Performance bonuses are a large portion of the overall management consulting compensation package, so it’s important to take them into consideration when you receive an offer. Typically, recruiting teams are pretty good at hiring based on business needs, but no one can predict the state of business exactly – especially during COVID. Find out if that will affect your performance bonus. If your performance bonus is based on the profitability of the firm, you should also ask how many consultants are “on the beach” or not currently staffed on a client engagement. How performance bonuses are calculated varies from firm to firm, so if you have competing offers, it’s important for you to note these things so you know what to expect at the end of your first year. Strictly your own personal performance,.
You have to take into consideration your first year learning curve, the state of the business, and the way that the specific firm calculates their performance bonuses.Īn important thing to ask the team/firm after you’ve received an offer is what is factored into a performance bonus. So don’t let a large number sway you without digging into that number.
This performance bonus will vary based on a lot of factors though, most of which you can control and some of which you can’t (like overall demand for consulting services). In addition to a base salary, you’ll also be offered a substantial performance bonus. Match 50% of 5% in 401K + pension contribution Consultant SalaryĮY- Parthenon MBA & Ph.D.
Monitor Deloitte Undergrad & Masters Consultant SalaryĢ5% match of 6% in 401k, + Wealth Builder contributionĮrnst & Young MBA & Ph.D. KPMG Undergrad & Masters Consultant Salary Strategy& Undergrad & Masters Consultant SalaryĮrnst & Young Undergrad & Masters Consultant SalaryĮY- Parthenon Undergrad & Masters Consultant Salary PwC Undergrad & Masters Consultant SalaryĢ5% match up to 6% in 401k, + Wealth Builder contribution These “updates” are not always made, however.Īccenture Undergraduate & Masters Consultant Salaryĭeloitte Undergrad & Masters Consultant Salary Once they are sent out, however, Bain, BCG, and McKinsey sometimes “update” starting salaries based on the salaries offered by other firms within this group of consulting firms. The consulting firms typically don’t even talk about salaries until their first offer letters are sent out. An Associate in PwC’s Atlanta office would have a slightly lower salary than an Associate in New York because of New York’s higher cost of living. Other firms, like PwC for example, have a pay scale that varies by office. Because of this, it’s important to consider your office preferences and your cost of living. (Ex: the BCG consultant salary for someone in Atlanta will be the same as the salary for a BCG consultant in New York). The compensation tiers for management consultant salaries are not flexible.įor some firms, these compensation tiers are the same across all offices in a region. Most firms, especially top strategy firms, want to keep salaries at a consistent starting level for an incoming cohort. If you’re going into an offer with the hopes of negotiating an additional few thousand dollars, think again. The first thing to note is that a management consultant salary is typically non-negotiable at the base salary level. A (one-time) relocation payment (depending on company policy and circumstances).What should you actually think about when you are considering a management consulting salary package?Ī management consultant compensation package includes: