Historically, the strategy firms have paid the highest salaries while the implementation firms have paid the lowest, on average. This is largely driven by the structural differences, size of the consulting workforce, mix of case work and price premiums charged full analysis table here we discussed in the prior section on firm types. It's also worth pointing out that the large implementation firms like Accenture and Deloitte tend to have much wider variance in salaries across roles, than say, a firm like Bain or LEK.
However, as the strategy firms increasingly begin to do implementation work as well, expect that variance to increase there too e. Some firms adjust compensation based off the cost of living in city the offer is attached to. For example, Bain, McKinsey, Accenture and others have historically practiced this. So, if say you got a job offer in the Dallas office of Bain vs. There are slight differences between the companies. Variation in the type of performance and signing bonuses will also drive differences, particularly in the entry points.
In addition, some firms, like Deloitte, have started offering to pay the 2nd year of graduate tuition for candidates that successfully intern with them and receive a full time offer. For the firm, this makes strategic sense, especially since it prevents high quality candidates from using an internship at one firm to land a role at a similar firm eg intern at Deloitte and then interview with McKinsey for a full time role. There are two truths about partner compensation.
First, some aspect of partner compensation will be varied by the amount of business and cases the partner brings in. Some firms like Deloitte have a model where partners receive some direct commission with tiering and cutoffs off the cases they've brought in.
Other firms, like McKinsey, vary partner compensation based off their work but the relationship is not as simple a direct commission. The second truth is that once you've made it to partner, you won't be reading this guide!
For a deep dive on partner compensation and key drivers, check out this detailed analysis. Now that you've got a strong sense of what the career trajectory and remuneration could look like, we're going to dive into the details of how you can get your foot in the door. We'll start by discussing the vaunted case interview, what firms are evaluating you for as you're going through a case and how to succeed in it.
Real interview drills. Plus technique overviews and premium 1-on-1 Expert coaching. The Consulting Guide Introduction I. How to use II. What do consultants do? Types of firms IV. The business model V. Career path. What does the career path of a management consultant look like? Kenton Kivestu , ex-Google, ex-BCG, Founder at RocketBlocks Published: April 27, Last updated: May 11, Now that we've got our frame of reference on the industry, the types of consulting firms that make up the industry and a sense of the unit economics, let's discuss your career path.
Entry points Job titles Responsibilities Compensation Let's jump in! Entry points into consulting Let's start with entry points. The vast majority of all people entering consulting tend to join from one of the first two entry points: Grad school hire Entering consulting after graduate school, specifically MBA programs, is, by and large, the biggest feeder into consulting firms.
Undergrad hire After undergraduate: this is the second largest feeder into consulting firms, and it's larger for certain firms which tend to hire much more undergrad talent. I decided to move out of the industry. Since the environmental industry was still a lucrative area, many colleagues believed I was making a bad career move. But moving at that point put me in a stronger career position for the next wave of work and advancement. You need to try to anticipate what will happen down the road and take action.
Knowing when to move on is a critical career decision, whether related to a firm or a specialty, for juniors who want to move ahead. Compete with yourself and compare your performance and results today to what you achieved yesterday. The desire to constantly and consistently improve will lead to performance achievements. Another way to improve performance is to work on larger projects and focus on job functions instead of titles.
In taking a team leader position on the big project, that consultant can gain invaluable experience that will help achieve the senior level. Juniors who want to move up should also tap senior level people to help develop skills. As a senior consultant, I've always tried to teach people. During a brief stint with a large consulting firm, I moved up the ranks very quickly and my willingness to help juniors was one reason I advanced.
One of the VPs told me that every time he talked to junior consultants, they would relate how I had helped them.
Successful performers aren't under any illusions that they can achieve everything on their own. They know how to partner with others without overriding, controlling, or competing with the talents of those around them. They support the leadership of their peers as eagerly as they will take on the leadership of a project themselves. They can work with people at all levels of the company, and bring value to the table every time.
It takes a team and a dream; you need to recognize your weaknesses and surround yourself with people who can provide those skills. They'll teach you and you'll become better at what you do. These resources can be your immediate coworkers or supervisors and anyone you can interact with or learn from. Additionally, when a senior consultant can offer their expertise in a specific area, they can earn more.
When a senior consultant does their job well and helps the company earn more revenue, they may get a performance bonus as well.
This is much faster than the average for all occupations. This demand will continue to grow as more companies look for ways to maximize their profits and operate more efficiently.
Build a career you'll love What. Home Career Explorer Senior Consultant. What does a Senior Consultant do? Was this information useful? Working as a Senior Consultant Job responsibilities of a senior consultant may include the following: Work with department managers to implement new and improved processes and operations. Analyze business data, including finances, expenses and revenue.
Observe each department's operations and interview employees to determine necessary changes. Recommend new business operations, systems and policies. Create written reports or presentations to make recommendations to managers. Anticipate and communicate project risks and find solutions for them.
Act as a client's trusted advisor in an area of expertise. Conduct periodic department reviews and suggest areas of improvement. Get career advice for Senior Consultants. How much does a Senior Consultant make in the United States? Per hour Per day Per week Per month Per year.
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