Strategy Consulting: Which are the best paying firms?
The elite strategy consultancy firms tend to be secretive when it comes to salaries, relying on their reputation to attract top talent. Most graduates assume that salaries across all 3 "MBB" (McKinsey, The Boston Consulting Group and Bain & Company) firms are similar. However, our analysis shows that there are distinct differences in consultant's pay across these prestigious consultancy firms:
Round 1 - Salaries: Bain are lagging behind when it comes to salary, paying the average senior consultant only £75,000 in annual salary compared to McKinsey and BCG's £82,000 median salary.
Round 2 - Bonuses: surprising gaps open up when bonuses are added to the mix, with Bain paying out bonuses averaging £28,000 - more than three times the size of bonuses at McKinsey! Bain clearly believes in the power of performance-related bonuses as incentives for their employees. While McKinsey's stellar reputation probably allows them to pay slightly less than their peers.
And the winner is... Bain is the best paying consulting firm with a generous bonus policy which put them well ahead in the final ranking with total compensation £12,000 higher than McKinsey. BCG lands in the middle, with higher salaries than Bain, and higher bonuses than McKinsey.M.
McKinsey & Company
BCG Boston Consulting Group
Bain & Company
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