Principal Business Analyst Salary
Principal Business Analyst Salary – Let’s face it – no matter what you say in a consulting interview, those six-figure salary figures are very tempting; so in this article, let’s explore and compare the salaries of management consultants at 12 top consulting firms, including McKinsey, BCG, Bain (Big 3), the Big 4 companies and Accenture.
At top consulting firms, entry-level management consultants can earn $100,000 annually (including bonuses and profit sharing), and senior consultants can earn up to $200,000. Project leaders/managers are typically paid $200,000-$250,000. • Partnership level managers (partners, directors, principals) can earn up to $1, 000, 000-$1, 300, 000.
Principal Business Analyst Salary
McKinsey salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Engagement managers earn around $250,000 usually, and Partners and Directors can earn up to $1, 300, 000.
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At BCG, junior Associates earn around $90,000 to $110,000 per year, while more senior Consultants can earn up to $215,000. Project Leaders have an even higher income – around $200, 000-$260, 000, while Principals and partners can top the scale at $1, 150, 000.
Bain consultant salaries range from a maximum of $122,500 for Junior Associate Consultants, to $226,500 for Senior Associate Consultants. Case Team Leaders can make up to $242,000 per year, while Managers, Partners and Principals can earn as much as $1,000,000.
Deloitte junior consultants have a maximum annual salary of $98,000, with a base of $85,000. Senior consultants can make up to $201,000 per year.
KPMG junior consultants have a maximum annual salary of $83,000, with a base of $75,000. Senior consultants can make up to $185,000 per year.
Bcg (boston Consulting Group) Salary (2020)
PwC junior consultants have a maximum annual salary of $108,000, with a base of $90,000. Senior consultants can make up to $185,000 per year.
EY junior consultants have a maximum annual salary of $101,000, with a base of $92,000. Senior consultants can make up to $180,000 per year.
Accenture junior consultants have a maximum annual salary of $113,000, with a base of $87,000. Senior consultants can make up to $200,000 per year.
Although management consulting is one of the best paying jobs, with a few years of experience, you will get offers that pay you higher from outside the industry – usually between +20% and +50%, but sometimes as high with +100. -200%!
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This is precisely why many people willingly leave the industry within the first few years, but at the same time, it explains why management consulting is so attractive – those learning opportunities will boost your career and salary sky high! If you are a student or recent graduate looking for your first consulting job or already have some experience and are looking to advance your career, there are certain aspects of management consulting that you need to be aware of.
With so many consulting firms, all offering different remuneration packages and career paths, your decision becomes much more difficult.
The logical step to take is to just turn to Google but expect to be overwhelmed with too much random information presented to you.
That’s why I’ve put together a comprehensive guide comparing management consultant salaries at some of the world’s leading consulting firms.
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Maybe you don’t know where to start, or you want to optimize your preparation time with an effective plan.
That’s why I created this free course (4+ hours of videos and 10+ downloadable templates) to help you land a job offer during a consultation.
So, the table below shows the management consulting career path you can expect to take on your journey from entry-level analyst all the way to partner at five of the largest management consulting firms. respect
For example, if you are a rockstar, you can make it from Analyst to Partner in less than 8 years.
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On the other hand, if you’re on the other side of the spectrum, you can face the “up or out” policy. This means that if the firm is not ready to promote you to the next level at the end of the generally accepted time frame, they will ask you to leave the firm.
But, these are extreme cases. Here’s a table summarizing the average number of years you should expect per role.
The responsibilities below are broad steps and will give you a basic understanding of the type of activities you would be primarily responsible for at each level.
The role includes extensive research and data gathering of client problems along with proposed solutions. This information is organized and presented to senior in-house counsel in a compelling format such as a slide deck or PowerPoint presentation.
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In addition, BAs will often be tasked with building financial models using tools such as Excel to reinforce any recommendations as well.
Check your target company’s website for job opportunities. Alternatively, you may find entry-level consultant positions with Jooble.
The role of Counselors and BAs overlaps in many ways. It’s just collecting data in some capacity.
However, when given a task, junior consultants are expected to work independently with little supervision to get the job done.
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Senior consultants are more specialized than junior consultants and have a greater leadership role. As such, they are generally responsible for leading BA teams and junior consultants.
In addition, due to the greater responsibility and the fact that they are much ‘closer to the action’, senior advisers have a greater voice in internal discussions with senior leadership.
In consulting, this means that Managers spend most of their time structuring problems, managing individual work streams of analysts, and synthesizing them into an integrated analysis.
In other words, they must organize the tasks that BAs, junior consultants, and senior consultants must do, ensure that the work is delivered on time and that the proposed solutions are effective.
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In addition, they are a bridge between the principals and senior partners and the BAs, junior advisors, and senior advisors.
There is a saying – the closer you are to the top, the more challenging it often becomes. This is true for principals.
One step away from becoming a partner, the first year in this position is considered the most challenging in management consulting.
Principals have established themselves as experts in their specialized field or industry. The role involves a lot of travel and meetings with clients.
Mckinsey Salary (2020) By Positions & Locations
Associates are often the first point of contact during discovery calls and will also follow up on active cases and conduct final meetings to close cases.
You now have a solid understanding of management consulting, including the usual career progression routes, and the standard job descriptions at all levels.
Before you look at the numbers, though, remember that management consulting salaries can vary greatly by location, and job titles can differ across companies.
Therefore, I decided to focus my analysis of management consulting salaries on 2x regions: the US and France.
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The average salary for a BA in the United States is $85,000 and the average total salary is $95,000. Additional pay is cash bonuses.
The average base salary that BAs in the United States can expect is $85,000, and the average total salary is $95,000. Additional pay consists of cash bonuses, stock bonuses, profit sharing and some commissions.
In the US, BAs working for Bain & Co can expect to make $86,000 per year as a base salary. The average total salary is $98,000 and the additional pay consists of cash bonuses, profit sharing and commissions.
The average salary for a BA working at Deloitte in the US is $76,000. The average total salary is $77,000 and additional pay consists of cash bonuses, stock
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Accenture offers BAs $78,000 as an average salary in the US. The average total salary is $79,000 with additional pay consisting of cash bonuses, stock bonuses and profit sharing.
The average salary for a junior consultant in the United States is $107,000 and the average total salary is $124,000. Additional pay is cash bonuses.
The average base salary that junior consultants in the United States can expect is $112,000, and the average total salary is $125,000. Additional pay consists of cash bonuses, stock bonuses, and profit sharing.
In the United States, junior consultants working for Bain & Co can expect to make $103,000 per year as a base salary. The average total salary is $130,000 and additional pay consists of cash bonuses, stock bonuses, and profit sharing.
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The average salary for a junior consultant working at Deloitte in the US is $88,000. Additional pay averages $91,000 total salary plus cash bonuses.
Accenture offers an average base salary of $100,000 for junior consultants in the US. The average total salary is $104,000 with additional pay consisting of cash bonuses, stock bonuses, and profit sharing.
The average salary for a senior consultant in the United States is $154,000 and the average total salary is $181,000. The extra pay
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