Senior Business Consultant Salary
Senior Business Consultant Salary – At McKinsey, the 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 typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.
Those six-figure salaries are a major point of attraction for the best and brightest candidates out there, and also the reason you’re reading this article; so let’s find out how much McKinsey pays its consultants in 12 different countries.
Senior Business Consultant Salary
McKinsey Analysts in the US can earn up to $100,000 a year in salary, with $88,000 base and a $15,000 performance bonus. In other developed countries, the salary fluctuates around $80,000, while in developing nations like India, the number is around $25,000-$30,000 (profit sharing not included).
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(Profile sharing not calculated in this table due to inconsistent data; one-off/irregular payments such as signing bonus and relocation are not included)
McKinsey Associates in the US can earn up to $200,000 a year in salary, with a $168,000 base and a $35,000 performance bonus. In other developed countries, the salary fluctuates between $110,000 to $140,000, while in developing countries, the number is approximately $40,000-$50,000 (profit sharing not included).
McKinsey Engagement Managers in the US can earn up to $250,000 a year in salary, with a $175,000 base and a $77,000 performance bonus. In other developed countries, the salary fluctuates between $170,000 to $200,000, while in developing countries, the number is approximately $80,000 to $100,000 (profit sharing not included).
McKinsey Partners and Directors in the United States can earn up to $1,300,000 a year in salary, with a $1,000,000 base and a $300,000 performance bonus. Whether you’re a student or recent graduate looking for your first job in consulting or you already have some experience under your belt and are looking for career advancement, there are some aspects of management consulting that you need to be aware of.
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With so many consulting firms, all offering different packages and career paths, your decision becomes much more difficult.
Turning to Google might seem like the logical step to take, but expect to be overwhelmed by the amount of arbitrary information that is presented to you.
That’s why I’ve put together a comprehensive guide that compares management consultant salaries at some of the most prestigious consulting firms in the world.
Maybe you don’t know where to start, or you want to optimize your preparation time with an efficient plan.
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Thus, the table below illustrates the management consulting career you can expect from your journey from entry-level analyst to managing partner at five of the most respected management consulting firms.
For example, if you are a rock star, you can make it from Analyst to Partner in less than 8 years.
On the other hand, if you’re on the other side of the spectrum, you may face the “up or out” policy. This means that if the company 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 company.
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But these are extreme situations. Here is a table that summarizes the average number of years you should wait per role.
The responsibilities below are broad and will give you a basic sense of what activities you would be primarily responsible for at each level.
The role involves extensive research and data gathering of customer issues along with the proposed solutions. This information is organized and presented to internal senior consultants in a compelling format such as a slide or PowerPoint presentation.
In addition, BAs will often be tasked with building financial models using tools such as Excel to reinforce certain recommendations as well.
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Check your target company’s website for job opportunities. Or, alternatively, you can also find entry-level consultant positions with Jooble.
The role of Consultants and BAs overlap in many ways. Collecting data in some capacity is just one of them.
However, once given an assignment, junior consultants are expected to work independently with minimal supervision to get the job done.
Senior consultants are more specialized than junior consultants and perform more of a leadership role. As such, they are generally responsible for leading BA and junior consulting teams.
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In addition, because of the greater responsibility and the fact that they are much closer to the action, senior consultants have more voice when it comes to internal discussions with senior leadership.
In consulting, this means that Managers spend most of their time structuring problems, managing the analysts’ individual workflows, and synthesizing them into a cohesive analysis.
In other words, they must organize the tasks that BAs, junior consultants and senior consultants need to perform, ensure that work is delivered on time and that the proposed solutions are effective.
In addition, they are the bridge between the higher principals and partners and the BAs, junior consultants, and senior consultants.
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There is a saying – the closer you get to the top, the harder it often gets. This rings true for principals.
One step away from making partner, the first year in this position is presented as the most difficult in management consulting.
Principals have established themselves as experts in their field or specialized industry. The role consists of a lot of travel and meetings with clients.
Associates are often the first point of contact during discovery calls and they will also follow up on active cases and conduct the final meetings to close cases.
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You now have a firm understanding of management consulting, including the typical career progression paths, and the standard job descriptions at each level.
However, before you look at the numbers, keep in mind that management consulting salaries can vary significantly by location, and job titles can differ by company.
That’s why I decided to focus my analysis of management consulting salaries on 2x regions: the United States and France.
The median base salary for a BA in the United States is $85,000 and the median total salary is $95,000. The additional salary consists of cash bonuses.
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The average base salary that BAs in the US can expect to receive is $85,000, with the overall average salary being $95,000. The additional salary consists of cash bonuses, stock bonuses, profit sharing and commission sharing.
In the US, BAs working for Bain & Co can expect to earn $86,000 annually in base salary. The total average salary comes in at $98,000 with the additional salary consisting of cash bonuses, profit sharing and commission sharing.
The average base salary for a BA working at Deloitte in the US is $76,000. The average total salary is $77,000 and the additional salary consists of cash bonuses, stock.
Accenture offers BAs $78,000 in average base salary in the US. The average total salary is $79,000 with the additional salary consisting of cash bonuses, stock bonuses and profit sharing.
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The average base salary for a junior consultant in the United States is $107,000 and the average total salary is $124,000. The additional salary consists of monetary bonuses.
The average base salary that junior consultants in the United States can expect to receive is $112,000, with the overall median salary being $125,000. The additional salary consists of cash bonuses, stock bonuses and profit sharing.
In the US, junior consultants working for Bain & Co can expect to earn $103,000 annually in base salary. The total average salary comes in at $130,000 with the additional salary consisting of cash bonuses, stock bonuses and profit sharing.
The average base salary for a junior consultant working at Deloitte in the US is $88,000. The average total salary is $91,000 and the additional salary consists of cash bonuses.
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Accenture offers junior consultants $100,000 in average base salary in the US. The average total salary is $104,000 with the additional salary consisting of cash bonuses, stock bonuses and profit sharing.
The median base salary for a senior consultant in the United States is $154,000 and the median total salary is $181,000. The additional salary consists of cash bonuses, stock bonuses and profit sharing.
The average base salary that senior consultants in the United States can expect to receive is $157,000, with the overall median salary being $186,000. The additional salary consists of cash bonuses, stock bonuses and profit sharing.
In the US, senior consultants working for Bain & Co can expect to earn $158,000 annually in base salary. The total average salary comes in at $186,000 with the additional pay consisting of cash bonuses, stock bonuses and profit sharing.
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The average base salary for a senior consultant working at Deloitte in the US is $110,000. The average total salary is $119,000 and the additional salary consists of cash bonuses and profit sharing.
Accenture offers senior consultants $108,000 in average base salary in the United States. The average total salary is $113,000 with the additional salary consisting of cash bonuses, stock bonuses and
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