Summary List PlacementConsultants are still earning hefty salaries despite the losses the industry has suffered during the pandemic.
The market for consultants shrunk from $160 billion to $132 billion in 2020 due to decreased client demand, according to research platform Statista. Giant advisory firms including Deloitte, KPMG, and Accenture have laid off thousands of workers, and some consultancies like Ernst & Young previously deferred promotions and performance bonuses for employees.
But those who received job offers from top firms still make six-figure salaries. MBA candidates can expect to make $165,000 at McKinsey, for example, and that doesn't even include potential bonuses. Smaller firms like Booz Allen Hamilton offer $130,000 as base pay, and business school graduates at professional services firm KPMG earns a salary of $145,000.
Management Consulted, a careers-resource company that helps graduates land consulting jobs, released its 2021 salary report documenting the pay ranges, bonuses, and compensation packages at consultancies like McKinsey, Bain & Co., and Accenture. With 5,000 job-seeking clients and more than 4 million subscribers, Management Consulted's insights are based on the platform's users who have received offers.
Insider compiled a ranking of the highest-paying firms for MBA grads based off of salaries. The "potential total compensation" listed includes the base salary, any signing and performance bonuses offered at the firms, and relocation reimbursements. You can read the full salary breakdown here.
Here are the 17 highest-paying firms for MBA grads, ranked lowest to highest.
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17. KPMG
Potential total compensation: $202,400
With over 650 offices in 147 countries, KPMG is one of the so-called "Big Four" firms that include PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Deloitte.
Much like most leading consultancies, KPMG's workforce went entirely remote as a result of the coronavirus pandemic.
While the firm extended full-time job positions to 2,300 summer virtual interns in July, KPMG laid off 1,400 US staffers in September, Insider's Samantha Stokes previously reported. The company spokeswoman shared the firm recently welcomed its winter interns for a 4-week internship.
James Powell, national partner in charge of campus recruitment at KPMG, told Insider that online engagement with applicants will remain as a significant component of the recruiting process — even after the pandemic subsides. Better yet, applicants will be assessed on their ability to collaborate with others in a virtual environment, he added.
"Your adaptability around new technologies is something that's more important going forward," Powell said. "And one way to showcase that digital adaptability is simply by being explicit in your résumé and calling it out during the interview."
Management Consulted's salary report noted KPMG pays a base salary of $145,000 to business school graduates. Employees also receive 20 days of paid time off.
Read more: A KPMG exec who is managing 14,000 remote consultants explains how leaders can overcome the anxiety of this pandemic to build resilient teams that can respond to any crisis
16. Altman Solon
Potential total compensation: $225,000
In 2020, Altman Vilandrie & Company and Solon Management Consulting — two strategy consultancies — merged and became Altman Solon.
With about 300 employees and a client footprint in over 100 countries, Altman Solon is a boutique consulting firm that focuses on the $3 trillion technology, media, and telecom (TMT) sector, according to the company website.
Employees with an MBA degree make a $160,000 base salary, and they can earn up to $40,000 in performance bonuses, the salary reported noted.
15. Roland Berger Strategy Consultants
Potential total compensation: $227,000
Roland Berger, a business-management and strategic-planning consulting firm, started off as a small team in 1967 and has grown rapidly ever since. The firm is solely owned by 250 partners, and it has 2,400 employees working in 35 countries, according to the company's website.
Consultants at Roland Berger work on a variety of client cases such as advising one of France's largest insurance brokers on an acquisition, a Swedish dermatology practice on merger and acquisition strategy, and e-bike companies on monitoring their market insights.
MBA employees make a $160,000 base salary, a $32,000 performance bonus, and $35,000 in signing bonuses, according to Management Consulted's salary report.
Read more:Consulting salaries revealed: How much employees make at 12 boutique firms including Booz Allen Hamilton, AlixPartners, and Mercer
14. Analysis Group
Potential total compensation: $230,000
With more than 1,000 employees, boutique firm Analysis Group is one of the largest consulting firms that specializes in economics and financial analysis, according to the career site Glassdoor.
Amid the coronavirus pandemic, the consultancy was also recognized for having one of the largest practices of 268 competition economists, 116 litigation cases, 40 merger reviews, and 24 government investigations, Markets Insider previously reported.
Most of the staffers at the firm also hold advanced degrees in law, accounting, finance, and business. The salary reported noted MBA graduates can make up to $190,000 when combining base salary and performance bonuses.
13. Oliver Wyman
Potential total compensation: $237,000
Oliver Wyman is a $2 billion consulting business unit of Marsh & McLennan Cos., and it is most known for its client assistance in the financial-services sector. Additionally, the consulting firm is also the fastest-growing firm in the past five years, with 3,400 employees, according to Management Consulted.
The firm seem to have cancelled its 2020 summer internship programs amid the coronavirus pandemic, but it extended full-time positions to student interns.
MBA employees at Oliver Wyman receive 17 days of paid time off each year. They also get a $45,000 signing bonus and a $32,000 performance bonus, the salary report noted.
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12. EY-Parthenon
Potential total compensation: $239,000
EY-Parthenon is a boutique strategy consulting division within EY, one of the "Big Four" firms. The giant accounting and auditing advisory acquired Parthenon, a smaller consulting company, to expand its global reach within a niche market.
EY has other consulting divisions other than its client work within Parthenon. MBA consultants working in other departments can make earn up to $205,500 in total compensation, according to the salary report.
In the midst of a global pandemic, the firm brought in 85,000 people worldwide and increased its global headcount by more than 5%. Dan Black, the firm's global leader in talent attraction and acquisition, further added that it has already brought in 45,000 new hires this fiscal year.
Black recommended that candidates follow four best practices to increase their chances of landing a six-figure job: develop a routine, leverage your networks, prep for the interview, and reflect on your values.
Read more: EY's head of talent acquisition reveals 4 best practices for candidates to land a 6-figure job at the firm
11. Booz Allen Hamilton
Potential total compensation: $239,500
Booz Allen Hamilton is a government-focused consulting firm, and the company is in growth mode. With about 27,200 employees, the firm has clients in all the cabinet-level departments of the US government. Booz Allen's global-defense division supports the Army, Navy, Marine Corps, and Air Force, the company said.
The consultancy added 208 people in the three months ending June 30 and increased its head count by about 1,000 over the past year, Insider previously reported.
In an interview with Insider, Patricia Porter, vice president of global talent acquisition at the firm, shared that Booz Allen is continuing to invest in the recruitment for tech-focused and cybersecurity roles. The firm is also looking to hire healthcare consultants, she added.
Management Consulted's salary data noted MBA graduates receive a $130,000 base salary. Employees can receive up to $25,000 for relocation expenses, and they also get a $10,000 salary bump after their first year of employment at the firm (and another $10,000 after the second).
Read more:Booz Allen Hamilton's HR chief reveals the question she asks job candidates to see if they're invested in their career. Here's what she wants to hear in response.
10. McKinsey & Company
Potential total compensation: $240,000
McKinsey & Company is one of the toughest firms to break into, as applicants' odds of getting hired are less than 1%. Amid the coronavirus pandemic, McKinsey welcomed more than 1,500 full-time employees and 1,000 summer interns for a virtual onboarding in 2020.
The consulting firm is one of the so called "Big Three" firms that include Boston Consulting Group (BCG) and Bain & Company.
Danielle Bozarth, senior partner and the lead partner of North America recruitment at the firm, told Insider that hiring managers are interviewing for open positions in 2022.
"We consistently look for folks with great problem-solving skills, the ability to work well with teams, and the ability to develop strong relationships with their peers and clients — we still look for those qualities and that aspect hasn't changed because of COVID-19," she said.
Consultants at McKinsey can make a $165,000 base salary, and returning interns can also receive a 50% business school reimbursement, according to the report. It's important to note that consultants based in McKinsey's Hong Kong office earn a $114,000 salary, and nearly $124,000 in the UK.
Read more:MAKING IT AT MCKINSEY: Your guide to getting hired, promoted, and paid at consulting giant McKinsey & Company
9. Boston Consulting Group (BCG)
Potential total compensation: $244,250
BCG was named a premier employer for five years by Fortune's "100 Best Places to Work" ranking. Amid the pandemic, it revamped its summer internship program, changed new hires' start dates, and extended full-time offers to all interns.
Joe Davis, North America CEO and chairman at BCG, previously told Insider that the firm will likely reach out to more schools — perhaps smaller and less "elite" universities — for prospects.
"We scan through every résumé anyways," he said. "Now that everything is turned virtual, it's really fair game. And that's going to make it even more attractive for the young folks who are interested, and they can find us more easily."
Business school graduates get 15 days of paid vacation days each year, as well as up to $8,000 in relocation reimbursement. While US employees earn a $165,000 base salary, consultants make about $127,000 in the UK, $123,000 in Australia, and nearly $100,000 in Spain, the report noted.
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8. L.E.K. Consulting
Potential total compensation: $245,000
L.E.K is a global management consulting firm that specializes in advising clients from private equity firms, entrepreneurs, and corporate businesses from both the private and public sectors. This year, the company announced 18 global partner promotions.
Apart from making a $165,000 base salary and up to $25,000 in performance bonuses, L.E.K. employees who are returning interns also receive up to $25,000 in tuition reimbursement, the report noted.
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7. AlixPartners
Potential total compensation: $250,000
AlixPartners is a global advisory firm that's known to help struggling companies out of business crises and administer corporate turnarounds. And right now, AlixPartners alongside turnaround consultancies are on a hiring spree.
The boutique firm said turnaround projects accounted for 30% of its work in 2020, up from 20% in all of 2019. It just hired 50 new employees, Insider's Samantha Stokes previously reported.
Lisa Donahue and Joff Mitchell, managing directors and joint global heads of restructuring at AlixPartners, told Insider that the firm's consultants handle a wide range of tasks, from negotiating with lenders, helping managers preserve liquidity, to working hand-in-hand with teams to develop robust business plans for the new normal. The firm is also advising clients on how to take care of their workforce, as the health and well-being of employees remain top priority amid the pandemic, they added.
"This is the time when our operational turnaround skills really come into play as we're working with companies way ahead of any court process to help them plan for a range of potential outcomes,"Donahue said previously.
Employees receive a base salary range of $150,000 to $165,000. They also get 22 days of paid vacation days each year, according to Management Consulted's report.
Read more: Consulting salaries revealed: How much employees make at 12 boutique firms including Booz Allen Hamilton, AlixPartners, and Mercer
6. Bain & Company
Potential total compensation: $252,250
In 2021, management consulting firm Bain & Company was named the best place to work by Glassdoor's annual employee choice ranking for the fifth time in a row.
The consultancy has more than doubled its anticipated summer internship class during the pandemic, and it also extended full-time offers to more than 450 MBA and undergraduate students.
During a live webinar event with Insider, Keith Bevans, the firm's global head of consultant recruitment, advised applicants to have clarity of their own career vision. In other words, you should know how Bain differentiates from other consulting firms that you might have applied to, and how a full-time position would help accelerate your own goals.
MBA graduates at Bain make a $165,000 base salary in the US, about $320,000 in Switzerland, and more than $123,000 in the UK, the report noted.
Read more: The 3 recruitment heads from Bain, PwC, and McKinsey share how you can make your application stand out and land a 6-figure consulting job at the firms
5. Kearney
Potential total compensation: $255,000
Kearney was originally a part of McKinsey & Co. before splitting off and becoming its own firm in 1937. Since then, it has built up a reputation as one of the best operations consulting firms.
Management Consulted's salary report pointed out that employees make a $168,000 in the US, nearly $120,000 in Canada, about $102,000 in Germany, and more than $155,000 in Dubai. Relocation reimbursements for staffers can range from $6,000 to $10,000.
4. OC&C Strategy Consultants
Potential total compensation: $255,250
OC&C Strategy Consultants is a London-based firm founded by Chris Outram and Geoff Cullinan, two former partners at Booz Allen Hamilton. With more than 500 employees, OC&C's consultants advise their clients through corporate strategies and mergers and acquisitions.
Employees with a business school degree earn a $165,000 base salary, according to the salary reported. On top of a $57,750 performance bonuses, and a $25,000 signing bonus, consultants can receive $7,500 for relocation expenses.
3. PwC Strategy&
Potential total compensation: $256,400
Also known as one of the "Big Four" firms, PricewaterhouseCoopers (PwC) is a global professional services firm with more than $42 billion in revenue.
Amid the coronavirus pandemic, the firm welcomed 3,500 summer interns for a virtual 10-week long program and offered them full-time offers. A company spokeswoman recently told Insider that PwC typically brings in 13,000 entry-level and experienced hires each year, and its hiring volume will be similar in 2021.
Rod Adams, US talent acquisition leader at PwC, explained that consulting positions have become increasingly tech-focused. Candidates should mention digital skills in their résumé and cover letter, he said previously.
"The way that we work now is very different from how we worked five years ago," he said. "It was already very different prior to the pandemic. Showing that you have a flexible mindset is really important to us as a firm."
PwC employees make a $150,000 base salary in the US, nearly $117,000 in the UK, and more than $72,000 in Amsterdam. Consultants working specifically for the firm's strategy consulting division can earn up to $168,000 in base pay.
Read more: PwC's recruitment head reveals what the firm's virtual internship will look like this summer, and how future interns can stand out and land a 6-figure job with the company
2. Deloitte Strategy & Operations (S&O)
Potential total compensation: $260,000
Deloitte is also one of the "Big Four" firms, and it's organized into three main service areas that offer different salaries. These areas include the human capital division, the strategy and operations division, and the technology division.
Though being one of the highest-paying firms, it's important to note that Deloitte has slowed down some of its recruitment and HR efforts in response to the pandemic.
It delayed many of its full-time hires' start dates, shortened internship programs for students, and laid off 5,000 US workers and 200 people in Canada.
Management Consulted's salary report noted that employees working for Deloitte's strategy and operations division have the highest potential compensation of $260,000. Other employees can earn $192,200 working at Deloitte Human Capital, $175,700 at Deloitte Consulting, and $159,230 at Deloitte Government & Public Services.
Read more:The CEO of Deloitte Consulting reveals the 4 biggest misconceptions leaders need to leave behind if they want to develop a winning business strategy in 2021
1. Accenture Strategy
Potential total compensation: $262,500
Accenture is a leading consultancy with a footprint in over 40 industries and more than 500,000 employees worldwide. The firm pays its strategy consultants the highest salaries, according to Management Consulted's report.
Accenture made job cuts, reduced promotions, and put hiring on pause in response to the pandemic. Last August, the firm told employees that 5% of Accenture's workforce could be cut.
While MBA graduates make a $105,000 base salary at Accenture's consulting practice, employees working within the firm's strategy division earn up to $155,000.
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