Consulting continues to be a dream job for many. Despite the fact that it's regarded as being demanding, the glamor, stature, and benefits linked to the position make it one of the most sought-after career options. One of the biggest drivers for this trend is that roles like Management Consulting offer exposure across a diverse set of industries - Consulting firms work with corporates, state and central governments, international governments, and even other Consulting firms! But perhaps an even bigger driver is the paycheck that a Consultant takes home at the end of every month. So we know that the Consulting roles are some of the highest paid professionals in the corporate world, depending on their firm of employment as well as, to a certain extent, their respective alma maters. But what is the actual Consulting salary figure? What does the average Indian Management Consultant earn in a year? How much do Consultants earn in the US and the UK? Which firms are the best pay masters when it comes to Management Consulting roles? The five tables below provide answers to these questions and answer the biggest question of them all - what does a Consultant make in a year?
The following data has been gathered from LinkedIn's salaries portal and has been filtered by the 'Management Consulting' function. Before you get lost in the stats below and make it your life's goal to become a Management Consultant, we think you'd be very interested in AltUni’s Consulting Fest - Your Gateway To The Consulting Career, conducted by experts from top Consulting firms like BCG, PwC, Deloitte, Accenture, HUL, etc. who teach you Consulting concepts & frameworks in Live sessions.
Salaries Offered In India By Top Consulting Firms For The Role Of Management Consulting
Anyone familiar with the world of Management Consulting will know that the 'MBB' firms, i.e. McKinsey, BCG, and Bain are almost always right at the very top of the most sought-after firms to work with. Now we know why! These firms, which hire only the cream of India's talent pool (including MBA grads) are the best paymasters in the world of Consulting, at least in India. Accenture, one of the top recruiters at b-schools across various tiers, pays its Consultants an eye-watering median base salary of nearly ₹24.00 lakhs a year!
Salaries In India For The Role of Management Consulting
Consulting Salary data split location wise
Preparing for the Consulting interview? Then you should definitely read this: How Picky Are Consulting Firms With Candidate CVs & How Can You Sneak In?
Convinced that Consulting is a career worth exploring and dreaming about? Bolster your dreams by enrolling in AltUni’s Consulting Fest conducted by experts from top Consulting firms like BCG, PwC, Deloitte, Accenture, HUL, etc. Don't miss out on an opportunity to work on an actual Consulting Project & Live Business Simulation with industry experts.
Salaries In India For The Role Of Management Consulting
Consulting Salary data is split by years of work experience.
Salaries Offered In The US By Top Consulting Firms For The Role Of Management Consulting
Many of the world's top Management Consulting firms are headquartered in major US cities. Even in the US, Consultants are some of the highest paid professionals sitting in the high rises of Manhattan, Atlanta, or Los Angeles. Consultants who are graduates of the world's top b-schools are especially well-paid and can earn base salaries well beyond $160,000. Once again, the MBB firms emerge as the best paymasters in the US, with the BCG office in New York city offering its Consultants a median base salary of a cool $167,000. That's ₹1.3 crores and this doesn't even include bonuses and perks! Did you know - the average Management Consultant in NYC earns a base salary of $110,000, and can earn up to $35,000 as an annual bonus? It's also no surprise that the top paying firms are all based out of the Big Apple - New York City!
Salaries Offered In The UK By Top Consulting Firms For The Role Of Management Consulting
The UK (or London specifically) is an exception to the dominance of the MBB firms as paymasters. Here, The Berkeley Partnership - an independent management consultancy based out of New York and London tops the chart of the top paying Consulting firm in the UK, offering its Management Consultants a whopping 110,000 GBP just as a median base salary. That's upwards of ₹1 crore a year!
One of the three MBB firms does, however, feature among the top 3 Consulting paymasters in the UK, followed by the Chicago-based global consulting firm, AT Kearney.
So It's Clear: The Consulting Salary Trends Are Great - But Is A Consulting Career Really Worth It?
- The Consulting industry is expected to grow at a compounded annual growth rate of 30% & is set to become a USD 3.8 billion industry in India alone!
- The InsideIIM Recruitment Survey reveals that close to 23% of MBA students who took the survey voted it as their most preferred sector & more than 60% chose Consulting as one of their top 3 sectors.
- Top B-schools like ISB witnessed 22% of the total job offers in the big three Consulting firms (MBB).
- According to an Economic Times report, to the surprise of many, Consulting firms like McKinsey, Bain, BCG, Kearney, Accenture, and PwC have recruited heavily from undergrad schools also.
Overall, the state of the industry is in good shape and a consultant's job role has always been necessary for the industry since companies require knowledgeable advisors who can help them navigate obstacles on the way to success. Therefore, Management Consultants are always in-demand.
So how do you get into Consulting? What are the skills required and how do you acquire them? What are the interviews like and how do you prepare for them & get into top Consulting firms?
The Consulting Festival was one of the first programs we launched and continues to remain one of our most popular programs with ratings of 4.56 out of 5. AltUni is launching yet another batch of the program with more detailed and better designed!
What will you get?
1. 40+ hours of live sessions where you'll learn:
-> Consulting concepts & frameworks,
-> solve business case studies,
-> learn to crack case interviews & guesstimate,
-> do a business case simulation, and
-> work on an actual Consulting project!
2. Interact with Seema Bansal who is the Partner & Director at Boston Consulting Group (BCG) and an IIM Calcutta Alumna in live learning sessions with dedicated Q&A time
3. Learn industry orientation, practical know-how, & important tools from Consulting experts who've worked with BCG, PwC, Deloitte, Accenture, HUL, etc.
4. 1-on-1 mock interviews with experts: case interviews/guesstimates
5. Learn how to marry data and storytelling with the data visualization tool, Microsoft Power BI
6. Apply your learnings in a real-life Consulting project with the global partner of Microsoft - Voiceback Analytics
7. Regular performance evaluation
8. Get access to recordings for revision
Here’s what some of our alumni have to say about the Consulting Festival,
“Consulting Fest is a good primer for anyone who's aspiring for a consulting career. The information alone would have made the cost worth it but the interactions made the sessions more than that.” - Abhinand Gopal
“The program was very enlightening, especially with interactions with people from top consulting firms. Another experience that was a highlight for me was the mock interview experience. From an MBA student perspective, it was worth the investment I did with great returns.” - Aiswarya Mishra
“I wanted hands-on experience in the consulting world and enrolled myself in the program since we would have the opportunity to work on a live project as well, in conjunction with interaction with industry experts. There was a tremendous learning and the program gave me the confidence to ace some of the consulting interviews as well.” - Rachel Kujur
“This business simulation game was a real mind-bender but with a lot of learning. Thank you AltUni & InsideIIM and the team for the support. We finally managed to crack it.” - Abhishek Kumar Gupta