- Initial consultants’ salaries have remained flat since 2023, a new report revealed.
- Consulted management revealed that wages were largely stagnant in boutique, MAFB and Big Four firms.
- The industry has recently been affected by the slowdown of demand and the increased productivity supported by it.
Initial salaries for consultants in both the main firms and the boutique consultants remained unchanged for the second year in a row, according to a new report by Management Consulted, a company that offers online resources and career training for professionals trying to find work in consulting.
The report revealed that the initial payment has remained stagnant since 2023, as the consulting industry is facing a slowdown in the demand for services, despite some recent signs of improvement. Previously, annual growths of 5 to 10% were standards for industry, according to management consulted.
The company’s 2025 Consulting Report included over 100 firms and was based on bids and bid letters shared by readers and its customers working in consulting. Management consulted said it does not include information on salaries that is unable to verify.
The report revealed that the beginning of total compensation in the four major professional services companies – Deloitte, PWC, KPMG and EY – has not increased since 2023. This was true for new employees coming out of university programs as well as for the most paid ones that come out. to MBD or PhD.
The same was largely true for new employment in MBB – McKinsey & Company, Bain & Company and Boston Consulting Group firms – which are widely regarded as the most prestigious strategy counseling firms and are known for their competitive salary packages .
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The report said the Management Consulted expected wages to remain flat despite some increases in consulting services in 2024, which came after several years of decline without large firms to take off or delay starting dates for employment and employment cloud.
The plain is evident given that counseling compensation increased by 2022 and 2023, according to the video of the 2023 wage trends of the Management Consulted. The last big growth before this was in 2019.
In 2023, employees after the MBA won a base salary of $ 192,000, a performance bonus up to $ 60,000 and a $ 35,000 signature bonus at the highest level. MBA employees have earned a base salary of $ 112,000, a performance bonus up to $ 30,000 and a $ 5,000 signature bonus.
However, salaries and performance rewards increased throughout the industry in 2023, with some firms that increase benefits such as profit sharing, paid vacations and retirement contributions. Boston Consulting Group even reviewed his compensation structure in an attempt to attract new talent and keep existing talent.
One reason why salaries remained the same in 2024, according to the report, are the productivity advances driven by generating and distance work. The report also said fewer consultants were leaving the industry due to the limited opportunities elsewhere, which means that stagnant wages can be another possible side effect of the so -called white collar recession.
“Training it is enabling consulting firms to achieve more employment. Productivity profits, combined with slower decline, reduce the need for new employment and hinder salary growth,” said Nama Mian, Operational Chief I Management consulted, in comments shared with Business. Insider.
Mian also said that the perception of the employment value of the MBAs, which usually receive a higher initial salary than the graduation consultants varies greatly.
“Firms historically pay MBA twice as much, but do not get double the value from them. This does not work in an efficiency -oriented environment,” Mian said. “That is why we are seeing less employment from MBA programs and more from university ones.”
Some firms also used changes in their variable compensation – in which payment is partially determined by performance through bonuses – to make their salary packages look more attractive, the report said, adding that only 5 to 10% of consultants usually earn their maximum amount. bonus.
Management consulted said it expects an increase in employment as the demand for consulting services and decline is expected to increase in the coming years. However, he said salaries for young employees may remain stagnant.
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