consulting $105,000 - up to $105,000 $5,000 6% match for
401k -
Accenture Strategy $155,000
$30,000 (all 1st years out
of MBA) + $15,000 for
top performers
up to $200,000
$35,000 + $17,500 early sign on for re-turning interns
6% match for 401k
PTO Vacation:21 days/year
Relocation: up to $10,000
Accenture Strategy - Canada C$135,000 - - C$25,000
Accenture Strategy - UK £83,000 £10,000 - £31,500 - -
Alvarez & Marsal $125,000up to
$50,000 (40% of base)
up to $175,000 $10,000 - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
BOUTIQUE FIRMS (501-2000 EMPLOYEES)
Simon-Kucher & Partners $140,000 up to $33,600
up to $173,600 $20,000 - PTO Vacation:
15 days/year
West Monroe Partners - - up to $133,750 - - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 31
BOUTIQUE FIRMS (>2000)
Booz Allen Hamilton - Middle East $130,000
up to $32,500
(25% of base)
up to $214,500 - 6% match for
401k
Fixed Allowance:
40% of base ($52,000)
Relocation: up to $25,000
Raises: $10K base sal-
ary bump after Year 1; another $10K base sal-ary bump after
Year 2
CapCo $128,000 up to $30,000
up to $158,000 $25,000 3% match PTO Vacation:
22 days/year
Cognizant $125,000 up to $15,000
up to $140,000
up to $20,000 - -
Eversana - - up to $120,000 - - -
Gartner up to $141,900 - up to
$141,900 - - -
GEP - - up to $117,000 - - -
Grant Thornton - - up to $111,300 - - -
Huron Consulting - -
up to $132,250
(S&O Prac-tice)
$10,000 6% match PTO Vacation:Unlimited
IBM GBS $149,800 - $149,800 - - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 32
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
BOUTIQUE FIRMS (>2000)
Infosys up to $156,250 - - $10,000 -
PTO Vacation:20 days/year
Relocation:$3,000
Kearney $168,000 up to $42,000
up to $210,000
$25,000 (plus $10,000
for summer interns)
401k contri-bution up to
$8,000
Relocation:up to $10,000
Kearney - Canada C$153,000 up to C$45,900 - C$20,000 - Relocation:
C$5,000
Kearney - Germany €85,000 up to €16,000 - - - Relocation: up
to €5,000
Kearney - Dubai AED570,000 up to AED90,000 - AED90,000 - -
L.E.K Consulting $165,000 up to $25,000
up to $190,000
$25,000 (additional
$30,000 for returning interns)
up to 5% match
Profit Sharing:up to $38,000
Tuition:up to $25,000 for returning MBA interns
Oliver Wyman $160,000 up to $32,000
up to $192,000
up to $45,000
401k – up to 3.5% match at start of 2nd year
PTO Vacation:17 days/year
Roland Berger Strategy Con-sultants
$160,000
UK: £78,000
up to $32,000
UK: up to £23,400
up to $192,000
UK: up to £111,400
$35,000 - -
Slalom Consulting $120,000 up to $12,000
up to $132,000 - - PTO Vacation:
17 days/year
Tata Consultancy Services (TCS)
up to $155,000 - up to
$155,000 - - -
Vizient, Inc. $100,000 up to $10,000
up to $110,000 - - PTO Vacation:
25 days/year
PAGE 33
BOUTIQUE FIRMS (>2000)
ZS Associates $150,000up to
$18,000 (12% of base)
up to $168,000 $30,000
Relocation: up to $5,000
Tuition:2nd Year
Tuition Re-imbursement for returning
interns
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 34
BIG 4OVERVIEW
The Big 4 – across practice areas – are keeping starting salaries steady in 2021. Notably, KPMG is reducing its salary. This shouldn’t come as a surprise, as cost savings were needed at scale inside these massive organizations. In addition, specific boom-cycle practice areas such as Human Capital were hit hard in the midst of the pandemic as orgs shifted spending to supply chain or revenue goals, necessitating savings to be found organization wide.
Deloitte Total Comp
Deloitte S&O Deloitte Consulting
2018 ~$202k ~$150k
2019 ~$220k ~$165k
2020 ~$230k ~$173k
2021 ~$230K ~$151K
EY Total Comp
EY S&O EY Consulting
2018 ~$210k ~$160k
2019 ~$214k ~$185k
2020 ~$215k ~$190k
2021 ~$215K ~$195
KPMG Total Comp
KMPG Strategy KPMG Consulting
2018 ~$205k ~$160k
2019 ~$210k ~$180k
2020 ~$230k ~$190k
2021 ~$215K ~$175K
PwC Total Comp
PwC Strategy& PwC Consulting
2018 ~$219k ~$192k
2019 ~$253k ~$215k
2020 ~$253k ~$215k
2021 ~$253K ~$215K
PAGE 35
MBA/PH.D. COMPENSATION
Deloitte Consulting$135,000
UK: £91,000
up to $20,700
UK: up to £4,050
up to $155,700 $15,000
25% match of first 6%
into 401k (a total of 1.5%)
PTO Vacation:25 days/year
Relocation:up to $5,000
Deloitte Human Capital $160,000 up to $32,200 $192,200 -
1.5% match of first 6% into 401k
-
Deloitte Federal $128,000 up to $7,600 up to $135,600 $15,000 - -
Deloitte Government & Public Services $117,000 up to
$22,230up to
$139,230 $15,000 - Relocation:up to $5,000
Deloitte S&O $160,000 up to $40,000 $200,000
$30,000 ($20,000
contingent on signing
early)
25% match of first 6%
into 401k (a total of 1.5%)
Relocation: up to $10,000
Tuition:Full 2nd year tuition for re-
turning interns
Deloitte S&O - Canada
Toronto: C$105,000
Calgary:
C$100,000
- - C$15,000 - -
Deloitte S&O - Mexico City MXN 700,000
up to MXN35,000 - - - -
Deloitte Tech $160,000 - $160,000 - - -
Monitor Deloitte Singapore:S$125,000
up to S$12,000
up to S$137,000 S$10,000 S$21,000 PTO Vacation:
15 days/year
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 36
MBA/PH.D. COMPENSATION
EY Consulting $155,000 up to $15,500
up to $170,500
up to $30,000
Match up to 6%
PTO Vacation:Unlimited
Relocation:up to $5,000
EY-Parthenon
$170,000
Dubai: $65,000
up to $34,000
up to $204,000 $35,000
25% match up to 6%
(1.5% total)
PTO Vacation:Unlimited
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 37
MBA/PH.D. COMPENSATION
KPMG $145,000 up to $17,400
up to $162,400
up to $35,000
Match 50% if deposit 5% (2.5%) + pen-sion contri-
bution
PTO Vacation:20 days/year
Relocation:up to $5,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 38
MBA/PH.D. COMPENSATION
PwC $150,000 up to $35,000
up to $185,000
$30,000 (paid at start
of work)
25% match up to 6%;
1% immedi-ate separate contribution
-
PWC - UK £85,000 up to £10,000 - £5,000 - -
PWC - Amsterdam €60,000 up to €8,000 - - - -
Strategy& $168,000 up to $55,400
up to $223,400 $30,000
4% automatic (no match required);
25% match up to 6% in a separate
account
Relocation: up to $3,000
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 39
MBBOVERVIEW
McKinsey, Bain, and BCG exponentially increased salaries in 2019, but that was the last notable salary change the “Top 3” have made. Starting salaries remain in the range of tech and finance, and the firms pledged that offers would actually be honored (supported by the fact that 2020 internships proceeded as virtual). The unique value prop of these small size and cash-flush firms were evidenced in crisis, and the share gain the firms saw drove consistency between 2020 and 2021 offers.
McKinsey Total Comp
2018 ~$212k
2019 ~$225k
2020 ~$230k
2021 ~$230k
Bain Total Comp
2018 ~$210k
2019 ~$231k
2020 ~$236k
2021 ~$236k
BCG Total Comp
2018 ~$221k
2019 ~$231k
2020 ~$236k
2021 ~$236k
CONSULTING SALARIES REPORT 2021PAGE 40
MBA/PH.D. SALARY
Bain & Company $165,000 up to $41,250
up to $206,250 $30,000
401k contri-bution up to
$8,000
Relocation: $8,000
for under 400 miles;
$16,000 for over 400
miles
Bain & Co - Switzerland CHF 286,000 - - CHF 35,000 - -
Bain & Company - UK £90,000 up to £20,000
up to £110,000 £15,000 Up to:
£10,000 -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 41
MBA/PH.D. SALARY
BCG $165,000 up to $41,250
up to $206,250
up to $30,000
$10,312 into 401k
PTO Vaca-tion:
15 days
Relocation:$2-8,000
BCG - UK £93,000 up to £17,300 - up to
£15,000up to 9%
match -
BCG - Australia A$160,000 up to A$61,600 - up to
A$40,000 A$16,000Relocation:
up to A$7,500
BCG - Spain €82,200 - - €20,000 - -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
CONSULTING SALARIES REPORT 2021PAGE 42
MBA/PH.D. SALARY
McKinsey & Company $165,000 up to $35,000
up to $200,000 $30,000 7.5% into
401k
PTO Vaca-tion:
19 days/year
Relocation:up to
$10,000
50% of MBA tuition for returning interns
McKinsey & Company - UK £90,000 - - - - -
McKinsey & Company - Hong Kong $114,000 up to
$26,000 - $16,800 $19,000 -
Base
Sign
ing
Bonu
s
Perf
orm
ance
Bonu
s
Tota
l Cas
h
Retir
emen
t
Oth
er
PAGE 43
TRENDS IN MBA/PH.D. SALARIES
Max Base: $165,000Max Performance Bonus: $25,000Max Profit Sharing: $38,000Max Signing Bonus: $55,000Max Total Compensation: $283,000
L.E.K.01
Max Base: $168,000Max Performance Bonus: $55,400Max Signing Bonus: $30,000Max Total Compensation: $253,400
PWC STRATEGY&02
Max Base: $165,000Max Performance Bonus: $60,000Max Signing Bonus: $25,000Max Total Compensation: $250,000
ALIXPARTNERS03
Max Base: $165,000Max Performance Bonus: $57,750Max Signing Bonus: $25,000Max Total Compensation: $247,750
OC&C STRATEGY04
Max Base: $155,000Max Performance Bonus: $45,000Max Signing Bonus: $47,500Max Total Compensation: $247,500
ACCENTURE STRATEGY05
Max Base: $168,000Max Performance Bonus: $42,000Max Signing Bonus: $35,000Max Total Compensation: $245,000
KEARNEY06
Max Base: $160,000Max Performance Bonus: $32,000Max Signing Bonus: $45,000Max Total Compensation: $237,000
OLIVER WYMAN06
Max Base: $165,000Max Performance Bonus: $41,250Max Signing Bonus: $30,000Max Total Compensation: $236,250
BAIN08
Max Base: $165,000Max Performance Bonus: $41,250Max Signing Bonus: $30,000Max Total Compensation: $236,250
BCG08
Max Base: $165,000Max Performance Bonus: $35,000Max Signing Bonus: $30,000Max Total Compensation: $230,000
MCKINSEY10
Top 10 Consulting Firms for MBA Entry-Level Salary
*Note: Total compensation calculations include base salary, max performance bonus, and max signing bonus
Yearly Salary Trend
2018 2019 2020 2021
Base ~$150k ~$165k ~$165k ~$165k
Signing ~$25k ~$25k ~$30k ~$30k
Perf. Bonus ~$35k ~$40k ~$42k ~$42k
CONSULTING SALARIES REPORT 2021PAGE 44
SUMMARY
• Firms took advantage of broader market disruption to lure top talent with zero increase in starting comp packages from the prior year. This was due partly to the fact that Fortune 1000 internal strategy practices – who had been poaching top recruits from consulting in previous years - were hit hard in 2020. The exception were the Big Tech kids on the block, including Google and Amazon, which continued hiring unabated.
• Consulting firms are looking to uniquely differentiate using comp packages as a tool. L.E.K. upped its profit-sharing plan and EY announced unlimited PTO. Unlike in past years, when KPMG dropped its starting MBA salary by $15K this year, other Big 4 firms did not follow suit.
• Firms miscalculated the effect the pandemic would have on their businesses. Increased demand for services, coupled with a limited supply due to early hiring freezes, should have led to price increases for services rendered. But instead, consulting firms did not increase project rates (and in some cases, even cut prices for government clients). In addition, firms like Deloitte made sizable cuts in specific practice areas to hedge risk and are now looking to quickly staff those same practice areas back up.
• Because MBB has a distinctive networking, training, and branding value proposition for talent, boutique firms that compete for similarly priced client work are actually paying higher for talent than MBB rates.
Because our data shows that staff compensation and project rates have stayed relatively flat, we draw 4 main conclusions about 2021 compensation.
All of this points to a competitive labor market, where the winners are consulting firms who can add value beyond pure compensation – and the talent who can navigate competitive recruiting processes.
Interested in improving brand equity, attracting top talent, and up-skilling staff? Connect with us at [email protected] today.
WORK WITH US
PAGE 45