Consulting Pay: What MBAs Earned In 2025

Management consulting is dead.

That seems to be the popular opinion in the media. In their postmortems, writers will point to AI. Forget engagement teams camping out in meeting rooms and accruing six-figure billables. These days, AI platforms can gather data and spit out reports in hours – even minutes!

On top of that, some firms are still reeling from their pandemic hiring hangovers. Instead of hording talent, many are scaling back on hiring, carefully culling existing staff, or even delaying start dates according to Management Consulted. And let’s say firms aren’t exactly rolling out lavish pay packages to attract high-end MBAs or business majors, either.

That begs the question: Is consulting a viable avenue for ambitious graduates anymore?

THE END OF AN ERA

In The Consulting Salaries Report 2026, Management Consulted attempts to answer this question. In many ways, according to the report, management consulting is now operating in an evolutionary period. Here, productivity gains mean deeper analysis and strategy execution. This ability, along with issue framing and consensus building, will differentiate the best from the rest. At the same time, Management Consulted doesn’t sugarcoat what this transition means for graduates entering the field.

“Last year, we wrote that “compensation growth will continue to be muted across the U.S. and non-U.S. markets” as firms adjusted to a world where demand for consulting services could grow without a commensurate increase in headcount,” Management Consulted explains in the 2026 Report. “That prediction proved correct. For a third consecutive year, starting consulting salaries at both the undergraduate and MBA entry levels have remained largely unchanged.”

In 2024, Management Consulted found that MBAs could expect a $192,000 base at the top of the market, no different than 2024. They could also top out at $63,000 in performance bonus and $35,000 in signing bonus – which again mirrored the previous year’s numbers. That said, this pay eclipsed what undergraduate degree holders made in their first year at the highest levels. In this segment, the highest earners collected $112,000 bases, which were supplemented by $30,000 performance bonuses and $5,000 signing bonuses. These numbers were also identical to 2024 pay.

Such pay data carries a warning in The Consulting Salaries Report 2026. “The era of automatic, year-over-year starting salary increases is over – at least for now,” observes Management Consulted. “As we wrote last year, and as 2026 has now confirmed, firms are able to hold the line on compensation not because consulting is struggling, but because it has become more efficient, more selective, and more strategically disciplined about talent investment…While demand for consulting services should remain healthy – and may even accelerate in select sectors as interest rates normalize and capital markets reopen – this demand is unlikely to translate into meaningful starting salary growth.”

REPORT COVERS PAY & BENEFITS FOR OVER 130 FIRMS

The Consulting Salaries Report analyzes more than just 30,000-foot trends or top-line salaries. The Report’s true value comes in its detail. It provides pay data for over 130 consulting firms, separating them between Undergraduate and Master’s degree hires and MBA and PhD hires. More than just base pay, performance incentives, and signing bonuses, Management Consulted digs deep into areas like 401K matches, vacation pay, and tuition reimbursement. In other words, the Report enables graduates to know exactly how much they’re worth, along with being able to compare packages on a firm-by-firm basis. Unlike previous years, however, the report no longer supplies intern pay at either the undergraduate or MBA levels.

This pay data comes courtesy of Management Consulted, which has supplied consulting pay and benefit information since 2008. In many cases, the data was derived from students and consultants, be it site members or clients who shared their offers. In some cases, Management Consulted received pay and benefit data from firms themselves. The data is also based off 2025 responses, making it more current and reliable than sources like Glassdoor or PayScale that factor multiple years into pay figures.

As a whole, Management Consulted boasts four-million members, making it the largest dedicated source of consulting industry news. Along with its monthly reports and ever-popular Strategy Simplified podcast, Management Consulted also offers an array of case interview and resume prep services and consulting coursework. On top of that, the firm partners with over 150 universities, consulting firms, and Fortune 1000 companies to deliver services like training and recruiting.

HIGHEST MBA PAY IN THE MBB: BAIN & COMPANY

That gives Management Consulted insights into the most coveted hiring destinations. Look no further than the MBB. Among MBAs, total compensation again remained flat. For the third consecutive year, Bain, BCG, and McKinsey averaged the same total compensation. Bain led the pack at $285,000, followed by BCG ($270,000) and McKinsey ($267,000). In fact, their bases ($192,000 at Bain and McKinsey and $190,000 at BCG) and signing bonuses ($30,000 each) create a gut feeling of collusion. Go below the surface and their packages each have unique features.

Looking for more PTO? Bain is the place to be with 25 days, far more than either McKinsey (19) or BCG (15). Consider yourself a top performer who’s willing to bet on yourself? Bain again outpaces its MBB rivals with performance bonus reaching $63,000. That’s far better than either BCG ($47,500) or McKinsey ($40,000). Alas, you can make some of that gap up at McKinsey, which has a 50% second-year tuition reimbursement for returning interns and a $10,000 housing allowance for qualified consultants. Even more, McKinsey includes a 7.5% contribution to the 401K, a bit higher than Bain (4.5%). In real dollars, McKinsey’s 401K is nearly $3,000 higher than BCG’s lump contribution of $11,875. In other words, each package contains items with different appeals to candidates.

The same is true of starting MBB packages for Undergraduate and Masters hires. In this segment, Bain edges out its rivals in total compensation at $140,000. This is $3,000 higher than either BCG or McKinsey. While these numbers haven’t budged over the past three years, each firm’s package also contain certain wrinkles aligned to the MBA package. Bain and McKinsey ($112,000) are also $2,000 higher than BCG. At the same time, Bain’s performance bonus (Up to $22,500) squeezes past BCG ($22,000) and McKinsey $18,000). Higher PTO remains a Bain hallmark here, with graduates earning 20 days against McKinsey (19) and BCG (15). At Bain, 401K contributions can reach up to $6,050, nearly $2,000 higher than BCG (though McKinsey’s 7.5% allocation means new hires can pull in another $8,400). McKinsey will also pay up to $10,000 for relocation – nearly double the amount at either BCG or Bain – while including up to $10,000 for housing allowance, double the amount specified by Bain.

PwC STRATEGY& AND EY-PARTHENON LEAD THE BIG 4

You’ll find a similar pattern among the Big 4: Deloitte, Ernst & Young (EY), KPMG, and PwC. At the MBA level, these firms don’t benchmark against each other like the MBB. PwC Strategy& pays the most in total compensation at the high end at $280,000, more than either BCG or McKinsey. EY Strategy & Operations comes in at $268,000, followed by PwC Consulting Services ($245,000), and EY Consulting ($242,000). KPMG Strategy ($230,000) and KPMG Consulting ($210,000) lag behind their counterparts. In all cases, total compensation has not budged in three years.

Like MBB firms, Big 4 pay packages also contain some unexpected appeals. While KPMG pays less, MBAs receive 30 days of PTO and up to $10,000 for relocation if they qualify. EY and EY-Parthenon include unlimited vacation, while Deloitte Consulting Services provides full tuition reimbursement for returning interns. At EY-Parthenon, top performers are paid like MBB consultants, earning up to $52,500 in performance bonus.

At the undergraduate level, Big 4 pay has also held steady for three consecutive years. PwC Strategy& again pays out the most at $132,000, beating out Ernst & Young Strategy & Operations ($130,000) in total compensation. Beyond these firms, total compensation ranges from $112,000 (Deloitte Strategy & Analytics) to $90,000 (EY Consulting), with KPMG Strategy undergraduate hires raking in $110,000. Overall, PwC Strategy&, Deloitte Consulting Services, and EY Parthenon start undergraduate hires out at $100,000 base. However, PwC Strategy and EY Parthenon tack on performance bonuses of up to $22,000 and $27,000 respectively, while Deloitte Consulting Services restrict such bonuses until after the third year according to Management Consulted. As an added bonus, EY-Parthenon slips in a $50,000 retention bonus after the third year. EY and EY-Parthenon also continue to offer unlimited PTO as an inducement to undergrads, with KPMG maintaining a 30-day limit. At Deloitte, signing bonuses for undergraduate hires can reach up to $12,500 (and $15,000 for master’s degree holders).

GO BIG & GO BOUTIQUE

If you’re looking for innovative benefits at the MBA and undergraduate level, boutique firms are the place to start. After all, such perks enable these firms to offset their smaller sizes and lesser brand recognition. That’s particularly pronounced at the undergraduate level.

Want to make money early? Among smaller boutiques – under 2,000 employees – newly-hired Avencore consultants collect up to $125,000 between a $100,000 base and performance bonus up to $25,000. That doesn’t include Avencore’s $15,000 signing bonus. OC&C Strategy Consultants ups the ante to $110,000 base that can swell to $147,000 with performance. Investor Group Services follows a similar pattern with $100,000 base and performance bonus up to $40,000, And Capital One Strategy Group includes a $20,000 signing bonus (after taxes, no less).

Smaller boutiques also dangle unlimited PTO to prospective undergraduate hires. Kenway Consulting, Gallup Consulting, and West Monroe are among the boutiques deploying this strategy (with Capstone DC offering 7.5 work-from-home days). Targus Consulting includes a $12,500 retention bonus after two years (and 30 days paid vacation). If new hires start early at Altman Solon, they stand to earn an extra $3,500. At Bates White, new hires can earn raises and promotions every six months, while Investor Group Services – which pays a $100,000 base to start – incorporates a 15% raise after the first year. Gallup Consulting will match up to $12,000 of an employee’s retirement contribution. OC&C reimburses employees for up to $800 annually for wellness. When undergraduates join Cornerstone Research, the firm will cover 100% of moving expenses and all broker fees (along with 4 nights in a hotel).

Larger boutiques – over 2,000 employees – are equally generous to undergraduate hires. Alvarez & Marsal, for example, starts hires at $112,000 – with the opportunity to tack on another $51,000 in performance bonus. Not only does Accenture Strategy extend a $12,500 signing bonus to undergraduates, but makes a 15% discount on stock available to them. Speaking of bonuses, Cognizant tenders a $5,000 bonus to hires after 30 days along with another $5,000 after the first year. ZS Associates will adjust pay for cost of living by up to $18,000, while L.E.K. Consulting bestows profit sharing up to $19,000. If you work over 36.5 hours at FTI Consulting, you’ll receive $45 an hour as an overtime bonus.

Next Page: A Look at Career Earnings

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