Consulting Partner comp
How much do MBB partners actually make? A search online says they have been making around 1M dating all the way back to ~2012. Do they make significantly more now? TC: 300k #consulting #bain #bcg #mckinsey
Outside of partners, what do mid-top healthcare consultants make? Do people see more money in biotech, medical devices, or pharma
Your pay is basically range bound by tenure, with like 25% difference in TC at most between top and average performers. It goes from ~225k TC post MBA to ~500k 6 years after that, around 50k increase per year
Is 225k post MBA for HCOL cities like SF or Nyc? Or is it the same everywhere
There is absolutely more money to be made consulting in commercial life sciences sectors than in healthcare
Depends. A large part of being a partner is bringing in new clients and continuing work with existing clients. So the compensation will be proportional to the amount of money you bring to the firm
Itās not proportional, but revenue contribution does determine a portion of comp and more importantly contributes to whether you continue advancing in the partnership
OP, Are you based out of Canada šØš¦- Shocked to see the TC - How does one get there ?
There are several ways to get there that take different amounts of time, and the best way depends on where youāre starting from and what your goals are. As a consultant based in NY, I usually drive up to the border through Buffalo if I need my car, but for a weekend in Toronto Iāll just fly in.
I am in Canada. The MBB TC here is insane. A fresh hire PhD at BCG makes more than a VP Desk quant. I think the reason it Is like that is because they are not treated as 'Canadian' consultants, but rather North American employees, and thus have comparable pay to their US counterparts.
Insofar as Levels, Glassdoor, and consulting industry blogs are accurate, Iām frankly shocked how low MBB consultant comp is, given the selectivity, hours, intensity/pressure, and amount theyāre billed out at to clients ($450/hr for a fresh post MBA Associate? Lol). Seems like thereās folks with 10yrs experience making $300k at MBB which is insanely low, especially if theyāve got MBA/other useful advanced degree. You can 100% make same or more internal strategy at many companies, tech and elsewhere, working 40-50hrs a week in far less intense environment with relatively easy work. Also donāt understand, insofar as this is true, jump from EM to 1st yr jr partner (exact title like associate partner), it seems to be 1.5 to 2x.
If someone is making 300k after 10 years with the company, they are in an internal or non client facing role. Someone hired out of undergrad on consulting track will either hit 300k after 6 years or they will have already left the company by choice or by PIP. If this is 10 years external experience, then Iāll say that non-MBB experience doesnāt get you much as a lateral hire, and with that much experience this person is probably coming in as an expert or other non-CT role which pays substantially less than the consulting track. Note that McK associate partners are not equity partners, so I wouldnāt even call them junior partners tbh. Pretty sure itās not a 1.5x bump from EM -> AP. Equity partner is when you double your salary
Yeah I donāt think anyone on the actual consulting track is 10 years/300k at MBB - thatās insanely low.
How do you get into consulting? What degree is preferred?
MBA from top schools or PhD from top programs if you mean MBB
@samsung is right but youāve gotta be top of class at top MBA and/or top undergrad and test scores and also prep like a MF for interviews and also be fairly intelligent and able to communicate clearly and concisely. Or just be brilliant or have a bunch of degrees so people think you are, that also works (eg find easiest major at top schools to Masters if not PhD). Also @samsung I interviewed for a strategy gig there in CE earlier this year and my lord, I thought pay at Disney was bad, wow. (NJ office)
What do associate partners make?
Yes how much do APs/Principals make? I used to be at MBB and not sure when I can get from 6 to 7 at G, wondering if worth getting back on MBB grind for AP
Those pay bands are released to the employees, and updated on a frequent basis with consistent raises due to inflation etc. I think APs get like 400k+ but I'm not sure. Partner pay is the secret stuff. What is interesting is that partner pay seemed to have never increased for a whole decade while the pay for every other role has increased almost 2x.
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New partners make ~750k at the low end, senior partners make 5M+
How consistent is this 5M+? Like how many partners per firm and getting this?
Not sure how many make it to senior partner, supposed to take like 10 years after equity partner. Median TC for all partners is probably around 2m