In France, the average senior consultant base salary is €90,000 with a total average salary coming in at €114,000. The salary progression at Mckinsey is interesting, and this makes it an attractive workplace for those seeking a career at Mckinsey. The other benefit of the base salary is what makes it one of the top management consulting firms in the world. The salary increases as you go higher in your professional career at Mckinsey.
However, I would like to reiterate that the salary you receive at Mckinsey is dependent on your academic qualifications, location, and the role you are assuming at Mckinsey. The salary is so mind-blowing that you can earn up to $5,000,000 as a firm or director's senior partner. The salary progression at Mckinsey depends on experience accumulated over time within the company. An Employee can move from junior to senior status within a level or position before being promoted to an entirely different level or position. They earn annual raises that are typically 90% of the performance bonus from the previous year added on to the previous year's base salary.
It is worthy of note that there is a slight annual increase for a 2nd and the 3rd year in each role or position at McKinsey. This is because your salary increases as you move from one role or position to another. Typically, you can spend approximately 1-3 years in each role or position before getting promoted to the next level. This gives you a 1.5 to 2times increase in salary depending on the role. Bain & Co in France offers its senior consultants an average base salary of €89,000 and a total average salary of €109,000. The average base salary for a senior consultant working at Deloitte in the US is $110,000.
The average total salary is $119,000 and the additional pay consists of cash bonuses and profit sharing. Accenture offers junior consultants $100,000 in average base salary in the US. The average total salary is $104,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit sharing. The average based salary that partners in France can expect to receive is €240,000, with the total average salary being between €1m and €1.2m. The average based salary that partners in the United States can expect to receive is $344,000, with the total average salary being between $1m and $1.2m.
In the US, principals working for Bain & Co can expect to make $219,000 annually in base salary. The total average salary comes in at $427,000 with the additional pay consisting of cash bonuses and profit sharing. The average starting salary range for first-year management consultants with bachelor's degrees is between $65,000 to $100,000, depending on the company and the region of the country. While any amount in that range certainly tops the median income in the United States, it pales in comparison to what management consultants earn when they enter the field with MBAs. A new management consultant out of business school can expect to earn between $165,000 and $200,000, once again, depending on the firm and city as well as myriad other factors. For this reason, many aspiring management consultants elect to stay in school an extra two years before embarking on their careers.
As base pay and performance bonus rise, undergrads and MBAs can expect their compensation to rise exponentially. According to Management Consulted, MBAs can expect increases of 10%-20% in these pay areas each year. These numbers grow more pronounced with each step in a consultant's career – particularly at the MBA level. Within 2-3 years of graduation, when MBAs move into project leader and manager roles, they can expect a $220K-$220K base accompanied by a $90K-$130K bonus. At the 4-5 year mark, when many MBAs become senior project leaders and associate principals, they are snagging $250K-$320K bases and $120K-$220K bonuses. As junior partners, bases vault to $350K-$420K accompanied by a $350-$550K performance bonuses.
After a decade, MBAs settle into the million dollar a year range as senior partners and directors, with $450K-$550K bases and $500K or more bonuses. The first thing to note is that a management consultant salary is typically non-negotiable at the base salary level. If you're going into an offer with the hopes of negotiating an additional few thousand dollars, think again. Most firms, especially top strategy firms, want to keep salaries at a consistent starting level for an incoming cohort.
The compensation tiers for management consultant salaries are not flexible. The average base salary for a partner working at Deloitte in France is €210,000. The average total salary is €310,000 and the additional pay consists of cash bonuses and profit sharing. Principals working at Deloitte in France receive an average base salary of €87,000 and an average total management consulting salary of €102,000. Bain in France pays Principals an average base salary of €169,000 and a total average management consulting salary of €219,000.
Managers working at Deloitte in France receive an average base salary of €68,000 and an average total salary of €78,000. Bain & Co in France offers its business analysts an average base salary of €51,000 and a total average salary of €57,000. The average base salary for a partner working at Deloitte in the US is $333,000.
The average total salary is $388,000 and the additional pay consists of cash bonuses and profit sharing. The average based salary that principals in the United States can expect to receive is $231,000, with the total average salary being $363,000. In the US, senior consultants working for Bain & Co can expect to make $158,000 annually in base salary.
The total average salary comes in at $186,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing. In the US, junior consultants working for Bain & Co can expect to make $103,000 annually in base salary. The total average salary comes in at $130,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing. In the US, BAs working for Bain & Co can expect to make $86,000 annually in base salary.
The total average salary comes in at $98,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing. For top students at elite universities, management consulting and investment banking represent careers that provide opportunities to earn a lot of money right out of school, often with only a bachelor's degree. That said, most of the top firms that pay the biggest salaries generate fierce competition in the application and interview process, with only the brightest students from the most reputable schools being hired.
Having a Master of Business Administration , particularly from a top program, has never hurt anyone's prospects for either career. Some places are better than others when it comes to starting a career as a management consultant. The best states for people in this position are New Jersey, Maryland, Washington, and Connecticut.
Management consultants make the most in New Jersey with an average salary of $112,913. Whereas in Maryland and Washington, they would average $111,864 and $110,802, respectively. While management consultants would only make an average of $108,466 in Connecticut, you would still make more there than in the rest of the country. We determined these as the best states based on job availability and pay. By finding the median salary, cost of living, and using the Bureau of Labor Statistics' Location Quotient, we narrowed down our list of states to these four.
In France, partners at Bain & Co can expect to make €301,000 annually in base salary. The total average salary comes in at €0.9m – €1.2m range with the additional pay consisting of cash bonuses. Bain & Co in France offers its managers an average base salary of €112,000 and a total average salary of €142,000. In the US, partners at Bain & Co can expect to make $324,000 annually in base salary. The total average salary comes in at $0.9m – $1.2m range with the additional pay consisting of cash bonuses. The average base salary for a principal working at Deloitte in the US is $186,000.
The average total salary is $209,000 and the additional pay consists of cash bonuses and profit sharing. Accenture offers managers $135,000 in average base salary in the US. The average total salary is $143,000 with the additional pay consisting of cash bonuses, profit sharing, and commission sharing.
The average base salary for a manager working at Deloitte in the US is $141,000. The average total salary is $152,000 and the additional pay consists of cash bonuses, profit sharing, and commission sharing. Accenture offers senior consultants $108,000 in average base salary in the US. The average total salary is $113,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing. The average based salary that senior consultants in the United States can expect to receive is $157,000, with the total average salary being $186,000.
The additional pay consists of cash bonuses, stock bonuses, and profit-sharing. The average based salary that junior consultants in the United States can expect to receive is $112,000, with the total average salary being $125,000. The average based salary that BAs in the United States can expect to receive is $85,000, with the total average salary being $95,000. The additional pay consists of cash bonuses, stock bonuses, profit sharing, and commission sharing. At the second level in consulting, a Consultant will typically have 3-7 years post-graduate work experience. Benefits and bonuses typically are estimated to add an additional £3,000 to this figure.
Senior Consultants meanwhile bring in the greatest level of variation in wages outside of the management positions. These positions are reserved for employees with a minimum of 5 years' experience, all the way up to 12 years. This large variation means in some cases that a Senior Consultant at one company could earn less than a Consultant with less experience at a more lucrative firm, either in the Big Four or based in strategy consulting. For a new undergraduate employee brought under the title of business analyst, their base salary is $83,000. Performance bonus is $18,000, signing bonus is $5,000 and relocation assistance bonus ranges from $2,000 – $10,000.
Interns from either MBA or Ph.D. programs receive a salary of $32,000. Going further, engagement managers earn about $250,000, while partners and directors earn up to $1,300,000. This attractive and mouthwatering salary is the reason why the best candidates want to build a career with Mckinsey.
The salaries above are for full-time hires and interns coming straight from an educational program. Before deciding on a final offer, consider how your salary will grow across time. Often, our interview prep clients will receive slightly higher job offers in tech than in consulting. However, the salary growth in management consulting outpaces many industry positions.
Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay. BCG in France pays Principals an average base salary of €165,000 and a total average salary of €208,000. BCG in France pays managers an average base salary of €142,000 and a total average salary of €181,000.
Bain & Co in France offers its junior consultants an average base salary of €78,000 and a total average salary of €95,000. Cash bonuses, stock bonuses, and profit-sharing make up the additional pay. In France, the average junior consultant base salary is €75,000 with a total average salary coming in at €94,000.
BCG in France pays BAs an average base salary of €55,000 and a total average salary of €62,000. The average base salary for a senior consultant in the United States is $154,000 and the average total salary is $181,000. Each January Management Consulted publishes its Management Consulting Salary survey. Even more, the pay data comes from respondents who joined their firms over the past year.
This makes it more up-to-date, Management Consulted notes, than sources like PayScale or Indeed. There are however a number of variations beyond the underwhelming averages. Pay is often also tied to individual performance at firms, and majorly affected by region too. Associate Salary – Mckinsey associate consultants are those that have been promoted from business analyst positions. Salaries at strategy consulting firms tend to start higher and rise more quickly than those at broader management consulting firms.
A new graduate can expect to earn between £35,000 and £42,000 at firms such as these, with salaries increasing to £60,000 within two to three years. The average base salary for a manager working at Accenture in France is €74,000 and the average total salary is €81,000. The additional pay is made up of cash bonuses, profit sharing, and commission sharing.
In France, the average manager base salary is €118,000 with a total average salary coming in at €146,000. Senior consultants working at Deloitte in France receive an average base salary of €53,000 and an average total salary of €59,000. BCG in France pays senior consultants an average base salary of €96,000 and a total average salary of €116,000.
Junior consultants working at Deloitte in France receive an average base salary of €46,000 and an average total salary of €51,000. BCG in France pays junior consultants an average base salary of €80,000 and a total average salary of €101,000. In the US, managers working for Bain & Co can expect to make $165,000 annually in base salary. The total average salary comes in at $222,000 with the additional pay consisting of cash bonuses, stock bonuses, and profit-sharing. The average base salary for a junior consultant working at Deloitte in the US is $88,000.
The average total salary is $91,000 and the additional pay consists of cash bonuses. The average base salary for a junior consultant in the United States is $107,000 and the average total salary is $124,000. I used to work for Accenture myself in a very senior role and I will tell you the numbers are accurate depending on how you want to play with the data.
Anyone in data analysis, research or any role that works with data will tell you that you can pretty much work with the data to tell the story that you want. You just have to be savvy enough to filter the noise and see the data for what it really is. What the data does not tell you for the MBA graduates, is how many years on average the graduate had prior to joining the organization and what role they were coming into the organization for.
