Search the Site

Consulting Salaries and Conditions

Management consultants have the potential to make $100,000 (~67,000 Euros) or more a year. While entry-level consultants make much less, junior and senior partners make far more. How does your salary compare?

Experience Level

United States Salary

United Kingdom Salary

Entry Level (No Bachelor's Degree)

$40,000 - $80,000

£25,000 - £35,000

Entry Level (Bachelor's Degree)

First Year

$55,000 - $80,000 + often times a signing bonus of $5,000 - $10,000

£25,000 - £50,000

Entry Level (Bachelor's Degree)

Second Year

$60,000 - $120,000

£25,000 - £50,000

Management Consultant (Holding an MBA)

$80,000 - $170,000

£55,000 - £70,000

Senior Consultant (Holding an MBA + 2-5 years of experience)

$280,000

£65,000 - £100,000

Junior Partner (MBA or Ph.D. + 5 or more years of experience)

$450,000

£100,000+

Senior Partner (MBA or Ph.D. + 5-20 years of experience)

$600,000 can be up to $3,000,000 depending on the partner, the company, and bonuses.

£125,000+

 

U.S. Salary Outlook for Consultants

Obviously, the more experienced a consultant is, and the more notoriety gained for professionalism, the higher the potential for salary is going to be.  Typically, an entry-level employee, starting at the associate level will start in the U.S. with a salary of around $60,000 a year. Additionally many companies offer bonuses for signing with them and relocation reimbursement of between $5,000 and $10,000. While consultants make less than do those in the financial sector, starting out with compensation at about $75,000 is a good deal.

MBAs, like many advanced degree holders, start out at a higher level of pay.  By obtaining the graduate degree, consultants enter the work force at a mid-level. The base salary for an MBA consultant is around $125,000 a year. Once signing bonuses ($20,000), relocation bonuses ($10,000) and year-end bonuses (up to $30,000) figure in, first-year salary for a recent MBA can be up to $200,000. 

Granted, not all firms pay this much and salaries will be higher in the top-tier consulting firms, so before applying for a hefty student loan, consider where you will work as a consultants.

U.K. Consultant Salaries

In the U.K., inexperienced consultants can expect to make between £25,000 and £35,000 a year depending upon with which consultancy they sign. Many of the smaller firms will offer a signing bonus, and bonuses related to good performance are common. In addition to the bonuses, comprehensive benefits packages include health insurance, car allowances, gym access, and childcare vouchers.  Senior consultants, managing consultants, and partners earn upwards of £80,000 - £125,000 a year. 

Explanation of Consultant Salaries

SalariesConsultants command high salaries for many reasons. They work long hours, and consultants travel frequently. While consultants do not produce tangible products, they produce highly coveted products: ideas, advice, problem-solving strategies and suggestions.  Many companies seek out consultants for these products; consultants help companies do things cheaper, faster, and better.  Highly experienced consultants commission the highest salaries because they achieve results. Consultants with many years of experience in highly specialized and preferred business sectors will commission the highest salaries.

Given the above information, there are two ways to guarantee an increase in income:  Return to school to obtain an MBA or gain experience in a growing business sector and hone required skills.

 




 
How we Support Clients

Support

About the Author

About Raj

Join our Newsletter

linkedintwitterfacebook