The consulting industry is a highly competitive field, with three firms - McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG) - dominating the elite worldwide for years. These firms, collectively known as the MBB firms or the top three, have become a springboard for those seeking high-level jobs in the financial services or business sector. According to Curtis, consulting firms do compete, not directly, but in some way, with investment banks when it comes to hiring the best talent. The renewed battle for talent has also contributed to wage inflation, as consulting firms compete for candidates against big banks (which have increased their salaries considerably in the past 12 months) and big technology companies. Consultants from these firms help more than three-quarters of the companies included in the Fortune Global 500 list, as well as influential government and non-profit organizations.
For aspiring consultants looking for the highest salaries, the WSO tracks the average salaries and bonuses of users at all professional levels. This reflects a general upward trend in the consulting sector: the four big firms have also registered increases year after year. PwC runs Strategy& as its elite consulting arm, along with its current consulting business, and Strategy& employees earn much more than their PwC counterparts. Not all aspiring consultants are going to get a position at one of the MBB firms. It should be noted that, although both Parthenon-EY and Deloitte S&O (the company's consulting service based on strategy and operations) pay higher transfer bonuses than the market, their maximum performance bonuses are considerably lower than those of their MBB competitors.
Deloitte S&O helps clients solve their most difficult corporate problems in the fields of taxation, auditing, consulting, financial advisory and business risk. In the consulting sector, salaries have increased year after year at all levels of seniority and in all companies, as the sector continues to recover from a relatively short period of wage stagnation at the height of the pandemic (which is now likely to have been a weak point in an era of growth that lasted a decade). Even after finishing school, earning a master's degree in Business Administration provides a healthy wage increase for graduates, especially in lucrative sectors such as consulting. As an expert in SEO optimization, I can tell you that if you're looking for a career in consulting and want to make sure you're getting paid what you're worth, it's important to understand which firm pays the most. In this article we'll take a look at how much consultants from McKinsey & Company, Bain & Company, Boston Consulting Group (BCG), PwC Strategy&, Parthenon-EY and Deloitte S&O can expect to make.
McKinsey & Company
McKinsey & Company is one of the most prestigious consulting firms in the world. It is known for its rigorous hiring process and high salaries.According to WSO data from 2020, McKinsey consultants can expect to make an average base salary of $150k per year. This number increases with experience and seniority; senior consultants can make up to $250k per year.
Bain & Company
Bain & Company is another top-tier consulting firm that pays its consultants well. According to WSO data from 2020, Bain consultants can expect to make an average base salary of $145k per year. This number increases with experience and seniority; senior consultants can make up to $240k per year.Boston Consulting Group (BCG)
Boston Consulting Group (BCG) is another one of the top three consulting firms.According to WSO data from 2020, BCG consultants can expect to make an average base salary of $140k per year. This number increases with experience and seniority; senior consultants can make up to $230k per year.
PwC Strategy&
PwC Strategy& is PwC's elite consulting arm. According to WSO data from 2020, PwC Strategy& consultants can expect to make an average base salary of $160k per year. This number increases with experience and seniority; senior consultants can make up to $260k per year.Parthenon-EY
Parthenon-EY is EY's strategy consulting arm. According to WSO data from 2020, Parthenon-EY consultants can expect to make an average base salary of $130k per year. This number increases with experience and seniority; senior consultants can make up to $220k per year.Deloitte S&O
Deloitte S&O is Deloitte's strategy and operations consulting arm.According to WSO data from 2020, Deloitte S&O consultants can expect to make an average base salary of $125k per year. This number increases with experience and seniority; senior consultants can make up to $210k per year. As you can see from this data, there are significant differences between what each firm pays its consultants. If you're looking for a career in consulting and want to make sure you're getting paid what you're worth, it's important to understand which firm pays the most.
