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Salary and Grades
Management
consultants have the potential to make $100,000 (£125,000) or more a year.
While entry-level consultants make much less, junior and senior partners make
far more. How does your salary compare?
Experience Level
|
US Salary
|
UK Salary
|
Entry Level
|
$40,000 - $80,000 |
£15,000 - £25,000 |
Entry Level (Bachelor's
Degree)
First Year
|
$55,000 - $80,000 + often times a signing bonus
of $5,000 - $10,000 |
£25,000 - £50,000 |
Entry Level (Bachelor's
Degree)
Second Year
|
$60,000 - $120,000 |
£25,000 - £50,000 |
Management Consultant
(Holding an MBA)
|
$80,000 - $170,000 |
£55,000 - £70,000 |
| Senior Consultant (Holding
an MBA + 2-5 years of experience) |
$280,000 |
£65,000 - £100,000 |
Second Year
Junior Partner (MBA or
Ph.D. + 5 or more years of experience) |
$450,000 |
£100,000+ |
| Senior Partner (MBA or
Ph.D. + 5-20 years of experience) |
$600,000 can be up to
$3,000,000 depending on the partner, the company, and bonuses. |
£125,000+ |
U.S. Salary Outlook for
Consultants
Obviously,
the more experienced a consultant is, and the more notoriety gained for
professionalism, the higher the potential for salary is going to be. Typically, an entry-level employee, starting
at the associate level will start in the U.S. with a salary of around $60,000 a
year. Additionally many companies offer bonuses for signing with them and
relocation reimbursement of between $5,000 and $10,000. While consultants make
less than do those in the financial sector, starting out with compensation at
about $75,000 is a good deal.
MBAs, like
many advanced degree holders, start out at a higher level of pay. By obtaining the graduate degree, consultants
enter the work force at a mid-level. The base salary for an MBA consultant is
around $125,000 a year. Once signing bonuses ($20,000), relocation bonuses
($10,000) and year-end bonuses (up to $30,000) figure in, first-year salary for
a recent MBA can be up to $200,000.
Granted,
not all firms pay this much and salaries will be higher in the top-tier
consulting firms, so before applying for a hefty student loan, consider where
you will work as a consultants.
U.K. Consultant Salaries
In the U.K.,
inexperienced consultants can expect to make between £25,000 and £35,000 a year
depending upon with which consultancy they sign. Many of the smaller firms will
offer a signing bonus, and bonuses related to good performance are common. In
addition to the bonuses, comprehensive benefits packages include health
insurance, car allowances, gym access, and childcare vouchers. Senior consultants, managing consultants, and
partners earn upwards of £80,000 - £125,000 a year.
Explanation of Consultant
Salaries
Consultants
command high salaries for many reasons. They work long hours, and consultants
travel frequently. While consultants do not produce tangible products, they
produce highly coveted products: ideas, advice, problem-solving strategies and
suggestions. Many companies seek out
consultants for these products; consultants help companies do things cheaper,
faster, and better. Highly experienced
consultants commission the highest salaries because they achieve results.
Consultants with many years of experience in highly specialized and preferred
business sectors will commission the highest salaries.
Given the
above information, there are two ways to guarantee an increase in income: Return to school to obtain an MBA or gain
experience in a growing business sector and hone required skills.
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