Which are the highest paying consultancy jobs?

Companies, in the finance industry and beyond, must deal with constant new requirements and legislation when it comes to reporting or business practices. In order to steer through these new challenges, consultants come to the rescue charging hefty fees for their services, some being perceived as more likely to add direct value, encouraging revenue-generation, with consulting professionals paid according to that perception.

In this study, we reviewed the data from 630 Senior Consultants (3-6 years of experience) in London to identify the best paying consulting jobs. We found that Strategy Consultants earn 1.5 times more than their colleagues in Financial Accounting. As expected, with the ever-increasing regulatory constraints over risk management and tax loopholes closing down, Risk and Trust & Pensions consulting are both well rewarded. Across all consulting jobs bonuses are low with some specialisms not paying a bonus.

Specialisation Salary Bonus Total
Strategy Consulting 56,000 5,000 61,000
Customer and Growth 50,000 5,000 55,000
Trusts and Pensions 50,000 5,000 55,000
Corporate Finance Advisory 49,000 4,000 53,000
Operational Transaction Services 51,000 2,000 53,000
Investment & Divestiture Advisory Services 50,000 3,000 53,000
Financial Risk Management 52,000 - 52,000
Economic Consulting 48,000 3,000 51,000
People and Change 49,000 2,000 51,000
Operational Transformation 48,000 2,000 50,000
Financial Advisory 48,000 2,000 50,000
Regulatory Compliance 49,000 - 49,000
Tax Accounting 46,000 1,000 47,000
Business Process Management 47,000 - 47,000
IT Advisory 47,000 - 47,000
Performance Improvement 46,000 1,000 47,000
External Audit 45,000 - 45,000
Financial Accounting 41,000 - 41,000


High stakes and cash!

Boards and CEOs need to make informed strategic decisions to beat the competition, maximise profits and use available resources efficiently. Predictably, strategy consulting, the most prestigious consulting job, comes top of our list with a total compensation of 61,000. For the best paying jobs in the best paying consulting firm, aim for strategy consulting at Bain & Company or BCG with total annual compensation packages of 100,000.

Bonuses in sight?

Compared to bankers whose bonuses can amount to more than their annual salary, even the highest paid consultants receive relatively low bonuses. Consulting is a fee-based business which makes recommendations to clients while not directly benefiting from the improving performance brought about by their work. A consequence of this process is that consultants are far removed from direct bottom-line increase at their clients', which has a direct impact on their total compensation.

Retirement advice

Most companies transfer the risk associated with pension funds to their employees by adopting Defined Contribution pension plans. One would expect this move to reduce the amount spent on consulting about the matter but that is certainly not the case yet. Pension Consultants 50,000 salary is complemented by a 10% bonus as an incentive for good results.

Risk consulting

Being popular doesn't necessarily entail high bonuses: In recent years risk consulting has grown to (if it wasn't already) become an essential requirement in most listed companies. Despite this, most risk consultants with 3-6 years' experience are unlikely to receive a bonus.

The variety of life...

When deciding between starting a career in consulting or banking, of course the financial aspect weighs in. While consultants clearly earn much less than bankers, many see the advantages of working in consulting as more than making up for the gap in remuneration. Working across industries and being embedded within a different firm on a rotating basis is incredibly enriching and varied. The job does not get stale and professionals expand their networks exponentially, building relationships on every project both with client teams as well as assigned colleagues. Consulting might pay less than banking in the short to medium term, but is a fantastic way to build a solid professional network and dip one's toes in many industries looking to solve different problems, a certain way to open doors later on in life.

 

Emolument provides bonus and salary statistics based on data submitted directly by professionals like you. It is free, anonymous, and already a trusted tool for thousands of professionals worldwide. Are you paid enough? Click here to find out now.


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