HIGHER PAY COUPLED WITH GREATER RESPONSIBILITIES
They are paid well to do exactly that. Over the past three years, starting pay has skyrocketed for undergrads and MBAs alike. At Deloitte, for example, base pay has jumped from $72,500 to $88,000 for undergrads – a 21% increase. The numbers have swelled by 18% and 11% at McKinsey at Bain alike. At the same time, PwC and Strategy& have doubled their signing bonuses.
Among MBAs, the numbers are a bit more steady, though McKinsey and Bain have both boosted their pay by over 9%, while KPMG has more than doubled their signing bonuses to $35,000, a number that stands out when rival firms hold the line at $25,000.
They are more than earning it. In consulting, the days of starting the process with a fancy model and colorful PowerPoint have long past. Instead, consultants are expected to provide end-to-end support that makes firms more accountable than ever for results. As a result, Mian adds, consultants are increasingly adding “trainer” to their long list of roles. “Every consulting project –particularly ones with heavy client interaction – incorporates client training as a major ingredient. The best recommendations are worthless if clients can’t implement and maintain suggested changes. Thus, a large part of what consultants do is educate client employees on necessary knowledge, skills, and mindsets.”
MC’s numbers are derived from interviews from hundreds of clients after they land positions with consulting firms. The numbers are further refined by MC’s network within leading firms, who have helped them better understand the nuances of their employers’ pay and bonus structure.
To see Intern pay for undergraduates and MBAs, go to the next page.
To see detailed pay data by firm for MBAs, go to page 5.
To see detailed pay data by firm for undergraduates, go to page 6.