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13 consulting firms where you can earn more than $200,000 right out of business school

Published by Business Insider on Thu, 23 Jan 2020

For a recent MBA grad, a $170,000 entry-level base pay isn't too out of reach, according to the latest salaries report by Management Consulted, a company that helps graduates land consulting jobs.Top consulting firms are increasing compensation packages to over $200,000 to compete for talent.Drawing from Management Consulted's data, Business Insider compiled a ranked list of the 20 highest-paying firms for MBA graduates.PwC, Bain & Company, and McKinsey & Company are among the top firms offering high salaries.Click here for more BI Prime stories.Management consultants can make six-figure salaries right after graduating from business school, and their compensation package is only going to get better.A recent MBA graduate can make up to a $170,000 base salary in consulting, according to the latest salaries report from Management Consulted, a careers resource company that helps graduates land consulting jobs. The data is directly pulled from Management Consulted's users who have received job offers. Management Consulted declined to give the exact number of salaries used to compile the data.Namaan Mian, director of operations at Management Consulted, told Business Insider that the 2020 report shows a big jump in MBA entry-level base pay at top firms. This is due to the growing competition between firms, big tech, and banking industries for top consulting talent, he said."We saw a shift toward incredible increases in base salaries last year, and it played out more this year," he said. "The war for talent is not just in consulting, but also in banking and tech industries."Put simply, management consultants are in high demand, and employers are willing to pay big bucks for the best of the best.Business Insider has compiled a ranking of the highest-paying firms for MBA grads based off of salaries. The potential total compensation includes the base salary, signing bonus, performance bonus, and compensation for relocation. Click here for Management Consulted's salary breakdowns.Here are the 13 highest-paying firms for MBA grads, ranked lowest to highest.SEE ALSO:McKinsey recruiters reveal exactly how to nail the interview and case study to land a 6-figure job at the consulting firm14. EY-Parthenon (including ER S&O)Potential total compensation: $226,250EY-Parthenon has long been paying its employees a $200,000 plus salary.Ernst & Young (EY) was originally one of the Big Four accounting firms, but it merged with Parthenon, a smaller strategy consulting company, to expand its global reach within a niche market.Business Insider recently spoke with EY exec Andy Baldwin on how to land a job at the company. Contrary to popular belief, he said a college degree is no longer a requisite for hiring."What we're recognizing is that we may have some people who are deep specialists in product engineering, but actually we need a lot of people to have a broad understanding or a high-level understanding of what product engineering is or what AI can do or what blockchain can do," he told Business Insider's Cadie Thompson at the World Economic Forum in Davos. "So that desire, and that willingness to do that, is incredibly important."12. Oliver WymanPotential total compensation: $226,250In 2016, Oliver Wyman offered a six-figure salary for its consulting employees. The company's base salary has more than doubled in four years.The company is a consulting business unit of Marsh & McLennan Companies, and it is most known for its client assistance in the financial services sector. Oliver Wyman is the fastest growing firm in the last five years with a 3,400 employee headcount, according to Management Consulted.11. Roland BergerPotential total compensation: $227,000Roland Berger, a business management and strategic planning consulting firm, recently opened an office in Toronto.What started off as a team of 30 consultants in 2012, has grown rapidly in eight years. The firm now has about 2,400 employees in 36 countries and offices worldwide.10. KPMG StrategyPotential total compensation: $235,000KPMG knows that sometimes, a high salary isn't enough to keep a happy workforce."How much you pay people, obviously that's relevant. But it's much less about that," Chief Financial Officer David Turner told Business Insider. "There's a whole generation that's emerged now that really cares way more about the community that they're in and whether they want to be there."The professional services firm recently built a $450 million training facility that offers AI and software upskilling opportunities for employees.9. McKinsey & CompanyPotential total compensation: $239,000Although it has a reputation of recruiting from elite schools, McKinsey & Company is diversifying its hiring.In 2018, the company hired 8,000 people out of an applicant pool of 800,000. Those employees were recruited from 325 different schools around the world, Business Insider reported. Kerry Casey, the company's North America recruitment director, said that candidates with tech and computer programming skills are a plus.8. Deloitte S&OPotential total compensation: $240,000Deloitte is working to upskill workers with AI training.Known as one of the Big Four firms in the accounting and consulting realm, the company invested $2 billion in retraining 4,000 workers, Business Insider previously reported. The professional services firm launched Deloitte Cloud Institute and hand-selected employees for its curriculum.7. BCG (Boston Consulting Group)Potential total compensation: $244,250Boston Consulting Group (BCG) had 18,500 employees worldwide in 2018a 2,500 headcount increase since 2017, according to Markets Insider.Moreover, the global management consulting firm was third on Glassdoor's ranking of best places to work in 2017.Atta Tarki, founder and CEO of search firmECA (formerly Ex-Consultants Agency), recently gave Business Insider some insights on BCG's hiring process. He said that the company's recruitment process is much like McKinsey's, where it follows a diamond staffing model and hires more post-graduate students. The top-tier consulting firm also administers a standardized application process with case interviews.6. L.E.K.Potential total compensation: $245,000L.E.K is a global management consulting firm that specializes in advising clients from private equity firms, entrepreneurship businesses, and corporate businesses from both the private and public sectors. Early last year, the company announced 15 new partners, 14 promotions, and a new hire to join its more than 1,400 employees.According to Management Consulted's salaries report, the firm not only offers a $165,000 base salary, but it also gives a $50,000 signing bonus for returning MBA interns.5. KearneyPotential total compensation: $247,100In 2016, Kearney was ranked first on Glassdoor list for offering employees the highest median total compensation at $167,534. Since then, pay has increased $80,000.The consulting firm was originally a part of McKinsey & Company before splitting and becoming its own firm in 1937. It has built up a reputation to be one of the best operations consulting companies. Earlier this month, formerly A.T. Kearney announced a comprehensive rebrand and company name change to "Kearney."4. Accenture StrategyPotential total compensation: $247,500Even for job candidates with MBA degrees, top-tier consulting firm Accenture is hard to break into.Business Insider recently spoke with Portia Kibble Smith, an executive recruiter atKarat with 30 years of recruitment experience, on how to land a job and break into the ranks of companies like Accenture, McKinsey & Company, and Bain & Company."Accenture works with both internal and external recruiters to host networking events that they use to fill their pipelines," she said. "I'd draw from my network of the top MBA schools, HBCUs (historically black colleges and universities), and the candidates who have expressed interest and put them in front of the right partners."3. AlixPartnersPotential total compensation: $250,000AlixPartners is a global advisory that's known to help struggling companies out of business crises and administer corporate turnarounds. At the beginning of the year, it announced 17 promotions to the role of managing director.The firm had previously sued two employees in 2014 for breaching employment contracts and stealing trade secrets after joining consulting firm McKinsey & Company.2. Bain & CompanyPotential total compensation: $252,250In 2019, management consulting firm Bain & Company was voted one of the best US workplaces in a Glassdoor's annual Employee's Choice Awardsand the firm has been in the top four every year since Glassdoor launched the ranking in 2008, according to Markets Insider.On top of the $165,000 base salary, the company also provides a flexible work space and 12 to 16 weeks of parental leave.1. PwC Strategy&Potential total compensation: $256,400PricewaterhouseCoopers (PwC) is spending $3 billion to train employees on automation and technologies, Business Insider previously reported. The company hopes that offering more job training would make for happier workers and higher employee retention.In an interview with Business Insider, emerging technology lead Scott Likens said that PwC is also promoting work-life balance by providing education for employees to complete high-quality work at a faster pace."We have to use the tools in a way that fundamentally provide more value to our clients, but [also] that really fundamentally change the way our staff work day to day," he said. "Eventually there'll be a faster, more efficient way [to work], which helps everybody."
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