The world’s top consulting firms – including McKinsey, Boston Consulting Group and Bain – have been willing to offer impressive six-figure starting salaries to lock in good MBA talent from business schools.
But what impact did the pandemic have on the handsome starting salaries for incoming MBA hires?
US firm Management Consulted, which helps clients secure jobs in the management consulting field, has released its 2021 report on what the top firms are paying.
The report shows while starting salaries have “stayed stagnant for the first time in almost a decade”, graduates can still expect to land high-paying jobs in the management consulting industry this year.
The Big Three firms – Mickinsey, BCG and Bain – are offering about $US165,000 as a base salary.
Throw in various bonuses and the full remuneration package climbs to more than $US200,000.
At Boston Consulting Group in Australia the base salary was $160,000 with performance bonuses of more than $60,000 – the same as in 2020.
Including superannuation ($16,000) and signing bonuses BCG consultants can make more than $275,000 in the first year.
In good news for prospective hires, Bain expects the firm will be “busier than ever” hiring talent in 2021 and an MBA was a highly valued qualification.
The Management Consulted report said post-MBA compensation packages are the highest in consulting out of any industry, outside of finance.
“While Big Tech continues to compete with consulting for top talent, consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership,” the report said.
The highest paying firms at the post-MBA/PhD level are L.E.K., AlixPartners, OC&C Strategy, Kearney, Strategy&, Parthenon-EY, McKinsey, Bain, and BCG.