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Ex-consultant compensation trends remain strong at every level with McKinsey & Company, The
Boston Consulting Group, and Bain & Company (MBB) consultants earning ~10-15% more than
consultants from other firms. There continues to be a steady increase in compensation as
candidates progress across management consulting levels. Noticeable pay increases occur
between the pre-MBA Analyst to post-MBA Associate levels, while the biggest pay increase
across levels is from Engagement Manager to Principal level. On average, MBB Engagement
Managers experienced an 81.7K base salary increase and a 35.3K bonus increase. What
accounts for this? Years of experience combined with job functionality attribute to an increase in
management consultants compensation as they move up levels. As an analyst, most of the work
is focused on analytics and presentation slide building. Moving up levels, consultants see
decreased time spent on analytics and more efforts focused on project management, problem or
case solving, and leadership. For an analyst to continue rising within the firm, taking time off to
earn an MBA after 1-3 years on the job is expected. On the other end, moving from Engagement
Manager to Principal puts a consultant on track to becoming a Partner.
325.0 K
75.0 K
208.0 K
182.8 K Non-MBB
39.7 K
Bonus
28.4 K
Base
122.5 K
250.0 K
17.5 K
168.3 K
154.4 K
105.0 K
Notes: Based on trailing 18 month ECA placement / offer data; bonuses estimated where not yet available (e.g. based on future performance), consulting levels normalized across
firms.
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How do these numbers compare to the salaries of former MCs? Management consultants who
choose to leave consulting and make the jump to industry positions can generally expect either
an increase or lateral compensation package. Albeit not receiving an increase in compensation,
they typically make this move for reasons unrelated to money, such as a greater work-life balance
with reduced travel and a more stable work schedule.
Given the prestige and brand recognition of the MBB (McKinsey & Company, The Boston
Consulting Group, Bain & Company), it makes sense that consultants hailing from those firms
command the highest earnings upon their transition to industry roles. How does compensation
compare for MCs at the same level at different firms? Looking across the different MC firm tiers,
MBB consultants can expect an average of ~12% higher compensation than those from second
tier firms like EY, A.T. Kearney, Strategy& (formerly Booz & Co), LEK, etc. Salaries decline slightly
for consultants from tier three firms and boutiques.
-12% -19%
100%
88%
81%
75%
Notes: Based on trailing 18 month ECA placement / offer data; bonuses estimated where not yet available (e.g. based on future performance), consulting levels normalized across
firms. Logos pictured are examples of a tier, and do not include all firms of that tier.
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When looking to hire a current or former management consultant, it is important to take into
consideration their previous industry expertise, as well as the specializations of certain firms. For
example, LEK and Bain are particularly strong in due diligence / private equity work, whereas
McKinsey and BCG are known for growth strategy, among other things. In most cases,
consultants at any firm (unless it is a firm with a strict specialization) have exposure to many
different industries and perform very strongly as generalists. Working across industries gives
management consultants the ability to adapt quickly and apply skills to multiple sectors.
Consulting salaries remain relatively consistent by level across industries. Its challenging to draw
meaningful conclusions across industries primarily because many more critical factors influence
the compensation packages such as geography, fit, etc.
325.0 K 327.5 K
318.6 K 318.6 K
303.3 K
228.9 K 228.5 K
218.5 K 215.9 K
197.5 K 198.1 K
173.9 K 172.9 K 170.1 K
150.0 K
Notes: Based on trailing 18 month ECA placement / offer data; bonuses estimated where not yet available (e.g. based on future performance), consulting levels normalized across
firms.
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Regardless of level, former management consultants typically command a higher salary than their
corporate counterparts. As mentioned above, this can be attributed to longer hours, constant
travel, and unpredictable schedules.
Demand for current and former management consultants continues to stem from large urban
areas on the West and East coasts. More often, however, consultants are taking roles in more
rural areas of the country. Much of this comes from private equity portfolio companies seeking
former management consultants.
New York, NY
Engagement Manager
McKinsey & Company
$265,000 All In
Chicago, IL
Sr. Manager
San Francisco, CA Deloitte
Manager $273,500 All In
Strategy&
$206,500 All In
Austin, TX
Engagement Manager
Oliver Wyman
$240,000 All In
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Recent ECA Projects and Placements
Consulting Project Examples & Management Consulting Industry Placements
Recent Placements:
Recent Projects:
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Why ECA?
WHAT MAKES US DIFFERENT
Ex-Consultants Agency is extremely well equipped to assist companies with various consulting
engagements. We are redefining the way clients utilize top-tier consultants. Our leadership team
is comprised of top-tier management consultants and we have built a robust technology platform.
Our model is backed by a set of differentiating capabilities:
QUESTIONS
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endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy,
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