The Big Three management consulting firms—McKinsey, Bain, and the Boston Consulting Group—are increasing starting salaries for MBA consultants by $10,000 in 2022, according to a new report by ManagementConsulted.
Total compensation packages for MBA consultants at the Big Three consulting firms, also known as MBB, are up by between 4% and 9%.
McKinsey, Bain, and BCG are among the largest MBA employers in the world and their diverse work environments and sky-high MBA consulting salaries make them some of most attractive companies for MBA grads.
While MBB salaries were frozen last year, consulting salaries are up by 10% across the industry. This follows a global increase in demand for management consultants, which saw consultancies report record revenues in the past 12 months.
Bain, BCG, McKinsey MBA consultant salaries on the up
McKinsey, Bain, and BCG recruit thousands of MBA grads each year. It’s easy to see why they’re an attractive prospect: in their first year after an MBA, an MBB consultant can expect to take home more than $200,000 including bonuses and benefits, according to ManagementConsulted.
In 2022, MBA consulting salaries at the MBB firms start at $175,000, up from $165,000 in the previous two years.
Performance bonuses have also increased: Bain pays bonuses up to $41,250 and BCG pays up to $43,750. At McKinsey, the figure is $45,000. Signing bonuses across all three firms remain at $30,000.
Differing bonus schemes mean total compensation packages vary between the three firms. Bain MBA consultants earn the least at $246,000, an increase of around 4% from last year. BCG pays a total of $248,750, while McKinsey MBA consultants earn the most with $250,000, up by around 9% from 2021.
PWC & EY consultant salaries rise, while KPMG & Deloitte salaries frozen
The MBB consultancies aren’t the only firms who will pay top dollar for MBA grads looking to launch careers in consulting. The Big Four—known primarily as accounting firms but all have large consulting arms—also pay high MBA consulting salaries.
PwC consultant salaries have risen to $165,000 in 2022—that’s $15,000 above what the firm offered to new MBA hires in 2021. EY has also increased salaries by $10,000 to match PwC at $165,000.
Fellow Big Four firms, Deloitte Consulting and KPMG, chose to freeze salaries at 2021 levels, which were lower than previous years. Deloitte consultant salaries start at $135,000 while KPMG consultants earn $145,000.
Performance and signing bonuses across the Big Four vary, meaning total compensation packages differ dramatically between the firms. MBAs at PwC have the highest earning potential with a possible $235,000 available. At EY the figure is $210,500, while at KPMG it’s $197,400. MBAs who work at Deloitte Consulting can earn a maximum of $175,000.
Boutique consulting firms split on MBA consulting salaries
Many MBA grads go on to work with boutique consulting firms after graduation. These firms typically hire fewer roles than the MBB or Big Four, but can offer some of the highest compensation packages available.
In 2022, some of the larger boutique consultancies including Accenture Strategy and LEK Consulting have increased their salaries to match the MBA consulting salaries offered by the likes of McKinsey and Bain, at $175,000.
In fact, the total compensation packages on offer at boutiques can outmatch the MBB firms. MBAs who intern with LEK and return to the company after graduation can earn a maximum of $255,000 including performance and signing bonuses. At Accenture, returning interns can earn a huge $282,500.
Other top boutiques chose to freeze their MBA consultant salaries in 2022. Kearney, a firm which has paid higher base salaries than the MBB firms in the past, kept its MBA consulting salaries at $168,000. Oliver Wyman and Roland Berger froze MBA starting salaries at $160,000.
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