Mentorship matters at McKinsey—the relationships you build can help you develop.
YEAH … BUT HOW MUCH OF THIS IS NEGOTIABLE?
In many cases, consulting firms lavish these benefits – and many more – on MBA hires. At DGCpartners, MBAs start at up to $180,000 in base, while Altman Solon and Mars & Co open at $170,000, That said, Alvarez & Marsal, MBAs can earn as high as $262,000 in base and performance bonus to start. At OC&C Strategy Consultants, performance bonus reaches up to $60,000 (and up to $57,750 at Huron’s Innosight). It can go even higher at AlixPartners, which doesn’t cap bonus. When MBAs start at the Analysis Group, they can claim a $45,000 signing bonus. That number is $35,000 at Accenture Strategy, which is complimented by a $17,500 early-sign bonus. Similarly, Oliver Wyman pairs a $30,000 signing bonus with a $15,000 early sign-on.
Beyond base and bonus, Accenture Strategy and Altman Salon both reimburse MBA tuition for up to $80,000. Booz Allen Hamilton covers MBA relocation up to $25,000, while Kearney provides $16,000 for the same. Booz also provides a fixed allowance of up to $40,000 of base, with L.E.K. Consulting including profit sharing for up to $42,000. And how is this for an unexpected benefit? The Chartis Group pays for internet and cell phone for up to $170 a month along with including an annual $1,000 wellness stipend. On top of that, the firm reimburses MBAs for home equipment too. And The Chartis Group’s base pay starts at $167,000 too!
Question is, how negotiable is pay and benefits when it comes to pay packages? In an interview with P&Q, Namaan Mian, Management Consulted’s Chief Operating Officer, says consulting offers remain largely “take it or leave it.” This is true at both the undergraduate and MBA entry levels despite the differing benefits available through firms.
“Base salary, bonus structure, and benefits are standardized and not negotiable for students. The limited flexibility that does exist typically centers on office placement and start date. In the current market, many firms are offering “early start” bonuses to candidates who agree to begin work sooner than originally planned. This flexibility is not a reflection of broader negotiability, but rather a direct response to accelerated project demand and tighter staffing timelines. Firms are willing to pay for speed – not to renegotiate compensation fundamentals.”
A LOOK AT CAREER EARNINGS
As a whole, MBAs can potentially earn the most starting out at OC&C Strategy Consultants. Here, MBAs can make up to $295,000 between base and bonuses. Kearney ranks 2nd, with the potential for MBAs to earn up to $288,800. The top three is rounded out by Alvarez & Marsal, where the highest-performing MBA hires can collect $287,500 in their first year. Among the MBB, Bain & Company MBA hires can make up to $285,000, while the Big 4 is led by PwC Strategy at $280,000 in potential first year earnings.
At the undergraduate and master’s level, Alvarez & Marsal represents the best shot for the highest pay day among new hires. At the high end, new hires can earn $168,000, though its $5,000 signing bonus is lower than six of its competitors among the top 10 in this space. Accenture Strategy ($147,500), IGS ($147,500), and OC&C ($147,000) lag further behind Alvarez & Marsal in potential pay to undergraduate hires, particularly in performance bonus. However, as Management Consulted warns in its Consulting Salaries Report, “increase in “total compensation” often benefits only a small minority of top performers.” In the end, base and signing bonus are the only cash items that are truly guaranteed.
That’s particularly important when candidates look at career-long earnings in consulting. Just starting out, according to Management Consulted, MBAs earn $190,000 in base compared to $100,000 for undergraduate hires. That doesn’t count the difference between high-end performance bonus attainment ($60,000 vs. $30,000) or signing bonus ($35,000 vs. $5,000). In other words, in the first year alone, an MBA enables hires to earn roughly $120,000 than their undergraduate hires before performance bonus is even factored into the equation. And the gap only widens from there. Factoring in a 10% average pay increase, MBAs would earn $229,980 in base after three years compared to $121,000 for undergraduate hires at the same firm. No wonder so many consultants return to business school to earn their MBAs!
From this point, Management Consulted supplies MBA pay data at each step of a consulting career up to becoming a senior partner after 10 or more years in a firm. That includes manager or project leader within 2-3 years of graduation ($220,000-$240,000 in base and $100,000-$140,000 in bonus) and associate principal after 4-5 years ($275,000-$350,000 in base and $150,000-$250,000). When MBAs settle in at senior partner, paychecks can range from $500,000-$700,00 in base and over $500,000 in performance bonus for top performers.
Of course, this doesn’t factor in consulting’s unspoken “up-or-out” philosophy, which weeds out everyone but the very best performers over time. At the same time, these numbers don’t reflect the exit ramps available to consultants to earn more money or find a higher quality of life outside the field.
Bain consultants heading to an engagement. Photographer: Roger Kenny.
STRUCTURAL DECLINE VS. STRUCTURAL EFFICIENCY
What do MBA students and undergraduates need to do to increase their likelihood to “stick” early on in their consulting firms? For Namaan Mian, the best strategies are learning how to think like consultants – and take advantage of all the opportunities to gain experience during business school.
“Prospective consultants should focus on developing a structured, hypothesis-driven problem-solving approach, strong executive communication skills, and practical data and AI fluency. These skills are most effectively built outside the classroom through case competitions, consulting clubs, internships, and hands-on project work where students are required to turn analysis into clear, actionable recommendations.”
While consulting pay may be stagnant, The Consulting Salaries Report 2026 strikes a more optimistic stance on the future of management consulting. Rather than ushering in an era of “structural decline,” the report believes industry pay is more reflective of “structural efficiency.” For one, management consulting has experienced historic low attrition. With fewer consultants leaving, according to the report, “firms feel little pressure to increase entry-level pay to attract incremental talent.” With the growth of AI, larger teams are no longer required to support clients.
“Firms continue to do more with less,” the report reads. “Productivity gains – increasingly powered by AI, automation, and standardized delivery models – allow firms to generate higher output per consultant. Project teams are leaner, timelines are shorter, and fewer junior consultants are required to deliver the same client impact.”
AMERICAN PAY FARING THE BEST
While firms have taken a hard line on base pay, many have raised their performance bonus caps according to the report. As a result, greater money is being funneled to the firm’s highest performers. While demand remains above pre-pandemic levels, the report continues, aspiring consultants shouldn’t count on the 10% year-over-year pay increases of 2021-2022, the report notes.
“The structural forces that have enabled firms to hold the line on compensation remain firmly in place: sustained productivity gains driven by AI, a still ample supply of qualified candidates, and disciplined headcount management following the excesses of the post-pandemic hiring boom. As a result, our base case for 2027 is muted salary growth at best, with most firms opting to preserve margin and flexibility rather than re-ignite broad-based increases in entry-level pay. Any upside is likely to be highly targeted – concentrated in scarce skill sets or niche practices – rather than reflective of a broader industry-wide shift.”
This dynamic has shifted firms’ hiring practices too. In recent years, Management Consulted has witnessed smaller MBA intakes, with the void filled by larger undergraduate and master’s cohorts. For MBAs (and business majors) to increase their value in the eyes of consulting firms, the reports suggests building three qualities: AI and data fluency, industry specialization, and transformation execution experience. While consulting pay may be stalled as a whole, some regions are faring better than others.
Namaan Mian
“U.S. consulting compensation continues to significantly outpace global peers,” the report observes. “While some international markets experienced salary growth in prior years, that momentum stalled again in 2026 as Europe and parts of the Middle East faced slower growth.”
WHAT STUDENTS SHOULD LOOK FOR IN A CONSULTING FIRM
That begs a question: Are there any niche markets or employers where new hires enjoy a higher chance of bigger paychecks or responsibility early on? While generalist roles at large firms offer one path, says Namaan Mian, there are others that can yield a faster return too.
“Students should [also] consider specialized boutiques or practices focused on areas like AI, healthcare, restructuring, analytics, or implementation plus strategy,” Mian tells P&Q. “For strong performers, these often offer faster promotion timelines and higher total compensation potential earlier in their careers. Firms to consider include AlixPartners, OC&C, Analysis Group, Advancy, Altman Solon, Roland Berger, and FTI Consulting.”
While firms may be evaluating prospective hires closely, students should do the same. When it comes to evaluating consulting firms for career growth, Mian urges that students look at these key factors.
“Students should prioritize promotion velocity, skill development, and long-term exit opportunities, rather than focusing solely on starting salary. These factors determine how quickly consultants gain responsibility, how valuable their skill set becomes over time, and how well positioned they are for future career moves.”
To access pay and benefit data for over 130 management consulting firms, click here.
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