On the whole, if you're thinking about a career in consulting, you can expect to be paid well. Starting salaries range from between £30,000 and £42,000, and typically come with a range of benefits including healthcare, bike schemes, interest free loans, additional holiday and sometimes profit share arrangements.
What's more, a consultant's pay will continue to increase significantly as you progress, with consulting firm partners earning anything from £200,000+. Below we have outlined the typical starting salaries for consulting graduates to help you understand the financial implications of your choice...
1. Large consulting practices
The firms: Accenture, Deloitte, EY, KPMG & PwC
Salaries at large consulting practices tend to start from £30,000. These can increase relatively quickly and you can expect to be earning £45,000 within two years, and £60,000 within four years.
2. Strategy consulting practices
The firms: BCG, McKinsey & Company & OC&C
Salaries at strategy consulting firms tend to start higher and rise more quickly than those at broader management consulting firms. A new graduate can expect to earn between £35,000 and £42,000 at firms such as these, with salaries increasing to £60,000 within two to three years.
3. Boutique consulting practices
The firms: Alfa, Alpha FMC, Oliver Wyman, PA Consulting and Steer Davies Gleave
Salaries at boutique consulting practices start from £35,000 and often come with additional financial benefits, such as profit share schemes.
Don't forget - while knowing your likely salary is important, it is just one factor when considering a role and a career.