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Management consulting salaries, are those real ?

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  • Aug 29th, 2017 7:36 am
[OP]
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Aug 1, 2017
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Management consulting salaries, are those real ?

Hey,

I was wondering about those specialized websites and blogs that provide career advice and whether or not they could be trusted and i stumbled on this one : https://managementconsulted.com/consult ... a-interns/
It seems like a serious website, it has a decent amount of visitors and has been there for a while, but the salaries are way off aren't they ? (For Canada)
I mean 140k +15k bonus for a newly minted MBA in Accenture (even more than bain lol) ? 120k + 20k for Deloitte ? 65k after undergrad ? Where do they get these numbers ?
41 replies
Newbie
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Aug 6, 2017
22 posts
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Toronto, Canada
based on my experience recruiting for one of the firms, the numbers seem fairly accurate. keep in mind that not everyone in the hiring pool will necessarily get the same amount (some may not have signing bonuses). The fact that they indicate signing bonuses leads me to believe that these numbers are for the top tier hires. they don't indicate that these are averages or anything. so these numbers might apply if you're in the top X% of hires, but the next Y% might not get a signing bonus and/or might get a % base haircut.

re: Accenture more than Bain, that actually makes sense as Bain is considered to be a higher tier consulting firm, so Accenture would have to pay a premium to attract the same talent.
Deal Addict
Mar 24, 2005
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The problem with the data here is that it lacks consistency. I used to work for Accenture myself in a very senior role and I will tell you the numbers are accurate depending on how you want to play with the data. Anyone in data analysis, research or any role that works with data will tell you that you can pretty much work with the data to tell the story that you want. You just have to be savvy enough to filter the noise and see the data for what it really is. What the data does not tell you for the MBA graduates, is how many years on average the graduate had prior to joining the organization and what role they were coming into the organization for. I can guarantee you that the 140k base salary is not given to a MBA graduate with little to no experience. At that salary range you are typically coming into the organization as a consulting manager level. If you seriously thought you can simply grab a MBA and grab a 140k salary, try reading the MBA thread about all the crying that is going on and about the harsh realities that happens after getting your MBA.
[OP]
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Aug 1, 2017
38 posts
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I see how you can manipulate data, but those doing an MBA generally have 3-5years of experience, and those salaries are supposed to be right out of the program, now i know for a fact that 140k in Accenture is what you get as a senior manager so usually 10+ years of experience, that's why i don't get why they put those numbers up... A newly minted MBA with 3-5years of experience will probably be around 75-90k at Accenture in Toronto

Where's this MBA thread you talked about ? i can only find a multitude of topics on particulars MBA
Deal Addict
Oct 18, 2014
1117 posts
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New York City
Pretty accurate for Management Consultants give/take 10k in Toronto. Keep in mind not everyone in the MBA class will get an offer. Typically come from a target school and be top of your class.
[OP]
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Aug 1, 2017
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McKinsey wrote:
Aug 12th, 2017 11:01 am
Pretty accurate for Management Consultants give/take 10k in Toronto. Keep in mind not everyone in the MBA class will get an offer. Typically come from a target school and be top of your class.
What kind of profiles are you talking about ? Senior consultants ? Managers ? In what practice ?
I've talked to many people working in big4/accenture and no one's raking in 130-150k after 5 years of xp + MBA from Ivey/Rotman
Newbie
Jul 13, 2015
28 posts
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Montreal, Quebec
It's been a while, but 15 years ago I started working at Accenture and did 2 years as an analyst, then 3 years as a consultant before being promoted to manager. After 5 years, my pay was exactly in the 130k-150k range (admittedly, on the bottom of the range).

I'm sure pay is higher now. Also, I had no MBA, just a bachelor. Those numbers you're seeing are likely close to accurate depending on what the years of experience is before getting the MBA and what level they are starting at.
[OP]
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Aug 1, 2017
38 posts
3 upvotes
canadianX wrote:
Aug 12th, 2017 12:24 pm
It's been a while, but 15 years ago I started working at Accenture and did 2 years as an analyst, then 3 years as a consultant before being promoted to manager. After 5 years, my pay was exactly in the 130k-150k range (admittedly, on the bottom of the range).

I'm sure pay is higher now. Also, I had no MBA, just a bachelor. Those numbers you're seeing are likely close to accurate depending on what the years of experience is before getting the MBA and what level they are starting at.
Thanks for your contribution, what practice were you in if you don't mind me asking ? (Canada or US ?)
Management consulting seems to be super broad and ranges from ERP Implementation to Digital Strategy, i figure there must be a gap between those two
Newbie
Jul 13, 2015
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Montreal, Quebec
Eric0001 wrote:
Aug 12th, 2017 12:36 pm
Thanks for your contribution, what practice were you in if you don't mind me asking ? (Canada or US ?)
Management consulting seems to be super broad and ranges from ERP Implementation to Digital Strategy, i figure there must be a gap between those two
I started off in the SAP practice, do doing ERP implementations, but even then, my focus wasn't core SAP, but actually BI/BW/data warehousing. I eventually moved to the business intelligence group/data analytics.

At the lower levels (analyst/consultant/early manager) the SAP skillset resulted in higher pay and also higher potential bonuses. Once you were senior enough though, the pure management Consultant units paid more. Obviously, YMMV. If you could sell, it didn't matter what unit you were from.
Deal Addict
Mar 24, 2005
1351 posts
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The 3-5 year range and then going to get MBA is more typical of something like the York Schulich MBA. Seems like they give those MBAs out like candy over there and seems like anyone in that program can get the MBA so long as you are willing to shell out the money. I've known people who are not the brightest in IQ and EQ who can get their MBA there. Does that put them in the same league of individuals that are truly talented enough to make it into consulting and command those high salaries? And then when you start lookinto at the considerably more expensive programs from Rothman and Ivey you would seeing 5-7 and even 7-10 years experience candidates. Short of turning this into a MBA bashing thread, my point is, the data presented tells you very little about the reality of achieving that salary straight out of the MBA program. It's very likely that those salaries are for individuals who already had 8-10+ years experience in a highly relevant field and/or possible prior consulting experience in a top firm. And all you need is one instance of that data and you can report it as a realistic possibility. And to inflate it even more then all you need to do is report on the top outcome since after all, it is a real possibility. So bottom line is, those numbers for post MBA are real, sure. But don't expect that outcome if you only have 3-5 years experience + MBA. Don't be a fool and think it's true that you can get that if that is your qualifications and credentials. if it was that easy to make 140k then why doesn't everyone just grab a MBA and make magic happen?

The only numbers that are more clear is the undergraduate numbers because you know what is the talent pool that is being hired from there. I would say those numbers are somewhat accurate. The bonuses are a bit inflated because these studies are usually done by HR surveys and are US-based. Those same HR people answering these surveys are usually asked for the Canadian equivalent compensation amounts and those are usually estimated.
Last edited by Coke355mL on Aug 12th, 2017 1:23 pm, edited 2 times in total.
Deal Addict
Mar 24, 2005
1351 posts
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Oh and FYI the 140k range is bottom end of a Senior Manager at Accenture. But nevermind that because when you are at that senior level the overlap between positions can be pretty big. A senior manager on the top end can be 180-190k base if they are involved with practice building and business development (bringing revenue).
Deal Addict
May 16, 2005
2659 posts
103 upvotes
Another note with consulting salaries besides the context of these numbers. MOst of these firms have an Up or Out policy.
Your first 5-6 years your salary and title will increase very quickly, then once you reach manager/senior manager level its either prove you are on partner track or be out. You will replace you with some other up and comer.
Last edited by commie on Aug 12th, 2017 2:15 pm, edited 1 time in total.
[OP]
Newbie
Aug 1, 2017
38 posts
3 upvotes
Coke355mL wrote:
Aug 12th, 2017 1:23 pm
The 3-5 year range and then going to get MBA is more typical of something like the York Schulich MBA. Seems like they give those MBAs out like candy over there and seems like anyone in that program can get the MBA so long as you are willing to shell out the money. I've known people who are not the brightest in IQ and EQ who can get their MBA there. Does that put them in the same league of individuals that are truly talented enough to make it into consulting and command those high salaries? And then when you start lookinto at the considerably more expensive programs from Rothman and Ivey you would seeing 5-7 and even 7-10 years experience candidates. Short of turning this into a MBA bashing thread, my point is, the data presented tells you very little about the reality of achieving that salary straight out of the MBA program. It's very likely that those salaries are for individuals who already had 8-10+ years experience in a highly relevant field and/or possible prior consulting experience in a top firm. And all you need is one instance of that data and you can report it as a realistic possibility. And to inflate it even more then all you need to do is report on the top outcome since after all, it is a real possibility. So bottom line is, those numbers for post MBA are real, sure. But don't expect that outcome if you only have 3-5 years experience + MBA. Don't be a fool and think it's true that you can get that if that is your qualifications and credentials. if it was that easy to make 140k then why doesn't everyone just grab a MBA and make magic happen?

The only numbers that are more clear is the undergraduate numbers because you know what is the talent pool that is being hired from there. I would say those numbers are somewhat accurate. The bonuses are a bit inflated because these studies are usually done by HR surveys and are US-based. Those same HR people answering these surveys are usually asked for the Canadian equivalent compensation amounts and those are usually estimated.
I get what you're saying but we're talking about Canada, not the US, so we have to say that even top programs like Ivey and Rotman pale in comparison to H/S/W or INSEAD. About 50% of the students are international students looking at the MBA as a way of entry to Canada. And you're wrong about the experience, average age is 27, with an average of 4 years of experience in Rotman : http://www.rotman.utoronto.ca/Degrees/M ... assProfile
28 years/4.6 years of xp for Ivey : https://www.ivey.uwo.ca/mba/mba-program ... lassmates/
So we're far from professionals who attend an MBA after 7-10 of experience, unless they're looking at some serious career change, nobody gets an MBA after 10 years of experience nowadays, maybe it was the case 20 years ago but not now. MBA programs are full of ambitious students who are looking to leverage their scarce experience ASAP. Why would a seasoned professional attend a generalistic program like an MBA ? MBAs are all about brand.
Only explanation is they took data for US market and lowered a bit to adapt to Canadian standards, in NY a newly minted MBA from a decent school and 3-4 years will get that 140-150k in big4/Accenture consulting but then again that's NY.
Coke355mL wrote:
Aug 12th, 2017 1:29 pm
Oh and FYI the 140k range is bottom end of a Senior Manager at Accenture. But nevermind that because when you are at that senior level the overlap between positions can be pretty big. A senior manager on the top end can be 180-190k base if they are involved with practice building and business development (bringing revenue).

Yep i totally agree
commie wrote:
Aug 12th, 2017 2:15 pm
Another note with consulting salaries besides the context of these numbers. MOst of these firms have an Up or Out policy.
Your first 5-6 years your salary and title will increase very quickly, then once you reach manager/senior manager level its either prove you are on partner track or be out. You will replace you with some other up and comer.
Yeah that's clearly the case with MBB firms and the like, RB, OW etc... Not sure about big4 and Accenture, i've seen Senior managers not being promoted for 8 years.
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Dec 8, 2007
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A lot of misinformation is this thread, wow.

OP: Stick to the specialist sites for this kind of stuff. Ask your questions there.

Also, I had a friend's brother's girlfriend's roommates sister's friend who had a mentee that became a consultant after completing their MBA. They had 4 years of pre-MBA work experience, went to a top school, and were near the top of their class. $130k to start and the firm flew them out to NYC for final rounds. This was ~8 years ago.
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[OP]
Newbie
Aug 1, 2017
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TodayHello wrote:
Aug 12th, 2017 3:26 pm
A lot of misinformation is this thread, wow.

OP: Stick to the specialist sites for this kind of stuff. Ask your questions there.

Also, I had a friend's brother's girlfriend's roommates sister's friend who had a mentee that became a consultant after completing their MBA. They had 4 years of pre-MBA work experience, went to a top school, and were near the top of their class. $130k to start and the firm flew them out to NYC for final rounds. This was ~8 years ago.
I'd be happy to hear your opinion on the subject then :p

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