Navigating the Shifting Landscape of Consulting Salaries
The consulting industry has faced a tumultuous year, with stagnant pay and scaled-back benefits. According to Management Consulted’s 2025 Consulting Salaries Report, the industry’s growth has slowed, and firms are adapting to the new normal. Despite the challenges, the report reveals that demand for consulting services continues to grow, and headcounts are higher than they were a year ago.
The State of Consulting Salaries
In 2024, over 90% of firms froze starting base salaries, marking the second consecutive year of pay freezes. This trend has given larger firms an advantage, as they offer more attractive compensation packages and lifestyle perks. The top firms, including McKinsey, Bain, and Boston Consulting Group, continue to dominate the market, offering higher variable compensation, more generous benefits, and less travel.
MBAs and Undergraduates: A Tale of Two Markets
MBAs can expect to top out at $192,000 in base salary, with performance bonuses reaching $63,000 and signing bonuses up to $35,000. In contrast, bachelor’s degree holders can expect a base salary of $112,000, with performance bonuses up to $30,000 and signing bonuses up to $5,000. Alvarez and Marsal leads the pack in terms of total cash compensation for both MBAs and undergraduates.
Big 4 Firms: A Mixed Bag
Total compensation has flatlined among the Big 4 firms – Ernst & Young, KPMG, Deloitte, and PwC – over the past three years. While some firms have lifted caps on performance bonuses, others have used depressed raises to increase attrition. EY Consulting and EY-Parthenon stand out for their unlimited PTO and performance bonuses up to $52,500.
Intern Pay and Career Trajectory
Intern pay varies widely, with MBAs earning up to $43,250 and undergraduates earning up to $22,500. The career trajectory for consultants is marked by increasing expectations and milestones, with MBAs expected to move into manager or project leader roles within 2-3 years, and eventually reaching senior partner or director roles within a decade.
The Future of Consulting
The industry faces several disruptive forces, including the growth of in-house strategy groups and the increasing adoption of artificial intelligence. While AI will bring productivity gains, it will also reduce the need for talent and stall salary growth. The 2025 Consulting Salaries Report predicts muted compensation growth, but expects consultant utilization to rebound and hiring to increase in 2026.
Download the Full Report
To access the full 2025 Consulting Salaries Report, which includes detailed pay information for 124 consulting firms, click here.
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