What management consultants & strategy professionals can expect pay-wise
Management consultants or strategy professionals have now been offered a glimpse into their potential earnings, following the release of 2021’s Work and Pay Report figures from Movemeon, the leading channel for hiring strategic and commercial professionals, and its sister company Payspective which provides data driven insight to employers and job seekers.
The study which has been compiled from 35,000 data points, reveals companies are still hiring strategy professionals despite a tough marketplace. The figures clearly showing that leaving consultancy to go in-house has a positive influence on pay.
Nick Patterson, co-founder, Movemeon said “We’re seeing a massive shift in the consulting market. Consultancies are busier than they’ve been for years, but fewer people are looking to work in the consulting industry. Anecdotally, this seems to be driven by the long hours being much harder when working from home.
This supply-demand imbalance has meant consultancies are resorting to paying their staff more to retain and attract new employees. We’re also seeing a significant rise in the number of freelance consultants working as surge capacity for consultancies.”
The data also highlights that the type of consulting background you have is a key indicator of longer term remuneration.
When compared with the UK’s average salary (£31,461), strategy looks a well-rewarded career. For example, analysts, (a junior, entry -level role in a consulting house) will see an average starting salary of £57,000, whereas in industry, an analyst can expect to see a £68,000 pay packet. Both of which are sizeably north of the average graduate wage of £24,000.
When we lPIC1.JPGook at those at associate level (typically 2-5 year’s experience), those working in industry are on £95k vs £80k in consultancy.
However, when reaching managerial levels (at around 7-10 year’s experience), salaries almost converge £112k in industry vs £110k in management consulting, yet at director/VP level those in consulting are on £212k vs £193k in industry.
When the data is looked at for management consultancy providers, those at BCG, Bain, McKinsey, not only start with higher pay, an upward remuneration trend continues throughout their career. The next well paid are those in strategy houses (Accenture, Deloitte, KPMG, PWC A.T. Kearney, Booz Allen Hamilton, Monitor Deloitte, Oliver Wyman, Strategy&) and then management consultancies (the likes of Accenture, CapGemini, Deloitte, PwC).
