Top management consulting salaries, revealed: how much Bain, BCG, and McKinsey consultants make, from entry-level through partner roles
The top three management consulting firms pay big base salaries for their consultants, even in entry-level positions. Business Insider analyzed the US Office of Foreign Labor Certification's 2020 disclosure data for permanent and temporary foreign workers to shed light on what the Boston Consulting Group, Bain, and McKinsey paid employees for different seniority levels. Visit Business Insider's homepage for more stories.
The most elite consulting firms pay top dollar for talent, from entry-level roles on up. The Boston Consulting Group, Bain, and McKinsey often hire from top schools and have acceptance rates that can be even lower than those of the schools themselves: In 2018, McKinsey hired 8,000 people out of 800,000 applications, the company told Business Insider last month. The firm steadily brought in another 8,000 in 2019. Over 12% of the 2019 hires came from MBA programs. A full 21% of Harvard Business School (HBS) 2019 graduates entered the consulting field, and 16% of students in the class of 2020 pursued consulting internships, per the most recently-available data from the school. The consultancies hire hundreds of foreign workers for their US offices. When US companies file paperwork for visas on behalf of current or prospective foreign workers, they're required to say how much base compensation the workers are being offered. And every year, the Office of Foreign Labor Certification discloses this salary data in an enormous dataset. Read more: Jobs for thousands of young consultants are being upended. From delaying start dates to cutting internships, here's what 8 top firms, like Deloitte and McKinsey, are doing. Business Insider analyzed the agency's second-quarter 2020 disclosure data for permanent and temporary foreign workers to shed light on what BCG, Bain, and McKinsey paid consultants at different rungs on the corporate ladder, from entry-level employees to partners. The jobs were based around the country. Representatives for BCG, Bain, and McKinsey did not respond to requests for comment. According to US Department of Labor documentation, the offered wages in the disclosure data are the minimum amounts companies attested in foreign labor certification applications to pay specific workers. The wages are based on the average compensation that similar employees in each given job, industry, and with comparable qualifications are paid, which is known as the "prevailing wage." BCG and McKinsey listed two ranges for their prevailing wages, whereas Bain listed one salary. Here, Business Insider analyzed entries from the second quarter of 2020 specifically for management consulting-related roles, though the firms also listed myriad other jobs like data scientist and engineer. Consultants can make many thousands of dollars in signing and annual bonuses, which are not reflected in this data. Bain The company has more than 8,000 employees in 37 countries. For the US, Bain applied for 59 H1-B visas for these and other roles with the following average salaries:
Associate consultant: $90,000 Senior associate consultant: $110,000 Consultant: $166,770.83 Case team leader: $178,611.11 Manager: $200,000 Principal: $230,000
BCG The company has more than 21,000 employees in over 50 countries, and applied for 274 visas. BCG's salary ranges for management consultants include the following roles:
Associate: $90,000-$120,000 Senior consultant: $110,000-$140,000 Senior associate: $120,000-$165,000 Principal: $225,000-$260,000 Partner: $231,800-$260,000 Partner and associate director: $250,000-$350,000 Partner and managing director: $300,000-$450,000
McKinsey The 94-year-old firm has 30,000 global employees globally in over 65 countries. McKinsey applied for 261 visas with the following salary ranges for management consultants:
Business Analyst: $84,791.67 - $184,062 Senior Business Analyst: $85,000 - $185,000 Associate: $164,327.59-$201,465.52 Senior associate: $165,000-$203,000 Associate partner: $211,000-$245,000 Partner: $285,000-$450,000
Deloitte just laid off 200 people in Toronto, with cuts to AI, consulting, and auditing — showing the knock-on effects as clients reassess their budgets for big projects I tried the McKinsey problem-solving game every candidate has to beat to land a 6-figure job at the firm. Here's what you need to know to prepare for the test and impress recruiters. Here's who's most at risk once Wall Street kicks off the tidal wave of layoffs many banks had put on pause SEE ALSO: Accenture is cutting US staff, and top execs just warned of more pain to come as the consulting giant promotes fewer people and looks to control costs SEE ALSO: Deloitte just laid off 200 people in Toronto, with cuts to AI, consulting, and auditing — showing the knock-on effects as clients reassess their budgets for big projects SEE ALSO: University of Virginia's business school is letting some MBA candidates skip the GMAT. Its head of admissions explains who can ditch the test and how they're evaluating applicants without test scores. Join the conversation about this story » NOW WATCH: Here's what it's like to travel during the coronavirus outbreak
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