Management Consultant Salary
Management consulting is one of the fastest growing trades in all of business. Firms of all sizes have come to rely on management consultants in order to optimize their business operations. Because the support that management consultants provide is so critical, consultants receive premium salaries for their contributions. Corporations rise and fall on the advice and leadership of management consultants. Good advice is priceless to a company that needs it. In the same vein, poor advice from a management consultant can mean the death of a business. For this reason, companies are willing to pay very attractive salaries, and bonuses, in order to attract the very best management consultants. While management consultant salary can vary widely, the baseline salaries of management consultants are typical across industry. In addition to baseline salaries, management consultants can receive significant signing and performance bonuses. These bonuses can be quite large; in some cases, even equaling or surpassing the amount received in base salary.
Management Consultant Salary: Looking at the Numbers.
First year management consultants, those with at least an undergraduate degree, can expect a starting salary of between $50,000 and $70,000. Additionally, signing bonuses of between $5,000 and $10,000 are typical in this field. Companies traditionally offer newly hired management consultants moving and relocation expense stipends. These stipends are generally in the range of $5,000 to $10,000. It is typical for consultants to receive yearly bonuses of between $5,000 and $10,000 as well. These bonuses may be performance based, or simply awarded as part of a contractual agreement. This comes out to a management consultant salary that is somewhere around $80,000 for the first year of work. Salaries vary between companies and job assignments, but this is the average. These figures do not take retirement account contributions, or other benefits into account.
Management consultant salary levels for consultants with more than just an undergraduate degree are in even higher demand. As such, management consultants with postgraduate degrees command an even higher salary premium than their undergraduate counterparts. At the post graduate level, management consultant’s salaries truly begin to demonstrate the value that businesses hold for this profession.
In their first year, post business school, management consultants with an MBA degree can expect to earn a salary of between $110,000 and $140,000. Typical signing bonuses for management consultants with MBA degrees range between $20,000 and $40,000. Relocation and moving expenses for MBA level management consultants are covered with a stipend of between $10,000 and $20,000. Standard year end, or contractual, bonuses for MBA level management consultants are generally in the range of $20,000 to $40,000. These figures may be hire at some companies, and lower at others, but this it the general pay range for management consultants with the aforementioned qualifications. This amounts to a management consultant salary of between $160,000 and $200,000 for first year consultants with business degrees. Again, the actual numbers will vary by location. These amounts do not take into consideration pension contributions, or any other available benefits.
As management consultants increase in experience and seniority, their salaries rise accordingly. Management consultants who reach the level of senior partner or company director can earn salaries of more than $1,000,000. Salaries are less at lower levels, but still significant; A management consultant who is a principal or partner in a company can earn $500.000 or more annually. Just below the level of partner, management consultants at the level of associate principle, or senior project leader, can earn anywhere between $200,000 and $400,000 annually. These figures do not take into account any stipends or bonuses that may be received. Additionally, at senior levels, the salaries of management consultants tend to be tied to performance metrics.
The Future of Management Consultant Salaries
Management consultant salary levels show consistent growth year over year. What seems most certain is that the field of management consulting has become integral to the future of business as a whole. With the relationship of management consulting and business continuing to form strong bonds, management consultant’s salaries are expected to continue their growth for the foreseeable future. Enroll in an online college so you can earn this salary.
