2017 Management Consulting Salaries for MBAs/Grads

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Salaries Along the Consulting Career Path

The above salaries are for interns and those graduating from undergraduate and graduate programs. After working in the firm for over a year, one can typically expect a 12-20% increase in total cash (base + performance bonus). After working 2-3 years in a consulting firm, one either leaves the consulting firm or is promoted. Here are current figures for management consultant salaries at each promotion level within a top management consulting firm:

First year out of MBA:

• Base: ~$150k
• Signing Bonus: ~$25k
• Performance Bonus: up to ~$44k

Manager/Project Leader (2-3 years out of MBA):

• Base: $190-210k
• Bonus: $80-120k

Associate principal/Senior project leader (4-5 years out of MBA): 

• Base: $230-300k
• Bonus: $110-200k

Junior Partner/Principal (6-8 years out of MBA): 

• Base: $320-400k
• Bonus: $300-500k

Senior Partner/Director (10+ years out of MBA): 

• Base: $400-600k
• Bonus: $500k+ (all-in, senior partners at top firms usually make $1M+; top partners can make $4-5M while ultra-performers can make more)

Although the golden handcuffs easily become more enticing as one is promoted within consulting firms, you can typically receive a pay increase when leaving consulting firms. It is no secret that those joining banking or trading roles can often receive at least a 50% increase in compensation, although their work/life (or more realistically, work/sleep) balance might suffer. You can also leave consulting for Corporate America, where the work hours are typically less, and also receive a pay increase. In 2014, the average consultant who joined Corporate America received an average compensation increase of 10-20%.

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Consulting is often a way to start a bright career in other industries: it is the perfect training ground for brilliant new graduates with top academic profiles. You work with some of the most capable people in business. The skills you develop are highly sought-after in the job market.

However, due to the high pressure on performance and the gruelling working hours, many people leave consulting after a few years. Often, they’re in search of other career paths where they can put their hard-earned skills to practice.

Which are the best career paths for alumni? Based on over 20,000 applications made on the movemeon platform, these are the top industries ex-consultants move to.

BIG CORPORATES

Big corporates are always looking for alumni. An experience in consulting will usually translate into you entering the company at a higher level compared with other people with your years of professional, but not consulting experience. The most typical function for consulting alumni is obviously strategy. But according to our analysis taken from people hired trough movemeon, we can see that there are also other interesting functions for an ex-consultant, such as operations and product management.

 

 START-UPS

The world of start-ups is an interesting realm for consulting alumni. Compared to consulting firms, they have a very different environment and approach to work. But the skills acquired in years of projects, data analysis and problem-solving make consultants perfect candidates for founding new start-ups or managing existing ones.This article offers some tips for consultants that want to start a career in a start-up.

 

FREELANCE OR BOUTIQUE CONSULTING

After working for years in a consulting firm, even die-hard consultants, the ones who love every aspect of consultancy, might need a bit of a breather. They might also simply wish to be the commanders of their fortune. This is, indeed, a prime reason why a lot of them decide to open their own boutique consulting firms or work as freelancers.

 

PRIVATE EQUITY OR VENTURE CAPITAL

Many consultants develop very strong financial skills during their years in consultancy. These skills prepare them very well and make them very sought after, by financially-minded institutions like private equity or venture capital firms. Consultants’ financial skills, matched with their strong strategic outlook and consulting ‘toolbox’, make these bright individuals the perfect candidates for PE & VC funds.