MBA graduates already make 42% more than working professionals with just a bachelor’s degree. The median base salary for MBA graduates is $115,000, according to the Graduate Management Admission Council, but some alumni are earning even more money in their first roles. MBA grads who go on to work at the top three consulting firms—, Boston Consulting Group, and —will now bring home starting base salaries of $190,000 to $192,000.
Starting salaries for MBA graduates going into consulting have gone up, especially during the past few years, as the competition for talent continues to rise. In 2022, starting base salaries for new MBA grads at the three firms was $175,000. Going into 2023, however, Bain and McKinsey will offer $192,000 base salaries and BCG will offer $190,000.
ADVERTIsem*nT
UNC Kenan-Flagler's top-ranked online MBA is a top choice for experienced professionals with strong undergraduate performance. You can earn your degree at your own pace—in 18 to 36 months—without sacrificing academic quality and rigor. Access lifelong career benefits and join a global community of over 42,000 alumni with an AACSB-accredited online MBA from UNC-Chapel Hill. GMAT waivers available. Learn more today.
UNC Kenan-Flagler's top-ranked online MBA is a top choice for experienced professionals with strong undergraduate performance. You can earn your degree at your own pace—in 18 to 36 months—without sacrificing academic quality and rigor. Access lifelong career benefits and join a global community of over 42,000 alumni with an AACSB-accredited online MBA from UNC-Chapel Hill. GMAT waivers available. Learn more today.
“The fiercest competition in the labor market is for ‘top talent,’ and consulting firms are competing for this top talent not just between themselves, but also more broadly versus Silicon Valley, Wall Street, and traditional corporate America,” Namaan Mian, chief operating officer of Management Consulted, tells Fortune.
The three firms don’t publicly disclose their pay scales, but Bain and McKinsey confirmed the reported salary increases to Fortune. BCG didn’t respond to requests for confirmation, but The Financial Times and Management Consulted reported that BCG will roll out its updated compensation structure this week.
“What we’ve seen in the last several years is a really hot job market where MBA graduates in particular have a lot of really great career opportunities available to them—whether that’s in professional services, or industry, or tech or startups. They have more options than they’ve ever had, and they’re well paying options,” Keith Bevans, a partner in Bain’s Chicago office, tells Fortune. “We consider our value proposition as an important part of what it means to be—and stay—the best place to work. Comp is one part of the value proposition.”
MBA hires in consulting are making well beyond their $190,000 base salaries, however. Performance bonuses can amount to an additional $50,000 and signing bonuses are about $30,000. That means that immediately after graduating from an MBA program, these workers are landing $270,000 pay packages.
Competition for consultants
For the past couple of decades, Bain has seen double-digit growth each year, Bevans explains, and in particular, the last year was the strongest the company has seen. Since the onset of COVID-19, companies have exhibited more of a need for consulting services to work on challenges presented by the pandemic. The company growth, in turn, fuels the need for more case teams, which means more hires.
“Pandemic after-effects led to an outsized demand for consulting services—and firms were already understaffed to begin with,” Mian says. “The only constraint on the services they can deliver is staffing, so firms have had to hire aggressively to maintain growth.”
These three peer firms are competing for the same group of highly valued talent largely from the same business schools, Juan Pablo Gonzalez, a senior client partner with Korn Ferry, a management consulting and recruiting firm, tells Fortune.
“This means that most grads have multiple opportunities and compare one against the other,” he says. “Add to this that employers from other labor markets—tech, private equity, financial services—want the same talent and the result is a hyper competitive market.”
Beyond the paycheck
For an industry known for relatively high turnover rates, major consultancies aren’t just raising starting base salaries in hopes of finding and retaining top talent. These companies are also working to expand bonus and profit-sharing pools, offer more paid time off and parental leave, and adopt a hybrid working model that doesn’t force consultants to be on clients sites as much as was historically required, Mian says.
Other ways companies can work on attracting and retaining strong consulting talent is investing in learning and development, creating a sense of purpose for new employees, and embrace diversity, equity, and inclusion, Gonzalez adds. McKinsey is also focusing more on intangible work benefits to find and keep top talent.
“While compensation remains important, our research shows that to attract, retain, and develop talented colleagues, considerations such as clear career growth opportunities, flexibility and purpose matter just as much,” a McKinsey spokesperson tells Fortune. “That is what we’re focused on as we continue to recruit a broad range of talent and expertise to our firm.”
See how the schools you’re considering fared in Fortune’s rankings of the best master’s degree programs in data science (in-personandonline),nursing,computer science,cybersecurity,psychology,public health, andbusiness analytics, as well as thedoctorate in educationprograms MBA programs (part-time,executive,full-time, andonline).
FAQs
Bain's MBA salary matches McKinsey and ups BCG at the base level: $192,000. But Bain offers a much higher performance bonus than either firm – up to $63,000. Couple that with a $30,000 signing bonus (again, on par with McKinsey and BCG) and your max total compensation is $285,000.
What is the starting salary for McKinsey MBA? ›
In terms of base pay, Bain and McKinsey both start at $192K, with the Boston Consulting Group (BCG) trailing close behind at $190K. That's a near 10% increase over last year, where MBB bases averaged $175K. For sign-on bonus, new MBA hires collect $30K at each firm.
What is the starting salary for BCG MBA? ›
At BCG, “Consultant” is the title for new hires who hold an advanced degree (MBA, PhD, JD, MD, etc.). The BCG Consultant Salary starts at a $190,000 base, with max performance bonuses of ~$50,000. Second year Consultants earn an average base salary of $195,000. The big BCG salary bump comes when you hit Project Leader.
Did McKinsey Bain pay increase in BCG? ›
to ManagementConsulted. In 2023, MBA consulting salaries at the MBB firms start at $190,000 at BCG, and $192,000 at McKinsey and Bain, up from $175,000 last year. Performance bonuses have also increased with Bain now paying bonuses up to $63,000 and BCG up to $50,000. At McKinsey, the figure remains at $45,000.
How much do BCG consultants make after MBA? ›
At BCG, the salary for entry-level consultants can earn up to $147,000 annually, while the figure for MBA-level/experienced Associates can be over $200,000. Engagement managers typically earn nearly $300,000, while Partners and Directors can earn up to $1,000,000.
How much does Bain pay for MBA? ›
Bain consultant salary prospects are especially strong for incoming MBA hires who earn base salaries of $192,000. Master's-level graduates get offered around $112,000 in base salary at Bain. MBA hires at Bain receive performance bonuses of up to $63,000 and a signing bonus of $30,000.
What is the signing bonus for McKinsey MBA? ›
Pay breakdown for MBA/PhD graduate consultants, 2023
| Deloitte | McKinsey |
|---|
| Base Salary | $163K | $192K |
| Performance bonus (up to) | $26K | $45K |
| Signing bonus | $15K | $30K |
Jan 8, 2024
That's before the performance and signing bonuses that accompany annual salaries at the top consulting firms. Master's graduates can expect a performance bonus of up to $22,000 and a signing bonus of $5,000. Their MBA peers joining BCG can earn a performance bonus of up to $50,000 and a signing bonus of $30,000.
How much do McKinsey new grads make? ›
McKinsey's salary for entry-level consultants in the United States likely ranges from $100,000 to $140,000 per year, while the figure for MBA-level/experienced Associates can be over $200,000.
What is the signing bonus for McKinsey? ›
McKinsey Consultant Salary & Bonuses
Compensation doesn't end at salary. MBA graduates at McKinsey can earn performance bonuses up to $40,000, and a signing bonus of $30,000. For master's graduates, performance bonuses cap at $18,000, with a signing bonus of $5,000.
McKinsey, Bain, and BCG don't have a strict GPA cutoff, but they do typically consider anything from 3.6 up as a strong GPA.
Is BCG salary negotiable? ›
The base salary is normally non-negotiable in strategy consulting.
Is Bain as prestigious as McKinsey? ›
Of course, there's going to be just slightly more prestige attached to a McKinsey alum than someone coming from BCG or Bain. You'll definitely get more “oohs” and “aaahs” when you're interviewing for your next post-consulting position. McKinsey also has an edge on alum networking.
Is Bain more prestigious than McKinsey? ›
What is the best MBB Firm to Work For? The MBB or big three consulting firm that you should work for depends on what factors you are optimizing for. Although all MBB firms have the highest level of prestige, McKinsey edges out BCG and Bain because it is the oldest, largest, and most well-known.
Is Bain or BCG more prestigious? ›
Typically Bain will win and serve on the highest profile private equity/principal investor projects (even vs McKinsey) Bain typically is not known for public sector work, whereas BCG does typically does a lot. BCG (via BCG DV) will do a lot of digital work & digital business building.
How much do Bain graduates make? ›
In comparison, we find that Bain is the best paying graduate employer in the UK. The base salary of around £52,000 and performance bonus of up to £11,000 add up to a total compensation package of up to £63,000, slightly outperforming McKinsey and BCG's packages which range around £60,000.
How much do Bain MBA interns make? ›
The estimated total pay range for a Intern at Bain & Company is $50K–$85K per year, which includes base salary and additional pay. The average Intern base salary at Bain & Company is $60K per year. The average additional pay is $5K per year, which could include cash bonus, stock, commission, profit sharing or tips.
How much does Bain pay MBA interns? ›
The income for interns at Bain is comparable to McKinsey and Bain: nearly $6,900/month for undergrad, and about $7,300/month for MBA. Normally, the program duration at Bain lasts over 10 weeks during summer or even up to 12 months.
Is an MBA worth it if you are already in consulting? ›
Even if you're already a consultant with multiple years of experience, an MBA will still be worth it for you. Only those with more than 10 years of experience would need to stop to consider the returns. As an established consultant, there are many benefits an MBA can provide. One is the networking opportunities.
