Many of the top business schools, according to the Fortune ranking, are an important source of information for consulting firms such as BCG, Bain and McKinsey. But if you're interested in where you can get the most out of your first year, we've analyzed the numbers to identify the 10 best consulting firms in terms of consulting salaries for college students. This is a breakdown of management consultants' salaries by the three major consulting firms. Therefore, consultants not only pursue a well-defined problem solving strategy, but they also segment the consulting industry into several specific areas.
The Big Three—McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG)—have dominated the consulting industry elite worldwide for years. Companies face a wide variety of risks, and these consultants are useful for establishing effective mitigation measures should a risky situation arise. For recent graduates of undergraduate business programs, the compensation offered by leading consulting firms is also quite competitive. The role of the human resources consultant has grown significantly as more companies seek to obtain maximum productivity from their staff.
Strategy consultants provide advice on how companies can adapt their overall strategy toward growth. Although pursuing an MBA or a master's degree entails a significant cost, if you're thinking about consulting after business school, you're likely to get a quick return on your investment. However, while MBB firms have traditionally paid the best consulting salaries and bonuses, the consulting units of the big four accounting firms (Deloitte, EY, KPMG, and PwC), along with a growing range of boutique providers, are now catching up with them on the compensation front. Corporate executives trust and trust a particular consulting firm or even a particular consultant.
PwC runs Strategy& as its elite consulting arm alongside its existing consulting business, and Strategy& employees earn much more than their PwC counterparts. These are some of the main MBA programs where consulting firms hire staff and the first-year salary figures associated with these MBA programs. So which are the best consulting firms to work for? The Big Three—McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG)—are widely considered to be the top three management consulting firms in terms of prestige and compensation. McKinsey & Company is known for its rigorous selection process and high salaries, while Bain & Company is renowned for its focus on client service and team-oriented culture.
Boston Consulting Group (BCG) is known for its innovative approach to problem solving and its emphasis on developing long-term relationships with clients. How much do top consulting firms pay? The salaries offered by top consulting firms vary depending on experience level and location. Generally speaking, entry-level consultants at McKinsey & Company can expect to earn around $90,000 per year, while experienced consultants can earn up to $200,000 per year. At Bain & Company, entry-level consultants can expect to earn around $80,000 per year, while experienced consultants can earn up to $180,000 per year.
At Boston Consulting Group (BCG), entry-level consultants can expect to earn around $85,000 per year, while experienced consultants can earn up to $190,000 per year. In addition to base salaries, many top consulting firms also offer generous bonuses and other incentives such as stock options or profit sharing plans. Bonuses at McKinsey & Company can range from 10% to 30% of base salary depending on performance. At Bain & Company bonuses range from 10% to 25% of base salary depending on performance.
At Boston Consulting Group (BCG) bonuses range from 10% to 20% of base salary depending on performance. Overall, top consulting firms offer competitive salaries and bonuses that make them attractive employers for recent graduates looking for a challenging career in management consulting.