Does consulting pay well?
Are consultants really as well paid as you think they are?
Here's an inside look at typical UK consulting salaries across career levels.
Starting salaries
Consulting starting salaries vary enormously. This chart shows the starting salaries of the major consulting firms. Note, this shows base salary not total compensation so it excludes things like bonuses.
As you can see, BCG comes out on top with a starting salary of £63, 000. The pay is excellent but be warned, work life balance at MBB firms is poor so if you converted this into an hourly wage, it might not look so enticing.
Perhaps the biggest surprise for most people wanting to break into consulting is the starting salaries of Big Four and Accenture consulting analysts. These firms actually pay quite a ‘typical’ graduate salary.
UK average salary
Whether you think these are high salaries or not depends on what you benchmark it against. If you compare consulting salaries to investment banking salaries (comparing all elements of these career choices comes up surprisingly often) then consulting starting salaries look pretty underwhelming.
However, if you compare this to the UK national average then things look much rosier. The UK average pay is circa £27, 000 per year. Graduates are already starting on more than this before we take into account bonuses, which could be anything up to £10, 000.
Future earning potential
Consider the future earning potential of a consulting career.
Experienced consultants can expect to earn anywhere between £50, 000 to £90, 000 depending on what type of consulting you do and what firm you work at.
Partners in consulting firms can expect to earn around £155, 000 base salary. Don’t forget that excludes things like equity and bonuses which are much more variable at that stage of your consulting career.
The reality
Consulting pay is certainly excellent but it might not be as extreme as you were expecting. Overall it’s on par with big tech but less than investment banking. However, compensation alone shouldn't drive your choice of firm - focus on the right culture fit.
