Consulting is one of the most popular industry targets for incoming MBAs, and consultancies as a group will hire up to 30% of MBA graduates from top programs in the coming year. Given the popularity, we were curious to see how different employers ranked in terms of compensation, satisfaction, and hiring volume. Using data reported by MBA students and alumni, we evaluated these employers to create a list of top consulting firms. You can read more about our methodology at the end of this post, or by clicking here.
Here are the top ten consulting firms according to data submitted by MBA graduates:
1. Bain & Company
Composite Score: 100
Median Compensation: $220,000
Median Salary: $152,000
Average Hours/Week: 60
Equivalent Hourly Wage: $49
Average Travel Percentage: 45%
Average Satisfaction: 8/10
Percent of consultant grads hired by company: 5.6%
When it comes to innovation, ambition, and globalism, Bain & Company embodies all three. One of the Big Three, and consistently volleying the number one spot on the Vault Consulting 50—an annual assessment and ranking of over 130 consulting firms—with McKinsey & Company, their spot on our list is no surprise. With over 63 offices in 38 countries their reach puts them on the map, literally. But what makes this firm most unique is its work culture. One veteran consultant described Bain as “a passionate, team-driven culture, where humility is prized, a global outlook is embedded, career development is highlighted, and a work-family balance is cherished.” Bainies look out for other Bainies and we find that reflected in the satisfaction rating.
2. Boston Consulting Group
Composite Score: 99.7
Median Compensation: $231,000
Median Salary: $151,000
Average Hours/Week: 65
Equivalent Hourly Wage: $45
Average Travel Percentage: 65%
Average Satisfaction: 8/10
Percent of consultant grads hired by company: 8.4%
A pioneer in business strategy and the second largest consulting firm by revenue, it is no surprise that Boston Consulting Group makes it on our list. If you are looking for a place that promotes individuality and diversity, with each office having their own culture, BCG may be the place for your. While the hours and travel percentage match the average for this profession, the high compensation and satisfaction rating pushes the firm to the second position on our list.
3. McKinsey & Company
Composite Score: 93.7
Median Compensation: $220,500
Median Salary: $152,500
Average Hours/Week: 75
Equivalent Hourly Wage: $42
Average Travel Percentage: 75%
Average Satisfaction: 8/10
Percent of consultant grads hired by company: 9.8%
Synonymous with international renown and prestige, McKinseyites enjoy credibility and respect even after leaving the firm to branch out. It is known as a great work environment to develop oneself, taking the top spot for Informal Training, i.e. mentoring and advising, in Vault’s survey analysis. As long as long working hours and higher than average travel do not deter you; its high compensation, recruitment of a large number of MBA, and high satisfaction makes it a top choice and explains its scoring on our list.
4. L.E.K. Consulting
Composite Score: 91.9
Median Compensation: $231,000
Median Salary: $150,000
Average Hours/Week: 65
Equivalent Hourly Wage: $44
Average Travel Percentage: 10%
Average Satisfaction: 8/10
Percent of consultant grads hired by company: 3.2%
While L.E.K. Consulting was founded in London, the firm boasts professionals in multiple continents including the Americas and Asia. With the firm’s data-driven approach and expertise in the life sciences, L.E.K. Consulting offers a unique work experience. High satisfaction ratings and compensation puts this employer near the top.
5. Deloitte Consulting
Composite Score: 76.6
Median Compensation: $190,000
Median Salary: $140,000
Average Hours/Week: 55
Equivalent Hourly Wage: $49
Average Travel Percentage: 70%
Average Satisfaction: 7/10
Percent of consultant grads hired by company: 11.9%
Satisfaction and a high percentage of graduate recruitment drives Deloitte to the top of our list. On top of that, employees enjoy a better work-life balance than some other firms on this list with an average of 55 hours per week. Still, these are not the only reasons candidates are drawn to this firm. A Big Four accounting organization, offering services to 90% of the Fortune 500, and its ability to only consult but implement their advising makes Deloitte a stand out.
6. A.T. Kearney
Composite Score: 73.3
Median Compensation: $200,800
Median Salary: $145,000
Average Hours/Week: 70
Equivalent Hourly Wage: $40
Average Travel Percentage: 80%
Average Satisfaction: 8/10
Percent of consultant grads hired by company: 1.9%
A management consulting firm founded almost one century ago, Kearney has been at the top of the game for years. While its recruiting presence is smaller than many other firms on this list, possibly due to its mid-size, it has no difficulty matching in terms of compensation and satisfaction rating. While their average travel is moderately higher than others, if you are interested in strategy, analytics, digital transformation, IT, and sustainability you may have just found your fit.
7. Analysis Group
Composite Score: 72.4
Median Compensation: $216,500
Median Salary: $160,000
Average Hours/Week: 60
Equivalent Hourly Wage: $51
Average Travel Percentage: 0%
Average Satisfaction: 7/10
Percent of consultant grads hired by company: .7%
A top ten economic consulting firm according to Vault, the firm boasts individual mentoring and coaching for employees and exposure through challenging client engagements. While the mid-size firm is able to provide similar compensation to many others on this list, it also requires virtually not travel.
8. AlixPartners
Composite Score: 68.8
Median Compensation: $216,000
Median Salary: $152,500
Average Hours/Week: 60
Equivalent Hourly Wage: $49
Average Travel Percentage: 80%
Average Satisfaction: 7/10
Percent of consultant grads hired by company: 30.7%
AlixPartners is an advisory firm that has four main areas of expertise: Enterprise Improvement, Turnaround and Restructuring, Financial Advisory and Information Management. Based on the areas, it is no surprise that the firm is known for reversing the fortunes of companies in high-impact situations. While the company is not nearly as big as McKinsey or Bain, it matches them in terms of compensation.
9. Strategy&
Composite Score: 68.3
Median Compensation: $212,000
Median Salary: $147,000
Average Hours/Week: 60
Equivalent Hourly Wage: $47
Average Travel Percentage: 70%
Average Satisfaction: 7/10
Percent of consultant grads hired by company: 4.0%
As the strategy wing of the Pricewater Corporations network, it provides solutions implemented at 84% of the Fortune Global 100. In recent employee reviews assessed by Vault, the leadership shown during the pandemic was empicable with a commitment to keeping all of its employees and handing out bonuses to help out with the economic situation of its employees. The unit’s ability to nearly match the salary of the Big Three makes it a keeper on our list.
10. ZS Associates
Composite Score: 67.4
Median Compensation: $188,250
Median Salary: $140,000
Average Hours/Week: 60
Equivalent Hourly Wage: $45
Average Travel Percentage: 15%
Average Satisfaction: 7.5/10
Percent of consultant grads hired by company: 2.3%
If you are looking for a firm that integrates strategy, analytics and technology in their approach, look no further than ZS Associates. While the mid-size firm is branching out in terms of their industries of expertise, it is already known in the fields of Healthcare and Marketing Consulting. While lower than average travel and high satisfaction, this company makes it to our top 10. Though the compensation is lower than the MBB (McKinsey, BCG, Bain), it still offers a package higher than the average.
These companies have been ranked on data from MBAs in the following areas: total compensation, average hours per week, satisfaction, and percentage of graduates hired. All data points are from MBA-related data, specifically from full-time jobs obtained during or as a result of pursuing an MBA.
- Total compensation potential (20% weight): includes salary, performance bonus potential, signing bonus, stock compensation, and miscellaneous compensation.
- Hourly wage equivalent (20% weight): blended metric to capture base salary divided by hours worked per week on average for each company.
- Overall satisfaction (50% weight): a user-reported metric based on “overall happiness” with a particular job. The average across all consulting industry data points hovers around 6.78/10.
- Percent of grads hired by company (10% weight): the number of MBA grads employed at each firm was compared to the total number of consultants hired across our database of MBA users.
Each category was first indexed where 100 was assigned to the mean. These indices were then compiled into a composite score using the weights listed above, followed by a standardization to a 100-point score (i.e, 100 is assigned to the employer with the highest composite score and 0 to the employer with the lowest). Companies with few data points were excluded from this analysis.
|
Company Name |
Compensation Index |
Satisfaction Index |
Hourly Wage Index |
Graduates Hired Index |
Composite Score |
|
Bain & Company |
194.3 |
205.4 |
124.6 |
161.4 |
100 |
|
Boston Consulting Group (BCG) |
227.7 |
205.4 |
45.5 |
246.6 |
99.7 |
|
McKinsey & Company |
195.8 |
205.4 |
-8.9 |
290.1 |
93.7 |
|
L.E.K. Consulting |
227.7 |
205.4 |
39.7 |
88.1 |
91.9 |
|
Deloitte Consulting |
103.1 |
100 |
129.2 |
355.5 |
76.6 |
|
A.T. Kearney |
136.0 |
205.4 |
-49.3 |
48.5 |
73.7 |
|
Analysis Group |
183.7 |
100 |
174.8 |
12.9 |
72.4 |
|
AlixPartners |
182.2 |
100 |
127.8 |
30.7 |
68.8 |
|
Strategy& |
170.0 |
100 |
93.3 |
113.9 |
68.3 |
|
ZS Associates |
97.8 |
152.7 |
49.3 |
62.4 |
67.4 |
Are you interested in learning more about MBA employers? Continue checking out the RelishCareers Blog, where we will continue posting information about top employers and work culture. Candidates can also sign up for an account through RelishCareers and registrants will be informed of all upcoming blog posts through email.