How much do management consultants make?

This is a burning question for many who would like to enter the profession and those who have an offer and would like to compare it to other firms.

The good news about comparing one offer to another firm’s is that the labor market for consulting is efficient. So, in general, your offers reflect what a firm in its tier pays to its consultants at a certain level.

There is some flexibility in pay within a level e.g. up to 10%. Also, you may want to target a different firm in a higher tier, which could pay better. You can also negotiate your level upon entry if you have experience, an MS degree (not an MBA). There are other factors as work-life balance, prestige, the firm’s reputation on an area etc. to consider along with compensation.

The data below is not meant to be a scientific study. You will see that the difference between top paying firms and others is significant. These numbers here should be taken with a grain of salt, as they reflect the data points that I collected from friends over casual conversations. But this should give a sense of how much to expect in this career at different levels. If the levels do not make sense to you, I suggest you take a look at my post on levels in consulting firms