Undergraduate Consulting Salary: Pay, Bonuses, and Career Outlook

Key Insights:

• The average undergraduate consulting salary is $95,000 to $105,000 base, with total first-year compensation often exceeding $110,000 to $120,000.
• Consultants out of undergrad typically earn six-figure packages, combining entry level consulting salary with signing and performance bonuses.
• Top firms like McKinsey, BCG, Bain, and Alvarez & Marsal offer the highest analyst consulting salary packages, often $130,000+.
• Salary progression after undergrad increases 10 to 20 percent per promotion, with senior analysts and consultants earning $140,000 to $170,000+.
• Consulting offers strong bonuses, MBA sponsorship, and exit opportunities, making it a top career choice for undergraduates.

Starting a consulting career right out of college comes with one big question: what is the average undergraduate consulting salary, and how does it compare across firms? Entry level consulting salary packages now reach six figures at many top firms, combining base pay with signing bonuses and performance incentives. Whether you’re targeting McKinsey, BCG, Bain, or fast-growing boutiques, understanding analyst consulting salary trends will help you evaluate opportunities more clearly. In this article, we will explore compensation ranges, firm rankings, bonuses, and how salaries progress for undergraduates entering consulting.

What is the average undergraduate consulting salary?

The average undergraduate consulting salary in the United States is about $95,000 to $105,000 in base pay, with total first-year compensation often exceeding $110,000 to $120,000 after signing and performance bonuses. This makes the typical entry level consulting salary one of the most competitive options for recent graduates.

Base salaries usually fall in the mid to high $90,000s, with MBB firms offering slightly higher averages. Bonuses and benefits then push total compensation well into six figures.

Typical additions include:

• Signing bonus: $5,000 to $15,000
• Performance bonus: $10,000 to $25,000
• Relocation support and retirement or stock benefits

At McKinsey, BCG, and Bain, analyst consulting salary packages regularly exceed $110,000, while select boutiques or strategy practices can push closer to $130,000. Evaluating the mix of base pay, performance incentives, and long-term benefits is essential to compare offers effectively.

How much do consultants make out of undergrad?

Consultants hired directly out of undergrad typically earn between $90,000 and $110,000 in base salary, with total compensation reaching $100,000 to $125,000 once bonuses are included. This range varies by firm type, with strategy firms and top-tier consultancies offering higher entry-level packages than Big 4 or smaller boutiques.

For most new analysts, pay is structured as follows:

• Base salary: $90,000 to $110,000
• Signing bonus: $5,000 to $10,000
• Performance bonus: $10,000 to $20,000
• Relocation support when moving to a new city

At the upper end, McKinsey, BCG, and Bain start new hires around $110,000 in base pay, while boutiques and Big 4 firms tend to offer slightly lower salaries but still competitive six-figure packages after bonuses.

What is a consultant’s starting salary at top firms?

The typical consultant’s starting salary at top firms ranges from $100,000 to $115,000 in base pay, with total compensation often reaching $120,000 to $140,000 after bonuses. These figures put the entry level consulting salary at leading strategy firms well above most graduate career paths.

Pay at top consulting firms generally includes:

• Base salary: $100,000 to $115,000
• Signing bonus: $5,000 to $10,000
• Performance bonus: $15,000 to $25,000
• Relocation or housing support for new hires

McKinsey, BCG, and Bain typically cluster around the $110,000 base level, while firms like Oliver Wyman, OC&C, and Accenture Strategy also offer competitive packages in the same range. Differences between firms are usually small, as most adjust quickly to remain aligned with the market.

Which consulting firms pay the highest undergraduate salaries?

The highest undergraduate consulting salaries are found at firms where total first-year compensation can exceed $140,000, with a few reaching $160,000 or more. These packages combine competitive base pay with large signing and performance bonuses, making consulting one of the top-paying careers for new graduates.

Firms offering the most generous compensation typically include:

• Alvarez & Marsal: base around $129,000, total packages up to $180,000+
• Accenture Strategy: base near $105,000 with large bonuses and signing incentives
• OC&C Strategy Consultants: total compensation around $140,000+ for analysts
• McKinsey, BCG, Bain: base ~$110,000, total comp ~$130,000+
• Oliver Wyman and other top boutiques: competitive pay around $120,000+

While differences exist, most top-tier consulting firms stay closely aligned to retain top undergraduate talent. The mix of base salary, signing bonus, and long-term benefits usually determines which firms lead the compensation rankings in any given year.

What bonuses and benefits do entry-level consultants receive?

Entry-level consultants usually receive a mix of signing bonuses, performance incentives, and benefits that add $15,000 to $35,000 to their base pay. These extras make the total compensation for new hires far more competitive than the entry level consulting salary alone.

Typical bonuses and benefits include:

• Signing bonus: $5,000 to $15,000 depending on firm and location
• Performance bonus: $10,000 to $25,000 tied to individual or firm results
• Relocation support for those moving to a new office city
• Retirement contributions such as 401k matching or pension plans
• Health, dental, and vision insurance
• Lifestyle perks such as gym memberships, travel benefits, or wellness stipends

At some firms, stock purchase discounts and tuition sponsorships add further value. While amounts differ, these benefits demonstrate how consulting firms invest heavily in attracting and retaining undergraduate talent.

Do undergraduate consultants earn six figures in their first year?

Yes, most undergraduate consultants earn six figures in their first year when base pay is combined with signing and performance bonuses. The typical analyst consulting salary package ranges from $105,000 to $130,000, with some firms offering even higher compensation for top performers.

The six-figure range is usually achieved through:

• Base salary averaging $95,000 to $110,000
• Signing bonus of $5,000 to $15,000
• Performance bonus of $10,000 to $25,000

At firms like McKinsey, BCG, and Bain, first-year analysts regularly exceed $110,000 in total compensation, while specialized firms such as Alvarez & Marsal can push packages toward $150,000. For most undergraduates entering consulting, crossing the six-figure threshold is the norm, not the exception.

How does consulting salary progression work after undergrad?

Consulting salary progression after undergrad follows a structured promotion path, with base pay increasing by 10 to 20 percent at each level. Analysts typically move to senior analyst or consultant within two to three years, often reaching compensation packages of $130,000 to $160,000 before pursuing an MBA.

Salary progression usually looks like this:

• Analyst (Year 1 to 2): $95,000 to $110,000 base, total ~$120,000
• Senior Analyst / Associate (Year 2 to 3): $115,000 to $135,000 base, total ~$140,000 to $160,000
• Consultant / Pre-MBA role (Year 3 to 4): $130,000 to $150,000 base, total ~$170,000+

Some firms also offer MBA sponsorships, meaning you may progress faster after returning with a graduate degree. Bonuses also grow with seniority, and high performers can earn above-average raises even before promotion.

Is consulting a good career choice for undergraduates?

Consulting is a strong career choice for undergraduates because it combines competitive pay, accelerated learning, and diverse exit opportunities. While the hours can be demanding, the experience you gain early in your career often leads to faster advancement in business, graduate school, or industry roles.

Key reasons undergraduates choose consulting include:

• High first-year compensation compared to other graduate career paths
• Exposure to multiple industries and business challenges
• Professional development and structured mentorship programs
• Sponsorship opportunities for MBA or advanced degrees
• Exit options into private equity, technology, or corporate strategy

That said, consulting also comes with challenges. Work-life balance can be difficult, and projects may involve long hours or frequent travel. For undergraduates who value growth, pay, and opportunities, however, consulting remains one of the most rewarding entry-level career paths.

Frequently Asked Questions

Q: What is the minimum salary of a consultant?
A: The minimum salary of a consultant out of undergrad is typically around $70,000 to $80,000 at smaller firms or regional practices, which is lower than the average undergraduate consulting salary at top strategy firms.

Q: Is consulting still prestigious?
A: Consulting is still considered prestigious, as top firms like McKinsey, BCG, and Bain attract elite graduates and offer high entry level consulting salary packages, career progression, and strong exit opportunities.

Q: What type of consultants are most in demand?
A: The types of consultants most in demand today include strategy, technology, and digital transformation roles, all of which influence the consulting compensation package and first year consulting salary out of undergrad.

Q: Does McKinsey hire undergrads?
A: Yes, McKinsey hires undergrads into business analyst roles, where the starting consulting base salary vs bonus often places total compensation consulting packages above $110,000 in the first year.

Q: How much do Tier 2 consultants make?
A: Tier 2 consultants, such as those at Deloitte, PwC, or Accenture, typically earn a graduate consulting salary of $80,000 to $95,000 base, with signing bonus consulting and performance bonus consulting pushing total pay over six figures.