1/13/17

What do you think? Just like last year, PwC and Strategy& are still not aligned.

https://managementconsulted.com/consulting-salarie...

Comments (42)

1/8/17

Wouldn't expect them to. PwC and Strategy& do different kinds of consulting with different employee value propositions.

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1/8/17

Fascinating that McK is so aggressive this year; in the past didn't they pay less than others?

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1/8/17

It looks like for post-MBA they increased the base, but the overall comp is still on par with BCG. Bain (as usual) lags the other two.

From what I've seen in the past, McKinsey is typically the first to raise salaries, but if they did so this year I would expect BCG and Bain to raise next year.

1/9/17

Interesting. According to those numbers I was low-balled by my current firm.

1/9/17

I had full time offers from a few of those firms post-MBA and can confirm that the offers match my offer letters (they actually exclude some post-internship extra tuition reimbursement "kickers").

1/9/17

Mercer paying 1.5x for hours over 40 per week. is this real? what do hours typically look like there? this could add up quickly

1/9/17

Overnight millionaire, literally

1/9/17

I worked there and was able to pull in almost $100k in my first year, although I was working crazy hours and billing amongst the top in the US and Canada.

1/9/17

If you billed 55 hours per week, is equivalent to a bonus ~55% of your base. That's awesome.

1/12/17

Yep, and it's not even billable hours, it's total hours, so busdev and training time didn't go unrewarded.

1/11/17

FTI has something similar called the "CHIP" program. (Chargeable Hour Incentive Program)

I would note that billing 40 hours is not the same as working 40 hours. Besides unbillable time you also have vacations and project gaps that cut into the amount of time you are billable.

That said if you are staffed on a project/projects where you are working heavy hours it can be a very nice bump to total compensation.

1/12/17

We were paid based on total hours, not billed hours. But if your ratio is too far off, that would be unsustainable and they would try to manage that down... and no OT when on vacation, of course.

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1/9/17

Are those European Associate figures real? The salaries in Europe can't be 1/3 of the salaries in the US, surely? Anyone know approximate figures for UK? The only UK data in there is for undergrad and appears to show that UK salaries are about 2/3 of the US salaries. Hard to believe that London pay would be double than on the continent given freedom of movement.

1/11/17

I would assume the difference lies in what an MBA / grad student ist. In the US most MBA grads have previous work experience, whereas a European grad student will have none. There is also a huge difference in COL between London and Madrid. I've heard that Spanish accountants make about 1.5k Euros a month.

I was more surprised by the high salary in Poland.

1/11/17

Here you get an idea of Madrid Salaries:
Summer Business Analyst/Associate Intern: 1600/month in Mck 1500 euros in BCG
Business Analyst Mck: 33.000 euros (around 1700 euros per month) + bonus up to 8.000 (usually half than that)+ 12% of your annual salary that you get when you leave the firm.
Accounting and non strategy consulting pays much less than that less than that. Salaries sucks in Spain(and hours are probably the worsts among all offices). Paying this is enough to get the top talent because there is almost 50% of youth unemployment. Madrid is not that cheap either (I would say comparable to somewhere in the US-excluding big cities like New York or San Francisco which are much more expensive). Still most spanish people prefer to work in Madrid than outside of Spain because of the sun, the people, the food..

1/12/17

Don't forget the US kids have loads of debt they need to pay off. As soon as you hit the consultant level salaries are equal

1/14/17

Oh and also, Deloitte S&O pays more than 30% less than MBB here. Contrary to the US where they seem to do decent they don't really have much going here, they are really just the big4 here, nothing special in any regard. That being said, UK salaries are still lower than US even for the big dogs

1/14/17

Any idea how much lower UK salaries are than in the US? Approximate %? The managementconsulted link didn't really give any post-MBA consulting salaries for UK. Glassdoor seems to suggest that UK salaries are about 70% of US, but hard to tell if it is a direct comparison or not.

1/14/17

At the post-mba level pay was equivalent, but indexed at an exchange rate of 1.4 dollar to pound approximately. Given that has changed quite a bit you can expect about $120k as base, or basically a 15% difference at the moment until the pound moves again. Bonuses are firm and performance dependent.

Difference with US undergrad salaries comes from you guys having enormous loans to pay off when you roll out of university. This has caught up at the post-mba level, hence equivalence.

1/10/17

I received slightly higher for my firm than what was listed but that's potentially for the city. So it seems accurate at least in the area of the B4 for UG. Does anyone know if they offer relocation bonuses? as I don't believe i received one.

Quand on veut, on peut.

1/11/17

I think the list should be taken with a grain of salt. It is very city dependent for the UG numbers, and experience dependent for the post MBA numbers. I know people in from UG and post MBA at a few of the firms listed, and some meet the numbers while others fall a little short, up to a lot short. For example, a no or little experienced MBA should not expect to receive up to $220K from Accenture or $200K+ from EY. The UG numbers look pretty accurate based on the people I know.

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1/11/17

Agreed, there are definitely inaccuracies, because they crowdsource from a relatively small sample. Usually over the first few weeks they update them as they get more numbers in.

That being said, they're directionally correct

1/13/17
aspiringchimp:

That being said, they're directionally correct

Wanna know how I can tell you're a consultant?

1/13/17

Shoot, exposed. Might as well peel the onion on this one and add some granularity for the non-consulting folks

1/11/17

MBA offers are standardized in the US. Everyone gets the same base and signing unless a firm does a small cost of living adjustment, but most don't.

Performance is obviously variable but has nothing to do with experience. Also, as I've stated in another post below, bonus figures are very inflated for some firms on management consulted because they use top bucket which almost nobody gets. For example, EY is probably more like $5-14k annual bonus first year out of MBA. As mentioned in my post below, use TransparentMBA.com for more realistic all in comp figures, the site is pretty much dead on for all post MBA with normalized expectations for performance bonus. For example, they suggest $20k at Accenture for performance, not the $44k figure on managementconsulted.

I'm guessing that your post MBA friends went to non targets and didn't recruit through OCR - sometimes people hired through industry experience make between UG and MBA pay. If you're friends earned an MBA but weren't recruited through their MBA, they are likely falling into that bucket. Either that or they're in a different group that still falls under consulting but aren't the strategy groups the site refers to. Anyone who went to a top 20 is getting the same thing.

1/11/17

They all went to top 25 MBA programs - but were not recruited directly through OCR. Also they do not have prior work experience, as I previously mentioned.

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1/14/17

I don't know why you are getting bananas. No top MBA programs will let you in with no work experience. At Kellogg the minimum I saw was 3 years at matriculation, and those were people who were MBB sponsored.

1/14/17
Hillary2016:

I don't know why you are getting bananas. No top MBA programs will let you in with no work experience. At Kellogg the minimum I saw was 3 years at matriculation, and those were people who were MBB sponsored.

? That's exactly the point I was trying to make.

1/15/17

There is this thing called an international ranking. Some schools care about it, meaning they take international students under alternative circumstances. Sorry if you hate.

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1/15/17

@Praesto I'm not sure what point you're trying to make. The top 7 business schools definitely do not take international students without work experience. I doubt any in the top 15-20 do. If they're at a lower ranked school that gave them preference due to being international, they're going to be in the same bucket I described - recruiting outside of MBA OCR.

1/14/17

a no or little experienced MBA doesn't get into a top business school, and is therefore not hired by any of these firms...If you go to a shit tier MBA and get hired, you're not part of official MBA recruiting, and come in at a more junior level (with less pay).

1/11/17

Base numbers are nearly all correct for post MBA. Those that aren't I've heard whispers that they're being adjusted due to MBB increases (so the traditional matches are probably going up). Hold tight if you're at one of those firms.

Annual bonus numbers are always inflated on managementconsulted - they use top bucket. TransparentMBA.com is the best resource for more reasonable figures on individual firms. This site came out of Booth this year and I've found it very helpful as a comp guide (and also highly accurate).

1/15/17

What companies do management consultants actually help? Is it mostly small and medium size companies? I'm not talking about IT consulting but more along the lines of cost reduction?

1/15/17

It depends. The consulting firms you see referenced here on WSO largely focus on F1000 firms (concentrated heavily in the F500). A $100MM company isn't going to want to shell out a few hundred grand for three months of work. But there are a wide range of consulting firms out there in the world, some quite large, some independant boutiques that have more manageable bill rates and can help small to mid sized businesses with a range of problems, including IT but also pretty much any other sort of consulting you might need.

The segregation exists between these T1/T2 firms and the rest of the market because - when the CEO of a multi-billion dollar company hires a consulting team to provide justification for a cost takeout, acquisition, etc, he can't use a firm with 25% of a T1/T2 firms bill rate, because if shit goes south they'll be in serious hot water for not utilizing a top tier firm. While there are of course exceptions, to do so on a whim to save a few bucks just looks bad, to the board and to shareholders. Plus, most if it's relationship driven anyways, and the best relationship people in consulting (those with the most F1000 clients) are going to aggregate to top firms with the highest bill rates, both because they make more money there, and because the junior talent is better for them and their clients.

1/29/17

Oliver Wyman. (USA)
Base: 82,500
Bonus: 10,000

Quand on veut, on peut.

2/4/17

Does anyone know how other continental European countries stand vs. this study?

2/5/17

IBM GBS base salary for UG was 75,000 last year and this year its 68,000??? can someone confirm if that's actually true?

2/10/17

if you signed an offer for 2017 summer start at MBB at old 80k starting in US, will pay be increased once we start to the new pay level?

9/13/17

interesting to see who aligns and the competition amongst the different firms

9/22/17
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9/23/17
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