Is consulting in Big 4 worth it?

Consulting units of Big 4 firms tend to offer a wider range of services. Therefore, even as a consultant in their strategy arm (such as Monitor) you can offer your clients specilized insights into almost every business problem by bringing the right expert to the table.

What is the career progression at McKinsey?

That is correct, the traditional track at McKinsey from bottom to top is Analyst>Associate>Engagement Manager>Associate Partner>Partner. Moving from one position to the next normally takes 1 to 3 years. Each one of the previous role develops from Junior to Senior (e.g. from Junior analyst to Senior analyst).

How much do first year management consultants make?

Base salaries for high-level personnel range between $570,000-$1,000,000, with performance bonuses of up to$300,000 varying by firm. Here’s a breakdown of salaries for management consultants according to the top three consulting firms. McKinsey: Base Salary: $83,000.

Is management consulting a high paying job?

Management Consulted found that new hires in management-consulting positions can earn as much as $80,000 to $100,000 in total compensation their first year out of undergrad.

What are the Big 4 firms in management consulting?

The Big 4 firms in management consulting are Deloitte Touche Tohmatsu (Deloitte), KPMG International (KPMG), PricewaterhouseCoopers (PwC), and Ernst & Young (EY). As of 2020, they are the four largest consulting firms in terms of revenue. The term “Big 4”, however, comes from the accounting industry where these four firms dominate the market.

How much do consulting salaries increase?

Sure – most historical consulting salary increases were in the 2-4\% growth range, indicating that even in tightening labor markets, the value proposition of consulting goes beyond financial compensation.

What skills do consultants need to be successful?

Many consultants develop very strong financial skills during their years in consultancy, skills that prepare them very well, and make them very sought after, by financially-minded institutions like private equity or venture capital firms.

What happens to your salary when you leave a consulting firm?

Although your salary increases relatively rapidly within a top consulting firm, you typically receive a pay increase when leaving, as well as a bump in lifestyle. In the U.S., the average consultant who accepts an industry position receives a 12-20\% increase in pay and a better work-life balance.