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Navigating the Leap from Academia to Elite Consulting: A Guide for PhDs

Last Updated on February 28, 2024

From Classroom to Boardroom

Imagine standing at the crossroads of a significant career transition: you’re a PhD or a PhD student, deeply entrenched in academia’s world of research and theories. Now, picture yourself stepping into the high-paced, dynamic realm of top-tier consulting firms like McKinsey , BCG , and Bain . This isn’t just a fantasy. For many PhDs, it’s a transformative reality.

But what does this shift entail, and how can you navigate it successfully?

Is It a Good Career Move?

Transitioning to a consulting role at a prestigious firm indeed marks a significant lifestyle shift for PhDs.

While the fast-paced, problem-solving nature of consulting can be challenging for those used to deep, methodical research, it also brings several benefits. PhDs are trained to delve into complex problems, making them adept at handling the intricate issues often encountered in consulting. Their ability to assimilate vast amounts of information quickly is a valuable asset in a field where understanding a client’s needs and industry specifics in a short time is crucial.

Moreover, PhDs often possess excellent communication skills, honed through presenting complex ideas in an understandable manner . This skill is invaluable in consulting, where explaining and convincing clients of certain strategies is a daily task. Also, their rigorous academic training ensures a high level of discipline and dedication, traits that are beneficial in managing the demanding workload and tight deadlines in consulting.

However, there are drawbacks as well. The transition from academia to consulting can be jarring due to the differences in work culture. The collaborative, team-based approach in consulting may contrast with the more solitary nature of academic research. PhDs might find the client-oriented focus of consulting to be a stark departure from the freedom and independence they enjoyed in research. Furthermore, the emphasis on quick results in consulting can be at odds with the in-depth, thorough approach PhDs are used to in academia.

The shift in work-life balance is another potential downside. Consulting often involves long hours and extensive travel, which can be a significant adjustment for those used to the more flexible schedule of academic research. This can lead to stress and burnout if not managed properly.

In conclusion, while the transition to consulting offers PhDs the opportunity to apply their skills in a new and dynamic environment, it requires adaptation to a different pace, work style, and potentially demanding lifestyle. The key to a successful transition lies in leveraging their unique skills while being open to the new experiences and challenges that consulting offers.

Salary comparison

The salary trajectory in academia and top-tier consulting firms presents a stark contrast, reflective of the differing priorities and structures of these sectors. In academia, salaries typically start lower and grow gradually over time, tied closely to academic ranks such as assistant professor, associate professor, and full professor. This progression, often governed by rigid pay scales and dependent on tenure, can span many years, with significant salary increases usually linked to promotions or tenure achievement.

In contrast, top-tier consulting firms generally offer substantially higher starting salaries, reflecting the high demand for and profitability of consulting services. Salary growth in these firms can be rapid, with the potential for significant increases as one moves from junior to senior roles. This is often accompanied by performance-based bonuses and other incentives, which can further widen the income gap compared to academia. However, it’s important to note that these higher salaries in consulting often come with expectations of longer work hours and more intensive workloads, as opposed to the more flexible and research-focused lifestyle in academia.

The Art of the Possible: Breaking into Top Consulting Firms

Is it possible for someone with a deep academic background to break into a top consulting firm?

Indeed, someone with a deep academic background has a strong potential to break into a top consulting firm. Major consulting firms such as McKinsey, BCG, and Bain value the deep analytical skills, specialized knowledge, and rigorous critical thinking abilities that PhDs possess. According to a BCG report, the influx of PhDs into these firms is not just a trend but a strategic hiring practice, as nearly 10% of their new hires in recent years have been PhDs. These firms recognize that individuals with advanced academic training can bring fresh perspectives and a diverse range of problem-solving skills to the table, which are invaluable in addressing complex client challenges.

To facilitate this transition, these firms often offer ‘bridge’ programs, which are essentially tailored training programs designed to help PhDs adapt their academic expertise to the practical, fast-paced world of consulting. These programs typically focus on developing business acumen, understanding client relations, and honing the art of delivering actionable insights in a business context. Furthermore, such programs often include mentorship opportunities, where new hires are paired with experienced consultants. This mentorship is crucial in helping PhDs navigate the cultural shift from academia to a corporate environment.

Additionally, consulting firms often provide a supportive environment for continuous learning and professional development, which can be very appealing to those coming from an academic background. This is not only through on-the-job learning but also through formal training sessions and workshops aimed at enhancing various skills, including project management, leadership, and communication.

It’s important to note that while PhDs are highly valued for their specialized knowledge, breaking into top consulting firms also requires them to demonstrate adaptability, the ability to work in teams, and strong interpersonal skills. The ability to translate complex concepts into actionable business strategies is also key. Therefore, while the transition from academia to consulting is indeed feasible and increasingly common, it requires PhDs to leverage their academic strengths while also acquiring new skills relevant to the consulting world.

Case Study: From PhD to McKinsey

In this article , McKinsey highlights how Yvonne, working as an associate in Shanghai, discovered that her academic background as a PhD researcher in medical devices was highly applicable to consulting. In this field, she realized she could have a more significant impact by addressing a wider range of topics.

Yvonne transitioned from a PhD in medical device research to consulting, shifting her focus from specialized research on cochlear implants to the broader healthcare industry. She realized that successful healthcare innovations required not just research, but also clinical trials, regulatory approvals, and effective marketing strategies. Curious about a career that encompassed all aspects of healthcare, Yvonne explored consulting and was drawn to McKinsey after attending webinars and speaking with alumni. At McKinsey, her first project involved developing a five-year strategy for a medical device company in China, where she applied her PhD skills to analyze and categorize a wide range of products.

Yvonne became an expert in product analysis within her team, mirroring the intellectual rigor and problem-solving skills she honed during her PhD. Her projects at McKinsey have varied, including enhancing hospital services, supporting MedTech production localization, and analyzing the impact of COVID-19 on the healthcare sector.

She reflects on her consulting journey as an extension of her PhD work, applying her academic skills to a wider range of healthcare issues. Yvonne’s experience highlights the value of PhD skills in consulting, particularly in problem-solving and targeted learning. Her story illustrates how consulting can offer a fulfilling career path for those seeking to impact the healthcare industry beyond the confines of the lab. Yvonne’s transition to consulting at McKinsey demonstrates a successful blend of academic expertise and industry application, leading to meaningful contributions in healthcare.

There are many such stories prevalent in all top consulting firms. If you are interested in learning more, you could do your research on LinkedIn to identify similar individuals who made the move. More on networking below.

Similarities and Differences: Academia vs. Consulting

The similarities and differences between academia and consulting are indeed nuanced and significant. Both realms highly value analytical and problem-solving skills, as well as the ability to delve into complex subjects. However, the contexts in which these skills are applied and the expected outcomes vary considerably.

In academia, the focus is often on contributing to the body of knowledge in a specific field through detailed research. This work is characterized by its depth, theoretical underpinnings, and long-term focus. Academics may spend years exploring a single topic, with the primary output being publications in scholarly journals. The pace is generally more measured, allowing for a thorough exploration of subjects. Additionally, academia offers a certain degree of autonomy and intellectual freedom, enabling scholars to choose their research topics and delve deeply into areas of personal interest.

In contrast, consulting is driven by the immediate needs of clients. Consultants must apply their analytical skills to provide practical, actionable solutions to business problems, often within tight deadlines. The pace of consulting is much faster, and the work is inherently more collaborative and client-focused. Consultants are expected to quickly understand a client’s industry, business model, and specific challenges, and then work as part of a team to develop strategic recommendations. This often requires synthesizing large amounts of information and distilling it into insights that are both insightful and immediately applicable.

The typical project span in top-tier strategy consulting is just 8 to 12 weeks, in which, your team is often tasked to completely overhaul the strategy of a Fortune 500 company with 20,000 employees and 5 business divisions, operating across 100+ countries.

Moreover, the nature of feedback and rewards in these two worlds differs. In academia, success is often measured by peer recognition, publications, and grants. In consulting, success is more directly tied to client satisfaction, the impact of solutions provided, and business outcomes. This difference in reward systems signifies a shift from an emphasis on theoretical and methodological rigor to a focus on practical results and client relations.

Adjusting to these differences in pace, focus, and evaluation metrics can be a significant challenge for PhDs transitioning to consulting. The change from an environment where one is an expert in a narrow field to one where adaptability and breadth of knowledge are required can be substantial. It necessitates not only a shift in mindset but also the development of new skills, such as client management, business acumen, and the ability to work effectively in diverse teams. However, those who can adapt successfully may find that consulting offers a dynamic and rewarding career path that leverages their analytical strengths while providing new challenges and learning opportunities.

Making the Move and Preparing for the Applications

Transitioning from academia to top-tier consulting requires strategic preparation, focusing on demonstrating transferable skills, building a network in the consulting industry, and mastering the unique aspects of the consulting interview process.

Networking: Networking plays a crucial role in the transition to consulting. Start by connecting with alumni from your institution who now work in consulting. Attend industry events, webinars, and workshops to meet professionals in the field. LinkedIn can be a valuable tool for building these connections. Engaging with consultants and industry professionals can provide insights into the consulting lifestyle and culture, as well as advice on navigating the recruitment process. You might even score a referral . Informational interviews can be particularly beneficial; they not only expand your network but also give you an insider’s view of what consulting firms look for in candidates.

Resume Preparation: When preparing a resume for a consulting role , it’s essential to translate academic experiences into terms that resonate with consulting firms. Highlight transferable skills such as data analysis, project management, problem-solving, and the ability to synthesize complex information. Emphasize any leadership or management experience, even if it was in an academic setting, such as leading a research team or managing a lab. Tailor your resume to show how your academic achievements can translate into consulting success, focusing on results and impact rather than just listing responsibilities.

Case Interview Preparation: The case interview is a unique and critical component of the consulting interview process. It assesses your ability to solve business problems on the spot. Preparation should involve practicing numerous case studies, ideally with someone who has experience in consulting. There are many resources available, including books, online tutorials, and practice case studies from top consulting firms. Joining or forming a case interview study group can also be beneficial. The key is to get comfortable with a structured approach to problem-solving, breaking down complex problems into manageable parts, and articulating your thought process clearly.

Fit Interview Preparation: Alongside case interviews, fit interviews are an essential part of the recruitment process, assessing whether you are a good match for the firm’s culture and values. Prepare for this by understanding the firm’s ethos, values, and the type of candidates they typically hire. Reflect on your experiences and how they align with these values, preparing to discuss your background, motivations, and why you are interested in transitioning to consulting. Be ready to articulate your story coherently, focusing on how your journey in academia has prepared you for a career in consulting. Practice answering common behavioral questions and remember to incorporate the SCORE technique to structure your responses effectively.

Transitioning from academia to consulting is not just about showcasing your technical and analytical abilities, but also about demonstrating your adaptability, teamwork, and communication skills. It’s a journey that requires preparation, self-awareness, and a willingness to learn and grow beyond the academic realm.

The StrategyCase.com Edge

At StrategyCase.com, we understand this transition intimately. Our coaching products and personal services have helped numerous PhDs bridge the gap between academia and top-tier consulting. We provide tailored guidance, from resume crafting to interview preparation, ensuring that your unique academic expertise is translated into the language of consulting.

Contact us for a free consultation if you want to learn more about our products and services.

Conclusion: A Question for Reflection

As you ponder this potential career pivot, ask yourself: How can your academic expertise not just fit into the consulting world but actively enrich it? In answering this, you may find not only a new career path but a renewed sense of purpose.

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Florian spent 5 years with McKinsey as a senior consultant. He is an experienced consulting interviewer and problem-solving coach, having interviewed 100s of candidates in real and mock interviews. He started StrategyCase.com to make top-tier consulting firms more accessible for top talent, using tailored and up-to-date know-how about their recruiting. He ranks as the most successful consulting case and fit interview coach, generating more than 500 offers with MBB, tier-2 firms, Big 4 consulting divisions, in-house consultancies, and boutique firms through direct coaching of his clients over the last 3.5 years. His books “The 1%: Conquer Your Consulting Case Interview” and “Consulting Career Secrets” are available via Amazon.

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The guide to pay at Bain, McKinsey, BCG and the Big Four

There are three big consulting firms. Mostly.

They are “the” MBB – McKinsey, Bain, and BCG (Boston Consulting Group). But they have, in recent years, had stiff competition – from the Big Four : Deloitte, PwC, EY, and KPMG. Although these are traditionally accounting firms, they’ve ventured into management consulting, which now makes up the largest share of revenue across all firms.

Traditionally, MBB paid the best of the bunch. And based on data from executive coaching firm Management Consulted, that still seems to be the case – and the gap seems to be pretty far from closing any time soon.

In 2023, US figures suggest that an undergraduate student at an MBB firm is paid around $140k, compared to around $100k for a Big Four consultant. That’s actually a more significant difference than the difference in 2020, when an MBB consultant earned $107k - $117k and a Big Four consultant earned $80k - $102k.

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Most of the difference seems to be in a lack of performance bonuses for Big Four consultants. Whilst salaries are relatively similar - $80k to $95k at Big Four compared to $110k or so at an MBB firm – the latter can expect performance bonuses of up to $30k, per Management Consulted. Signing bonuses are also relatively uniform across the two, although Deloitte and KPMG are more generous than their competitors. They are also on the top end for salary brackets, too.

Compensation for MBA & PhD graduates have less of a disparity. Although MBB still leads, it’s by less of a margin, proportionally. Although Management Consulted didn’t have figures for Deloitte, the rest of the Big Four offered compensation packages between $210k and $245k, compared to MBB’s $267k to $285k. Given that Deloitte pays its undergrad consultants best of all, their MBA/PhD graduates likely earn even closer to the MBB bracket.

Much of that difference reduction might be because these graduates earn some sort of performance bonus – although they’re not as high as their MBB counterparts. Big Four MBA/PhD graduate consultants earned between $17k and $40k in performance bonuses compared to between $45k and $63k for MBB. Salaries were also lower too.

Both are significantly lower than what most financial services firms offer. Harvard’s MBA program posted graduate earning figures recently, showing that its graduates entering hedge funds and private equity earned $396k and $345k on average respectively, whilst investment bankers were earning $329k. Ouch.

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Really don't understand why the US seems to be paying so much more than Europe (sorry rest of the world, I don't know about your comps). Our clients are the same, it's the same work, long hours, high cost of living in many cities like London etc. (and it's not because 'we get more holidays' -- I've worked in the US and our hols were very comparable).

In London, UK, consulting pays tops £40k for recent bachelor graduates

The numbers for PhDs look a bit inflated, even after the inflation adjustment. 175k base corresponds to 150k GBP - never heard such a base starting salary in LDN, except for Jane Street and the likes... PWC and KPMG pay 60k GBP starting for quant PhDs...

Weird that L.E.K. is missing when they pay the most post MBA

why are undergraduates paid so low compared to MBAs. It is not that they deliver significantly better. Is it just they can sell them easily to clients?

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MBA and PhD grads can make more than $200,000 at these 15 consulting firms

• In a tight labor market , salaries for MBA grads are at a record high as firms compete for talent.
• Meanwhile, consulting firms are taking on new projects in record numbers as demand increases.
• Management Consulted's 2022 data collects firms offering $200,000 or more to MBA and PhD graduates.

It's a great time to be a consultant — if you can handle the workload.

While starting base salaries largely stayed flat in 2021, they rose by close to 10% across firms and levels for 2022, according to new data from Management Consulted . Much of that growth, the firm reports, is due to increasing demand for consultants and fewer employees to take on projects. 

"Firms are seeing an explosion of demand for consulting services," Namaan Mian, chief operating officer of Management Consulted, told Insider. Instead of having a break between projects, Mian said consultants are moving from one project to the next as consulting services take on more projects than ever.

According to a recent Wall Street Journal analysis of federal student loan data for around 600 programs, MBA graduates at about 98% of universities made more money two years out of school than they had borrowed. And now, in a tight labor market , salaries for MBA grads are at record highs as consulting firms, along with banks and tech companies, are competing for talent. 

Management Consulted collected its 2022 data from a combination of representatives working at consulting firms, along with clients of its interview prep services who received written offers.

Following a three-year trend, consulting firms are continuing to hire specialists, experienced hires, and candidates from non-target schools at an increased rate. Mian added that some firms are also hiring off-cycle as the demand for talent grows.

Below are the 15 firms offering $200,000 or higher in total potential compensation for MBA and PhD grads, per Management Consulted's data.

15. L.E.K. Consulting

Potential total compensation: up to $200,000 (PhD: up to $150,000)

Signing bonus: $25,000 + additional $30,000 for returning interns (PhD: $15,000)

PTO vacation: 15 days

L.E.K. Consulting is a global management consulting firm that focuses on mergers and acquisitions, corporate strategy, and operations. L.E.K.'s consultants work in all major industries, including defense, aviation, life sciences, healthcare, energy, entertainment, transport, retail, consumer products, and financial services.

L.E.K. is also known for its large private equity practice. The firm has over 1,300 individuals across 19 offices globally, and has been ranked one of the most desirable management consulting employers for MBA students.

14. Galt & Company (AlixPartners)

Potential total compensation: up to $200,000

PTO vacation:  20 days

Galt & Company was acquired by AlixPartners, and will form AlixPartner's new Corporate Strategy & Transformation division.

The firm works on corporate and business unit strategies, resource allocation, performance management, and building ongoing management capabilities so a company can be self-sustaining.

13. PricewaterhouseCoopers (PwC)

Potential total compensation: up to $205,000

Signing bonus: $30,000 paid at start of work (UK: £5,000)

PricewaterhouseCoopers (PwC) is ranked as the second largest professional services firm in the world, and is part of the Big Four accounting firms. Headquartered in London, UK, PwC has firms in 158 countries and over 250,000 employees. PwC provides services to 420 of the Fortune 500 companies.

PwC's US talent acquisition leader, Rod Adams, told Insider that consulting positions are more tech-focused now , so candidates should mention digital skills in their resume and cover letter.

12. Deloitte S&O

Potential total compensation: $206,250

Signing bonus: $30,000 ($20,000 contingent on signing early) (Canada: C$15,000)

Relocation: up to $10,000

Deloitte is one of the "Big Four" accounting firms, and has the largest global professional services network in the world.

Deloitte S&O is one of three main service areas at Deloitte along with the human capital division and the technology division.

For returning interns, Deloitte S&O offers full second-year tuition.

11. Kearney

Potential total compensation: up to $210,000

Signing bonus: $25,000 (plus $10,000 for summer interns) (Canada: C$20,000, Dubai: AED90,000)

Relocation: up to $10,000 (Canada: C$5,000, Germany: up to €5,000)

PTO vacation: 18 days

The global strategic management consulting firm works with clients in top government and nonprofit organizations, as well as 75% of Fortune Global 500 companies. The firm has three strategic principles for transforming business: momentum, immersion, and impact.

With offices in over 40 countries, consultants at Kearney want to make a social impact through economic development, energy and sustainability, and education and the workforce.

10. Booz Allen Hamilton

Potential total compensation: up to $214,500

Relocation: up to $25,000 (Middle East)

Booz Allen Hamilton is a management and information technology consulting firm primarily focused on providing consulting, analysis, and engineering services to public and private sector organizations and nonprofits. There are 80 offices around the globe.

BAH advises many departments and agencies within the US federal government in IT strategy and integration.

9. Bain & Company

Potential total compensation: up to $216,250

Signing bonus: $30,000 (UK, £15,000, Switzerland: CHF 35,000)

Relocation: $8,000 for under 400 miles; $16,000 for over 400 miles

PTO vacation:  25 days

Founded and headquartered in Boston, MA, Bain & Company is one of the "Big Three" management consultancies. Consultants work with public, private, and nonprofit organizations.

Bain has been voted number one on Glassdoor's Best Places to Work ranking four times, and is known for its corporate culture . 

8. Altman Solon

Potential total compensation: up to $218,750

Signing bonus: $30,000

PTO vacation: 25 days

Altman Solon was started in 2020, and is the world's largest strategy consulting firm that focuses exclusively on the TMT (Technology, Media, Telecom) sectors.

7. Boston Consulting Group (BCG)

Signing bonus: up to $30,000 (Canada: C$26,000, UK: up to £15,000, Australia: up to A$40,000, Spain: €20,000)

Relocation: $2,000-8,000 (Australia: up to A$7,500)

PTO vacation:  15 days

Boston Consulting Group also belongs in the "Big Three" management consultancies, and is widely known for the "BCG Matrix," a framework that helps companies decide how to prioritize their business by its profitability.

Consultants at BCG are knowledgeable in many areas, such as business portfolio management, sustainability, mergers and acquisitions, private equity, and more.

6. McKinsey & Company

Potential total compensation: up to $220,000

Signing bonus: $30,000 (Canada: C$30,000, Hong Kong: up to $16,800)

Relocation: up to $10,100

One of the "Big Three" consulting firms, McKinsey & Company provides services in strategy, overall organization, policy, profit and costs, research and development, and management information.

Returning interns get a 50% reimbursement of their second year tuition.

5. OC&C Strategy Consultants

Potential total compensation: up to $222,750

Signing bonus: $25,000

Relocation: up to $7,500

OC&C Strategy Consultants is a European management consulting firm offering services in corporate strategy, mergers and acquisitions, and performance improvement. Although most of its operations are in Europe, the Middle East, and North Africa, it has offices in New York and Boston.

Consultants cater to industries such as finance, retail, consumer, media, fast-moving consumer goods (FMCG), construction, engineering, and heavy industries.

The firm focuses largely on strategic analysis and developing custom solutions.

4. EY-Parthenon

Potential total compensation: ​​ up to $224,500

Signing bonus: $35,000  

PTO vacation:  Unlimited

Ernst & Young (EY), one of the original "Big Four" accounting firms, merged with Parthenon, a smaller strategy consulting company founded by two former Bain consultants. 

EY-Parthenon offers services to organizational leaders in many sectors, including advanced manufacturing & mobility, financial services, education, healthcare, energy, life sciences, private equity and technology, media, and telecom.

In an interview with Insider, Andy Baldwin, global managing partner of client services at EY, said a college degree in a relevant field was no longer a requisite for hiring, but that the firm is looking for continuous learners.

3. Strategy&

Potential total compensation: up to $227,500

Strategy& is a subsidiary of PricewaterhouseCoopers (PwC), and is a multinational strategy consulting firm that offers strategy-through-execution services for several industries including financial services, healthcare, and technology.

Strategy& has 72 offices around the globe.

2. AlixPartners

Potential total compensation: up to $230,000

Signing bonus: $30,000 (Canada: C$25,000)

PTO vacation: 22 days

AlixPartners is a global business advisory firm that specializes in corporate turnaround in urgent and high-impact situations. Consultants here also work to improve corporate performance and provide litigation consulting and forensic accounting services.

Lisa Donahue, managing director and global co-lead of turnaround and restructuring services previously told Insider that post-pandemic, there may be a demand for turnaround consultants.

1. Accenture Strategy

Signing bonus: $35,000 + $17,500 early sign on for returning interns (Canada: C$25,000, UK: £31,500)

PTO vacation:  21 days

Accenture is a global consulting firm with innovation as one of its main priorities, and employs more than 620,000 people worldwide.

The firm serves over 40 industries, and has offices and operations in over 50 countries. Consultants at Accenture are capable in technology, customer growth, supply chain operations, talent, and enterprise value.

Returning interns get up to $80,000 in tuition reimbursement ($50,000 after taxes).

• Main content

McKinsey Salaries & Benefits 2023 by Position & Location

McKinsey's salary for entry-level consultants in the United States likely ranges from $100,000 to $140,000 per year, while the figure for MBA-level/experienced Associates can be over $200,000. Engagement managers typically earn around $300,000-400,000, while Partners-level can earn up to $1,000,000. 

Those six-digit salaries are a major point of attraction for the best and brightest candidates out there, and also the reason you are reading this article, so let’s find out how much McKinsey pays its consultants in different countries.

Source: Glassdoor. Figures in this chart represent the highest available data points.

Read more: Salary of Top Consulting Firms 2023

Disclaimer: 

(1) Unless stated otherwise, salaries in this article are based on US figures. The precise numbers vary from place to place, and we will provide additional insights where possible. “Total Annual Salary” includes Base Salary, Performance Bonus, and Others (including Profit Sharings, Stock, Commission), scaled up to one year (for example, if an Intern works for ten weeks, we will scale up the income of ten weeks to one year for presentation purposes). 

(2) One-time sums, such as Relocation or Signing Bonus, are not counted. Business allowance is also not presented here. The figures in this article are rounded to the closest 1000. Actual figures may vary, depending on location, position, experience, performance, and report time. 

(3) Our primary source of information is Glassdoor . However, it's worth noting that Glassdoor is known to be a platform where users can anonymously share their salary and compensation information. As such, it can be difficult to verify the accuracy of the data presented. Furthermore, consulting firms do not openly disclose their salary information. Therefore, the below data should only be used for reference purposes.

McKinsey Consultant Analyst salary 2023 (Intern-level)

McKinsey Consultant Analysts in the US may earn up to $82,000 annually. Meanwhile, McKinsey Consultant Analyst salary in other developed countries fluctuates around $20,000-40,000. McKinsey Consultant Analyst salary in developing countries like China and India is roughly $3,000-$10,000.

Base: $34,000-69,000 (China: ¥45,000-126,000, Germany: €25,000-27,000, India: ₹212,000-615,000, UK: £12,000-43,000)

Performance Bonus: up to $7,000

Others: up to $6,000

Total Annual Salary: up to $82,000

McKinsey Business Analyst salary 2023 (Undergraduate, Junior-level)

McKinsey Business Analysts in the US may earn up to $148,000 annually. Meanwhile, McKinsey Business Analyst salary in other developed countries fluctuates around $70,000-100,000. McKinsey Business Analyst salary in developing countries like China and India is roughly $20,000-$50,000.

Base: $83,000-122,000 (Canada: CA$93,000-144,000, China: ¥300,000-510,000, Germany: €63,000-80,000, UK: £48,000-71,000)

Performance Bonus: up to $16,000

Others: up to $10,000

Retirement: Minimum 7.5% of annual base and bonus to 401(k) plan, no contribution required (US only)

Signing Bonus: $5,000

Relocation: $2,000-10,000

Total Annual Salary: up to $148,000 (Canada: CA$180,000, China: ¥563,000, Germany: €88,000, India: ₹2,652,000, UK: £80,000)

Source: Glassdoor. Figures in this chart represent the highest available data points in each location.

McKinsey Associate salary 2023 (MBA/Experienced, Senior-level)

McKinsey Associates in the US may earn up to $200,000 per year in salary, with a $153,000 base and a $34,000 performance bonus. Meanwhile, McKinsey Associate salary in other developed countries fluctuates between $120,000 to $180,000. McKinsey Associate salary in India is roughly $50,000 to $60,000.

Base: $96,000-153,000 (Canada: CA$185,000-207,000, Germany: €83,000-118,000, India: ₹3,000,000-4,000,000, UK: £55,000-104,000)

Performance Bonus: up to $34,000

Others: up to $20,000

Retirement: Minimum 7.5% of annual base and bonus to 401(k), no contribution required (US only)

Signing Bonus: $30,000

Total Annual Salary: up to $207,000 (Canada: CA$243,000, Germany: €139,000, India: ₹5,000,000, UK: £129,000)

Source: Glassdoor. Figures in this chart represent the highest available data points in each location

McKinsey Engagement Manager salary 2023 (Manager-level)

McKinsey Engagement Managers in the US may earn up to $420,000 annually. Meanwhile, McKinsey Engagement Manager salary in other developed countries fluctuates between $180,000 to $240,000. McKinsey Engagement Manager salary in developing countries like China and India is roughly $90,000 to $180,000.

Base: $140,000-211,000 (Canada: CA$209,000-231,000, Germany: €150,000-163,000, India: ₹4,000,000-6,000,000, UK: £120,000-135,000)

Performance Bonus: up to $53,000

Others: up to $158,000

Total Annual Salary: up to $422,000 (Canada: CA$334,000, Germany: €212,000, India: ₹11,000,000, UK: £220,000) - potential for much more based on individual sales and profit sharing

McKinsey Associate Partner/Partner/Senior Partner salary  2023 (Partner-level)

McKinsey Partners in the US may earn up to $777,000 annually. However, the below data should only be used for reference, as a Partner-level person at McKinsey in the US will likely make more than $1,000,000 annually. 

Base: $171,000-321,000 (Germany: €153,000-444,000, India: ₹5,000,000-14,000,000, UK: £139,000-250,000)

Performance Bonus: up to $131,000

Others: up to $325,000

Total Annual Salary: up to $777,000 (Germany: €901,000, India: ₹53,000,000, UK: £650,000) - potential for much more based on individual sales and profit sharing)

Fringe benefits of a McKinsey consultant

Common fringe benefits include health insurance, life insurance, tuition assistance, childcare reimbursement, employee discounts, employee stock options, and the privilege of using a company-owned vehicle for personal use. 

The fringe benefits offered by McKinsey are generally more comprehensive and generous than those offered by other firms in the industry.

Health Insurance

McKinsey provides fully comprehensive health insurance plans with a broad range of coverage options, which results in employees paying less for better health services. 

Retirement Benefits 

In the United States, MBB consulting firms provide strong retirement savings 401(k) plans, with no contributions required. This makes their 401(k) plans better than what other consulting firms offer. 

McKinsey has the reputation of having the best 401(k) plans in the industry that match 100% of the employee's contributions up to 7.5% of a consultant's base and bonus salary.

Paid Time Off

McKinsey offers generous vacation and paid time-off policies that can be extended to 20 weeks for maternity leaves and around three weeks for vacation . The firm also has options for sabbaticals and extended leaves for personal or professional development. 

Professional Support

McKinsey invests heavily in training its consultants, with extensive training programs that outmatch the quality of Big 4 and Tier 2 firms training programs.

Travel and Expense Policies

McKinsey covers all travel expenses when consultants work onsite at client locations , ensuring its consultants have the most comfortable accommodations available at the site.

Non-Monetary Perks

McKinsey offers many additional perks, such as subsidized gym memberships, wellness programs, on-site fitness centers, employee assistance programs, etc. The quality and range of services for McKinsey consultants are generally better than their counterparts at Big 4 and Tier 2 firms. 

How to get into McKinsey?

To enter McKinsey, candidates must go through a three-stage process, which includes resume screening , Problem-Solving Game (PSG) , and case interview . With over 200,000 candidates applying each year, the acceptance rate is only 1.1%, making McKinsey one of the most competitive consulting firms to apply for. 

To increase your battle power, have a look at our guide to consulting resumes to craft the resume that helps you stand out. Also, check out our ultimate introduction to McKinsey Problem-Solving Game .

Finally, we strongly advise reading our McKinsey Case Interview article, which provides insight into the most critical and challenging part of the hiring process. 

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At Bain & Company, entry-level consultants may earn up to $120,000/year, while senior ones have salaries up to $230,000 (bonuses and profit sharing included)

At BCG, Entry-level consultants can earn up to $112,500/year, while senior consultants can make up to $215,500. Project Leaders may earn up to of $266,000

At top consulting firms, entry-level management consultants may earn $100,000/year (bonuses & profit), while senior consultants may earn up to $200,000.

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The average management consultant salary at McKinsey, BCG and Bain in the US in 2023

One of the reasons why many people want to work in management consulting is that the top firms offer very attractive compensation and benefits.

In this article, we lift the lid on the typical salaries and total compensation that consultants can expect at McKinsey, BCG and Bain (MBB) in the US, at every level from Graduate to Partner. We also consider whether there is scope to negotiate on compensation, and explore the additional benefits available to consultants. Finally, we explore how the salaries in management consulting compare to those typically offered in other top professions, including investment banking .

Compensation at McKinsey, BCG and Bain

Mbb consulting salaries from graduate to associate partner.

At McKinsey, BCG and Bain, compensation consists of an annual salary and performance bonus. For each role from Graduate to Associate Partner, the firms all provide very similar total compensation. Base salaries are typically within 5% of one another.

Average compensation by role at McKinsey, BCG and Bain in the US in 2023 Figures provided are for an average performer’s first year in each role.

Source: CaseCoach (*) Associate Partner includes BCG’s ‘Principal’ and ‘Partner’ levels

In addition to base salaries, the table above shows the bonus awarded to an average performer at each level. Bonuses are typically based on individual performance unless the consultant has been at the firm for under a year, in which case a standard amount is awarded.

In general, top-performing consultants can receive up to twice the bonus of an average performer. However, because junior consultants only receive a small portion of their compensation through their end-of-year bonus, the difference between the remunerations of top and bottom performers is relatively limited.

Another way that top-performing consultants can maximize their compensation is through accelerated promotion to the next level. Although policies vary among firms and offices, the top-3 consulting firms are all meritocratic workplaces, where promotions are based on the demonstration of a consultant’s skills , rather than on their tenure.

Compensation at Partner level

At McKinsey and Bain, compensation for Partners starts at close to $1,000,000. The Partner role is accessible to new graduates with 9-11 years tenure, and to MBA hires with 6-8 years tenure. At the Senior Partner level, compensation can increase to multiple millions of dollars.

However at BCG, the position of ‘Partner’ comes with a compensation that’s only 20% higher than that of ‘Principal’, the previous level. BCG consultants are only compensated in line with the Partner level at McKinsey and Bain when they are promoted to the position of ‘Managing Director and Partner’, two years later. The position of ‘Partner’ at BCG is therefore more comparable to the position of ‘Associate Partner’ at both McKinsey and Bain.

MBA hires and some experienced professional hires receive a sign-on bonus

McKinsey, BCG and Bain typically offer MBA hires a sign-on bonus of $30,000, which can be paid as a tax-deductible tuition reimbursement.

Under certain circumstances, the firms may also offer a sign-on bonus to experienced professional hires at Manager level and above.

Room for negotiation is limited and only available to some experienced professionals

The prospect of salary negotiation is highly unlikely for Graduate and Consultant (MBA) roles, which represent the majority of hiring at McKinsey, BCG and Bain. Each office has a set base salary for each role, and applies it consistently.

There is only room for negotiation for certain experienced hires who enter the firms at Manager level or above. Top consulting firms typically make extra efforts to attract these hires, who can be hard to find and may also bring more business through their ability to manage consulting projects, their technical expertise or their existing client relationships. Such candidates are in a strong position to negotiate, particularly if they have to forgo an end-of-year bonus or accept a lower base salary as a result of the move.

However, even in this scenario, firms are normally unable to diverge from the standard base salary that they would usually offer at a given entry point. They might instead offset any gap in the individual’s compensation through a sign-on bonus. Alternatively, firms might bring the candidate in at a more senior role, which would come with a higher base salary. This would, of course, need to be weighed up against the individual’s ability to perform and be successful in that role.

All MBB consultants receive world-class benefits

The benefits included in the compensation packages at McKinsey, BCG and Bain are among some of the most generous to be found anywhere in the world. Here’s an overview of the benefits that the firms offer to consultants in the US.

A generous retirement plan

A key feature of the benefits package at McKinsey, BCG and Bain is a generous retirement plan. The firms contribute a percentage of the consultant’s salary or total compensation to a personal pension plan, sometimes without requiring the consultant to make a contribution. At McKinsey, the firm contributes 12% of a consultant’s total compensation each year.

Gold-plated health insurance

Health insurance at McKinsey, BCG and Bain is among the very best offered by any employer in the US, with healthcare, dental and vision included, along with fertility benefits such as IVF and egg preservation. The policies cover 100% of healthcare premiums for employees and their families, with extremely low deductibles and copay requirements.

Parental leave

McKinsey, BCG and Bain all offer parental leave, with different policies in place at each firm:

• McKinsey provides 16 weeks of paid parental leave for birthing parents and 8 weeks for non-birthing parents.
• BCG provides 12 weeks of paid maternity leave and eight weeks of paid leave for non-birthing parents.
• At Bain, all new parents are eligible for 21 weeks of paid parental leave, with the option to extend this to up to 26 weeks of paid leave with vacation.

These policies often cover those who become parents through adoption and surrogacy.

Numerous additional benefits

In addition to attractive compensation, a generous retirement plan, world-class health insurance and ample parental leave, McKinsey, BCG and Bain all provide consultants with an array of additional benefits. These include:

• Paid time off (PTO) in excess of five weeks (including bank holidays), increasing with tenure
• Relocation assistance
• Subsidized backup childcare
• Life insurance
• Legal assistance
• Free snacks and at least one weekly free lunch in most offices
• A range of other perks, including employee discounts, company social events and access to an employee assistance program

How does a management consulting salary compare to that of other top professions?

Consulting is not the only profession that offers highly attractive compensation. Candidates who are considering a career in consulting might also be thinking about entering other high-paying professions, such as investment banking or tech. So how do the options compare?

Compensation in consulting is more predictable

In top consulting firms, base salaries make up a higher percentage of total compensation than they do in other high-paying industries. Below Partner-level, performance bonuses at consulting firms are based on individual – rather than company – performance. This is measured objectively across specific dimensions and is subject to a transparent formula.

Bonuses in investment banking can be significantly larger than they are in consulting. However they are highly volatile and depend on both the mood of financial markets and the performance of the bank’s division at the time. In addition, they tend to be awarded subjectively, based on a general sense of appreciation from an individual’s boss.

In tech, compensation is largely based on stock options and other equity compensation, which only comes to fruition if the company goes public or is acquired at a premium. This only happens in a small fraction of cases and, when it does, the amount awarded depends on the company’s valuation, when the employee joined and fluctuations in share price.

Ultimately, compensation in consulting is far more predictable than it is in both investment banking and tech. This predictability is underpinned by the top-3 firms’ very clear approach to increasing compensation steadily in line with a consultant’s career progression.

The journey to Partner is quicker in consulting

In other professional services careers, partnership is only available to a very small percentage of senior employees, usually after a tenure of well over a decade.

In consulting, the route to Partner level is not only far quicker than it is in other professions, it’s also more achievable. Partnership is available to any consultant who meets the firm’s promotion criteria, and a consultant at McKinsey, BCG or Bain can reasonably expect to make Partner within ten years. Top performers may even reach this level within eight or nine.

This means that in consulting, new joiners have a clear path towards reaching a total annual compensation exceeding $1,000,000 within a reasonable time frame.

If a career in management consulting sounds like it might be right for you, you can learn more in our complete guide to the management consulting industry . And if you’re preparing to apply to a top consulting firm, the resume and cover letter templates and specialized advice in our Free Resume Course will help you get your application in great shape.

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Consulting Salaries in the United States 2024

If you're considering a career in consulting or are simply curious about the consulting industry, one of the most important factors to consider is salary . Consulting salaries can vary depending on a number of different factors , including experience level, field, and location. In this blog post, we will provide an overview of consultant salaries in the US, that go up to $170,000, and take a look into the key factors that influence them.

We will also provide a detailed breakdown of consulting salaries by experience level and field, as well as explore salary trends in the industry . Additionally, we will compare consultant salaries to other high-paying professions and examine how location impacts salaries. Lastly, we will discuss the top paying companies for consultants in the US to help you make informed decisions about your career path.

• What Does the Salary of a Management Consultant in the US Consist of?
• Base Salary
• Annual Performance Bonuses
• Signing Bonus (One-time) 
• Relocation Bonus
• Other Benefits 
• What Are the Top Paying Consulting Firms in the United States?
• Salaries at McKinsey, BCG, and Bain
• The Most Prominent Tier 2 and Boutique Consultancies
• Other Interesting Boutique Consulting Firms
• Which Factors Influence the Salary of a Management Consultant in the US?
• How Do Consulting Salaries Differ by Academic Background? 
• How Do Consulting Salaries Differ by Career Level?
• How Do Consulting Salaries Differ by Location
• How do Consulting Salaries Differ by Focus Area
• Strategy Consultant Salaries
• Management Consultant Salaries
• IT Consultant Salaries
• Financial Consultant Salaries
• Risk Consultant Salaries
• HR Consultant Salaries
• Salary Trends in the Consulting Industry
• Impact of Economic Changes on Consultant Salaries
• Future Predictions for Consultant Salaries
• How do Consultant Salaries in the US Compare to Other Professions?
• The Preparation for Your Career in Management Consulting

The base salary is the most important component of your entire consultant salary. This will determine the salary of your first year(s) at the firm. So, even if you get offered a higher signing bonus at another firm, we recommend you take a look at the base salary first, as this will be your continuous flow of income .

In addition to a base salary, management consultants get offered a substantial performance bonus . This bonus can be based on one or multiple of the following factors , which you can or cannot control directly:

Your own personal performance

The profitability of the firm

The number of projects sold

Peer feedback

Some of these factors you can directly control (e.g. your own performance), but some of the factors are not directly in your control. The profitability of the firm or the number of projects sold can depend on external factors such as industry demand or economic/health crisis (as we have seen during the COVID pandemic).

Because of this, it is important that you ask about the performance bonus and what could potentially affect it . To get some statistics, we recommend asking how many people actually receive that top tier of the performance bonus structure and what the rest of the staff receives. Typically, average performers receive bonuses closer to half of the maximum amount. A 65% performance bonus sounds great, but what are your chances of actually getting the bonus?

It is also interesting to know when you will be eligible for performance bonuses – if it is at the end of the calendar year or fiscal year. Depending on when you start your job and if you will just miss this payout, this could make a substantial difference in your salary. And it could be a great opportunity to negotiate a signing bonus.

A lot of consulting firms offer an attractive signing bonus for new and high-potential hires . While it is not common to negotiate a base salary in management consulting, some firms are more flexible with the signing bonus. If you have another offer, you could potentially leverage this to negotiate a higher signing bonus. It can be the case that even consulting interns get paid signing bonuses.

Some consultancies have payback policies on their signing bonuses in order to motivate their consultants to stay with them long enough. Depending on when you leave the company, you might have to pay back a percentage of that bonus or even the full amount. Please note that it doesn’t make a good impression to ask directly about the payback policy because it makes it seem as if you don’t plan to stay long in the company. Simply read the terms and conditions of your offer letter.

Some consultancies also offer relocation bonuses, even to interns . This bonus depends on your and your office’s location. The further you live away from the office, for example, if you live in a distant city, state, or country, the larger your relocation bonus will be. If you have to move cross-country and are not getting a relocation bonus, you can use this opportunity to negotiate a higher signing bonus.

Relocation bonuses and signing bonuses are usually paid out soon after you sign your contract . Sometimes they are paid out only after your start date, or even in increments over several years. The payment method varies among companies.

Besides the previously mentioned salary components, a lot of consulting firms offer additional benefits to their employees. This could be, for example:

Health insurance

Paid time off

Technical equipment: company laptop, smartphone, video conferencing software, etc.

Mobility benefits: Company car, local transport ticket, travel allowances

Continuing education opportunities: Language course, training, certificates

Additional benefits: Pension plan, childcare

Well-being benefits: Canteen meals, meal allowance, fruit and drinks in the office, gym discounts

Special benefits: Hotel chain discounts, discounts at selected retailers

These could be important factors to consider when deciding between different offers or jobs , as these benefits can have an additional effect on your health and happiness .

Furthermore, some firms sponsor undergraduate hires, who perform well on their job, their MBA at a business school, or another degree. Please note that in most cases, consultants have to work for the firm for a specific amount of time after completing their studies – or pay back the cost of the degree.  

Top consulting firms like McKinsey, Bain, and the Boston Consulting Group are known for offering generous salaries to their employees. Similarly, the Big Four accounting firms - Deloitte, PwC, EY, and KPMG - also provide highly competitive compensation packages. However, boutique consulting firms that specialize in niche industries may offer even higher pay along with unique growth opportunities that are not available in larger firms. When considering a career in consulting or accounting, it's important to research different firms and their compensation packages to find the best fit for your skills and goals.

Let’s take a look at the management consultant salary of full-time hires with undergraduate and master’s degrees in the North American market.

McKinsey, BCG, and Bain are generally known for their highly competitive salary packages, with a total compensation of up to $170,000 per year. Looking at the total salary entry-level consultants can earn, Bain is followed by BCG and then McKensy. McKinsey and Bain are offering the highest base salary. However, Bain and BCG clearly lead the field in terms of performance bonuses of up to $22,500. If paid time off is important to you, Bain is the company that offers most with 20 days.

Salaries at the Big Four Accounting Firms

Salaries at the Big Four consultancies, namely Deloitte , PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG, are highly competitive and reflect the prestige and demanding nature of these firms. Compensation packages at the Big Four typically encompass base salaries, bonuses, and additional perks, varying based on factors such as geographic location, level of experience, and specialization. Deloitte offers the highest salary up to $95,000 for entry-level positions, followed by KPMG with a Base Salary up to $90,000. PwC and EY are quite comparable with a base salary of around $85,000 - not surprisingly, as these companies are competing for the same talents and must keep pace with salary developments of their competitors.

Salaries at Tier 2 and Boutique Consultancies

Tier 2 and boutique consultancies are oftentimes not top of mind for candidates seeking a career in management consulting. However, their salary level is quite comparable . Among Tier 2 and boutique consultancies, Accenture, Oliver Wyman , and Kearney offer some of the highest salaries. Accenture provides a competitive range of $92,000 to $100,000, with bonuses up to $40,000. Oliver Wyman offers salaries from $154,000 to $231,000, with potential bonuses up to $18,700, and Kearney stands out with a salary range of $168,000 to $252,000, accompanied by potential bonuses up to $15,000. These companies also provide various additional perks, making them noteworthy options for candidates considering a career in management consulting.

The management consultant's salary is dependent and influenced by a couple of different factors . Firstly, educational background and qualifications, such as an MBA from a prestigious institution, can command higher pay scales. Additionally, years of experience within the industry and the specific firm contribute to salary levels, with senior consultants earning more than entry-level counterparts. The geographical location of the firm and cost of living in that area also impact salaries, as consultants in high-cost cities typically receive higher compensation packages. Furthermore, specialized skills and expertise in particular industries or sectors can lead to higher earning potential, as can performance bonuses tied to project success. Overall, a combination of education, experience, specialization, and location collectively shape the salary structure within management consulting.

If you are an entry-level consultant, your academic background, i.e. your level of education and your university may have an impact on your salary. MBA students will receive a significantly higher salary than students with a master’s degree or bachelor’s degree.

Top consulting firms such as McKinsey, BCG, or Bain only recruit top talents from prestigious target schools such as Harvard, Stanford, or Yale. MBA students from Wharton or Princeton will also receive a higher offer than students from Tuck, MIT, or Columbia. The difference can be up to 10k USD per year. Here is a list of management consultant salaries of MBA full-time hires from different universities.

The management consultant's salary highly depends on the career level. Typically, entry-level consultants earn lower salaries compared to senior consultants who have accumulated several years of expertise and held leadership roles. The growth of salaries in consulting is also influenced by career progression and performance evaluations. As you gain more experience and take on greater responsibilities, you can expect a salary increase of 10-20% at top consulting firms each year. Additionally, when promoted to the next career level, your salary increase can be a lot higher, even up to a 100% increase. 

If you are an experienced hire and are applying to top brands like MBB , in most cases, your best chance to negotiate your offer is to negotiate the level at which you enter the firm or the possibility of a fast-track promotion. Many experienced hires can skip the first career level and directly start as (Senior) Consultants, or quickly get that promotion after starting at the entry-level. Please note that salaries at every entry level are pretty set and standard and in most cases not negotiable. 

Career levels and positions vary between different consultancies, so it is important to understand the different roles and positions. For MBB, we have summarized them for you below: 

Let’s take a look at the different career levels and their respective salaries. 

Entry-level Consultant Salaries 

Entry-level consultants at top consulting companies like McKinsey & Company, BCG, and Bain offer competitive salary packages to attract top talent. In addition to base salaries, entry-level consultants may also receive performance bonuses and benefits. It's worth noting that starting salaries in consulting tend to be higher than average salaries in other industries. This makes consulting an appealing career path for undergraduates and business school graduates looking to maximize their salary figures in their first year.

Depending on the experience you have gained throughout internships, your grades, and the prestige of the university you are coming from, your base salary as entry-level consultant first-year out of Undergrad/Master’s program starts at $70,000. 

Entry-level consultant salary first-year out of Undergrad/Master’s program:

Base: $70,000-$90,000 Signing Bonus: $5,000-$15,000 Performance Bonus: $4,000-$16,000 (5-20%)

As an MBA or PhD, expect elevated salary levels, with base salaries around $200,000, competitive signing bonuses, and a performance bonus ranging from $10,000 to $40,000, subject to individual and firm performance. Note that these figures are approximate and can vary based on company policies.

Entry-level consultant salary first-year out of MBA/PhD program:

Base: $190,000-$210,000 Signing Bonus: Competitive, varying based on the consulting firm Performance Bonus: up to $60,000, contingent on individual and firm performance

Manager/Project Leader Salaries

Managers and project leaders, who have gained a few years of experience in the consulting industry, earn higher salaries compared to their entry-level counterparts. These salaries are determined based on the consultant's track record and performance evaluations, with bonuses and benefits often included. Depending on the performance of projects that you are a part of, performance bonuses will continue to grow. Most performance bonuses range between 25%- 30% of your base salary. 

Advancing to a mid-level position is seen as a sign of growth and expertise within the field. Notable consulting firms like Deloitte, PwC, and EY offer competitive salaries at the mid-level. This enables consultants to maximize their career paths and leverage their business school and undergraduate experiences. 

At this point, your base salary will range between $120,000-$150,000 in top consulting firms. Most project managers are industry veterans with years of experience and in-depth knowledge of problem-solving skills.

Manager/Project Leader Salary (2-3 years out of MBA/PhD)

Base: $120,000-$150,000 Performance Bonus: up to $30,000 (contingent on individual and firm performance)

Associate Principal/Senior Project Leader Salaries

Associate principals and senior project leaders with extensive experience and leadership roles earn higher salaries due to their specialized knowledge and skills, which are highly valued by consulting firms like Accenture, KPMG, and McKinsey. Salaries for senior management can vary based on the consulting firm and location. Additionally, performance bonuses and benefits are common. 

Associate Principal/Senior Project Leader Salary (4-5 years out of MBA/Ph.D.):

Base: $150,000-$180,000

Performance Bonus: up to $40,000, contingent on individual and firm performance

Partner Salary

Project managers may become partners of a consulting firm. At this level, you will most likely own a portion of the firm’s stock. Therefore, the performance of your entire firm will directly determine how much you can make within a specific timeframe. You may also receive bonuses from the projects that you participate in as a partner.

Junior Partner/Principal (6-8 years out of MBA/Ph.D.) program:

Base: $200,000-$250,000

Bonus: $50,000-$100,000, or more, contingent on individual and firm performance

Senior Partner/Director (10+ years out of MBA/Ph.D.) program:

Base: $250,000-$350,000

Bonus: $100,000-$200,000

Some consulting firms offer different base salaries depending on the office, others have one salary level across all regions. Typically, McKinsey, BCG, and Bain offer the same salary at each office for each career level, so it only makes a difference regarding the level you are hired at. Other consulting firms, such as Big 4 firms, offer different salaries for different offices. They take into account the cost of living in different offices and adjust the salary accordingly. This means that higher pay is not necessarily better if the cost of living is equally elevated.

The salaries for consultants in the United States can differ significantly depending on their location. For instance, cities such as New York and San Francisco offer higher salaries due to their high cost of living. In contrast, smaller cities or regions may have lower salaries but a lower cost of living. Consultants working in high-cost areas may receive relocation benefits or allowances to compensate for the increased expenses.

Moreover, demand for consultants can vary depending on the region, which can impact salary figures. When considering a career as a consultant in the United States, it's critical to factor in how location affects earning potential. Understanding the regional differences in salary structures can help you make informed decisions about where to work and what compensation package to expect. Additionally, staying up to date on industry trends and job market insights can help you negotiate your salary effectively and maximize your earning potential as a consultant.

The consulting industry is segmented into several areas . The management consultant's salary can vary depending on which subset of consulting the employee is placed in. Please note that the following values are rough averages to give you an idea of the salary differences for each industry. The brand (MBB vs. tier 2/3 firms) impacts the salary range you will find yourself at.

Salaries in the consulting field can vary depending on the specific area of expertise. Different fields such as strategy, management, and IT offer different salary ranges. Strategy consultants , involved in corporate planning and decision-making, can earn very high salaries and are mainly employed at top consultancies such as McKinsey, BCG, and Bain. Management consultants often earn competitive salaries due to their broad expertise in various industries. IT consultants , specializing in technology solutions, can command high salaries, especially in tech-driven industries. The demand and market value for different consulting specializations play a significant role in determining salary ranges.

Strategy consultants, involved in corporate planning and decision-making, have the potential to earn lucrative salaries. The salary figures for strategy consultants are influenced by several key factors, including the reputation of the consulting firm, location, and years of experience. Top consulting firms like Bain, McKinsey, and BCG offer competitive salaries to attract top talent in the field. In addition to base salaries, performance bonuses and benefits are common in this career path. Most strategy consultants hold advanced degrees and possess specialized knowledge, which contributes to their higher pay.

Management consultants, providing strategic advice to businesses, earn competitive salaries that depend on various factors. These factors include the reputation of the consulting firm, location, and experience level. Management consulting firms such as Deloitte, Accenture, and Oliver Wyman offer attractive management consultant salaries, along with performance bonuses and benefits. In order to maximize salary figures, management consultants can focus on their career path and consider obtaining additional certifications or pursuing business school opportunities. This can lead to career progression and increased earning potential in the field.

IT consultants, specializing in technology solutions, have the potential to earn lucrative salaries based on factors such as experience, expertise in specific technologies, and the reputation of the consulting firm. IT consultants who specialize in high-demand areas like cybersecurity and data analytics can command even higher salaries. Consulting firms that place a strong emphasis on IT, such as Accenture and Deloitte, offer competitive salary packages to attract top talent. Additionally, advanced degrees and certifications can further boost IT consultant salaries, providing a promising career path in this field.

Financial consultants advise clients on a range of financial matters, including financial analysis, risk management, capital budgeting, and investment strategies. Their salaries are often quite comparable to other consulting areas, based on the specialized skills and expertise the job requires.

Salaries in risk consulting reflect the specialized expertise and value that consultants bring to organizations in identifying, assessing, and mitigating various forms of risk across industries. Especially when serving clients in sectors with heightened regulatory scrutiny or complex risk profiles, bonuses and profit-sharing arrangements make up a significant component of the risk consultant’s salary. However, salaries of risk consultants generally tend to be slightly lower compared to those of strategy consultants. Nevertheless, while there may be differences in salary levels between risk and strategy consultants, both fields offer rewarding career paths with great opportunities for professional growth and advancement.

Generally, salaries in HR consulting tend to be lower than salaries in strategy or management consulting. HR consulting typically involves a different set of skills focused on areas such as talent management, organizational development, and employee relations. While HR consulting remains essential for businesses, the demand may not be as consistently high or as directly tied to revenue generation, leading to comparatively lower salary levels. 

Consulting has become a highly sought-after profession in the United States, leading to a surge in demand for consultants and driving salaries up. Compared to other professions, consultants earn higher base salaries due to their specialized knowledge and expertise that they bring to businesses. Performance bonuses are also common in this industry, encouraging consultants to provide exceptional results. However, factors such as years of experience, career path, and specialization can affect a consultant's salary. Leading consulting firms such as Deloitte and Accenture offer attractive compensation packages as they compete for top talent in the industry. The rise in demand for consultants is attributed to organizations' need for expertise in areas like digital transformation , process optimization, and strategic planning. Furthermore, many companies are turning to consultants for guidance on navigating the challenges posed by the pandemic. The dynamic nature of the consulting industry makes it an exciting and rewarding career path for those with a drive to succeed.

During economic downturns , the consulting industry can experience lower demand, leading to reduced salaries for consultants. However, consultants with expertise in risk management may see an increased demand during these challenging times. On the other hand, global economic growth can have a positive impact on consultant salaries, opening up more job opportunities and potentially higher pay. It's important to note that market volatility can also influence consulting fees and project budgets. Additionally, consultants skilled in cost reduction strategies may be in higher demand during periods of economic uncertainty.

As the consulting industry continues to expand, consultant salaries in the United States are expected to rise. The growing demand for consultants with expertise in digital transformation and technology is projected to drive up salaries in these fields. Specialized consultants, such as those in data analytics or cybersecurity, may see their salaries outpace those of general consultants. Additionally, the rise of automation and artificial intelligence may have an impact on salaries for certain consulting roles. Consultants with global experience and language skills may have an advantage in commanding higher salaries as well.

Compared to other professions such as audit, finance, or even law and medicine, consulting salaries tend to be on the higher side. While salaries in consulting may be lower compared to those in investment banking or the tech industry, top-tier consulting firms such as McKinsey & Company and Bain offer attractive compensation packages. In addition, many consulting firms also provide lucrative benefits packages like bonuses, stock options, and retirement plans that can significantly enhance your overall compensation package.

Consulting is a lucrative field with high earning potential, especially for those who have an MBA degree. Consultants generally earn more than entry-level professionals in other business services positions, like business analysts or project managers. MBA graduates who join consulting firms can expect to start off with higher salaries. At top firms such as McKinsey and Bain, senior consultants can earn high six-figure salaries

Additionally, consulting salaries in major cities like New York and San Francisco tend to be higher than the national average. Consultants with expertise in niche industries or specialized skills have the potential to command even higher salaries. With more opportunities for career advancement and higher salaries, the consulting industry outshines many business services roles in terms of financial prospects.

How Much Do Consultants Earn After Their Exit?

After leaving a top consulting firm, consultants often experience a notable salary increase, accompanied by improvements in work-life balance. In the U.S., those transitioning to industry positions typically see a 12-20% pay raise, while those entering financial services may receive a 30%+ compensation boost, albeit with potential impacts on work-life balance .

Post-consulting earnings vary based on factors like industry choice. Corporate strategy and management roles often yield substantial increases, leveraging consultants' strategic skills. Advanced degrees, particularly MBAs, can open doors to higher-paying positions. Private equity and venture capital attract consultants, offering financial rewards for analytical expertise. Geographic location also influences earnings, with higher living cost cities often providing more significant salaries.

While the financial gains are considerable, it's crucial to consider the potential trade-offs, especially in industries known for demanding schedules. The decision to exit consulting involves balancing financial rewards with personal career goals and lifestyle priorities.

Like any other profession, the job as a consultant also has its disadvantages. But above all, the steep learning curve is one of the most important motivating factors for young graduates to enter consulting. The attractive exit options also play a significant role.

If you're in your degree program and want to get into consulting, then you should definitely sign up for PrepLounge, the world's largest case interview community. Here you will find everything you need to prepare for your case interviews . Discover all of our insider tips that will help you throughout every step of your job application journey in management consulting. You can browse through our articles to learn more about your application and case interview preparation via detailed guides.

To conclude, consultant salaries in the US vary based on several factors such as experience level, industry, and location. Entry-level consultants typically earn a lower salary, while mid-level and senior consultants command higher pay. Economic changes can also impact consultant salaries, so it is important to stay updated on industry trends. When comparing consultant salaries to other professions, consulting often offers competitive compensation, especially in the business services sector. Additionally, location plays a role in determining salaries, with certain cities offering higher pay due to cost of living and demand. Finally, some top-paying companies in the US for consultants include renowned firms in the consulting industry. Whether you are considering a career in consulting or evaluating your current salary, understanding the nuances of consultant salaries is crucial for making informed decisions.

Case Interview, Consulting Salary. Accessed on: https://caseinterview.com/consulting-salary/

Glassdoor, Salary of Management Consultants in the United States of America. 

Management Consulted, Best Consulting Firms For MBA Consultant Salary. Accessed on: https://managementconsulted.com/best-consulting-firms-for-mba-consultant-salary/

Management Consulted, Management Consultant Salary Report. Accessed on: https://managementconsulted.com/consultant-salary/

mconsultingprep, Management Consultant Salary. Accessed on: https://mconsultingprep.com/top-management-consulting-salary/

myconsultingoffer, Management Consultant Salary-Here's A Market-Report for 2024. Accessed on: https://www.myconsultingoffer.org/management-consultant-salary/

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• Entrepreneur

Consulting With a PhD – 8 VITAL Steps (2023)

• Posted by: Chris

Updated May 15, 2023.

Six months into my post-PhD career, I left a job at a think tank to do consulting with a PhD.

I was watching the money the think tank was taking in to do these research projects. It was a lot of money. And they’d pay me by the hour. And when I sold a $50k project that took me 4 months to do, I confess I started to wonder why I needed the middleman.

Why couldn’t I just sell that project and do it myself?

It turns out it was harder than I thought. People paid the think tank because of their name and reputation, and I didn’t have that yet.

So I struggled to sell, and eventually failed miserably and ran back into a job.

Why do I tell you this at the beginning of a post on consulting with a PhD?

Because it’s possible to make a lot of money consulting. And I do consult successfully now. But it’s not easy.

Here are 8 things you should do to build a career in consulting with a PhD. (NB this post is about building your own business as a consultant rather than getting hired as a consultant with a big firm. You can read about that here. )

–post continues below —

And if you’re ready to launch your consulting business, check out my step by step guide here (opens in a new window).

This post contains links to affiliate products, which–if you choose to purchase–pay us a commission at no extra cost to you. This helps to support our work. We only promote products we’ve used and love . We love partnering with FreshBooks, which is dead simple to use and perfect for consultants!

1. Build your network

2. define what you offer, 3. consider working a job first, 4. learn business basics, 5. figure out how much to charge for consulting, 6. build your personal brand, 7. get professional help, 8. get ready to battle yourself.

Networking is everything. Your network will create wealth and opportunities for you. The bigger and better it gets, the more you’ll have.

If you aren’t willing to build a network constantly, don’t go into consulting. Consulting with a PhD can require near-constant selling, especially if your contracts are small.

And the first point of sales is relationships.

People are most likely to choose you from several people they could pick because they know you. If you’re on their radar, they won’t google someone; they’ll call you.

The great thing about building your network is that it doesn’t have to happen at some magical point when your PhD is done. You can start now:

See the related posts (Links open in a new tab):

Many Students Have No Idea How to Network. Here Are 5 Tips.

6 Mistakes PhDs Make When Networking

Here’s Why Networking Will Dramatically Change Your Career

In this video, I told the story of how my network helped me land my first $40,000 consulting client!

You should know what it is you have that companies occasionally, and preferably routinely, pay for.

Consulting represents a sweet spot where employers really need to or want to get something done, but don’t have enough employees to do it and can’t justify hiring one. Enter you.

Let’s say that hiring a new research assistant would cost them $40K for a year. If you’re there and will save them the hassle of doing this, plus they get a PhD on it, they might throw $20k or $30k at you to do the project.

But define, define, define.

Be specific. Don’t just say that you’re a researcher. Be clear on what your offer is.

Some of your transferable skills CAN be really valuable here.

I can do Program Evaluation, Stakeholder Mapping, and Convening, and write policy papers in the areas of immigration, education and skills, and innovation and economic development.

If you’re on LinkedIn (which you should be), you can add certain services to your profile — making you more searchable for those things.

Here’s mine…

Pro Tip – As you meet people and build your network, ask what their specific needs are. Ask how often they hire consultants, what they usually hire consultants for, and if there’s a list you should be on. Do they need an engineer to run two months of tests to validate a concept? Do they need a policy researcher with expertise in gender studies to write a report? Figure it out! And use what you learn to adapt your offerings.

What is a science consultant?

A science or scientific consultant brings specific scientific area knowledge to a company that might need fractional help–either specialized or general. For example, here is a story of a molecular biologist who consults on grant applications for major medical projects .

What is a management consultant?

A management consultant is trained to understand corporate structures and processes, to step into a situation from the outside and offer suggestions. Many consulting companies hire PhDs because of excellent critical thinking skills, occasionally combined with specialized knowledge fields (ie. biotech, data processing, etc.).

If you can make the jump from PhD to consulting, more power to you. Even more power to you if you can do it on the side while you study . But if you don’t know the field you want or the value you offer, it might be worth getting “paid training” through working in a job.

I wish more would-be PhD consultants knew this…

When I worked at the think tank, I ran projects, won grant money, and worked with stakeholders. My next job in government taught me how much I didn’t know about how government works , how things get done, and how to use a bunch of acronyms.

When I recently told a director (a mid-level manager in the Canadian government) that I was going into consulting, he was excited—every time they hire consultants they have to teach them about how they do things.

He realized that if he hired me he wouldn’t have to do that.

If I had jumped straight into consulting from the PhD, I would have had a difficult time. I’m not sure what I would have sold (writing or editing probably) and, if I were successful, my life would look very different.

I learned so much from working every job I’ve done that makes succeeding in consulting more possible—but still far from a sure thing.

Don’t rule out working a job if your goal is to eventually do consulting.

What about PhD Consulting Jobs?

If you want to get a first-class consulting training, you might consider a consulting firm. For a PhD management consulting might be a great fit. These consultant jobs mean that you won’t be an entrepreneur per se, but you will get a fantastic introduction to the wide world of consulting. Check out McKinsey , Bain , or Boston Consulting Group (BCG). All of them have entry level consulting jobs for PhDs. And (BTW), many people who start with these companies eventually found their own.

Ok, so you’re launching a consultancy.

• Will it be a corporation, a partnership, or will you operate as a sole proprietor?
• Do your clients hire sole proprietors, or do they require incorporation?
• How will you do your bookkeeping?
• Are you keeping track of your tax write-offs?
• Do you need insurance?

You don’t need to know EVERYTHING about business , but the things I mentioned above are considered basics.

Try reading some business books. Drop by a local small business support center, or browse government websites dedicated to helping.

Learn as much as you can.

Two things that helped me:

Bookkeeping for Dummies — It wasn’t John Grisham, but I read it cover to cover. Learn these basics if you are serious about running a business.

FreshBooks – This is an amazing and simple bookkeeping solution, perfect for consulting. It’s simple, but lets you send pro invoices, keep track of profit and loss, and expenses.

Pricing” target=”_blank” rel=”noreferrer noopener sponsored”> Click here to check the price for FreshBooks in your region.

I don’t want to discourage you. With all the weird stuff you’ve learned, you can learn the basics of business!

But go do it! Treat it as seriously as your most important academic investigation. Because the skills you grow will change your life.

It’s really hard to learn how to charge for consulting.

If you’re going to charge $15 an hour as a consultant, you might be better off working at McDonald’s. It’s tempting to bid cheap to win contracts, and sometimes you might have to do that.

But your foray into consulting can’t be a race to the bottom or you won’t make it.

Price your service high enough that some people might say no (again make sure you know what your value proposition is).  Recognize that people equate price with value, and expect to pay a little more for someone who will do a great job.

To give you a frame of reference, my own PhD consulting hourly rate was $70 an hour for most clients. For the occasional passion projects or non-profits, I’ll go lower—my lowest right now would be $55 an hour.

Now, of course, I don’t actually charge by the hour—I charge by the project.

But if a client wants to know what my hourly rate is, that’s it. And when I estimate a project, that’s the framework I use. (Update-I now charge between $100-$350 hourly. I’ve upped my rates as time goes on.)

Now let me guess. You’re sitting there as a graduate student thinking that this is an obscene amount of money.

And from a $15k stipend, it seems like it.

It’s actually a win-win. I didn’t make $70 an hour in any career job I worked. As a PhD consultant, I’m assuming all the risk. I’m personally not willing to assume a high level of risk to make the same as I made in a job.

And it’s a win for the employer too, believe it or not. It costs an employer anywhere from $70,000-$130,000+ a year to hire someone full-time to do what I can do–and it’s a headache.

So if someone hires me for $40,000 to get done what it would normally cost them $80,000 they’ve saved a lot. If I can get between 4-10 contracts a year that are between $20,000-$45,000 I’ve made some fantastic money.

Now—before you see the dollar signs rolling in front of your eyes, let’s add a caution here. If I sold 4-10 projects a year worth $1,000 each I’d be living in poverty.

Some consultants do–especially the first year. Just because you CAN make a ton of money consulting doesn’t mean you WILL.

Again, I don’t want to discourage anyone, but it’s important to have a realistic view of what might happen and prepare for anything.

Did you know? – The challenge that sinks most consultants is the balance between selling and delivering. They get their first contract and work hard at it, forgetting about finding the next one. Or they get caught up in chasing leads and their quality suffers. It’s a tough balance — you’ll have to work to figure it out.

If people are going to pay you $70 an hour to be a consultant for them, they want you to be professional. That means putting the grubby PhD student identity away (if they’re still around). Polish, polish, polish your brand.. Work on your LinkedIn and share material on it, get professional head shots. Perhaps get a website. You’re in the business of marketing YOU inc. right now, so make sure you would want to hire you.

Work on how you carry yourself. Practice your handshake so it’s firm. Study speaking and projecting confidence.

I know these things sound so ridiculous, but they seriously make a huge difference and will make you more likely to succeed. Confidence especially is critical and is easier said than done.

And get ONLINE! I get consulting clients now from my digital presence. If you want to know how to get started, I created a free email course on mastering your digital brand and making money from it!

Book Recommendation: There are two great books on building confidence: Steal the Show — a book about “performing” your roles in life, and The Confidence Code — directed towards helping women grow confidence.

5 Personal Brand Tips to Put Your Growth on Autopilot

If you’re serious about consulting, you can’t be the expert on everything.

There are two people every entrepreneur should have in their ear: a lawyer and an accountant.

• The lawyer will help you be legal and legitimate (if you decide to incorporate) but can also offer advice on contractor agreements, non-disclosure agreements, and a whole bunch of other legal processes that are vital for entrepreneurs.
• The accountant will tell you how to structure a company, and teach you how to pay only the taxes you need to (I’m not talking about setting up a shell company in Panama here—but you really don’t want to pay more taxes than necessary), and what you need to keep for bookkeeping, tax write-offs, etc.

You need both of these people.

You don’t need either of them full-time.

Chances are, once you’re running, you’ll only see your accountant once a year and your lawyer perhaps less than that.

But do find someone with the heart of a teacher that you can call with little questions as you have them. If your lawyer or accountant makes you feel like an idiot or won’t explain things to you, fire them.

Pro Tip: Don’t spend tons of money upfront. Lawyers and accountants have tons of things they can charge you for—monthly check-ins, extra paperwork, etc. I chose to do the bare minimum UNTIL I had cashflow. You should absolutely make sure you’re going to have some money coming in, perhaps even have your first few clients tentatively signed, before you drop a ton of money on lawyers and accountants. It’s too easy to get in way over your head up front.

Just like in academia, imposter syndrome among entrepreneurs is rampant. So you may never feel good enough. And in the end, it’s one more place you’ll have to #fakeittillyoumakeit.

If you’re making the leap, make sure to prepare for this. Find a good mentor–a BUSINESS mentor (not your PI). Look for mastermind groups or meetups of business people, and surround yourself with people who think like entrepreneurs.

Deal with your money blocks before they bite you in the ass.

This is a very minimal guide to consulting. I’m still learning lots about it, so I’ll post more as I learn. What do you think? Are you planning to make the jump? Have you thought it through? Have I missed anything?

If you’re ready, follow my 7 Easy Steps To Launch Your Consulting Business This Week. And good luck!

Now Read- What My $40,000 Client Taught Me About Starting a Consulting Business (Video)

Book Recommendation

If you’re looking for a fantastic book that will give you some great advice on building a consulting practice, this is a great book to start with.

Consulting Secrets 3 – Landing Clients

Photo by Christian Sterk on Unsplash There’s a new type of post buzzing around LinkedIn. I confess, I’ve even made a few.  The post is

You’re Not Good Enough… Yet

Last year, I spent $7k on a business coach. She was fantastic. She helped me through sessions of crafting my ideas to become a “thought

$200/hr Expert? Here’s the Secret!

Photo by David Monje on Unsplash I was listening to Tony Robbins this week. He was talking about being the best.  Tony asks the audience,

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How to transition from PhD to consulting?

Going from PhD to consulting can feel intimidating. It's hard to know which consulting firms recruit PhDs, and at which level. And it can also sometimes feel unclear if you'll be using your PhD skills at all or completely starting from scratch.

So let's walk through how you should manage your transition from PhD to consulting step by step. From which firms to target to how much you will be paid and how to ace your applications and interviews.

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Which companies recruit phds and at which level.

Consulting firms help clients solve some of the most difficult problems they face in their business. As a consequence, firms like McKinsey, BCG and Bain have always been competing with each other to recruit the smartest talent possible. Historically, top consulting firms were mainly hiring MBAs but that has changed over the past few decades and they now also target undergraduate and PhD students.

However, not all firms recruit PhDs at the same level. Some firms like Bain or Oliver Wyman recruit PhDs at their undergraduate entry level which they respectively call Associate Consultant and Consultant. This recruiting approach can feel a little bit frustrating as a PhD given you've spent much more time studying and also usually have more work experience than a typical undergraduate.

But the good news is that some firms have started to recognise this issue and to hire PhDs at the level just above the entry level one. This most notably includes McKinsey and BCG which respectively hire PhDs at Junior Associate and Senior Associate levels. As you can see in the graph below, these are equivalent levels despite the fact that the two firms call them differently.

As you've probably understood by now, McKinsey and BCG are great firms to target as a PhD because you will get in a at higher level than other firms which has got a few advantages:

• First, you'll receive a higher base salary from the start. ~$95k instead of the typical ~$80k for undergraduate entry level.
• Second, you'll be further along in your career and be given more responsibility from day one.

If you want to target these two firms, we would recommend taking a look at the recruiting events they regularly organise for PhDs: the McKinsey Insight Programme and the Bridge to BCG Programme . Both are one to two day workshops during which you get a chance to network with people from McKinsey / BCG , participate in realistic case experiences and get a better feel for whether you'd enjoy being a consultant. We would definitely encourage you to apply if you can.

In addition, if you have done a PhD in life sciences, we would also encourage you to take a look at consulting firms which have a strong focus on healthcare and pharma. This includes LEK , ClearView , Navigant and ZS Associates among others. These are smaller firms than McKinsey or BCG in terms of size but they have a strong culture of hiring PhDs and could be a good addition to your list.

Finally, McKinsey, BCG and the other consulting firms we have mentioned above take part to the PhD to consulting conference every year in the UK. We would recommend attending if you are based in London.

Why should you become a management consultant?

Consulting is intense and your interviewers will want to make sure you have carefully thought about why you want to become a management consultant . In our experience here are the top 3 aspects of management consulting that are most relevant to PhD students.

First, management consulting is not completely unlike doing research. A big part of a management consultant's job is to solve client problems. Going to work for firms like McKinsey or BCG will therefore give you the opportunity to continue using the skills you have developped while doing your PhD: from gathering data, to breaking down problems into manageable pieces and to articulating your ideas in a structured way. Here are a few case examples if you want a more precise idea of the type of projects consultants work on.

Second, one of the differences between management consulting and academia is the pace at which things go. You typically go less deep in the problems you solve in management consulting. But you are asked to solve them much faster. There's an emphasis on speed over depth. The bright side of this is that you will typically see the results of your work much faster as a consultant. On some projects you could even see your recommendations being implemented and have a direct impact on revenues / profits while you are still working at the client site.

Third, if you've decided academia isn't for you and are attracted to the business world, consulting can be a great stepping stone. McKinsey, BCG and Bain are sometimes referred to as " CEO factories " because a lot of their alumnus go on to manage Fortune 500 companies. For instance, both Sheryl Sandberg (Facebook COO) and Sundar Pichai (Google CEO) are former McKinsey consultants. Not all consultants go on to do great things but some do!

Having a clear idea of why you want to be a consultant is important because it's a demanding job which often involves long hours and a lot of travel.

How to land and ace consulting interviews?

Now that you know what firms to target, let's talk about the consulting application process. For most firms it looks something like this:

• Resume and cover letter
• Maths and logic test
• 1st round interviews
• 2nd round interviews

Each round of interview typically includes 2 to 5 interviews where you will be asked a mix of case questions and fit questions .

The first hurdle you will need to overcome is writing a great PhD consulting resume (template available here) . Our four main tips to achieve this as a PhD student are as follows:

• First, you should use a consulting specific structure for your documents: "Education", "Work experience", "Extra-curricular achievements" and "Additional skills". There's no need for specific sections on your publications or the conferences you attended.
• Second, you should write result-oriented bullet points. This means all your bullet points should start with action verbs (e.g. lead, analyse, etc.) and quantify the impact you've had as much as possible (e.g. lead a collaboration between 4 researchers which resulted in 3 publications)
• Third, you should work hard to simplify the topic of your research. The person reviewing your resume won't know more about your field than the average Financial Times reader. You need to dumb it down for them. They don't need to understand what you did in detail. Conveying a high level idea of your field is often enough.
• Finally, some recruiters have small prejudice against PhD students. They think they are good problem solvers but lack soft skills. In your resume, you should therefore make every effort to show off your soft skills. Two easy ways to do this are to talk about the different collaborations you've worked on, and the different presentations you've made at conferences.

Once your resume and cover letter have been accepted you will need to start preparing for case interviews . This type of interviews lasts about 30 minutes during which you will analyse and solve a business problem. These cases are usually inspired from past consulting projects your interviewer will have worked on.

For example, your interviewer could ask you: "Your client is Coca-Cola, and their profits have been declining in recent years. Can you help find the root-cause of the profit decline and turn the situation around?"

We've helped more than 20,000 students prepare for consulting interviews in the past and in our experience the following four-step approach makes for a great preparation.

• First, you should aim to develop fast and reliable maths skills . All case interviews involve some maths but PhD students in sciences often underestimate that part because they are used to doing more complex maths in their research. But doing simple additions, subtractions, divisions and multiplications QUICKLY and ACCURATELY is a completely different skillset to solving complex integrals (as an example). It requires some practice!
• Second, the real secret to case interviews is CONSISTENCY. You will have 5 to 10 interviews before getting an offer. In order to succeed you therefore need to consistently crack cases. In our experience, the best way to achieve this is to always use the same step by step method. We've developed our own method which you can learn about in our case interview programmes. Or you can also develop your own.
• Third, you should practice as many case interviews as possible. Practicing with peers and playing the role of the interviewer / candidate in turns is extremely helpful. But in addition, we would also recommend practicing by yourself as this gives you more time to think about the questions and about the perfect answer you can give. In addition, some candidates also use a consulting interview coach to fine-tune their preparation.
• Finally, you should not forget to spend some of your preparation time on fit and PEI questions . These are questions such as " Why McKinsey? " or "Tell me about a time you lead a team through a difficult situation?" These are often overlooked by candidates but carry an important weight in interviewers' final decision.

Consulting can be a great stepping stone for PhD students who aren't willing to go into academia and would like to enter the business world. McKinsey and BCG are particularly active in the PhD recruiting space. And so are other smaller firms with a strong presence in healthcare and life sciences such as Navigant, Clearview or ZS Associates. Getting an offer in consulting can be a bit challenging but if you follow our guidance on resumes, cover letters and case interviews your chances are actually quite high.

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