Maybe you're a student or recent graduate who aspires to a career in management consulting. Or perhaps you're working in another sector and considering a change. Or you could be a seasoned management consultant looking to see if the grass is greener at a competitor. You'll want to know how much McKinsey & Co., Bain & Co. and the Boston Consulting Group – the MBB firms – actually pay. Historically, they have dominated the consulting landscape, were seen as the most prestigious and interesting places to work in consulting and have competed for talent with the Big Four accounting and professional services firms.
So if you join one of these prestigious management consulting firms, how high a salary can you expect?
Bain & Co. finished seventh among professional services firms (and third among management consulting firms) in our 2017 Ideal Employer Rankings. It has the best-paid analysts, and while it appears to be competitive across the board, does not come out on top once you get to the more senior end of the spectrum. That said, it has a reputation for paying generous bonuses, which the data below does not factor in.
BCG finished sixth among professional services firms (and second among management consulting firms) in the 2017 Ideal Employer rankings. It has the best-paid managers, and while its consultants and project leaders have slighter higher average salaries, there appears to be less upside in terms of deviation from the mean.
McKinsey is still the most popular consulting firm in the world to work for according to our survey. While it is difficult to make an apples-to-apples salary comparison because the job titles don't correspond exactly, McKinsey appears to be the biggest payer of the three as you make your way up the ranks.
Photo credit: chargerv8/iStock/Thinkstock