2022 saw firms grapple with the tightest global labor market in decades as demand for management consulting services remained strong. For entry-level roles that means folks coming right out of undergraduate/MS programs the average base salary for consultants in the UK is around ~40,000. Many employees, of course, focus on the material benefits of BCG employment: the high salary, travel opportunities, luxurious office conditions, etc. Critical to unlocking opportunities is EY-Parthenons ideal balance of strengths specialized experience with broad executional capabilities to help you optimize your portfolio of businesses, uncover industry insights to make investment decisions, find effective paths for strategic growth opportunities and make acquisitions more rewarding. The average salary for Consultant is 47,093 per year in the London Area. The salary data is for those recruited straight from an undergraduate, masters, MBA, or PhD program or those that were hired at the same level. King's College Hospital NHS Foundation Trust. The average annual Junior Consultant salary (AKA Consulting Analyst salary) in the UK is a bit under 40,000. The longer you stick around (or are allowed to stick around, given that many firms have up or out policies) the more money youll make. Still, there is only so much that firms can cut, and salaries keep rising (as youll see). Medicspro. As the last two years of frenetic hiring catches up with the demand for services, overall consultant utilization has plateaued. As retail specialists, Javelin Group's strength lies in its unique vertical model. choosing Atlanta over San Francisco). And we help governments design innovative policies and regulatory systems. You can choose to activate only essential cookies or all cookies. McKinsey and Bain both pay 90,000. Ernst & Young MBA Salary Signing Bonus: $25,000 Base: $140,000 Relocation: $5,000 Performance Bonus: up to $30,000 Total Compensation: up to $200,000 IMS Consulting Group MBA Salary Signing Bonus: $25,000 Base: $125,000 Performance Bonus: up to $15,000 Total Compensation: up to $165,000 Infosys MBA Salary Signing Bonus: $20,000 Management Consultant Salary UK 2023. The average starting salary for a graduate entering consulting is 37,000 making consulting one of the most lucrative careers you can choose as a graduate, higher than medicine, and behind only investment banking and commercial law. Below are salary figures for those joining management consulting positions in 2023. a GDPR, to your data being processed in the USA. Apparently theres a national issurance or smth like that, so the true tax rate is a lot higher. We have deep functional and industry expertise as well as a breadth of geographical reach. McKinsey Associates in the US may earn up to $200,000 per year in salary, with $168,000 base and $35,000 performance bonus. Bain Consultant Salary & Bonuses Bain consultant salary prospects are especially strong for incoming MBA hires who earn base salaries of $175,000. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc, Construction, Repair & Maintenance Services. The M&A activity revealed two basic patterns. Based in London and New York, we work with many household names and global organizations helping them to develop strategies and transform their business. See you on the other side! Though in my predicament, this is pretty much a non-option, the big 4 clearly has a different wage structure - I was reading some of the UK forums and they were paying the same salaries in London more than a decade ago. Some said the work could be stressful, though most negative reviews noted the stress tends to come from problematic clients, as opposed to problems internal to BCG. PA is an innovation and transformation consultancy. We work with our clients to build the capabilities that enable organizations to achieve sustainable advantage. Clients include leading international companies in several sectors, ranging from heavy industry to services and private equity. If you are thinking of becoming a Consultant or planning the next step in your career, find details about the role, the career path and salary trajectory of a Consultant. The PSC is the trading name of 2020 Delivery Limited. We believe the dramatic increase in pre-MBA salaries is a forerunner to this playing out in the industry over the next 10-15 years. London Big 4 rough guide: Undergrad Start: 32k increases to 45k after 2 years when you become an Assistant Manager/Senior Exec, MBA: Big 4 do not require an MBA in UK. Manager (S Consultant) bracket is between 55k -70k max. Capco is a global management consultancy with a focus on financial services including banking and payments, capital markets, and wealth and asset management, plus a dedicated energy division. Beyond the cultural differences between the U.S. and the UK, an important contrast is salary. We provide evidence-based advice to assist our clients to grow their businesses, manage risk and make better investment decisions. Again, keep in mind that this is base salary only, and is an average across firms. Our fact-based strategy, rigorous analytics, and implementation expertise generate original, granular insights that help our clients turn their most difficult challenges into game-changing growth and productivity opportunities. Candesic was founded in 2002 by Dr. Leonid Shapiro and Marc Kitten. We're a network of firms in 157 countries with more than 223,000 people. FGL Associates. The takeaway? If compensation is the most important factor in your firm preferences, look at firms like Alvarez & Marsal, McKinsey, Strategy&, BCG, Bain, Accenture Strategy, and IGS. Bain Case Team Leader Salary The Case Team Leader at Bain and Company oversees project streams and the various consultants working on them. Oliver Wyman is a global leader in management consulting. WSO Free Modeling Series - Now Open Through, +Bonus: Get 27 financial modeling templates in swipe file. The starting salaries of consulting firms vary Total Pay 51,157/yr Base Pay 2,241/yr Additional Pay Based on 47 SalariesFull Pay Details See salaries from all locations Associate Consultant 53,266/yr Avg. While most historical consulting salary increases were in the 2-4% growth range, this years increase was around 10%, signaling the effects of a tightening labor market and increased demand. Management Consultant Salary United States. The EY consultant salary UK at the junior consultant level is 35,400. As strategies, technologies, and innovation collide, we turn complexity into opportunity. The BCG Consultant Salary starts at a We also use cookies and third-party tools to improve your surfing experience on preplounge.com. Those who perform exceptionally are given the chance to be promoted, while poor performers are encouraged to seek employment elsewhere. The highest salary for a Consultant in London, England is 78,412 per year. Top Consulting Firms Consulting Firms to Work For. dunnhumby employs over 2,000 experts in offices throughout Europe, Asia, Africa, and the Americas working for transformative, iconic brands such as Tesco, Coca-Cola, Meijer, Procter & Gamble, Raley's, L'Oreal, and Monoprix. Learn more about the salary as a management consultant! There is a lot of travelling, and most of my work is done outside of my base city. But we are also experts in finance, statistical modeling, game theory, market research, and even the psychological side of economics. Companies, investors, and government entities around the world turn to Alvarez & Marsal (A&M) when conventional approaches are not enough to make a change and achieve results. In addition, American work culture generally runs at a faster pace than UK work environments (burn the candle at both ends, anyone? Second year BCG project leaders earn $232,200 in base salary. In doing so, we are often at the heart of them achieving their most ambitious goals. We equip business leaders with indispensable insights, advice, and tools to achieve their mission-critical priorities today and build the successful organizations of tomorrow. to CO..anyone done it ? gform.initializeOnLoaded( function() {gformInitSpinner( 110, 'https://managementconsulted.com/app/plugins/gravityforms/images/spinner.svg' );jQuery('#gform_ajax_frame_110').on('load',function(){var contents = jQuery(this).contents().find('*').html();var is_postback = contents.indexOf('GF_AJAX_POSTBACK') >= 0;if(!is_postback){return;}var form_content = jQuery(this).contents().find('#gform_wrapper_110');var is_confirmation = jQuery(this).contents().find('#gform_confirmation_wrapper_110').length > 0;var is_redirect = contents.indexOf('gformRedirect(){') >= 0;var is_form = form_content.length > 0 && ! Check out the world-class interview prep and resume prep services that have helped land thousands of readers (like you) positions attop management consulting firms. The offer I was quoted is too far off. Protiviti and our independently owned Member Firms provide consulting solutions in finance, technology, operations, data, analytics, governance, risk, and internal audit to our clients through our network of more than 75 offices in over 20 countries. Doubt they will pay higher than that. Most grads would share apartments 2/3 bed and live in less pricey areas. As always, your anonymity is guaranteed. Entry-level Consulting Salaries for Freshers Deloitte Consulting in the UK pays its consultants 91,000. You can fill out this anonymous formor send us an email. Its clear that if youre in it for the money, working in the U.S. is the place to be for consultant salaries. 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. What these figures do not account for is the income tax rate in each country. We add value and support our clients across the full spectrum of consulting, from strategy through delivery. Top companies for Consultants in United Kingdom. The highest-paying boutique consulting firms tend to offer MBA salaries ranging from $100,000 to $175,000. This has two important implications. Javelin Group, part of Accenture Strategy, provides strategy consulting and digital transformation services to the worlds leading retailers and consumer brands. Training & Recruiting Support for Companies, 2 Rounds of Edits each on 1 Resume and 1 Cover Letter, All access pass: 500+ cases, 10K+ math/structure drills, 9 video courses, 12 chatbot cases. If you need more information please view the individual settings. RHR International LLP is an independent global leadership consulting firm whose mission is to unlock potential in leaders. The big BCG salary bump comes when you hit Project Leader. We help asset and wealth management businesses use technology to turn goals into reality. We dont duck the difficult answers, we give clients the strategies they need. Full-time consulting offers are nice, but bonuses have the potential to take your comp from good to great. BCG data scientists earn an average salary of $108,000, with top earners paid over $140,000 a year. EY-Parthenon is a strategy consultancy,committed to bringing unconventional yet pragmatic thinking together with our clients smarts to deliver actionable strategies for real impact in todays complex business landscape. Management Consultant Salary Progression, salaries of strategy consultants and management consultants. We transform businesses. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. On the one hand, increased competition within the consulting sector from boutique consulting firms has led to an increase in consultant salaries, at BCG and elsewhere. Anyway, I've decided to stay in NYC for at least a bit more. Total Pay 52,000/yr Base Pay 5,000/yr Additional Pay Based on 35 SalariesFull Pay Details Rapid7 salary and other benefits for a consultant role (penetration tester)? At BCG, Consultant is the title for new hires who hold an advanced degree (MBA, PhD, JD, MD, etc.). After ten or more years with the company, an employee may rise to the senior partner/director position. Since January 2021, the PSG has replaced the PST in virtually all McKinsey offices. In short, there has never been a more lucrative time to become a consultant. Then we develop a powerful way to solve it. Using a top-down communication style across emails, meetings, and decks The key differendes between Strategy Consulting and Management Consulting. Our servers are powered by electricity from renewable sources. Many employees are particularly enthusiastic about BCGs health coverage, which is said to be the best available. In other developed countries, the salary fluctuates between $170,000 to $200,000, while in developing nations, the number is roughly $80,000 to $100,000 (profit sharing not included). Finally, some employees lamented an inability to align available promotions and career development opportunities with their personal interests. Research Executive. Project Leaders have a maximum annual salary of $266,000; Principals and Partners may earn up to $1,150,000. You cant out-innovate the market. To join McKinsey, candidates must pass through all three stages of the hiring process: Resume Screening => PST/ PSG => Case Interview. Do you have questions on this blog article? Strategy&'s professionals around the globe have helped many of the worlds leading institutions solve some of their toughest problems, and capture their greatest opportunities. With all that benefits in London, it sounds attractive. The salaries above are for full-time hires and interns coming straight from an educational program. Since 1926, we have been trusted advisors to the world's foremost organizations. The average salary for a Consultant is 47,093 per year in London Area. Do you guys think it is possible to ask the big 4 in London to match my salary in the US? Generally, consulting full-time hires receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Below, well explore UK consulting salary data for different roles and companies. In NYC, fresh graduates in big 4 Each of these has seen annual revenue growth in excess of 10% for much of that time period. Both at the undergraduate/masters level and post-MBA/PhD, management consultant salaries continue to stay competitive to rival Banking and Big Tech. A.T. Kearney is a partner-owned firm, committed to helping clients achieve immediate impact and growing advantage on their most mission-critical issues. Wow NYC salaries are significantly higher, if what you are quoting for US is correct. One notable exception is finance, where salaries are higher but work-life balance is often worse. 2005-2022 Wall Street Oasis. But it isn't about dreaming, it's doing. There is a large variation in management consulting salaries within firms across different countries. I would say my hours are more similar to MBB in London. Salary 22k-30k dependent on experience. salaries in Germany used to be similar to the US when I started around 4 years ago, but with the dollar getting so much stronger since then, there is a big difference nowadays. Avasant is a leading management consulting firm focused on translating the power of technology into realizable business strategies. This means that, within a regular time frame, employees are typically either offered a promotion or asked to seek employment elsewhere. Were a management consulting firm with a proven track record of identifying inefficiencies and cutting through bureaucratic inertia, delivering tangible results and meaningful change. Your data could be accessed by law enforcement without prior public trial in court. 30,000 - 40,000 a year. The role of associate principal and senior project leader is typically the second promotion for BCG employees post-MBA, occurring after four to five years. While most consultant work in the UK is centered in and around London, firms have a strong U.S. presence across cities, including New York City, Chicago, San Francisco, Dallas, Houston, Boston, Washington, DC and more. Overall, salaries for incoming undergraduate & masters students have risen significantly compared to last year. Monitor Deloitte specializes in addressing a variety of management areas, including Corporate & Business Unit Strategy, Customer & Marketing Strategy, Digital Strategy, Innovation, and Pricing Strategy & Profitability Management. I'm probably (definitely) not going to stay in the UK long enough to collect a pension, so the insurance is essentially additional tax. Deloitte Government & Public Services Undergraduate & Masters The big 4 bonuses aren't that great at junior levels at least (~10% to 15% max) and there is no sign on as AFAIK. Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. Second year Consultants earn an average base salary of $195,000. The lowest salary for a Consultant in London, England is 28,284 per year. Bain & Company salary. Our people are agile thinkers, cut from different clothes but united by a relentless curiosity and desire to solve problems. Additionally, workers have the opportunity to expand their professional network and undergo continuous on-the-job training to upskill and meet evolving client requirements. The dunnhumby Customer Science Platform is our unique mix of technology, software, and consulting enabling businesses to increase revenue and profits by delivering exceptional experiences for their Customers in-store, offline and online. EY is a global leader in assurance, tax, transaction, and advisory services. Bain consultant salary ranges from a maximum of $122,500 for junior Associate Consultants, to a $226,500 for senior Consultants. The average IT consultant salary in the UK is ~45,000. Modus Enterprise Consulting London +1 location 1,500 - 2,000 a month Part-time + 1 Monday to Friday Management consulting administrator will be responsible for providing administrative I was using a tax calculator. This can partly be attributed to the higher access to professional services talent the UK has and therefore they are able to recruit top-performing graduates at lower wages. Consulting is a global management consulting firm that uses deep industry expertise and rigorous analysis to help business leaders achieve practical results with real impact. FTI Consulting, Inc. is an independent global business advisory firm dedicated to helping organizations manage change, mitigate risk, and resolve disputes: financial, legal, operational, political & regulatory, reputational, and transactional. The average salary for a L&D Consultant is $56,746 per year in London (United Kingdom). BCG salary at this stage includes a base rate of $252,900, with performance bonuses from $120,000-220,000. Our diverse teams of experts combine innovative thinking and breakthrough technologies to progress further, and faster. Your input helps Glassdoor refine our pay estimates over time. The biggest factor in deciding which career to choose or firm to join is salary. At the post-MBA level folks with an MBA, PhD, or ~7+ years work experience that jumps up quite a bit to ~85,000. Sorry, you need to login or sign up in order to vote. Our consultancy team has an unrivaled track record of delivering it.. L.E.K. For employees with an undergraduate degree or a non-management Masters degree, the BCG salary rose to $110,000 in 2023. First and foremost, the U.S. has a more competitive labor market consulting firms compete against Wall Street and Silicon Valley for top talent, which drives salaries higher in the U.S. compared to other economies. The USA is not considered to have adequate data protection legislation. But the salary differential is really too large for it to be a consideration considering London is as expensive as where I'm based out now. 15 reviews 13 salaries reported. Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology, and operations.
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