THE CONSULTING SALARIES REPORT

THE CONSULTING SALARIES REPORT 2

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ABOUT OUR COMPANY

THE MC METHODOLOGY

CONSULTING SALARIES OVERVIEW

SALARIES UP THE CAREER LADDER

UNDERGRADUATE/MASTER’S COMPENSATION

UNDERGRADUATE/MASTER’S BIG 4 OVERVIEW

UNDERGRADUATE/MASTER’S MBB OVERVIEW

UNDERGRADUATE/MASTER’S SALARY TRENDS

MBA/PH.D. COMPENSATION

MBA/PH.D. BIG 4 OVERVIEW

MBA/PH.D. MBB OVERVIEW

MBA/PH.D. SALARY TRENDS

SUMMARY

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2021

A N N U A LR

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ABOUT OUR COMPANY

JENNY RAE LE ROUXMANAGING DIRECTOR

Jenny RaeJENNY RAE LE ROUX

MANAGEMENT CONSULTEDMANAGING DIRECTOR

Management Consulted (MC) was founded in 2008 as the internet’s only dedicated source for consulting industry news, case interview help, and corporate strategy insight. Due to a combination of straight talk, helpful advice, detailed content, a popular YouTube channel, and humor, MC has grown into the world’s largest source for consulting news with 4M+ readers and listeners per year.

Directed by ex-MBB consultants and powered by a focused, global team of 20 staff, MC has grown to work with 80+ partners - including universities, consulting firms, and Fortune 1000 companies - to help organizations achieve goals ranging from brand awareness to recruiting to training.

In addition, Management Consulted is the world’s largest and most premier advisor to prospective consultants when developing application strategy, practicing for case interviews, and honing analytical skills for the job through key 1:1 services (editing, coaching, and the company’s increasingly popular Excel/PowerPoint courses). MC works with 2500+ private clients each year.

Interested in learning more about how a content partnership with MC can help your firm build brand equity, attract top talent, and raise your prestige? Connect with us at [email protected] today.

If your firm is interested in a corporate training initiative to help your people up-skill in key areas, learn more at https://managementconsulted.com/corporate-training/

Our interactive training covers The Pyramid Principle, MECE, Excel/PowerPoint and more. We support pre-work, onboarding, and ongoing training initiatives as well as 1:1 coaching for staff.

Interested in improving brand equity, attracting top talent, and up-skilling staff? Connect with us at [email protected] today.

WORK WITH US

CONSULTING SALARIES REPORT 2021PAGE 4

THE MC METHODOLOGY

The consulting salary data you are about to read - representing 60+ firms across the industry - was sourced via our community of 4M readers and thousands of private interview prep clients who anonymously share their written offer letters and written submissions with us.

In addition, firms who do not want to be left out of the conversation publish their information directly with us as well. When firms do not publish, it implies to many readers that the salaries they offer are under-market.

You may notice some noteworthy firms missing from one of our lists – if we have not

received verifiable data, we do not publish estimates. However, we will provide updates to the annual report for no charge when and if that data does come in.

Note: All salary numbers are in USD unless otherwise noted.

Disclaimer: Use of this data is permissible only for internal benchmarking and strategic planning purposes. This data may not be disseminated, copied, published, or shared without the express written consent of Management Consulted.

PAGE 5

CONSULTING SALARIES OVERVIEW

Because 2020 was a disruptive year for business around the world, we expected to see disruption in consulting salaries. We were not disappointed.

At both the pre-MBA and post-MBA entry levels, 2021 consulting salaries remained steady on average, and in many cases, unchanged from 2020. This is remarkable for 2 reasons: first the decade-long winning streak of consulting salary increases abruptly ground to a halt in 2020. Second, while some salaries cratered, those decreases were rare as most other firms maintained 2020 levels and massive layoffs did not materialize.

Over the past decade, consulting firms consistently upped starting compensation every recruiting cycle. As the events of 2020 brought a temporary ceasefire in the war for talent between consulting, Wall Street, and Silicon Valley and firms sought to hedge fixed-cost salary risk, salary growth for entry level hires slowed in each sector – in fact, dipping to negative for some firms.

While many firms and practice areas implemented (temporary) job cuts and hiring freezes last year, most maintained and a handful reduced their starting salary offers. To make up for lackluster salary gains, firms began offering additional perks such as unlimited PTO (E&Y), profit sharing (L.E.K.), and one-time work-from-home bonuses. In general, firms are either offering increased variable compensation (higher performance bonus caps, increased profit sharing), or more attractive lifestyle perks (unlimited PTO). This reveals an interesting insight into the type of candidate different consultancies hope to attract, as well as their own market positions.

As we look towards the future (2022 and beyond), our anticipation is that compensation growth will first take place at the post-MBA level in the U.S., while slowly trickling down to the pre-MBA level and international markets a year or two later. Salary growth has traditionally been on a flatter

AT THE TOP OF THE MARKET, UNDERGRADUATE HIRES CAN EXPECT:

§ Base: ~$90k§ Performance Bonus: ~$18k§ Signing Bonus: ~$5k

SIMILARLY, THE TOP OF THE MARKET TREATS MBA HIRES AS SUCH:

§ Base: ~$165k§ Performance Bonus: ~$40k§ Signing Bonus: ~$25k

curve in non-U.S. markets, and the eventual rebound should follow this same pattern.

The overall health of the management consulting industry is strong. Despite a global economic slowdown, the industry continued to post strong growth, driven largely by increased public sector, S&O, and supply chain work to deal with crisis-initiated emergencies. Look beyond the surface, though, and things get more interesting. Much of this growth was driven by established players, as many new and niche market players suffered losses. In addition, the number of market entrants declined in 2020 for the first time in a decade.

Overall, management consulting remains an “essential” service for big business, even in an economic downturn. Consulting firms were called upon to help companies protect cash flow, reduce cash burn, reorient supply chains, digitize operations, and more. In addition, governments around the world relied on consulting firms to develop COVID mitigation and economic reopening plans. Due to these factors and more, we remain bullish on the industry at large, and expect strong growth in 2021 as well.

Even still, economic headwinds remain. Specific practice areas, including Human Capital and Digital, experienced the brunt of hiring freezes and job cuts. Unexpected events could once again prompt similar moves in 2021.


Up the career ladderSalaries

FIRST-YEAR OUT OF UNDERGRAD/MASTER’S PROGRAM• Base: ~$90k• Performance Bonus: up to ~$13.5k• Signing Bonus: ~$5k

01FIRST YEAR OUT OF MBA/PH.D. PROGRAM

• Base: ~$165k• Performance Bonus: up to ~$45k• Signing Bonus: ~$30k

02MANAGER/PROJECT LEADER (2-3 YEARS OUT OF MBA/PH.D.) PROGRAM

• Base: $200-220k• Bonus: $90-130k

03ASSOCIATE PRINCIPAL/SENIOR PROJECT LEADER (4-5 YEARS OUT OF MBA/PH.D.) PROGRAM

• Base: $250-320k• Bonus: $120-220k

04JUNIOR PARTNER/PRINCIPAL (6-8 YEARS OUT OF MBA/PH.D.) PROGRAM

• Base: $350-420k• Bonus: $350-550k05

SENIOR PARTNER/DIRECTOR (10+ YEARS OUT OF MBA/PH.D.) PROGRAM • Base: $450-650k• Bonus: $500k+06

PAGE 7

UNDERGRADUATE/MASTER’S CONSULTING COMPENSATION


UNDERGRADUATE/MASTER’SCOMPENSATION FIRMS LIST

1. AArete2. Accenture3. Accenture Federal4. Accenture Strategy5. Altman Solon6. Alvarez & Marsal7. Analysis Group8. Aurthor D. Little9. Avencore10. Bain & Company11. Bates White Economic Consulting12. BCG (Boston Consulting Group)13. Beghou Consulting14. Berkeley Research Group15. Brattle Group16. Booz Allen Hamilton17. Cambridge Associates18. CapCo19. Capgemini20. CBPartners21. CCG Catalyst22. cg4223. Charles River Associates24. Clearview Healthcare Partners25. Crowe LLP26. Cornerstone Research27. Deloitte Consulting28. Deloitte Government & Public Services29. Deloitte S&O30. Deloitte Tech31. EY Consulting32. EY-Parthenon33. Galt & Company34. GEP Worldwide35. Grant Thornton36. Guidehouse37. Huron Consulting38. IBM39. Infosys

40. Insight Sourcing Group41. Kaiser Associates42. Kearney43. Kepler Cannon44. KPMG Consulting45. Kx Advisors46. L.E.K. Consulting47. Mars & Co48. McKinsey & Company49. Mercer50. Monitor Deloitte51. OC&C Strategy Consultants52. Oliver Wyman53. Protiviti54. Putnam Associates55. PwC56. PwC Strategy&57. Rios Partners58. RSM59. Sendero Consulting60. Slalom Consulting61. SSA & Company62. Third Horizon Consulting Partners63. Triage Consulting Group64. Wavestone65. West Monroe Partners66. ZA Associates

PAGE 9

BOUTIQUE FIRMS (<200 EMPLOYEES)

Altman Solon $87,500 up to $13,125 up to $100,625 $15,000 -

Profit Sharing:2-4% of total

comp

PTO Vacation:20 days/year

Relocation:up to $5,000

Artisan Healthcare Consulting $73,000 up to $18,250 up to $91,250 $3,000 - -

Avencore $100,000 up to $25,000 up to $125,000 $15,000 -



Beghou Consulting - - up to $70,000 - - -

CBPartners $70,000 up to $10,500 up to $80,500 $2,000 - -

CCG Catalyst - - up to $75,000 - - -

cg42 - - up to $86,250 - - -

Galt & Company $85,000 up to $60,000 up to $145,000 $8,500 - -

Insight Sourcing Group - - up to $75,000 - 3% match PTO Vacation:15 days/year

Kepler Cannon $85,000 $5,000 up to $90,000 - 8% of base salary



UNDERGRADUATE/MASTER’SCOMPENSATION

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Kx Advisors $76,500 $7,650 up to $84,150 - - PTO Vacation:15 days/year

Mars & Co $87,500 - up to $87,500 $5,000.50 match of

each $1 up to 4%



Putnam Associates $75,000 up to $7,500 up to $82,500 $5,000 - -

Rios Partners $60,000 - up to $60,000 - - -

Third Horizon Consulting - - up to A$56,500 - - -

PAGE 11

BOUTIQUE FIRMS (200-500 EMPLOYEES)

AArete - - up to $73,500 - - -

Bates White Economic Consulting - - up to $74,500 - - -

Brattle Group - - up to $91,000 - - -

Clearview Healthcare Partners $77,500 up to $10,000 up to $87,500 -



-

Kaiser Associates $76,500 up to $7,650 up to $84,150 - - -

OC&C Strategy Consultants $89,000 up to $26,700 up to $115,700 $7,50050% match for first 6% (max

3% match)


Sendero - - up to $65,000 - -

SSA & Company - - up to $103,500 - -

Triage Consulting Group $55,000 up to $2,500 up to $57,500 $600 2% match PTO Vacation:20 days/year

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$150K USD

$100K USD

$50K USD

AArete Bates Brattle Clearview Kaiser OCC Sendero SSA Triage

TOTAL CASH200-500 EMPLOYEES

BOUTIQUE FIRMS (501-2000 EMPLOYEES).

Analysis Group $80,000 up to $12,000 up to $92,000 $10,000 - -

Arthur D Little - - up to £120,000 - - -

Berkeley Research Group $77,000 up to $15,400 up to $92,400 $5,000 - -

Cambridge Associates - - up to $68,000 - - -

Charles River Associates $73,000 - up to $73,000 $8,000 -

PTO Vacation: 25 days/year

Relocation:up to $2000

Cornerstone Research $85,000 $8,500 up to $93,500 $15,000

50% match for first 6% of individual contributions

in 401k

100% of mov-ing expenses; 4 nights in hotel while house hunting; all broker fees

West Monroe Partners $80,500 - up to $80,500 $7,5006% of salary 401(k) match

and ESOP

PTO Vacation:Unlimited

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$200k USD

$150K USD

$100K USD

$50K USD

Analysis Arthur D. Little Berkeley Cambridge Charles River Cornerstone West Monroe

TOTAL CASH501-2000 EMPLOYEES

BOUTIQUE FIRMS (>2000)

Accenture

$79,500

Melbourne: A$67,000

- up to $79,500 $10,000

6% match

Melbourne: A$6,700

Stock: 15% discount on Accenture

stock

Accenture Federal $82,000 - up to $82,000 $10,000 - Relocation: up to $2,500

Accenture Strategy

$87,000

Canada: C$75,000 base

up to $26,100 (30% of base) up to $113,100

$12,500

Canada: C$10,000 sign-

ing bonus

6% match for 401k after 1st

year

Stock: 15% discount on Accenture

stock

Relocation: up to $5,000

Alvarez & Marsal

$105,000

Dallas / Hous-ton: $70,000

up to $40,000 up to $155,000

$10,000

Dallas / Hous-ton: $5,000

6% match -

Booz Allen Hamilton $75,000 up to $4,000 up to $79,000 - 6% match for 401k


Booz Allen Hamilton - Middle East

Dubai, Abu Dhabi, Doha,

Beirut, Riyadh:$60-80,000


Beirut, Riyadh:$9-12,000

$69,000 - $92,000 -


Beirut, Riyadh:1 month of lat-est salary per

year of service

Allowances: 40% of base

paid in Dubai/Abu Dhabi/

Doha30% in Riyadh

Relocation:Dubai, Abu

Dhabi:up to $15,000

Capgemini $68,000 - $68,000 $5,000 - -

CapCo $75,000 - $75,000 $10,000 - -

Crowe LLP - - up to $69,000 - - -

GEP Worldwide $75,000 - up to $75,000 - -


Relocation: $2,000

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Grant Thornton Business Con-sulting - -

up to $79,200 (Dublin: up to

€30,000)- - -

Guidehouse $75,000 up to $5,000 up to $80,000 $5,000 - -

Huron Consulting - - up to $79,700 - - -

IBM Global Business Services/IBM Consulting $75,000 - up to $75,000 $5,000 5% match -

Infosys - - up to $61,000 - - -

Kearney $80,000 up to $20,000 up to $100,000 $5,000 up to 6% base

Profit Sharing:up to $8,000


L.E.K. Consulting

$80,000

Munich: €36,000

up to $3,000 up to $83,000 $10,000 -

Profit Sharing:up to $16,000 some depos-

ited into 401k



Mercer - - $68,000 + overtime - - -

Oliver Wyman $87,000 up to $10,000 up to $97,000 $10,000 3% match



Oliver Wyman - Canada C$85,000 - - C$10,000 - -

Oliver Wyman - UK £43,000 - - £7,000 - -

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Oliver Wyman - Netherlands €58,000 up to €27,000 up to €85,000 - - -

Oliver Wyman - Singapore S$90,000 - - S$15,000 - Relocation: S$10,000

Protiviti - - up to $66,000 - - -

RSM - - up to C$45,000 - - -

Slalom Consulting - - up to $72,000 - - -

Wavestone $72,000 up to $2,880 up to $74,880 $5,000 - PTO Vacation:25 days/year

ZS Associates $80,000 up to $8,000 up to $88,000 up to $8,000 3% match for 401k


Cost of Living Adjustment: up

to $18,000


Stock:up to $5,000

ZS Associates - Canada C$85,000 - - - - Relocation: up to C$3,000

ZS Associates - Japan ¥5,500,000 - - - - Relocation: up to ¥300,000


BIG 4OVERVIEW

The Big 4 undertook the strictest hiring freezes, job cuts, and salary decreases amongst any category of firms. However, each of the Big 4 recovered quickly between 2020 internship halts and offer “renegs” to return to hiring for 2021, requiring an investment in higher salaries in highly profitable strategy practices to lure more top talent (especially talent that is cheaper than MBA talent).

Deloitte Total Comp

Deloitte S&O Deloitte Consulting

2018 ~$90k ~$85k

2019 ~$93k ~$90k

2020 ~$98k ~$97k

2021 ~$98k ~$97k

EY Total Comp

EY S&O EY Consulting

2018 ~$111k ~$80k

2019 ~$111k ~$80k

2020 ~$111k ~$80k

2021 ~$111K ~$78K

KPMG Total Comp

KMPG Strategy KPMG Consulting

2018 ~$87k ~$76k

2019 ~$96k ~$88k

2020 ~$100k ~$91k

2021 ~$100K ~$91K

PwC Total Comp

PwC Strategy& PwC Consulting

2018 ~$98k ~$87k

2019 ~$107k ~$94k

2020 ~$113k ~$102k

2021 ~$113K ~$102K

PAGE 17

UNDERGRADUATE/MASTER’S SALARY

Deloitte Consulting

up to $80,000

Master’s: up to $105,000

Luxembourg:

€53,000


Luxembourg: up to €2,000

up to $80,000


$12,500

Master’s: $15,000

150% match for individual

contribu-tions

-

Government & Public Ser-vices

$71,000

GPS Tech: $80,000

- up to $71,000

$7,000

GPS Tech: $10,000

- -

Deloitte S&O $85,000Only after

3rd year (15% of base)

up to $85,000 $12,500

25% match for first 6% of individual

contribu-tions in 401k

-

Deloitte Tech $70,000 - up to $70,000 $7,500 - -

Monitor Deloitte $72,000 up to $15,000

up to $87,000 - -



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EY

$72,500

Canada: C$65,000

UK: £55,000

Dublin: €32,000

UK: up to £1,200

up to $72,500

up to $5,000

Canada: C$3,000

25% match up to 6% (to-tal of 1.5%)

PTOVacation:Unlimited


EY-Parthenon $90,000 up to $9,000 up to $99,000 $10,000 -

PTOVacation:Unlimited


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KPMG

$75,000

Canada:C$62,000

up to $8,160 up to $83,160 up to $7,500 - Relocation:

up to $2,000

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PwC C$65,000 up to C$6,500

up to C$70,500 C$5,000 - -

PwC Strategy& $90,000 up to $18,000

up to $108,000 $5,000 - Relocation:

up to $2,000

PwC Strategy& - UK £42,000 £2,000 up to £44,000 £5,000 - -

PwC Strategy& - Australia A$81,000 - - A$11,000 - -

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MBBOVERVIEW

Compensation packages remained steady at the post undergrad (i.e., analyst) level, a reflection that the war for talent is nowhere near as ferocious than it is at higher levels. We anticipate starting comp to remain steady across analyst roles at MBB into 2022.

McKinsey Total Comp

2018 ~$106k

2019 ~$106k

2020 ~$107k

2021 ~$125K

Bain Total Comp

2018 ~$101k

2019 ~$105k

2020 ~$117k

2021 ~$117k

BCG Total Comp

2018 ~$105k

2019 ~$111k

2020 ~$113k

2021 ~$113k



Bain & Company $90,000up to

$22,500 (25% of base)

up to $112,500 $5,000

4.5% of base + bonus into

401k, no contribution

required

Relocation: $5,000

Housing Al-lowance: up to

$5,000


Bain & Company - UK £46,400 up to £11,000

up to £57,400 £3,000 9% of base

salary -

Bain & Company - Dubai $85,000 - - $3,000 - -

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BCG $90,000 up to $18,000

up to $108,000 $5,000

Profit sharing deposited into 401k account

Profit Sharing: up to

$4,400

Relocation: up to 8,000


BCG - Canada C$82,000 - - C$8,000 - -

BCG - Germany €68,500 - - - -Relocation:

up to €10,000

BCG - Australia A$67,000 - - A$15,000 - -

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McKinsey & Company $90,000 up to $30,000

up to $120,000 $5,000 -

Relocation: up to 10,000


McKinsey & Company - Canada C$90,000 - - - - -

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TRENDS IN UNDERGRADUATE/MASTER’S SALARIES

Max Base: $105,000Max Performance Bonus: $40,000Max Signing Bonus: $10,000Max Total Compensation: $155,000

ALVAREZ & MARSAL01


GALT & CO02


AVENCORE03


ACCENTURE STRATEGY04


MCKINSEY04


OC&C STRATEGY04


BAIN07

Max Base: $90,000Max Performance Bonus: $18,000Max Profit Sharing: $4,400Max Signing Bonus: $5,000Max Total Compensation: $117,400

BCG08


ALTMAN SOLON09


PWC STRATEGY&10

Top 10 Consulting Firms for Undergraduate Entry-Level Salary

*Note: Total compensation calculations include base salary, max performance bonus, and max signing bonus

Yearly Salary Trend

2018 2019 2020 2021

Base ~$83k ~$85k ~$90k ~$90k

Signing ~$5k ~$5k ~$5k ~$5k

Perf. Bonus ~$12k ~$15k ~18k ~18k



PAGE 27

MBA/PH.D. COMPENSATION FIRMS LIST

1. Accenture 2. Accenture Strategy3. Alexander Group4. AlixPartners5. Altman Solon6. Alvarez & Marsal7. Analysis Group8. Bain & Company9. BCG (Boston Consulting Group)10. Booz Allen Hamilton11. CapCo12. Carpedia International13. Chartis Group14. Clearview Healthcare Partners15. Cognizant16. Compass Lexecon17. Deloitte Consulting18. Deloitte Federal19. Deloitte Government & Public Services20. Deloitte Human Capital21. Deloitte S&O22. Deloitte Tech23. Everest Group24. Eversana25. EY Consulting26. EY-Parthenon27. Galt & Company28. Gartner29. GEP Worldwide30. Grant Thornton

31. Huron Consulting32. IBM GBS33. Infosys34. Larx Advisors35. LEK Consulting36. Kearney37. KPMG Consulting38. MasterCard Advisors39. McKinsey & Company40. Monitor Deloitte41. Oliver Wyman42. Palm Tree LLC43. Partners In Performance44. ProcureAbility45. Putnam Associates46. PwC47. Roland Berger48. Simon & Kucher49. Slalom Consulting50. Strategy&51. Strive Consulting52. Targus Consulting53. Tata Consultancy Services (TCS)54. Vizient55. West Monroe Partners56. ZS Associates



Altman Solon $160,000 $40,000 (up to 25% base)

up to $200,000 $25,000 - -

Alexander Group $140,000 up to $30,000

up to $170,000

up to $15,000 - -

Carpedia International up to C$99,000 - up to

C$99,000 - - -

Chartis Group $140,000 up to $28,000

up to $168,000 $20,000 - -

DGCpartners up to $180,000 - up to

$180,000 - - -

Galt & Company $145,000 up to $55,000

up to $200,000 - $8,000 PTO Vacation:

20 days/year

Larx Advisors up to $123,625 - up to

$123,625 - - -

Mars & Company $155,000 (MBA only)

up to $40,000

up to $195,000 $20,000 4% into 401k Relocation:

$5,000

Palm Tree LLC $100,000 up to $50,000

up to $150,000 - - -

ProcureAbility $135,000 up to $13,500

up to $148,500 - up to 4%

match


Putnam Associates $120,000 up to $25,000

up to $145,000 $10,000 - -

Targus Consulting - - up to $88,000 - - -

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Clearview Healthcare Partners $115,000 up to

$17,500up to

$132,500 $2,500 2.5% match of base salary



MasterCard Advisors - - up to C$121,000 C$20,000 - -

OC&C Strategy Consultants $165,000 up to $57,750

up to $222,750 $25,000

50% match for first 6%

(max 3% match)


Strive Consulting $142,000 up to $15,000

up to $157,000 - - PTO Vacation:

Unlimited


AlixPartners $150,000-165,000

up to $60,000

up to $225,000

$25,000

C$25,000 signing bonus

3.75% of total comp after Year 1


Analysis Group $160,000 up to $30,000

up to $190,000 $40,000 5% match -

Compass Lexecon up to $160,000 - up to

$160,000 - - -

Everest Group $135,000 up to $13,500

up to $148,500 $25,000 - PTO Vacation:

15 days/year

Partners in Performance - - up to C$180,000 - - -

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Accenture Consulting $105,000 - up to $105,000 $5,000 6% match for

401k -

Accenture Strategy $155,000

$30,000 (all 1st years out

of MBA) + $15,000 for

top performers

up to $200,000

$35,000 + $17,500 early sign on for re-turning interns

6% match for 401k



Accenture Strategy - Canada C$135,000 - - C$25,000

Accenture Strategy - UK £83,000 £10,000 - £31,500 - -

Alvarez & Marsal $125,000up to

$50,000 (40% of base)

up to $175,000 $10,000 - -

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Simon-Kucher & Partners $140,000 up to $33,600

up to $173,600 $20,000 - PTO Vacation:

15 days/year

West Monroe Partners - - up to $133,750 - - -

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Booz Allen Hamilton - Middle East $130,000

up to $32,500

(25% of base)

up to $214,500 - 6% match for

401k

Fixed Allowance:

40% of base ($52,000)


Raises: $10K base sal-

ary bump after Year 1; another $10K base sal-ary bump after

Year 2

CapCo $128,000 up to $30,000

up to $158,000 $25,000 3% match PTO Vacation:

22 days/year

Cognizant $125,000 up to $15,000

up to $140,000

up to $20,000 - -

Eversana - - up to $120,000 - - -

Gartner up to $141,900 - up to

$141,900 - - -

GEP - - up to $117,000 - - -

Grant Thornton - - up to $111,300 - - -

Huron Consulting - -

up to $132,250

(S&O Prac-tice)

$10,000 6% match PTO Vacation:Unlimited

IBM GBS $149,800 - $149,800 - - -

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Infosys up to $156,250 - - $10,000 -


Relocation:$3,000

Kearney $168,000 up to $42,000

up to $210,000

$25,000 (plus $10,000

for summer interns)

401k contri-bution up to

$8,000


Kearney - Canada C$153,000 up to C$45,900 - C$20,000 - Relocation:

C$5,000

Kearney - Germany €85,000 up to €16,000 - - - Relocation: up

to €5,000

Kearney - Dubai AED570,000 up to AED90,000 - AED90,000 - -

L.E.K Consulting $165,000 up to $25,000

up to $190,000

$25,000 (additional

$30,000 for returning interns)

up to 5% match

Profit Sharing:up to $38,000

Tuition:up to $25,000 for returning MBA interns

Oliver Wyman $160,000 up to $32,000

up to $192,000

up to $45,000

401k – up to 3.5% match at start of 2nd year


Roland Berger Strategy Con-sultants

$160,000

UK: £78,000

up to $32,000

UK: up to £23,400

up to $192,000

UK: up to £111,400

$35,000 - -

Slalom Consulting $120,000 up to $12,000


17 days/year

Tata Consultancy Services (TCS)

up to $155,000 - up to

$155,000 - - -

Vizient, Inc. $100,000 up to $10,000


25 days/year

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ZS Associates $150,000up to

$18,000 (12% of base)

up to $168,000 $30,000


Tuition:2nd Year

Tuition Re-imbursement for returning

interns

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BIG 4OVERVIEW

The Big 4 – across practice areas – are keeping starting salaries steady in 2021. Notably, KPMG is reducing its salary. This shouldn’t come as a surprise, as cost savings were needed at scale inside these massive organizations. In addition, specific boom-cycle practice areas such as Human Capital were hit hard in the midst of the pandemic as orgs shifted spending to supply chain or revenue goals, necessitating savings to be found organization wide.

Deloitte Total Comp

Deloitte S&O Deloitte Consulting

2018 ~$202k ~$150k

2019 ~$220k ~$165k

2020 ~$230k ~$173k

2021 ~$230K ~$151K

EY Total Comp

EY S&O EY Consulting

2018 ~$210k ~$160k

2019 ~$214k ~$185k

2020 ~$215k ~$190k

2021 ~$215K ~$195

KPMG Total Comp

KMPG Strategy KPMG Consulting

2018 ~$205k ~$160k

2019 ~$210k ~$180k

2020 ~$230k ~$190k

2021 ~$215K ~$175K

PwC Total Comp

PwC Strategy& PwC Consulting

2018 ~$219k ~$192k

2019 ~$253k ~$215k

2020 ~$253k ~$215k

2021 ~$253K ~$215K

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Deloitte Consulting$135,000

UK: £91,000

up to $20,700

UK: up to £4,050

up to $155,700 $15,000

25% match of first 6%

into 401k (a total of 1.5%)



Deloitte Human Capital $160,000 up to $32,200 $192,200 -

1.5% match of first 6% into 401k

-

Deloitte Federal $128,000 up to $7,600 up to $135,600 $15,000 - -

Deloitte Government & Public Services $117,000 up to

$22,230up to

$139,230 $15,000 - Relocation:up to $5,000

Deloitte S&O $160,000 up to $40,000 $200,000

$30,000 ($20,000

contingent on signing

early)

25% match of first 6%

into 401k (a total of 1.5%)


Tuition:Full 2nd year tuition for re-

turning interns

Deloitte S&O - Canada

Toronto: C$105,000

Calgary:

C$100,000

- - C$15,000 - -

Deloitte S&O - Mexico City MXN 700,000

up to MXN35,000 - - - -

Deloitte Tech $160,000 - $160,000 - - -

Monitor Deloitte Singapore:S$125,000

up to S$12,000

up to S$137,000 S$10,000 S$21,000 PTO Vacation:

15 days/year

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EY Consulting $155,000 up to $15,500

up to $170,500

up to $30,000

Match up to 6%



EY-Parthenon

$170,000

Dubai: $65,000

up to $34,000

up to $204,000 $35,000

25% match up to 6%

(1.5% total)


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KPMG $145,000 up to $17,400

up to $162,400

up to $35,000

Match 50% if deposit 5% (2.5%) + pen-sion contri-

bution



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PwC $150,000 up to $35,000

up to $185,000

$30,000 (paid at start

of work)

25% match up to 6%;

1% immedi-ate separate contribution

-

PWC - UK £85,000 up to £10,000 - £5,000 - -

PWC - Amsterdam €60,000 up to €8,000 - - - -

Strategy& $168,000 up to $55,400

up to $223,400 $30,000

4% automatic (no match required);

25% match up to 6% in a separate

account


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MBBOVERVIEW

McKinsey, Bain, and BCG exponentially increased salaries in 2019, but that was the last notable salary change the “Top 3” have made. Starting salaries remain in the range of tech and finance, and the firms pledged that offers would actually be honored (supported by the fact that 2020 internships proceeded as virtual). The unique value prop of these small size and cash-flush firms were evidenced in crisis, and the share gain the firms saw drove consistency between 2020 and 2021 offers.

McKinsey Total Comp

2018 ~$212k

2019 ~$225k

2020 ~$230k

2021 ~$230k

Bain Total Comp

2018 ~$210k

2019 ~$231k

2020 ~$236k

2021 ~$236k

BCG Total Comp

2018 ~$221k

2019 ~$231k

2020 ~$236k

2021 ~$236k


MBA/PH.D. SALARY

Bain & Company $165,000 up to $41,250

up to $206,250 $30,000

401k contri-bution up to

$8,000

Relocation: $8,000

for under 400 miles;

$16,000 for over 400

miles

Bain & Co - Switzerland CHF 286,000 - - CHF 35,000 - -

Bain & Company - UK £90,000 up to £20,000

up to £110,000 £15,000 Up to:

£10,000 -

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MBA/PH.D. SALARY

BCG $165,000 up to $41,250

up to $206,250

up to $30,000

$10,312 into 401k

PTO Vaca-tion:

15 days

Relocation:$2-8,000

BCG - UK £93,000 up to £17,300 - up to

£15,000up to 9%

match -

BCG - Australia A$160,000 up to A$61,600 - up to

A$40,000 A$16,000Relocation:

up to A$7,500

BCG - Spain €82,200 - - €20,000 - -

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MBA/PH.D. SALARY

McKinsey & Company $165,000 up to $35,000

up to $200,000 $30,000 7.5% into

401k

PTO Vaca-tion:

19 days/year

Relocation:up to

$10,000

50% of MBA tuition for returning interns

McKinsey & Company - UK £90,000 - - - - -

McKinsey & Company - Hong Kong $114,000 up to

$26,000 - $16,800 $19,000 -

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TRENDS IN MBA/PH.D. SALARIES

Max Base: $165,000Max Performance Bonus: $25,000Max Profit Sharing: $38,000Max Signing Bonus: $55,000Max Total Compensation: $283,000

L.E.K.01


PWC STRATEGY&02


ALIXPARTNERS03


OC&C STRATEGY04


ACCENTURE STRATEGY05


KEARNEY06


OLIVER WYMAN06


BAIN08


BCG08


MCKINSEY10

Top 10 Consulting Firms for MBA Entry-Level Salary

*Note: Total compensation calculations include base salary, max performance bonus, and max signing bonus

Yearly Salary Trend

2018 2019 2020 2021

Base ~$150k ~$165k ~$165k ~$165k

Signing ~$25k ~$25k ~$30k ~$30k

Perf. Bonus ~$35k ~$40k ~$42k ~$42k


SUMMARY

• Firms took advantage of broader market disruption to lure top talent with zero increase in starting comp packages from the prior year. This was due partly to the fact that Fortune 1000 internal strategy practices – who had been poaching top recruits from consulting in previous years - were hit hard in 2020. The exception were the Big Tech kids on the block, including Google and Amazon, which continued hiring unabated.

• Consulting firms are looking to uniquely differentiate using comp packages as a tool. L.E.K. upped its profit-sharing plan and EY announced unlimited PTO. Unlike in past years, when KPMG dropped its starting MBA salary by $15K this year, other Big 4 firms did not follow suit.

• Firms miscalculated the effect the pandemic would have on their businesses. Increased demand for services, coupled with a limited supply due to early hiring freezes, should have led to price increases for services rendered. But instead, consulting firms did not increase project rates (and in some cases, even cut prices for government clients). In addition, firms like Deloitte made sizable cuts in specific practice areas to hedge risk and are now looking to quickly staff those same practice areas back up.

• Because MBB has a distinctive networking, training, and branding value proposition for talent, boutique firms that compete for similarly priced client work are actually paying higher for talent than MBB rates.

Because our data shows that staff compensation and project rates have stayed relatively flat, we draw 4 main conclusions about 2021 compensation.

All of this points to a competitive labor market, where the winners are consulting firms who can add value beyond pure compensation – and the talent who can navigate competitive recruiting processes.

Interested in improving brand equity, attracting top talent, and up-skilling staff? Connect with us at [email protected] today.

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THE CONSULTING SALARIES REPORT