| This is a topic many people are dying to learn | | | | Engagement manager/Project leader: $175-250K |
| more about. | | | | Associate principal/Senior project leader: |
| The data is from my own consulting experience, | | | | $250-400K |
| current consulting friends, and publicly available | | | | Partner/Principal: $500-800K |
| sources. They should be pretty close to the real | | | | Senior partner/Director: $1M plus |
| numbers. | | | | At more senior levels the pay is increasingly |
| Here they are! | | | | performance-based |
| 1st year out of college undergraduate: | | | | How consulting salaries lose to finance: |
| Base salaries: $50-65K | | | | At almost every position as a management |
| Signing bonuses: $5-10K | | | | consultant, your salary will be 30-50% lower than |
| Relocation/moving expenses: $5-10K | | | | a comparable position in investment banking. This |
| Year-end bonus: $5-10K | | | | varies by year and median salaries in non-banking |
| Thats an average of $70-75K in first year | | | | departments (such as research, asset |
| compensation. As a summer intern, you can | | | | management, sales & trading) are lower. The |
| expect a comparable, pro-rated salary (minus the | | | | truth is simple: consulting is not a profession to |
| bonuses). Please note that this does not include | | | | make big bucks. |
| retirement contributions. | | | | How consulting firms make up the lower salaries: |
| First year out of business school/MBA: | | | | Better benefits - healthcare, life insurance, etc |
| Base salaries: $110-140K | | | | Retirement contributions - this one is important |
| Signing bonuses: $20-40K | | | | because at McKinsey/Bain/BCG, theyll contribute |
| Relocation/moving expenses: $10-20K | | | | an added 5-10% of your base salary to your |
| Year-end bonus: $20-40K | | | | retirement funds, effectively a 5-10% year-end |
| Thats an average of $160-200K in total first year | | | | bonus! (A reader just informed me that his |
| compensation. Please note that this does not | | | | McKinsey/Bain/BCG retirement contribution |
| include retirement contributions. | | | | starting fulltime in 09 was 4.5%, which is lower |
| Upward track through partner: | | | | than Id seen in previous years) More generous |
| My numbers have a higher risk of being | | | | reimbursement policies, travel perks, etc |
| inaccurate as this is only from personal anecdotes, | | | | Hope you found that informative. Good luck |
| so if you have better information, please let me | | | | breaking into consulting. |
| know. | | | | |