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Salary and Grades

Management consultants have the potential to make $200,000 (£133,000) or more a year. While entry-level consultants make much less, junior and senior partners make far more. How does your package compare?

Top-Consultant.com's Salary Benchmarking Report 2011/12

Experience Level
US Salary: Total Package (Basic+ Benefits + Bonus)  UK Salary: Total Package (Basic+ Benefits + Bonus)

Junior Consultant

$72,547  £42,507

Senior Consultant

$110,011  £65,412

Manager

$136,593  £81,895

Principal

$189,502  £115,245

Partner

$280,150  £167,950


Source: Data taken from Top-Consutlant.com's Salary Benchmark Report. For a more detailed breakdown of remuneration data visit http://www.top-consultant.com/Top-Consultant_Salary_Report.pdf

 

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 package of around $60,000 a year. Additionally many companies offer bonuses for signing with them and relocation reimbursement of between $5,000 and $15,000. While consultants make less than do those in the financial sector, starting out with compensation at about $72,000 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 $89,000 a year. Factoring in bonuses and benefits, an MBS who joins as a Senior Consultant (sometimes referred to as Associates) can earn around $110,000.

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., junior consultants can expect to make around £42,500 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 £65,000 - £170,000 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.

Data from Top-Consultant.com Salary Benchmarking Report 2011/12 Top Consultant.com
 



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