Five Top Management Consulting Firms to Work For in 2020
Tuesday, August 25, 2020, 6:00 PM | Leave Comment
Management consulting is a great career – especially during a recession, where the consulting industry tends to prosper as jobs are cut elsewhere.
There are many great consulting companies, ranging from global operators to boutique firms with one office specialising in one sector.
With all this choice, it can be hard to decide where to apply and who might be best.
Here, we’ll cover a shortlist of five top consulting firms to work for in terms of pay, perks, capacity for development, exit opportunities and more.
Note that, with presence across many industrial sectors and regions, these companies take something equivalent to a well-diversified investment portfolio into the coming recession and are more likely to weather the storm than the hyper-specialist boutiques.
Certainly another good reason to consider them!
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McKinsey and Company
With a nearly hundred-year history, McKinsey & Company is the number one choice for most companies and governments globally. It has over 27,000 staff and 127 offices across different continents.
Its unmatched global presence makes it a global company, which fits the consulting industry. Any company that wants to reorganize itself or tackle a specific problem that involves cutting costs, or even launching a new line of products, looks no further than McKinsey.
But its services don’t come cheaply! Only companies with big warchest to spend hundreds of thousands or even millions of dollars can procure their McKinsey’s sophisticated advice. It has an outstanding reputation for discretion and unmatched professionalism.
However, what makes the company unique is its insistence not to take credit or blame for successful or unsuccessful implementation of its ideas. Both a good and bad outcome is on the client.
McKinsey has cultivated a culture of discretion about their client’s affairs. Yet, it is the dream destination for anyone who wishes to join consultancy. Since it is handsomely rewarding, competition is rife and the company implements an “up-or-out” policy to punish complacency.
McKinsey Salary Structure is as follows:
McKinsey managers earn a minimum of $250,000, but negotiate for bonuses individually, while principals annual income is $500,000 to $800,000, plus bonuses.
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Associate
Base wage – $83,000
Performance bonus – $18,000
Signing bonus – $5,000
Relocation compensation – $10,000
Retirement – 7% of annual income
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Engagement manager
Base wage – $152,500
Performance bonus – $35,000
Signing bonus – $25,000
Relocation compensation – $9,000
Retirement – &% of income ($11,900 max)
It’s global presence, nonetheless, helps your personal development and provides a variety of exit opportunities in various industries.
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Boston Consulting Group (BCG)
BCG operates in over 90 offices spread across 50 countries, making a good choice for anyone looking for consultancy work. The company began in 1963 in Boston, which since then serves as its headquarters.
Though Bolton Consulting Group does the same job as McKinsey, its approach focuses more more on analysis. Its annual average salary is between approximately $43,740 for Administrative Assistant to $226,626 per year for Principal managers.
BCG Salary Structure:
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Associate
Base wage – $84,000
Signing bonus – $5,000
Performance bonus – $16,800
Profit sharing – $4,500
Retirement – Profit sharing is deposited into 401k account
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Consultant
Base wage – $147,000
Signing bonus – $30,000
Relocation compensation – $8,000
Performance bonus – $44,100
Retirement – Profit sharing is deposited into 401k account
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Bain and Company
Though Bain & Company don’t have as many offices as McKinsey and BCG, it boasts of a fairly huge revenue out of its 56 offices that handles its over 8,000 employees. It is equally a Boston-based company like BCG.
Bain, nevertheless, has a unique concept from the other top consultants. Its new consultants don’t need to specialise, so it receives lots of applications.
Its consultancy services is largely on corporate strategy around private equity investments, mergers & acquisitions, finance, operations, and market analysis.
Bain Salary Structure:
Managers get $350,000 salary topped up with an individual bonus
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Associate
Base wage – $83,000
Signing bonus – $5,000
Performance bonus – up to 15% of base income
Vesting – after 3 years, approximately $7,500
Retirement – 4,5% of the base salary
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Consultant
Base wage – $148,000
Signing bonus – $25,000
Performance bonus – $40,000
Vesting – in there years, $14,000
Retirement – 5% the base salary up to $8,000
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Deloitte Consulting
Deloitte Consulting, a consultancy segment of the larger Deloitte Touche Tohmatsu group, is a multinational professional services network. Formed in 1845 in London, which serves as its headquarters to date.
The company has a global network with over 250,000 employees worldwide, which have been instrumental in helping it to generate over $38 billion in revenue. Actually, Deloitte Consulting accounts for 37% parent companies’ $38 billion.
Deloitte salary structure is as follows:
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Analyst
Base wage – $88,000
Signing bonus – $12,000
Relocation compensation – $5,000
Performance bonus – up to $15% of base income
Retirement – 6% of overall income paid to 401k
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Consultant
Base wage – $145,000
Signing bonus – $25,000
Relocation compensation – up to $10,000
Retirement – 1,5% of income is paid to a retirement fund
Note: Deloitte returning interns earn an additional $17,500 plus a signing guarantee of $20,000 on top of a full 2nd year tuition compensation.
They are headquartered in New York, with their many locations all over the world making for a very international approach. Deloitte Consulting’s main focus areas are in human capital, strategy & operations, and technology.
The company suits consultants with main focus in strategy & operations,human capital, and technology.
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Strategy &
Strategy& is formerly Booz & Company, but which after the 2014 acquisition by PwC became a strategy consulting firm.
It has over 3,000 employees working at more than its 61 offices worldwide. Strategy& has its distinct global footprint, but this is further widened by PwC network.
Strategy& salary structure is as follows:
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Associate
Base wage – $90,000
Signing bonus – $10,000
Relocation compensation – $8,000
Performance bonus – up to 10% of base salary
Retirement – 6% of base salary and up to 5,7% of the bonus contributed to 401k. 5-year vesting period
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Consultant
Base wage – $147,000
Signing bonus – $25,000
Relocation compensation – $3,000
Performance bonus – $47,000
Retirement – 6% of base salary and part of a bonus contributed to 401k. 5-year vesting period
Also. Strategy& pays the student loan of $1,200 annually for six years, or until you become a manager.
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Conclusion
Landing a job at any of these firms is a recipe for a great career. We’ve discussed some of the differences between the companies here, but they are all united in offering highly stimulating, rewarding work and unparalleled opportunity for personal development.
Hopefully, this article has inspired you to send off your resume and cover letter to some or all of the firms mentioned, start preparing for case interviews and hopefully land a job offer at one of the best companies in the world!
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