Firms like McKinsey, Bain, and BCG are some of the top strategy/management consulting firms undergraduates and MBA graduates seek to join every year. But to get to partner and $1,000,000+ generally takes about 10 years after business school, and only a few make it that far.
Here's the salary progression for the best management consulting firms today.
Consulting Pay By Title
First-year out of undergrad:
- Base: ~$80k
- Signing Bonus: ~$5k
- Performance Bonus: up to ~$12k
First year out of MBA:
- Base: ~$150k
- Signing Bonus: ~$25k
- Performance Bonus: up to ~$44k
Manager/Project Leader (2-3 years out of MBA):
- Base: $190-210k
- Bonus: $80-120k
Associate Principal/Senior Project Leader (4-5 years out of MBA):Â
- Base: $230-300k
- Bonus: $110-200k
Junior Partner/Principal (6-8 years out of MBA):Â
- Base: $320-400k
- Bonus: $300-500k
Senior Partner/Director (10+ years out of MBA):Â
- Base: $400-600k
- Bonus: $500k+Â (all-in, senior partners at top firms usually make $1M+; top partners can make $4-5M while ultra-performers can make more)
Work In Consulting And Then Move To A Client
Management consulting is a well-paying industry as you can see from the data above. But if you don't make it to Partner or you feel you are not on the right track to making it to partner, I suggest finding an excellent client to join and go from there. Lifestyle will be better due to much less travel, and pay will be similar.
Related:
The Top 1% Income Earners By Age Group
How To Make Six Figures At Almost Any Age
About the Author: Sam began investing his own money ever since he opened an online brokerage account in 1995. Sam loved investing so much that he decided to make a career out of investing by spending the next 13 years after college working at two of the leading financial service firms in the world. During this time, Sam received his MBA from UC Berkeley with a focus on finance and real estate. He also became Series 7 and Series 63 registered. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $200,000 a year in passive income. He spends time playing tennis, hanging out with family, consulting for leading fintech companies and writing online to help others achieve financial freedom.
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