Consultant Salary Report. This is one of the things that we spend the most time
on and have the most fun with at Management Consulted. And this year's
report the 2020 Consulting Salaries Report is one of our favorites that
we've ever put together. And why? Well it's got over fifty firms, some really
cool insights, some pretty snazzy graphics (if I do say so myself) and also
just it's really fun to talk about how much firms pay, to bring it out into the
open and to help you decide if you're thinking about interview prep and trying
to decide whether to go into the industry, where you should be preparing
for networking, and if you're getting an offer, how to negotiate it. Just really
quickly, I wanted to mention that at Management Consulted we help with
both of those. We work on interview prep and also on negotiating salaries
through our coaching teams. So if you've got questions, please please reach out to us.
But without further ado let's go into the salary report. I'm actually gonna
give some of the highlights from it and then I'll direct you for further reading
to our website www.managementconsulted.com, and the focus is on consulting salaries.
So if you search for it, you'll find it . Management Consulting salaries
has been something that we've covered for almost 10 years now. And this year's
report is like I mentioned the best ever. And why, well number one in the ten years
that we've been covering salaries this is the first year that we've actually
seen hiring freezes. So there's a little bit of shift that's happening inside the
industry where a couple of firms are beginning to not extend offers or not
honor return offers that they said that they would give after summer internships.
And we haven't seen anything like that in the ten years that we've been
covering salaries. That in general is a negative sign,
of an economic downturn to come. However that's paired with a very robust pay
increase, especially on the MBA side and great salaries, both at undergrad level
and the MBA level. And an increase in at the firms that are doing tuition
reimbursement at the MBA internship level. So you're seeing this on this one
side a little bit of cooling potentially in the industry and you're seeing heat,
heat, heat, on the other side. What I'm gonna do is I'm just gonna walk through
a couple of the categories that we've got in the consulting salary report and
then if you've got further questions, again lots of great reading on our site
at www.managementconsulted.com. So first of all I'm going to talk about the
salaries for incoming undergraduate and masters full-time hires. Incoming
undergraduates and masters who usually have fewer than three years of work
experience are gonna start at the same place. It would be brilliant if it
was an associate from blah, blah, blah. But if you're an associate from Yale
University, or an associate from Princeton, or an associate from Georgia
Tech, you make the same amount of money at these consulting firms. And so one of
the cool things about our report, is that this isn't an average. This is the actual
number that we get from everybody inside the firm. And we're reading actual offer
letters when we're publishing them. So big news for this is that we're seeing a
lot of firms at the $90,000 level! Bain & Company, BCG, and PwC are all
at the $90,000 level for their 2020 salaries. Interestingly, Parthenon-EY
decided to make a little bit of a statement by bumping up above the
$90,000 level. McKinsey just kind of chillin' in its McKinsey-ish way at
$87,000. So you see a lot of hovering around that $90,000 mark. And a
little bit of differential. But you're seeing this trend here which we're going
to see even more in the MBA salaries, that the boutiques are making that
hot, hot, hot, statement saying things are good for them, they're in need of people,
they want to make sure that they're on par with other top firms when they're
extending hiring positions. So take a look at the
different firms again, we've got a lot of different firms from KPMG strategy, to
Accenture Federal, to Kearney, and beyond at the undergraduate level. But, the next
piece it's interesting to know, is that you've got some really great data for
the MBA and PhD full-time hires. And this is where the money really gets
interesting. MBAs and PhD full time hires, trailing off of the year last
year, where at the end of the summer a couple of firms really bumped their
full-time salary targets. We're seeing $165K across-the-board for a couple of big
players, Alex Partners, Bain and Company
salaries are up to $165K, you're seeing BCG salaries also at the $165K level, McKinsey
and LEK salaries are also at the $165K level. And this is just a total cash. That
doesn't include for example, signing bonuses, or potential target for
additional bonuses. So you're looking at over $200K at any one of these firms.
But interestingly, we're seeing Strategy& and Parthenon-EY again making a
statement that they are world-class, top organizations, there is no discount to
going to work there over an MBB firm, and notably have slightly higher
salaries as well. So in the report you can actually get the breakdown on how
Bain, BCG, & McKinsey Consulting, hirer and compensate, and you'll see that
across the US and also international numbers. In addition, we have some bonus
information for you which is focused on internships. So we have undergraduate and
Master's program internship salaries which are on an hourly, weekly, or summer
basis. And then MBA and PhD program internship salaries, which include in
some cases also tuition reimbursement which is incredibly valuable. We're
looking at $50,000 as a bonus for a summer at these organizations. So those
are a lot of the places to be for sure if you're interested in going into
consulting. In addition, we have some management consulting salary insight so
we've got management consulting bonus information,
and we're looking through a lot of the different firms. What you'll see is the
growth trajectory across firms. And as the labor market gets tighter and
tighter globally, and especially in the U.S. you're seeing a little bit of a
bump at higher levels so firms are having to pay more to retain people at
the same senior levels. When exiting consulting you're gonna see a huge
variety of different organizations and different pay structures. But one of the
things that you might want to know before you dive into 60 hours of the
case interview, is that when you get there, you will be paid well. And we hope
that you enjoyed this report on the consulting salaries for 2020. Again if
you want more information for it please check out our website and if you want
help negotiating or any other help in the salary process, we would love to be a
part of it. Thanks so much and take care! www.managementconsulted.com.