First Year 2011 Consulting Salaries - MBB, Booz, Monitor, OW, Deloitte, etc.
Alright internships are over...any one have info on class of 2011 compensation..
Alright internships are over...any one have info on class of 2011 compensation..
Career Resources
Def interested in perspectives from people who received FT offers as well.
bump...
Just got my official MBB offer. Compensation isn't coming out until End of October. They gave last years stats as reference.
moofasa..congrats... how is the relocation like? I have got an MBB offer and the relocation amount will be less than my actual moving costs..
Thanks, congrats as well.
The relocation assistance is "available upon request." I don't really expect much because my parents house, my school and the office are within like 50 miles.
What were the stats they cited for last year?
waiting for MBB details, but deloitte S&O was 70+10 for ugrad
Heard from a friend that BCG is still at 65. Very much unverified so take with a grain of salt.
I don't think much has changed. 65 + 5 for first year at MBB. If one makes a change to comp (usually McK), the rest will match instantly. ~10-12k for sign + relocate
BCG wasn't at 65 last year, and McK was. BCG shifted comp from its retirement match to salary. It all works out the same between McK and BCG, but BCG last year was 72+5 signing +2 relocation, and McK was 65+5 signing + 2 (I think) relocation, but with a higher % in retirement. No idea what 2011 is going to look like.
What's the bonus for the top/average/bottom bucket? Bain just raised their base comp for first years.
MBB
70 + 5 + 5 +12%
for MBB that's relocation, signing, and retirement...is there a performance bonus on top of that?
MBB - 70 + 5 signing + 4 relocation + 12% of rent + performance bonus
MBB - 70 + 5 signing + 5 housing stipend + relocation (3.5k from east coast to west coast) + performance
Deloitte is 70+10 signing bonuse
Housing stipend? Never heard that one before.
MBB - 70K + 5K signing + 3K relocation (depends on distance and I'm approx 150 miles away from my office location) + Performance bonus (assuming, never really talked about it)
what the performance bonus look like - ball park range?
Performance bonus usually ranges between 5-10 K. I know the max at one of the MBB last year was 11,200
does 45k base, 15k potential bonus and 4k reloc sound about right for an MBB offer at a low COL country?
I got an offer from Oliver Wyman FS but in Singapore. I was impressed by the salary. All figures in Singapore Dollars -
15k signing, 80k base, 6% contribution to Central Provident Fund (simply added to my salary as I'm not a Singapore PR), 25% min guaranteed bonus.
I will take that to the bank my friends.
So 119,800 guaranteed. Is that USD or SGD?
That's really impressive, I know someone who got Bain singapore at 85k, but no signing. I know for a fact that McK and BCG offers about 15%-20% lower than that. Seems like McK and BCG are lowballing their entry level salary compared to Bain and others. I wonder why..
how did you get the job in singapore? did you specifically ask for it or were you assigned randomly, or do you have some sort of special skill that they value?
i know bta @ deloite is 70 plus 10
Yes, I have to admit I was surprised at the offer. I would've taken it for much less, but they don't need to know that :)
I actually specifically applied to the Singapore office as I was keen to work there. I contacted Singapore's HR team with my resume and a cover email, and called as a follow up. Then things kind of just happened, did 2 rounds of interviews, and got the offer. I did my interviews in Boston/NY but my interviewers were aware that I was applying to the Singapore office.
65k with 10k bonus
Why has Bain broken rank with BCG and McK? They're offering 70k+ base plus stipends in their int'l/emerging markets offices?
x
What are you guys' expectations for performance bonus? It's quite low at my firm (2-5K)
which firm are you at? mine is about the same, roughly 5-10% for entry level, however it obviously exponentially rises as you progress through career
You guys should not discount other benefits, in particular points and per diem.
From my experience, each year you should have enough points/free nights that can be valued at around $6K-$7K (or $9K-$10K if it was taxed) or even higher if you get enough free nights.
Some firms give you per diem, some let you expense anything. Expense policy is better if you eat steak/lobster every night. But if you try to limit how much you eat at night (and utilize the hotel lounge not just for breakfast, but also dinner) u can save up $30-$35/day from per diem. That's another $5K-$6K (or $8K-$9K if it was taxed).
I drive to airport (mostly for convenience because I meet up with friends Thursday night) and expense the mileage. I guess I can say my SUV (I get 15 MPG in a V8) gas is also paid for in a monthly basis.
This is probably not as effective when comparing offers between consulting jobs, but might be handy when you compare with non-consulting jobs.
i agree 100%. its a nice benefit, although not always noticed.
This. Frequent flyer miles, if you use them well, are probably worth like 5-10 cents a mile.
I can confirm Bain in Singapore is S$85+5
OW Entry Level Analyst Salary = 75k + 10k signing bonus
Do M/B/B and OW guarantee bonuses up to a certain % of annual base salary in offer contracts? I ask because they did in my case. Kind of interesting...?
as in an upper limit you mean? what use would there be in that?
Anyone have compensation figures for boutiques? Really interested in Monitor Group, LEK, Parthenon, etc.
Any word from friends/first hand accounts is appreciated
One of those three is 68 base + 10 signing + ~12% bonus
SGD of course. USD120k starting for a 22 year old would be pretty sweet...though SGD is not bad at all. Of course its SGD80k base, and then all the other is cherry on top I guess.
just a curious question... say you got the offer at Wyman in Singapore - do they hook you up with a business class flight on the A380 to get over there? Singapore airlines = so fucking amazing (service, prices, loyalty program, etc) = a great thing about living in Singapore.
Doesn't OWFS have a reputation for being a cheapskate on travel? Which means Y until you rack up enough miles to upgrade?
$120k SGD=roughly $91k US. And that's the minimum comp. That sounds awesome, except for the fact that Sing is the 11th most expensive city in the world according to its friend Mercer. So it should be higher than NY (which is 27th).
it's true SG is expensive, but probably not more so than NYC. Also, his taxes will be low... not sure exactly what SG's rates are, but I think they're pretty competitive (way lower than the US)... he will not be subject to US federal income taxes on his first 92,500 USD of income.
that's lame that Wyman is gonna skimp on travel... skimping on travel is actually a fucked up thing to do as traveling on business is often painful even in first class / five star hotels
It's only from hearsay, I have no idea what the actual OWFS policies are, but I heard they were total cheapskates. And yes I think it's totally lame. They should really spring for J on flights over 6 hours. If they expect you to work on the plane, they should spring for J all the time, no way you could actually work in a Y seat.
SG taxes on $120k of income is $9,900. Not bad at all. And the income falls within the $92.5k limit ($91,450) so no US tax either. There might also be more exemptions based on nonresident status but IANAL.
And if SG CoL is too much I guess you could cross the border and live in Malaysia...
Guys I've lived in Singapore for 6 years so I can def say that while it is ranked higher in the 'most expensive cities to live in' list, above NYC, one thing to keep in mind is that it's an absolutely tiny island nation so that even if I live away from the downtown area, I'll still be at work using public transport in like 30 mins, as opposed to 10 if I lived in a sweet location. My plan is to stay in a Tier 2 location, so I think rent will probably not be ridiculously high.
Taxes are about 10-12% in Singapore, so disposable income definitely beats the US hollow. As for the flight to Singapore...well what they told me was that their signing bonus is so hefty for that same reason - get your ass to Singapore, set up your apt, etc etc with the bonus (that's the official HR line in OW).
Don't know how cheapskate they are on travel. I guess I'll find out when I join in a few months time!
You will know they are cheap if they make you take a bus from Singapore City to Kuala Lumpur because you are working for a client like Petronas there. It's a 4 hour trip.
Anyone have any information on analyst comp in HK? Is it equivalent to SG?
Urgent - silver banana for anyone with info on # of vacation days/PTO
Interested in MBB vs boutique vs large shops like Deloitte
Thanks! Anyone else have data on this?
What does it matter? You'll probably never get to use them anyway.
MBB is all around 3 weeks (lower end for new members, higher end for older members) of PTO with 10-12 days of holidays
19/year for the first 2 years. 24 thereafter.
^ That was for MBB.
Deloitte 25
Accenture 25
Guys, I just posted about this on managementconsulted.com before seeing some of the numbers here. Here's a snippet from BCG (verified):
Base: $72,000 Performance Bonus: up to $16,200 (22.5% of base salary) Profit Sharing Retirement Fund: up to $4,400 (expected to be 5% of sum of base salary and performance bonus) - – - – - Total compensation: up to $92,600
Signing bonus is $5,000, and BCG also contributes 15% of your base + bonus into your 401(k) retirement account, with $0 required contribution.
***If you guys have detailed info for McKinsey, Bain, Big 4, post-MBA, advanced professional degree, etc, please email me directly (kevin@website), would love to compile and share (ANONYMOUSLY) in a clean fashion. Thanks in advance!!
Great info, thanks MC! Keep up the great info on your site, it's helped a lot of us out
thanks mas1987...it's been a long time but i'm slowly coming back to spend more time on it :)
Did anyone in an MBB international office get a housing / transportation allowance? Does anyone know how we can spend that? For instance, can I buy a car with the transportation allowance? Make payments towards car payment? My allowance is quite high, but I'd much rather just get the cash in hand...
5 weeks paid vacation to answer a previous question.
Which int'l location is this? Sounds pretty perkalicious!
MC, that's good to hear, the info on your site definitely helps. Itll be nice to see some updates/new info and whatnot.
Yeah, I've updated now to include Oliver Wyman and AT Kearney. Bain, Booz, and McKinsey coming later tonight when I get some free time. Numbers roughly in-line, as expected. Hoping to get more post-MBA/grad school data soon too!
Kevin can you get some boutique numbers up?
Monitor, LEK, ...
As well as quotes from smaller shops (if you have any sources).
Also, how negotiable are boutique salaries?
http://managementconsulted.com/consulting-jobs/2011-management-consulti…
Here's the link to MC's listing of Consulting salaries. I'm just throwing this up here in the hopes that those of you lazy asses not willing to type mc's address into your browser will find your way over there haha.
I generally value them at 1 cent/mile, but redeemed them at 2 - 2.5 cents/mile. 10 cents would be a nice value on some 775K miles I earned in last 2 years.
That ~390k miles a year. Did you fly SQ22/21 (the one that goes NYC-SIN nonstop-longest nonstop in the world) every week for the past two years or something?
Plus that's enough to get the top tier on all three of the world's major alliances (Star, SkyTeam, Oneworld) for two years and more....btw, getting to use the lounge when you wait for your flight to wherever on your personal travel instead of with the kettles is total win (presumably you'd be flying business or higher on business, therefore giving you lounge access, elite or not)
I can get 20 cents on the dollar for some miles....fly a transcon (5,200 or so miles), pay $350 and you get a one-way domestic trip in Korea, worth $60.
Is it true that Mck has no performance bonus for BAs? If so, doesn't that defeat the whole MBB equal compensation thing because BB both award performance bonuses?
true
http://managementconsulted.com
lol yes I saw that, which is why I asked. was hoping someone who had actually finished a year as a BA could comment on why they wouldn't include bonus when B/B both do.
99% domestic east coast flights (
Ok yeah that makes sense. I forgot the elite bonus. Do those count for elite status though? Because on my FFP it doesn't-only BIS on itself/Star Alliance. It's totally lame.
Yeah status only on BIS in mine as well. Actually made Platinum on segments last year, 118 flights for the year. Not sure about hotel nights, but should be around 150. Good enough to make Platinum in SPG and Marriott and Gold in Hilton.
Btw hows the job market looking in APac (Sing/HK etc)?
Holymonkey - looking good in Singapore, firms are definitely hiring, though of course office sizes in Asia-Pac are much smaller than in NA/Europe.
No way the SEAsia offices are even on the same scale of small of the Korean offices. BCG Seoul gave offers to like 2 people last year. They have a whopping 12 consultants total there (yes, partners included).
Anyway that's good to hear. My mom is under the impression that the job market throughout the world is going to hell in a handbasket.
Zs: 60+10 atk: 65+5+5 Deloitte s&o: 70+10
30 days for MBB in a European country. Total compensation is around 110k USD.
Holy shit, is that for post-MBA or undergrad?
That is for undergrad!
That's like 81k euros or 67k pounds. I'm still in utter shock. How the hell did you pull that off?
It's only 10% more than most of the other strat houses all-in 1st year comp (London).
Also, it's hugely misleading to make the FX conversion. For the last 2 years comp in Switzerland has looked hilarious vs. other countries because CHF appreciated so much.
I'm pretty sure you don't get paid in USD in Europe. Even so, you have to spend in the local currency i.e. the Euro or Pound.
MBB in Asia is more like 10days.. but my BB offer (which I got after I signed w/ MBB) was 26 days....
I can totally confirm that comp in switzerland is insane right now, I could choose between germany and switzerland when I got my offer and besides the much lower tax rate (something like 25% vs 45%) the comp is 1.5 times higher simply because of the CHF... Having worked in IB and AM for some time, I don't think the CHF is going to come down anytime soon! :-D
What are the language requirements for Switzerland? French, German or both?
German, the office is in Zurich and it counts as part of GSA (German Speaking Area). Staffing is supposed to be international but they seem to need a lot of german speakers right now so projects will mostly be in GSA (like all consulting firms in GSA right now).
I heard that AT Kearney is paying 120K CHF for entry level + about 10% bonus
Once again, learning French has proven to be good for nothing :(
I can confirm McKinsey BA Hong Kong is US$80k.
Anyone have any info on shops like Navigant, FTI, etc.? Thanks
FTI 58 base + 5k signing (undergrad) -confirmed by a friend who got an offer on the west coast
HK's great (McKinsey). Is there any housing budget given?
No idea. I got that info from hearsay (friend of mine has an offer at McK HK). She applied directly to the HK office btw. I don't think she got anything for housing since she applied directly. But HK$640k is pretty awesome. Then again, HK is pretty damn expensive...I think it was like at least $15k a month for a nice apartment in the city (no idea about Kowloon or somewhere near the airport, didn't look. I suspect Kowloon costs more.) Glassdoor.com I think said Bain was like half that. But their data tends to be pretty old so yeah...
Some more hearsay info (South Korea): US$1=~1,080KRW
McK: KRW 50 million+up to 30% bonus (approx up to US$60k) Bain: KRW 50 million+up to 10% bonus (approx up to US$50k) BCG: KRW ~53 million (approx up to US$48k) OWFS (signing/base/perks?): KRW 10mil/65mil/5mil+bonus (approx US$73k+bonus) ATK: KRW 50 million+up to 30% bonus (about 63 million last year) (approx US$58k) OWGMC: same as OWFS but base 50 million for a total of 65 million+bonus (approx $60k+bonus) Monitor: KRW 50 million (approx US$46k) AD Little: KRW 48 million (approx US$44k)
All those rates for local hires. This is pretty crappy given the cost of living in Seoul almost matches New York.
5 weeks in continental Europa...7 weeks in France (though there are rumors France might get bumped to 10)
For deloitte postMBA - 40/50k sign on, 130k base, 40k bonus
Holy crap Deloitte pays a lot post MBA. I thought BCG was like $197k. That's $210k-$220k. Those are like IB numbers.
Any ideas on if the big 3 are gonna match?
MBB def matches. Bcg's base is 135. They pay the most.
Deloitte also pays for tuition if you intern and then work full time. They are doing what they can to poach kids from MBB, which can be very tough for obvious reasons
Can you confirm Deloitte post MBA? I have a friend in Canada who gets close to 100k base, not 130, and he didn't get close to that sign-on. What level is this - senior consultant or above?
I think comp varies by country especially local rates. Bain HK pays locals like US$30k and Bain Korea pays US$50k all in.
Variability in comp is nothing compared to variability in exits and learning opps, which should be your main driver. If you head to MBB or second tier shops like Deloitte/OW/Monitor/Booze, your exits can vary big from one tier to the next
Not sure what pay structures are outside of the US. I know these numbers from alums from schools in the CBS/Booth/Wharton/Tuck tier
Hmm, in what way, and pre or post mba? What kind of opportunities would you not have from T1 to T2? Also, OW is clearly T2 but OW FS is T1 (at least in a lot of countries, don't know about US)...
there's some truth to that, still the overall OW brand in your resume stays T2 though. exit-opportunities immensely profit from this aura of you being "that guy who joined us from McKinsey!!1" when you enter a new company.
With the only exception perhaps being Roland Berger in Western Europe - let's face it, MBB is simply untouchable as far as prestige and exits go.
I agree with some but not all you say. I think it really depends on what you consider exit opps. I'd say that exit opps to industry jobs are of course better at MBB than any other consulting firm. And even here there are differences, Bain is an incredibly weak brand in Europe, in Germany (biggest consulting market in Europe by far) they only have midcap clients and their brand recognition is almost 0. Roland Berger is respected in germany but almost nowhere else, they take that #3 position from Bain.
But then the question is, do you really want to work in the industry and do you consider that a viable exit opp...?
As far as exit opps to PE, HF, IB goes, it depends on what you did and where. McK places better in PE and IB for sure, BCG does ok in PE...then everything else its really more up to you...at least thats the way it is in Europe.
Berger is also Tier 1 i.e. in China, where interestingly >70% of its costumers are local, more than for any other firm. I feel they're somewhat underappreciated because they can't seem to crack the US market!
but truth be told, even in Germany MB both perhaps place their alumni better - RB was founded less than 40 year ago, so they are still building their network/brand.
yeah I heard RB was really successful in China though I don't really know why/how! I am not sure if its about building the network/brand, Bain is a bit younger than RB for example. I think its all about people as consulting firms tend to have a very strong culture (very little mobility between firms as opposed to IB/PE/HF), maybe this is why they place differently...
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