The world’s biggest management consulting firms – Bain & Co, Boston Consulting Group, McKinsey & Co – have always been among the biggest employees of MBA talent, both here in Australia and globally.
For MBA graduates, consulting firms can offer faster promotion cycles, broader industry exposure, and a better path to business leadership.
There are also the financial benefits. Outside of the finance sector, post-MBA compensation packages are the highest in consulting out of any industry.
An MBA graduate securing a job at Boston Consulting Group (BCG) in Australia can expect to earn a base salary of $160,000, a performance bonus of up to $61,600 and a signing bonus of up to $40,000 – for a total package of more than $260,000.
A top-ranked MBA with great marks can be one of the biggest door openers at these firms for young executives looking to become a management consultant and enjoy the significant career and financial benefits that this involves.
The competition for talent by these firms can be fierce, and they are always looking to offer a range of inducements to snare the best graduates. Starting salaries and other inducements are closely watched by MBAs to maxmise their post-graduation salary and improve the Return on Investment (ROI) for their degree.
Each year, US-based Management Consulted, a firm that helps executives and pre- and post-MBA students prepare and engage with the big consulting firms to enhance their job opportunities, analyses the hiring trends for the big firms.
Their latest report released this week shows that at the pre-MBA and post-MBA entry levels, 2025 consulting salaries stayed flat compared to 2024 in the United States. It is only the third time in the last 15 years that starting salaries have not increased at all from one year to the next.
The highest paying firms at the post-MBA/PhD level are Kearney, Alvarez & Marsal, Bain, Analysis Group, PwC Strategy&, BCG, Accenture Strategy, AlixPartners, Oliver Wyman, and OC&C.
At the big three Bain, Boston and McKinsey, base salaries start around $US190,000, with performance bonuses up to $US60,000 and sign-on bonuses of around $US30,000.
The flatline compares to the average increase of 2-4% over the last 15 years, but is a significant fall (in groeth terms) from the recent average where three of the past four years have seen increases of ~10% YoY on the back of a tight labor market and increased demand for talent.
The flatlining of salaries over the last 12 months appears to be more of a reflection of the mounting challenges faced by the consulting firms than any sort of disquiet about the quality or volume of current MBA graduates.
“First, firms are doing more with less. Productivity increases – primarily through AI and remote work – enable firms to extract more output from each consultant, as well as staff fewer consultants on each project team,” the report said.
“Second, attrition is slowing. As fewer current consultants leave the industry – predominantly due to a loosening labor market – there is lower demand to hire new consultants.”
Management Consulted has predicted an increase in hiring activity is coming over the next two years as demand and attrition increase. Additionally, as salaries stay flat industry-wide, there is an increased allure to “brand-name” firms who can offer candidates intrinsic career value beyond total compensation.
