One of the main reasons that people go get an MBA, is they want to have somebody
show them the money! And we're here today to talk about the MBA salary for
consultants. Specifically, if you get an MBA and you get an offer, how much can
you expect to make? First of all, I want to talk a little bit about our methodology for this.
We have the only primary sourced research, that focuses on getting actual
content from people that are in the field. And we get hundreds, sometimes even
topping a thousand responses, from folks that are going into multiple firms after
graduation. We can verify their base, their bonus, their "relo" [relocation], their 401k match,
everything that is involved with your compensation after graduation at the MBA level.
And this is really exciting because there's so much that goes into
deciding whether you want to pursue a job in consulting,
there's a lot of case interview preparation, there's resumes and
cover letters that need to be absolutely perfect and pristine. And so sometimes
when people are thinking about, should I invest in this or not, it's really
helpful to know, from the source, how much firms are paying and why.
The second thing that's helpful to understand, is why consulting firms
change what they pay, and when they make those changes. Consulting firms usually
do compensation reviews, right before the offer process. So for example, for MBAs
during the internship, they will make a comp review, between when they give out
the interviews and when they are about to prep for the interview process-
usually in December or January. But before they give out offers. And if
they're going to escalate what they're going to offer, they'll usually do that
review and then make that public in the offer process. For full-time, because that
happens at the beginning of the year, usually they make that comp review just
before the end of the MBA interns, that are in office. Because when they hand out
offers to return, they're gonna want to make them on the next
year's salary. So for MBA interns, it's December & January when they make their
changes. And for full-time MBAs, it's in the summer, usually in July they make
their changes for the upcoming year. So in 2018, they would assess for 2019, and
2019 they will assess for 2020. 2020 they would assess for 2021 and so forth.
MBA consulting salaries are a big hot topic, and we are here to pull back the
curtain on what you actually make. You can read about all of this on a report
online. But just at a high-level, it's good to throw out some numbers, right?
MBAs at MBB firms, which are the targets for many folks that go into consulting,
are about $165,000 base. And that has jumped recently because firms
are facing increased pressure from internal strategy groups, which offer a
similar programatic benefit, the ability to work on different projects
with X consulting staff, but the ability to stay home. And with tech, which offers
a fast-paced escalation in pay, some equity compensation, the ability to have
free lunch on campus, and also the ability to stay home. So $165K base which
has escalated in their competition, versus tech and internal strategy. About a
$150K at Big 4 firms, and about a $140K at boutiques.
One of the notable exceptions to this is that LEK is a
boutique firm, but they pay the same rates that MBB does. So overall if you
are thinking about getting your MBA and you want to know what will be my MBA
salary for a consulting. We've laid it out here. We lay it out by firm, by office,
in even more detail on our website at www.managementconsulted.com. If you like
this content follow us on social, and make sure you subscribe to our Channel,
right here on YouTube. Thanks for watching.