The consulting industry is a highly competitive field, with three firms—McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG)—dominating the elite worldwide for years. Collectively known as the MBB firms, or the top three, they have also been a springboard for people seeking high-level jobs in the financial services or business sector. But what consulting firm pays the most?When it comes to compensation, MBB firms have traditionally paid the best salaries and bonuses to consultants. However, the consulting units of the big four accounting firms (Deloitte, EY, KPMG and PwC), along with an increasing range of specialized providers, are now up to the task when it comes to remuneration.
According to Curtis, consulting firms do compete, not directly, but to a certain extent, with investment banks when it comes to recruiting the best talent. The company's bonus structure allows top performers the opportunity to take home up to approximately 30% of their base salary in bonuses. In addition, salaries have increased year after year at all levels of seniority and companies, as the sector continues to recover from a relatively short period of wage stagnation at the height of the pandemic. Consulting jobs provide opportunities to develop general and specialized skills and develop them at all stages of a worker's professional career. Below is the total salary of the 10 companies that best pay a consultant in Boston, Massachusetts: Bain & Company, McKinsey & Company and L, E, K. Its consultants help more than three-quarters of the companies included in the Fortune Global 500 list, as well as influential government and non-profit organizations.
When asked how well they are paid compared to people who have similar jobs at other companies, Cornerstone Research employees felt that they received the fairest compensation. PwC runs Strategy& as its elite consulting arm, along with its current consulting business, and Strategy& employees earn much more than their PwC counterparts. Deloitte (the company's consulting service based on strategy and operations) also pays premiums for transfers that are higher than those in the market; however, their maximum performance bonuses are considerably lower than those of their BBM competitors. If you're thinking about becoming a consultant or are planning the next step in your career, it's important to understand details about a consultant's position, career path, and salary trajectory. The renewed battle for talent has also contributed to wage inflation, as consulting firms compete for candidates against big banks (which have increased their salaries considerably in the past 12 months) and big technology companies.
Which Consulting Firm Pays The Most?When it comes to compensation in the consulting industry, MBB firms have traditionally been known for offering some of the highest salaries and bonuses. However, with an increasing range of specialized providers entering the market and big four accounting firms such as Deloitte, EY, KPMG and PwC offering competitive remuneration packages as well, it can be difficult to determine which firm pays the most. The bonus structure at MBB firms allows top performers to take home up to approximately 30% of their base salary in bonuses.
In addition, salaries have been steadily increasing across all levels of seniority and companies as the sector continues to recover from a period of wage stagnation during the pandemic. Consulting jobs provide opportunities to develop general and specialized skills and progress through different stages of a professional career. According to Curtis Consulting Group's survey on employee satisfaction in Boston Massachusetts, Bain & Company was found to be one of the top 10 companies that pay consultants best. McKinsey & Company was also found to be one of the highest paying consulting firms in Boston. The company helps more than three-quarters of Fortune Global 500 companies as well as influential government and non-profit organizations. When asked how well they are paid compared to people who have similar jobs at other companies, Cornerstone Research employees felt that they received fair compensation.
PwC vs Deloitte: Who Pays More?PwC runs Strategy& as its elite consulting arm alongside its current consulting business.
Employees at Strategy& earn much more than their PwC counterparts. Deloitte also pays premiums for transfers that are higher than those in the market; however their maximum performance bonuses are considerably lower than those offered by MBB competitors.