The Highest-Paying Management Consultant Firms (2024)

There are many different kinds of consulting roles and firms – when deciding where to recruit, it is important to consider salary as a factor. Here is our guide to the salaries at the different firms so you can make the best choice for yourself.

Posted May 23, 2024

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Management consulting is a highly competitive field that attracts top-tier talent from around the world. It’s a career path that offers high salaries, prestige, and the opportunity to work with high-profile businesses. But who earns the most in this industry? In this article, we’ll take a closer look at the highest-paid management consultants, and the factors that determine their earnings.

Top 10 Management Consulting Firms with the Highest-Paying Salaries

When it comes to management consulting firms with the highest-paying salaries, there are a few names that stand out from the rest. The top 10 management consulting firms known for paying their consultants more than the rest include Alvarez & Marsal, Accenture Strategy, OC&C, Bain &Co., Oliver Wyman, BCG, McKinsey, Analysis Group, Kearney, and Deloitte. These companies offer competitive salaries, benefits, and performance-based bonuses to attract and retain top talent.

1. Alvarez & Marsal

  • Base: $85,000-$129,000
    • Consumer & Retail Group (CRG): $100,000
  • Performance Bonus: Up to $51,000
    • CRG: up to $100,000
  • Total Cash: up to $180,000
  • Retirement: 6% match
  • Signing Bonus: $5,000

Alvarez & Marsal (A&M), founded in 1983, is a global professional services firm based in New York City. Renowned for its expertise in turnaround management and performance improvement, A&M specializes in delivering comprehensive consulting solutions in areas such as corporate restructuring, operational transformation, and financial advisory. The firm is particularly well-known for its capital restructuring team, which consistently secures some of the largest bankruptcy consulting deals year after year. With a strong focus on driving positive change and achieving sustainable growth, Alvarez & Marsal helps organizations navigate complex challenges and optimize their performance.

2. Bain & Co.

  • Base:
    • $83,500 to $112,000
    • Canada: C$100,000
    • UK: £52,200
  • Performance Bonus:
    • $12,500 to $22,500
    • UK: Up to £11,000
  • Total Cash: up to $134,500
  • Housing Allowance: up to $5,000
  • PTO Vacation: 20 days
  • Raises: UK: Access to regional performance bonus
  • Relocation: $5,000
  • Retirement:
    • 4.5% of base + bonus into 401k, no contribution required
    • UK: 9% of base salary
  • Signing Bonus:
    • $5,000
    • UK: £3,000

Bain & Company, founded in 1973, is a prestigious management consulting firm headquartered in Boston, Massachusetts. Renowned for its expertise in business strategy, Bain & Co. provides top-tier consulting services that drive sustainable growth and enhance organizational performance. The firm specializes in advising leaders across various industries on strategic decision-making, operational efficiency, and transformational initiatives. Bain & Co. is also known for its unique Results Delivery® approach, ensuring that clients achieve measurable and lasting results. With a strong commitment to excellence, Bain & Company continues to be a trusted advisor to businesses worldwide, helping them navigate complex challenges and capitalize on growth opportunities.

Read: A Comprehensive Guide to MBB: McKinsey & Co., Boston Consulting Group, and Bain & Co.

3. McKinsey & Co.

  • Base:
    • $83,000 to $112,000
    • Canada: C$100,000
    • Hong Kong: $50,900
  • Performance Bonus: up to $18,000
  • Total Cash: up to $130,000
  • Housing Allowance: up to $5,000 (geo contingent)
  • PTO Vacation: 19 days
  • Relocation: up to $10,000
  • Retirement: 7.5% qualified comp into 401k
  • Signing Bonus: $5,000

McKinsey & Company, founded in 1926, is a global management consulting firm headquartered in New York City. Known for its deep expertise and rigorous approach to problem-solving, McKinsey & Co. advises organizations across various industries on strategy, operations, technology, and organizational transformation. The firm is renowned for its data-driven insights and innovative solutions, helping clients achieve sustainable growth and competitive advantage. With a vast network of consultants and a commitment to fostering long-term relationships, McKinsey & Company continues to be a trusted partner for businesses seeking to navigate complex challenges and drive impactful change.

4. OC&C Strategy Consultants

  • Base:
    • $110,000
    • UK: £54,000
  • Performance Bonus:
    • up to $25,000
    • UK: up to £10,800
  • Total Cash: up to $144,500 with incentives
  • PTO Vacation: 20 days
  • Relocation: up to $5,000
  • Retirement: match up to 3.5% of salary
  • Signing Bonus:
    • $7,500
    • UK: £7,000

OC&C Strategy Consultants, founded in 1987, is a global management consulting firm renowned for its strategic expertise. OC&C specializes in providing insightful and actionable advice to clients in industries such as retail, consumer goods, media, technology, and private equity. The firm is celebrated for its rigorous analytical approach and deep industry knowledge, helping businesses achieve sustainable growth and competitive advantage. With a focus on delivering bespoke strategies, OC&C Strategy Consultants is a trusted partner for companies aiming to navigate complex market landscapes and drive long-term success. OC&C Strategy Consultants is headquartered in London.

5. Oliver Wyman

  • Base:
    • $110,000
    • Canada: $100,000
  • Performance Bonus: up to $18,700
  • Total Cash: up to $128,700
  • PTO Vacation: 17 days
  • Relocation: up to $2,000
  • Retirement: 50% of 6% match, 4% contribution after first year
  • Signing Bonus:
    • $10,000
    • Canada: C$10,000

Founded in 1984, Oliver Wyman, is a global management consulting firm known for its deep industry expertise and rigorous analytical approach. Oliver Wyman provides comprehensive consulting services across a wide range of sectors, including financial services, healthcare, energy, and transportation. The firm is renowned for delivering innovative solutions and actionable strategies that help businesses navigate complex challenges and drive sustainable growth. With a strong global presence and a reputation for excellence, Oliver Wyman is a trusted advisor to top-tier companies worldwide. Oliver Wyman is headquartered in New York City.

6. Boston Consulting Group

  • Base:
    • $84,000 to $110,000
    • Canada: C$90,000
    • Aus: A$67,000
    • UK: £49,500
    • Germany: €68,500
    • India: INR 2,150,000
  • Performance Bonus: up to $17,000
  • Total Cash: up to $132,000
  • Profit Sharing: up to $4,400
  • PTO Vacation: 15 days
  • Relocation: $2,000 to $8,000
  • Retirement: Profit sharing deposited into 401k account
  • Signing Bonus:
    • $5,000
    • Canada: C$8,000
    • Aus: A$15,000

Founded in 1963, Boston Consulting Group (BCG) is a premier global management consulting firm headquartered in Boston, Massachusetts. Renowned for its innovative business strategies and deep industry insights, BCG helps leading organizations around the world achieve sustainable competitive advantage. The firm is known for its expertise in areas such as digital transformation, corporate finance, and operational efficiency. With a strong commitment to delivering impactful solutions, BCG partners with clients to tackle their most critical challenges and drive long-term success.

7. Accenture Strategy

  • Base:
    • $105,000
    • Canada: C$95,000
    • India: Rs 2,808,000
  • Performance Bonus: up to $30,000
  • Total Cash: up to $135,000
  • PTO Vacation: 20 days
  • Relocation: up to $2,500
  • Retirement: 6% match for 401k after first year
  • Signing Bonus:
    • $12,500
    • Canada: C$10,000
  • Stock: 15% discount on Accenture stock

Accenture Strategy, part of Accenture plc, was founded in 1989 and is headquartered in Dublin, Ireland. Known for its cutting-edge approach to consulting, Accenture Strategy specializes in digital transformation, business strategy, technology innovation, and operational efficiency. The firm leverages deep industry expertise and advanced analytics to help organizations navigate complex challenges and achieve sustainable growth. With a global presence, Accenture Strategy collaborates with clients to drive strategic initiatives that enhance competitiveness and deliver measurable results.

8. Kearney

  • Base:
    • $100,000
    • Canada: C$100,000
    • Dubai: AED 600,000
    • Romania: €46,200
  • Performance Bonus:
    • up to $15,000
    • Canada: up to C$15,000
  • Total Cash: up to $115,000
  • Profit Sharing: up to $8,500
  • Relocation: up to $10,000
  • Retirement: 3% matching on 6% contribution
  • Signing Bonus:
    • $10,000
    • Canada: C$10,000

Kearney, founded in 1926, is a globally renowned consulting firm headquartered in Chicago, Illinois. Kearney is known for its expertise in management consulting and specializes in strategic planning, operational improvements, and organizational transformation. The firm serves a diverse range of industries, providing insights and solutions that drive business growth and efficiency. With a strong global presence, Kearney is recognized for its collaborative approach and deep industry knowledge, helping clients navigate complex challenges and achieve sustainable success.

9. Analysis Group

  • Base: $96,200
  • Performance Bonus: up to $24,050
  • Total Cash: up to $120,250
  • Retirement: 5% match
  • Signing Bonus: $12,500

Analysis Group, founded in 1981, is an economic, financial, and strategy consulting firm headquartered in Boston, Massachusetts. Renowned for its rigorous analytical approach, Analysis Group specializes in providing expert services in litigation, healthcare analytics, intellectual property, and business strategy. The firm collaborates with top academic and industry experts to offer data-driven insights and solutions to clients worldwide. With a reputation for excellence, Analysis Group is known for its ability to tackle complex challenges and deliver impactful results across various industries.

10. Deloitte Consulting

  • Base:
    • $88,000-$95,000 (Master's: up to $105,000)
    • UK: £32,500-£49,000
    • Canada: C$70,000
    • Luxembourg: €53,000
    • AUS: A$57,000
  • Performance Bonus:
    • Master's: up to $26,250
    • UK: up to £4,900
    • Luxembourg: up to €2,000
  • Total Cash: up to $95,000 (Master's: up to $131,250)
  • PTO Vacation: 23 days
  • Relocation: up to $2,500
  • Retirement: 25% match of first 6%
  • Signing Bonus:
    • up to $12,500 (Master's: $15,000)
    • Canada: C$5,000

Deloitte Consulting, a part of Deloitte Touche Tohmatsu Limited, was founded in 1845 and is headquartered in New York City. Deloitte Consulting is known for its comprehensive range of services, including strategy, analytics, operations, technology, and human capital consulting. The firm helps clients across various industries solve complex business challenges, drive innovation, and improve performance. Deloitte Consulting is widely recognized for its expertise in digital transformation, providing tailored solutions that leverage cutting-edge technology to achieve sustainable growth.

The Key Factors that Determine Consulting Salaries

While the reputation and brand name of the consulting firm plays a significant role in determining the salaries of management consultants, there are other factors that come into play as well. These include the individual’s level of experience, their area of specialization, the location and size of the consulting firm, their education and certifications, and their overall performance ratings.

Another important factor that can impact the earnings of management consultants is the industry they work in. Some industries, such as healthcare and finance, tend to pay higher salaries to consultants due to the complexity and specialized knowledge required in those fields. Additionally, the demand for consultants in certain industries may be higher, leading to increased competition and higher salaries.

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Effect of Experience Level on Consulting Salaries

Generally speaking, the more experience you have as a management consultant, the more money you can expect to make. Entry-level consultants at a top firm can expect to earn a starting salary of around $80,000 to $100,000 per year, while experienced consultants with over 10 years of experience can earn over $300,000 per year. Senior-level consultants can earn even more, with some earning a base salary of over $500,000 per year.

Level of education can also affect salary levels – while a bachelor's degree is typically the minimum requirement for entry-level positions, consultants with advanced degrees like an MBA or PhD can earn significantly higher salaries.

Frequently Asked Questions

What is the highest-paying management consulting firm?

  • Alvarez & Marsal holds the title of the highest-paying consulting firm in the U.S., primarily recognized for its capital restructuring team, which regularly secures significant bankruptcy consulting deals.

Where are management consultants paid the most?

  • Salaries for management consultants are typically the highest in the United States, followed by other developed countries like Canada, Australia, the United Arab Emirates, Singapore, and Switzerland.

How much does a management consultant graduate earn?

  • On average, management consultant graduates in the US may earn starting salaries ranging from $70,000 to $120,000 per year, with potential for bonuses and performance-based incentives. Top-tier consulting firms often offer higher starting salaries and additional benefits.

Do management consulting firms offer bonuses or other incentives?

  • Yes, management consulting firms often offer bonuses and other incentives to their employees based on individual and firm performance. These bonuses can significantly increase the total compensation for management consultants.

Are there differences in pay between different consulting firms?

  • Yes, there can be differences in pay between different consulting firms, with top-tier firms typically offering higher salaries and more generous benefits packages compared to smaller or less prestigious firms.

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