Management Consultant Salary 2025: Complete Compensation Guide by Level

The management consultant salary in 2025 remains one of the most attractive career incentives for aspiring consultants, drawing top talent from undergraduates, MBAs, and experienced hires. From base pay and performance bonuses to long-term career earnings, management consulting salaries are among the highest across industries and continue to spark the question: how much do consultants really make?

If you’re preparing for firms like McKinsey, Bain, or BCG, excelling in their screening tests is essential — check out our MBB Screening Tests to practice and boost your chances of landing an interview.

In this article, we will explore salary data, firm comparisons, and the key factors that shape earnings in management consulting.

Why Management Consulting Salaries Are So High

Management consulting salaries are high because firms must attract top analytical talent to solve complex problems under tight deadlines. Consultants face demanding hours, extensive travel, and pressure to deliver measurable results. This combination of intensity, responsibility, and global impact justifies the premium pay compared to many other professional fields.

Consulting firms, particularly top-tier firms like McKinsey, Bain, and BCG, invest heavily in their consultants, offering not just attractive base salaries but also substantial performance bonuses, signing bonuses, and benefits. As you move up the career ladder, these firms also offer profit-sharing opportunities, ensuring that experienced consultants and partners reap the rewards of their efforts.

What’s in a Management Consulting Salary Package?

A management consulting salary package typically includes a high base salary, performance bonuses, and signing bonuses, with many firms also covering relocation costs. These components are structured to attract top talent, reward strong performance, and support consultants adjusting to demanding roles and frequent geographic moves. Let’s break these down:

• Base Salary: The core of any compensation package, base salaries for consultants are generous and reflective of the long hours and high-level problem-solving required. Top firms like McKinsey and Bain set the benchmark with entry-level consultants earning six figures.
• Performance Bonus: A key feature of consulting compensation is the performance bonus. Consultants who excel, whether through successful project delivery or client satisfaction, can receive bonuses ranging from $20,000 to $80,000, depending on their role and level of impact.
• Signing Bonus: Firms compete fiercely for the best talent, and signing bonuses sweeten the deal. Graduates from top-tier MBA programs often receive signing bonuses of up to $30,000, a tempting upfront reward for joining the ranks of an elite consulting firm.
• Relocation Assistance: Moving to a new city or country is often part of the consulting journey. Firms cover relocation costs, and in cities with high living expenses like New York or San Francisco, additional allowances may be provided.

External Benchmarks

Aggregated from thousands of salaries from Indeed, the average management consultant salary in the United States is $97,784 per year, with reported ranges between $52,692 and $181,463 (as of year 2025). According to data reported by employees, Glassdoor shows a slightly higher median, with total pay for management consultants ranging from $111,000 to $202,000 per year, and a median total compensation of $149,000.

These variations reflect differences in data sources, industries, and years of experience, but together they confirm that consulting remains one of the most lucrative career paths.

At top consulting firms, base salaries are fairly consistent for new hires, especially for those entering with undergraduate or MBA degrees. Performance bonuses and relocation packages can vary depending on the firm and office location. For example, a Bain Associate in Boston might earn toward the lower end of the bonus range, while a McKinsey Associate in San Francisco could see total compensation closer to $140,000 due to higher living costs and larger bonuses.

What Are Consulting Salaries for Undergrad and Master’s Hires?

The consulting salary for undergraduates and master’s hires at top firms often exceeds $100,000 in base pay. In addition, new consultants receive performance bonuses and signing bonuses, making total compensation significantly higher than most entry-level roles in other industries.

These firms understand that attracting top talent means offering competitive rewards. Along with their base salary, graduates can expect signing bonuses to ease relocation or early career expenses. Relocation assistance is another key benefit, especially for those moving to consulting hubs like New York, Chicago, or Boston. If you're preparing for McKinsey interview, resources like our McKinsey Solve Game Guide can provide insights into the tests used during screening. Altogether, this ensures that recent grads not only earn well but also have the support they need to adjust to their new roles.

Below is a breakdown of average consultant salaries for undergraduate and master’s degree hires in the United States:

Want a deeper breakdown? Explore our dedicated guides for each firm: McKinsey salary, BCG salary, and Bain salary to see how compensation evolves by role, location, and experience level.

What Are MBA and PhD Consulting Salaries?

MBA and PhD hires in consulting earn significantly higher compensation due to their advanced expertise and leadership responsibilities. Base salaries typically start near $190,000, with performance bonuses and signing bonuses pushing total pay above $230,000. These elevated packages reflect the value firms place on advanced-degree consultants.

What makes consulting especially attractive for advanced degree hires is the clear path to rapid career advancement. Within just a few years, many MBA or Ph.D. hires progress to manager roles, significantly increasing their earning potential. In addition to their financial rewards, these consultants gain hands-on experience solving complex problems across industries, from healthcare and finance to technology and energy. This diverse exposure, combined with lucrative pay, makes consulting one of the most attractive options for MBA and Ph.D. graduates.

Here’s what MBA graduates can expect at top consulting firms:

PhD hires generally start at similar compensation levels to MBA hires, with variations depending on specialization and office location.

In addition to these impressive compensation packages, top firms offer perks like relocation assistance and additional stipends for those willing to work in high-demand or remote locations. Consultants in cities with higher living costs, such as New York or San Francisco, may see slightly higher compensation packages than their counterparts in other regions. A McKinsey MBA hire in New York could reach total compensation near $235,000 in the first year, while a BCG hire in a smaller U.S. office like Dallas might earn closer to $210,000.

How Do Consulting Salaries Progress by Role and Experience?

Management consultant salary progression follows a structured path, with rapid increases tied to role and experience. Entry-level consultants start around $100,000 to $120,000, rising to $175,000 - $200,000 as managers. At the partner level, salaries can exceed $500,000, with bonuses and profit-sharing pushing total compensation into the seven-figure range.

• Entry-Level Consultants: Starting salaries for entry-level consultants range between $100,000 and $120,000. Performance bonuses can add up to 30% of this base salary, making total compensation $130,000 to $160,000, highly competitive for new graduates.
• Associates/Engagement Managers: Typically after 2 to 3 years, consultants advance to associate or engagement manager roles, earning between $150,000 and $175,000 in base pay, with total compensation reaching $200,000 - $220,000. This stage bridges individual contributor work and team leadership.
• Project Leaders/Managers: After a few years, consultants can expect to be promoted to project leader or manager roles. With this promotion comes a significant salary increase. Base salaries jump to between $175,000 and $200,000, and performance bonuses can push total compensation well over $250,000. At this level, consultants are managing teams, leading complex projects, and developing close relationships with key clients.
• Partners/Directors: Achieving partner status is the ultimate goal for many consultants. Partners are the top earners, with base salaries starting at $500,000 and often exceeding $1 million, thanks to performance bonuses and profit-sharing opportunities. At this stage, consultants are responsible for generating business, leading firm strategy, and mentoring the next generation of consultants.

This structured path highlights why consulting is regarded as one of the fastest routes to both high earnings and leadership opportunities.

How Do Consulting Salaries Compare Across Top Firms?

Management consultant salary levels vary across top firms, but differences are often small at the entry level. McKinsey, BCG, and Bain typically lead with base pay around $190,000 for MBA hires, while firms like Deloitte and PwC offer slightly lower packages. Bonuses and signing incentives further shape overall compensation. Let’s look at a broader comparison:

Though MBB firms lead the salary charts, Big Four firms like Deloitte and PwC offer salaries that can rival those of MBB, particularly when bonuses and signing bonuses are factored in. Boutique firms, specializing in niche areas such as healthcare or finance, may not always match these figures but provide competitive compensation packages, especially for senior roles. For example, a Deloitte MBA hire in New York could see total pay near $240,000, while an Accenture MBA hire in Chicago may earn closer to $210,000

What Factors Influence Management Consulting Salaries?

Management consulting salaries are influenced by several factors, including firm prestige, geographic location, and professional experience. Consultants at top-tier firms earn more than those at smaller firms, while salaries in major cities adjust for higher living costs. Advanced degrees, niche expertise, and strong performance also significantly increase overall compensation.

• Firm Prestige: Top-tier firms like McKinsey, Bain, and BCG offer higher salaries and bonuses compared to smaller, boutique firms.
• Geographic Location: Consulting salaries can vary based on the cost of living in the city or country where you are employed. For instance, consultants working in major metropolitan areas like New York, London, or San Francisco typically receive higher compensation than those in smaller cities.
• Experience Level: MBA hires and experienced consultants generally earn significantly more than entry-level consultants. In addition, specialized expertise (e.g., digital transformation or sustainability consulting) can command higher pay.
• Advanced Degrees: MBA and PhD consultants earn higher starting salaries and progress faster in their careers.
• Performance: High-performing consultants receive larger bonuses and faster promotions.

How Much Do Management Consultants Earn?

Management consultant salary levels start around $100,000 to $120,000 for entry-level roles, rising significantly with experience. Mid-level managers can earn $175,000–$200,000, while partners often exceed $500,000 with bonuses and profit-sharing. This progression makes consulting one of the most financially rewarding career paths for ambitious professionals.

What Benefits Do Consulting Firms Offer Beyond Salary?

Beyond salary, consulting firms provide extensive benefits to attract and retain talent. These include comprehensive health insurance, retirement contributions, and wellness programs. Firms also invest in professional development through training, mentorship, and MBA sponsorships. Additional perks like relocation support, remote work options, and sabbaticals enhance long-term career satisfaction.

• Health and Wellness Benefits: Most firms offer comprehensive health insurance, gym memberships, and mental health resources.
• Professional Development: Consulting firms invest heavily in employee development, offering opportunities for continuous learning, advanced certifications, and even executive MBAs. For instance, McKinsey offers MBA tuition sponsorship for top-performing associates who return after business school, while BCG provides executive education programs in partnership with leading universities.
• Work-Life Balance Programs: While consulting is known for long hours, many firms are introducing initiatives to support work-life balance, such as remote working options and sabbaticals.
• Retirement and Financial Benefits: contributions to retirement plans, pensions, or 401(k) matches.
• Relocation Support: allowances for moving costs or international assignments.

How Do Consulting Salaries Compare to Other Professions?

Consulting salary levels are competitive with other top professions but offer a different balance of pay and lifestyle. While investment banking and private equity may provide higher short-term earnings, consulting combines strong compensation with structured career growth, diverse exit opportunities, and professional development, making it an attractive alternative.

• Investment Banking: While investment banking may offer higher immediate bonuses, the hours are often longer, and the work is more narrowly focused on financial transactions. In contrast, consulting provides a broader range of experiences across industries, with salaries and bonuses that quickly catch up. An investment banking analyst in New York might earn $180,000–$200,000 in total pay their first year, higher than most consulting analysts, but often with 80–100 hour weeks compared to 60–70 in consulting.
• Technology: The tech sector is known for high salaries, especially for engineers and product managers at top firms like Google and Amazon. However, consulting offers a faster track to leadership roles and the opportunity to work on a wider variety of strategic projects.
• Private Equity: Private equity professionals often earn substantial bonuses, but roles are highly competitive and difficult to break into. Consultants transitioning to private equity typically earn higher base salaries, especially if they have experience at top-tier consulting firms like McKinsey, Bain, or BCG.

Consulting salaries remain among the highest across industries, with clear progression and strong benefits. If you’re aiming for firms like McKinsey, Bain, or BCG, preparing thoroughly for their screening tests and interviews is key to unlocking these opportunities.

Frequently Asked Questions

Q: How much do management consultants make?
A: Management consultants typically earn between $100,000 and $120,000 annually at entry level, depending on experience and location. At top firms, salaries often exceed $100,000. As consultants advance in their careers, salaries can increase significantly, especially at top firms like McKinsey, Bain, and BCG.

Q: What is the highest paid type of consultant?
A: The highest paid type of consultant is typically a strategy consultant at top-tier firms, where consulting salary packages can exceed $1 million at the partner level.

Q: Can I become a management consultant without an MBA?
A: Yes, you can become a management consultant without an MBA by gaining relevant experience, building strong problem-solving skills, and entering through analyst or expert tracks.

Q: Is management consulting a stressful job?
A: Yes, management consulting can be stressful due to long hours, tight deadlines, and frequent travel. However, firms are increasingly investing in wellness programs, flexible working options, and sabbaticals to help consultants manage work-life balance.

Q: Why do management consultants get paid so much?
A: Management consultants get paid well because they solve complex business problems, work long hours, and deliver high-impact results for clients, justifying their premium consulting salary.