Earning an MBA pretty much guarantees a healthy salary bump, especially when it comes to lucrative industries like consulting. With increasing demand for management consultants, elite firms are willing to dole out impressive compensation packages to make sure they get the best consultants possible.
In fact, the base salary for many MBA graduates at a top firm is $140,000 — more than $60,000 higher than starting salaries that other candidates can earn right out of college.
Considering an MBA at a high-level school can cost upwards of $100,000, picking the management consultant option can help you recoup the costs in a little over a year. Management Consulted, a company that helps candidates land a consultant job, compiled data about the positions, including the top salaries earned by graduates in their first year out of business school at the 17 top consulting firms.
According to the company, consulting firms have seen an overall 12-18% increase in revenue. With this increasing demand for services comes the increase in salary to lure the best consultants to their firm. The increase in salary has also come because of an increase in banking salaries of up to 25% at the MBA level. For a general snapshot of the salary a consultant can make in their career, Management Consultant notes that a first-year undergrad makes between $80k and $100k per year while a first year MBA makes between $170k and $210k.
In order to come up with the data, Management Consultant took data from clients, spoke with some industry insiders, and looked through offer letters from readers. It should be noted that the data on this list represents the maximum salary packages consulting firms offered, rather than average compensation. Only the top employees generally receive the full amount, while most employees have a smaller salary. According to the company, only the top 5-10% make this much, because of performance bonuses and other factors.
Check out these top 10 highest paying consulting firms for MBAs.
#1 – Deloitte
Total Compensation: up to $228,750
Deloitte’s total compensation for an MBA management consultant is up to $228,750, including a base salary, signing bonus, relocation compensation, and a performance bonus. The base salary for this firm is $147,000 and a signing bonus is $35,000, or $25,000 plus $17,500 early signing on if the MBA consultant is returning after an internship. For relocation, Deloitte offers $2,500 if local and $10,000 if the individual lives farther away. Finally, there is a performance bonus of up to $36,750.
#2 – A.T. Kearney
Total Compensation: up to $223,500
A.T. Kearney’s base salary is also $145,000 with a signing bonus of $25,000 and relocation compensation of up to $10,000. The firm also offers a performance bonus of up to $43,500. The overall compensation is a few thousand less than Deloitte because of the difference in signing bonus.
#3 – Accenture Consulting
Total Compensation: up to $222,000
Accenture Consulting’s total highest compensation for an MBA grad management consultant is slightly less than A.T. Kearney at $222,000. This compensation includes a base salary of between $140,000 and $145,000, along with a relocation compensation of $8,000 and a signing bonus of $25,000. Finally, Accenture Consulting offers a performance bonus of up to $44,000.
#4 – Boston Consulting Group
Total Compensation: up to $219,000
Boston Consulting Group’s base salary is higher than the other companies above it on this list. The base salary for this firm is $147,000, but it offers a smaller relocation compensation at between $2,000 and $5,000. The company does offer a signing bonus of $25,000 and a performance bonus of up fo $42,000.
#5 – Parthenon-EY
Total Compensation: up to $216,000
Parthenon-EY’s base salary is much higher than its competitors at $170,000. Its signing bonus is also on the higher end at $35,000. However, the relocation compensation for this firm is $2,000 and the performance bonus is much smaller. Employees can receive up for $9,000.