BCG Consultant Salary (2022)

The BCG Consultant Salary is one of the primary reasons to consider applying for a position at the Boston Consulting Group. Sure, you’ll learn a lot at BCG and have a prestigious name attached to your resume. But you will also make a lot of money. Of course, the BCG salary range isn’t just dictated by the company’s innate sense of generosity. Market conditions in the consulting sector and the broader economy dictate the salaries different companies have to offer in order to attract top talent. Luckily for you, the consulting industry has never been stronger.

There has been a wide proliferation of boutique consulting companies in recent years, but this has not hindered the growth of the top three firms: McKinsey, BCG, and Bain. Each of these has seen annual revenue growth in excess of 10% for much of that time period. Further, the explosive growth of the technology and finance sectors has led to an economy-wide competition for top talent. In short, there has never been a more lucrative time to become a consultant. BCG consultant salaries, like the salaries of virtually all competitive consulting firms, will handsomely reward you for your work. In this article, we’ll take you through the compensation you can expect from a variety of different positions at BCG.

BCG Consultant Salary (1)

BCG Salary

Consultant salaries at BCG and elsewhere have been on an upward trend. This is especially true for employees with MBAs and PhDs. These degrees are roughly equivalent when it comes to consultant salary, as the technology sector drives competition for top talent. The pay for employees with MBAs and PhDs at the top three tech firms climbed to a base salary of $165,000 in 2019. In addition to that salary, the BCG consultant salary for MBAs and PhDs includes performance bonuses up to $41,250, retirement contributions of up to $20,312 into 401(k) accounts, a signing bonus of $30,000, and up to $2,000-8,000 in relocation bonus.

For employees with an undergraduate degree or a non-management Master’s degree, the BCG salary rose to $90,000 a year. BCG salary also includes performance bonuses of up to $18,000, profit sharing contributed to employees’ 401(k)s, signing bonuses of up to $5,000, and a relocation bonus of $500-8,000.

Like with most other firms, you can expect a BCG salary to increase by 10-20% every year. Overall earnings are contingent on many factors. This includes performance, with variable performance bonuses, as well as possible promotions. Employees are typically promoted (or asked to seek employment elsewhere) every 2-3 years, with a salary increase each time. Let’s take a look at a breakdown of BCG salaries by role. Note, these figures pertain to BCG salary in US locations. BCG salary varies from country to country, though most locations within the same country pay the same rate to employees.

BCG Consultant Salary By Role

BCG Associate Salary

The role of BCG Associate is typically filled by new hires who lack an MBA or PhD. Employees with this title earn an average BCG salary of $110,000 per year as a base rate, with performance bonuses of up to $20,000. Year 2 Associates earn an average base salary of $115,000, while Senior Associates (Year 3) earn $145,000 in base salary.

BCG Consultant Salary

At BCG, “Consultant” is the title for new hires who hold an advanced degree (MBA, PhD, JD, MD, etc.). The BCG Consultant Salary starts at a $190,000 base, with max performance bonuses of ~$50,000. Second year Consultants earn an average base salary of $195,000. The big BCG salary bump comes when you hit Project Leader.

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BCG Project Leader Salary

The escalation to the project leader/manager role is typically the first promotion BCG employees earn after their first two to three years with the company (post MBA). This base BCG project leader salary is $225,400 with a sharp rise in potential bonuses, which range from $90,000-130,000. Second year BCG project leaders earn $232,200 in base salary.

BCG Associate Principal Salary

The role of associate principal and senior project leader is typically the second promotion for BCG employees post-MBA, occurring after four to five years. BCG salary at this stage includes a base rate of $252,900, with performance bonuses from $120,000-220,000.

BCG Principal Salary

There are two levels of partner at BCG. The first level of junior partner/principal is usually a BCG employee’s third promotion and occurs after six to eight years with the company. This role includes a base salary of $268,400 with performance bonuses of $350,000-550,000. Notice how the more senior you become at BCG, the variable proportion of your compensation makes up most of your take home pay.

BCG Partner Salary

After ten or more years with the company, an employee may rise to the senior partner/director position. The BCG senior partner salary has a base rate of $276,500 with performance bonuses (well) in excess of $500,000 per year.

BCG Gamma Salary

BCG Gamma is a division of BCG focusing on data science and advanced analytics. Consultants here specialize in AI and machine learning. BCG data scientists earn an average salary of $108,000, with top earners paid over $140,000 a year.

BCG Digital Ventures Salary

BCG Digital Ventures is a division of BCG focused on startup incubation and corporate investment. Specific salary information for this division is unavailable, but it’s safe to assume it breaks down according to employee roles consistent with BCG’s normal consulting operations.

BCG Internship Salary

The BCG salary earned by interns is broken down according to the degree held by the intern. Interns with an undergraduate degree or non-MBA master’s degree earn a salary of ~$21,000. Interns with an MBA or a PhD earn a salary of ~$36,500. BCG’s summer internship program runs for 10 weeks.

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BCG Career Path

Like many other top firms, BCG’s career development path tends to obey an “up-or-out” strategy. This means that, within a regular time frame, employees are typically either offered a promotion or asked to seek employment elsewhere. This amount of time has some variability, but most BCG employees fill a role for two to three years before being promoted or moving on.

BCG Glassdoor Reviews

BCG gets extremely positive reviews overall from past employees, with an average score of 4.3 stars out of 5. Many employees, of course, focus on the material benefits of BCG employment: the high salary, travel opportunities, luxurious office conditions, etc. Many employees are particularly enthusiastic about BCG’s health coverage, which is said to be the best available. One common refrain is the cliché that you can have a baby for only $20 in copays. Beyond those benefits, positive reviews also focus on the culture of innovation and the stimulating challenges associated with working at BCG.

The negative reviews focus on elements of the job that are likely endemic to the consulting industry at large. The most frequently cited con to BCG employment is the difficulty of work-life balance, with especially long hours and extreme demands on employee energy. Some said the work could be stressful, though most negative reviews noted the stress tends to come from problematic clients, as opposed to problems internal to BCG. Finally, some employees lamented an inability to align available promotions and career development opportunities with their personal interests.

BCG UK Salary vs. BCG Salary US

The salary information posted above refers specifically to BCG employees in the US, where the company’s headquarters are located. BCG salary details differ between countries. The base rate for UK employees always tends to lag behind the BCG salary for US employees. The average BCG UK consultant earns a base salary of £93,000, which at the time this article was written translates to roughly $115,000. That’s significantly lower than the average US BCG consultant salary of $165,000. Likewise, performance bonuses for BCG UK employees are typically lower.

Some things that might account for this difference include a more comprehensive array of public services, such as healthcare, available in the UK. In addition, the US market is experiencing a war for talent between Silicon Valley, Wall Street, and consulting. This dynamic isn’t as strong in the UK and other markets.

Many of BCG’s US locations boast a significantly cheaper cost of living than London. This includes Atlanta, Houston, Philadelphia, and other metropolitan areas. However, other BCG US locations, such as New York City and San Francisco, are significantly more expensive to live in than even London.

The takeaway? It pays to be in the US – both from a salary and cost-of-living perspective.

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Summary

Overall, the consulting market has been undergoing a number of changes. On the one hand, increased competition within the consulting sector from boutique consulting firms has led to an increase in consultant salaries, at BCG and elsewhere. The rise in competition for top talent has accelerated this development. However, more large companies are setting up their own in-house consulting and analytics operations. This has had the occasional effect of forcing layoffs. Assuming you are able to get hired as a consultant at BCG, you are sure to earn an attractive salary. However, you will need to perform well in order to keep earning that salary, let alone to increase your earning power with time.

Additional Reading:

  • Management Consultant Salary Report
  • MBA Salaries: How Much Do Consultants With An MBA Make?
  • Consulting Resume: Complete Guide

FAQs

How much do BCG consultants make UK? ›

How much does Boston Consulting Group pay per year? The average Boston Consulting Group salary ranges from approximately £33,471 per year for a Research Associate to £168,719 per year for a Principal. Boston Consulting Group employees rate the overall compensation and benefits package 4.4/5 stars.

How much do McKinsey Consultants earn? ›

At McKinsey, the salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Engagement Managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.

How much do BCG consultants make in Dubai? ›

The estimated total pay for a Consultant at Boston Consulting Group is AED 553,000 per year.

What are the levels at BCG? ›

Within the BCG consulting path, the hierarchy includes such roles as (in ascending order) associate, consultant, project leader, principal, partner, and finally managing director.

Who pays more McKinsey or BCG? ›

In 2022, starting base salaries for new MBA grads at the three firms was $175,000. Going into 2023, however, Bain and McKinsey will offer $192,000 base salaries and BCG will offer $190,000.

Is it hard to get into BCG? ›

The second largest of the prestigious “MBB” (McKinsey, The BCG, or Bain & Company), Boston Consulting Group is one of the most selective of the Top 3 consulting firms, just behind McKinsey, using a rigorous and challenging hiring process.

Does BCG pay well? ›

Table of Contents. Entry-level consultants at BCG can earn up to $112,500 per year, while senior consultants can make up to $215,500. Project Leaders have a maximum annual salary of $266,000; Principals and Partners may earn up to $1,150,000.

Which is better McKinsey or BCG? ›

McKinsey & Company scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook. Both tied in 1 area: Work-life balance.

Can consultants make millions? ›

I mean, you can earn a million a year consulting, for sure. You can probably find ways to earn a million a year doing most things. But one thing you'll need in most every scenario is a team. So how much should you expect to earn running your one-person consulting business?

How much does McKinsey pay in Dubai? ›

The average McKinsey & Company salary ranges from approximately ₹2,79,123 per year for an Assistant Process Associate to ₹67,65,503 per year for an Associate Partner.

What does a partner at BCG make? ›

BCG Partner Salary

The BCG senior partner salary has a base rate of $276,500 with performance bonuses (well) in excess of $500,000 per year.

How senior is a principal at BCG? ›

The principal level in BCG used to be 4 years, but now that 4-year has been broken down to 2 tiers. The first 2 years still under the title of "principal", the 3rd and 4th year though, would be under the title of "partner".

What is the starting position at BCG? ›

Hiring. The traditional career path at BCG starts at the associate level, the most common position for undergraduates right after they graduate. As you continue to work at the firm you can move up through the positions of Consultant, Project Leader, Principal, and finally Partner.

What is the career progression at BCG? ›

The typical career path at BCG begins with an associate position, before you become a consultant, then a project leader, a principal, then a partner. Promotions to each of these roles brings with it a rise in compensation.

What are BCG employees called? ›

McKinsey consultants are known as the Vainies because they come and give a McKinsey-style conference. The BCG specialists are called Brainies because they are the brains that waste academic theory. While the Baines, of Bain & Company, are famous for offering quick results to their customers.

Is BCG better than Deloitte? ›

Deloitte scored higher in 4 areas: Culture & Values, Work-life balance, CEO Approval and Recommend to a friend. Boston Consulting Group scored higher in 3 areas: Compensation & Benefits, Career Opportunities and Positive Business Outlook.

Is BCG a big 4? ›

The big four consulting firms that account for nearly 40% of the industry are PwC, Deloitte, EY, and KPMG. These are followed by McKinsey & Company and the BCG – US strategy giants. There are several reasons for an MBA graduate's fascination with consulting careers.

How prestigious is BCG? ›

In other words, the majority of people in consulting fields agree that MBB are the best firms when it comes to prestige.
...
1.1. MBB Firms Have Much Higher Prestige Score (Vault 2020)
RankScoreName
18.984McKinsey & Company
28.738Boston Consulting Group
38.600Bain & Company
47.121Deloitte Consulting LLP
6 more rows

Who are the Big 3 consulting firms? ›

What are MBB (Big 3) Consulting Firms? In management consulting, MBB stands for McKinsey & Company, Boston Consulting Group, and Bain & Company, the three most prestigious firms in the industry (also known as the “Big Three”).

How hard are BCG interviews? ›

One of the biggest challenges of interviewing with BCG is solving cases that you've never seen before. Each case can be difficult, and you'll have to perform well across multiple case interviews in order to get an offer. As a result, it's critical for you to have a consistent approach for solving cases.

Do BCG consultants travel a lot? ›

Travel is most prevalent in the US, where consultants often criss-cross the country. Working hours are the longest in Southern Europe, Asia and Latin America. So make sure to speak with the current consultants at the firm and office where you're applying.

Can I negotiate BCG offer? ›

You have very little room to negotiate. Even if you have an offer from McKinsey, Bain, and BCG, you may not be able to leverage your other offers to negotiate for an increase in compensation at another top firm.

How hard is it to get a job at McKinsey? ›

It receives hundreds of thousands of job applications which means chances are slim that your application will be successful. However, if you have an excellent academic record, and can prove you have strong communication and analytical skills, you just might make the cut. The hiring process at McKinsey is quite intense.

Which big4 is best for consulting? ›

Comparing the careers
RankAvg. ScoreName
18.984McKinsey & Company
28.738Boston Consulting Group
38.600Bain & Company
47.121Deloitte Consulting LLP
11 more rows

What is BCG famous for? ›

BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Do consultants have work life balance? ›

As a result, most management consultants have to work between 50 up to 80 hours in a week to satisfy the job, giving consulting a name for its challenging work-life balance.

Which consultant makes most money? ›

Top 15 highest-paying consulting jobs
  • Software consultant. ...
  • Business consultant. ...
  • Consultant. ...
  • Security consultant. ...
  • Management consultant. ...
  • Financial consultant. National average salary: $88,497 per year. ...
  • Systems consultant. National average salary: $93,956 per year. ...
  • Senior consultant. National average salary: $98,468 per year.

Are consultants rich? ›

The median salary for all geographic areas and all management consultant career levels is $86,000—not too shabby. It's a very competitive field, but if you can get in with one of the top firms, you're looking at close to six figures with little to no professional experience.

Why do consultants get paid so much? ›

Many, many times. Why are consultants so expensive? Consultants are more expensive than full time employees (comparing hourly bill rates to straight salaries) due to the costs which consultants must cover for their services and the profit margin that is established for their value/expertise.

How much does a McKinsey partner make UK? ›

How much does a Partner at McKinsey & Company make? The typical McKinsey & Company Partner salary is £169,708 per year. Partner salaries at McKinsey & Company can range from £60,716 - £254,563 per year.

How many hours do you work at BCG? ›

12 hours per day is average (60 hour weeks).

How much does the CEO of BCG make? ›

The estimated total pay for a Chief Executive Officer (CEO) at Boston Consulting Group is $531,083 per year.

What is a high salary London? ›

A salary of £50,000 is considered to be good in London. If you have a family, a more comfortable income starts at £60,000. With that income, you can afford a two-bedroom apartment not far away from the city center, eating out, and traveling around on weekends.

Can consultants make millions? ›

I mean, you can earn a million a year consulting, for sure. You can probably find ways to earn a million a year doing most things. But one thing you'll need in most every scenario is a team. So how much should you expect to earn running your one-person consulting business?

What is the average salary of a Deloitte Partner? ›

Deloitte Consulting Partner Salary. At Deloitte, the Partner's annual base salary is $413,000. With $130,000 additional bonuses and $30,000 profit sharing, a Deloitte Partner can make up to $575,000 per year.

What does a Partner at BCG make? ›

BCG Partner Salary

The BCG senior partner salary has a base rate of $276,500 with performance bonuses (well) in excess of $500,000 per year.

Do BCG consultants travel a lot? ›

Travel is most prevalent in the US, where consultants often criss-cross the country. Working hours are the longest in Southern Europe, Asia and Latin America. So make sure to speak with the current consultants at the firm and office where you're applying.

Do consultants have work-life balance? ›

As a result, most management consultants have to work between 50 up to 80 hours in a week to satisfy the job, giving consulting a name for its challenging work-life balance.

Do consultants travel a lot? ›

If you go into consulting, you should expect to travel at most firms, but the level of travel will vary by firm and by project. The amount of travel tends to be drive by the firm's staffing model.

Does BCG pay for Masters? ›

BCG offers full tuition reimbursement for those planning on remaining with the company after going to business school. Keep in mind, tuition for a full-time MBA will cost you at least $60k/year, not including additional fees such as housing, books, and other expenses.

How much do BCG interns make? ›

2. BCG Internship – Recruitment & Salary
SalaryDuration
Undergrad Route$17,30010-12 weeks
MBA Route$32,00010-12 weeks
12 Apr 2021

How much does a consultant at Deloitte make? ›

What is the salary of Consultant at Deloitte India? Average Deloitte Consultant salary in India is ₹ 12.0 Lakhs for experience between 3 years to 8 years. Consultant salary at Deloitte India ranges between ₹ 8.0 Lakhs to ₹ 17.2 Lakhs.

Is 70k a good salary UK? ›

The most recent data from HMRC shows that the median average pre-tax income is around £22,400. An income of over £70,000 a year will actually put you in the top five per cent of all UK earners.

Is 100k a good salary UK? ›

The simple answer to this question is yes, a salary of 100k + does still put you in a relatively select group at the top of the UK earners list. Whilst those at the very top of that heap are touching seven-figure salaries, the proportion of those on more than £100k continues to grow.

Is 120k a good salary London? ›

£120k isn't a huge salary for London. Especially if it's a single salary as it's in the salary spot that takes a beating for tax as over £100k you lose the personal tax free allowance. It's approx £6k per month net. Rents in central London are rising fast.

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