The BCG Consultant Salary is one of the primary reasons to consider applying for a position at the Boston Consulting Group. Sure, you’ll learn a lot at BCG and have a prestigious name attached to your resume. But you will also make a lot of money. Of course, the BCG salary range isn’t just dictated by the company’s innate sense of generosity. Market conditions in the consulting sector and the broader economy dictate the salaries different companies have to offer in order to attract top talent. Luckily for you, the consulting industry has never been stronger.
There has been a wide proliferation of boutique consulting companies in recent years, but this has not hindered the growth of the top three firms: McKinsey, BCG, and Bain. Each of these has seen annual revenue growth in excess of 10% for much of that time period. Further, the explosive growth of the technology and finance sectors has led to an economy-wide competition for top talent. In short, there has never been a more lucrative time to become a consultant. BCG consultant salaries, like the salaries of virtually all competitive consulting firms, will handsomely reward you for your work. In this article, we’ll take you through the compensation you can expect from a variety of different positions at BCG.
BCG Salary
Consultant salaries at BCG and elsewhere have been on an upward trend. This is especially true for employees with MBAs and PhDs. These degrees are roughly equivalent when it comes to consultant salary, as the technology sector drives competition for top talent. The pay for employees with MBAs and PhDs at the top three tech firms climbed to a base salary of $165,000 in 2019. In addition to that salary, the BCG consultant salary for MBAs and PhDs includes performance bonuses up to $41,250, retirement contributions of up to $20,312 into 401(k) accounts, a signing bonus of $30,000, and up to $2,000-8,000 in relocation bonus.
For employees with an undergraduate degree or a non-management Master’s degree, the BCG salary rose to $90,000 a year. BCG salary also includes performance bonuses of up to $18,000, profit sharing contributed to employees’ 401(k)s, signing bonuses of up to $5,000, and a relocation bonus of $500-8,000.
Like with most other firms, you can expect a BCG salary to increase by 10-20% every year. Overall earnings are contingent on many factors. This includes performance, with variable performance bonuses, as well as possible promotions. Employees are typically promoted (or asked to seek employment elsewhere) every 2-3 years, with a salary increase each time. Let’s take a look at a breakdown of BCG salaries by role. Note, these figures pertain to BCG salary in US locations. BCG salary varies from country to country, though most locations within the same country pay the same rate to employees.
BCG Consultant Salary By Role
BCG Associate Salary
The role of BCG Associate is typically filled by new hires who lack an MBA or PhD. Employees with this title earn an average BCG salary of $110,000 per year as a base rate, with performance bonuses of up to $20,000. Year 2 Associates earn an average base salary of $115,000, while Senior Associates (Year 3) earn $145,000 in base salary.
BCG Consultant Salary
At BCG, “Consultant” is the title for new hires who hold an advanced degree (MBA, PhD, JD, MD, etc.). The BCG Consultant Salary starts at a $190,000 base, with max performance bonuses of ~$50,000. Second year Consultants earn an average base salary of $195,000. The big BCG salary bump comes when you hit Project Leader.
BCG Project Leader Salary
The escalation to the project leader/manager role is typically the first promotion BCG employees earn after their first two to three years with the company (post MBA). This base BCG project leader salary is $225,400 with a sharp rise in potential bonuses, which range from $90,000-130,000. Second year BCG project leaders earn $232,200 in base salary.
BCG Associate Principal Salary
The role of associate principal and senior project leader is typically the second promotion for BCG employees post-MBA, occurring after four to five years. BCG salary at this stage includes a base rate of $252,900, with performance bonuses from $120,000-220,000.
BCG Principal Salary
There are two levels of partner at BCG. The first level of junior partner/principal is usually a BCG employee’s third promotion and occurs after six to eight years with the company. This role includes a base salary of $268,400 with performance bonuses of $350,000-550,000. Notice how the more senior you become at BCG, the variable proportion of your compensation makes up most of your take home pay.
BCG Partner Salary
After ten or more years with the company, an employee may rise to the senior partner/director position. The BCG senior partner salary has a base rate of $276,500 with performance bonuses (well) in excess of $500,000 per year.
BCG Gamma Salary
BCG Gamma is a division of BCG focusing on data science and advanced analytics. Consultants here specialize in AI and machine learning. BCG data scientists earn an average salary of $108,000, with top earners paid over $140,000 a year.
BCG Digital Ventures Salary
BCG Digital Ventures is a division of BCG focused on startup incubation and corporate investment. Specific salary information for this division is unavailable, but it’s safe to assume it breaks down according to employee roles consistent with BCG’s normal consulting operations.
BCG Internship Salary
The BCG salary earned by interns is broken down according to the degree held by the intern. Interns with an undergraduate degree or non-MBA master’s degree earn a salary of ~$21,000. Interns with an MBA or a PhD earn a salary of ~$36,500. BCG’s summer internship program runs for 10 weeks.
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BCG Career Path
Like many other top firms, BCG’s career development path tends to obey an “up-or-out” strategy. This means that, within a regular time frame, employees are typically either offered a promotion or asked to seek employment elsewhere. This amount of time has some variability, but most BCG employees fill a role for two to three years before being promoted or moving on.
BCG Glassdoor Reviews
BCG gets extremely positive reviews overall from past employees, with an average score of 4.3 stars out of 5. Many employees, of course, focus on the material benefits of BCG employment: the high salary, travel opportunities, luxurious office conditions, etc. Many employees are particularly enthusiastic about BCG’s health coverage, which is said to be the best available. One common refrain is the cliché that you can have a baby for only $20 in copays. Beyond those benefits, positive reviews also focus on the culture of innovation and the stimulating challenges associated with working at BCG.
The negative reviews focus on elements of the job that are likely endemic to the consulting industry at large. The most frequently cited con to BCG employment is the difficulty of work-life balance, with especially long hours and extreme demands on employee energy. Some said the work could be stressful, though most negative reviews noted the stress tends to come from problematic clients, as opposed to problems internal to BCG. Finally, some employees lamented an inability to align available promotions and career development opportunities with their personal interests.
BCG UK Salary vs. BCG Salary US
The salary information posted above refers specifically to BCG employees in the US, where the company’s headquarters are located. BCG salary details differ between countries. The base rate for UK employees always tends to lag behind the BCG salary for US employees. The average BCG UK consultant earns a base salary of £93,000, which at the time this article was written translates to roughly $115,000. That’s significantly lower than the average US BCG consultant salary of $165,000. Likewise, performance bonuses for BCG UK employees are typically lower.
Some things that might account for this difference include a more comprehensive array of public services, such as healthcare, available in the UK. In addition, the US market is experiencing a war for talent between Silicon Valley, Wall Street, and consulting. This dynamic isn’t as strong in the UK and other markets.
Many of BCG’s US locations boast a significantly cheaper cost of living than London. This includes Atlanta, Houston, Philadelphia, and other metropolitan areas. However, other BCG US locations, such as New York City and San Francisco, are significantly more expensive to live in than even London.
The takeaway? It pays to be in the US – both from a salary and cost-of-living perspective.
Summary
Overall, the consulting market has been undergoing a number of changes. On the one hand, increased competition within the consulting sector from boutique consulting firms has led to an increase in consultant salaries, at BCG and elsewhere. The rise in competition for top talent has accelerated this development. However, more large companies are setting up their own in-house consulting and analytics operations. This has had the occasional effect of forcing layoffs. Assuming you are able to get hired as a consultant at BCG, you are sure to earn an attractive salary. However, you will need to perform well in order to keep earning that salary, let alone to increase your earning power with time.
Additional Reading:
- Management Consultant Salary Report
- MBA Salaries: How Much Do Consultants With An MBA Make?
- Consulting Resume: Complete Guide
FAQs
Entry-level consultants at BCG can earn up to $112,500 per year, while senior consultants can make up to $215,500. Project Leaders have a maximum annual salary of $266,000; Principals and Partners may earn up to $1,150,000.
Does BCG pay well? ›
For employees with an undergraduate degree or a non-management Master's degree, the BCG salary rose to $110,000 in 2023. BCG salary also includes performance bonuses of up to ~$30,000, profit sharing contributed to employees' 401(k)s, a signing bonus of $5,000, and a relocation bonus of up to $8,000.
Who pays better BCG or McKinsey? ›
Typically, McKinsey sets the standard for salary, and beats BCG to the punch in increasing salary rates. While responsibilities at each firm are similar for a newly hired MBA, job title varies slightly. At McKinsey, the title is Associate, while at BCG it is Consultant.
Are BCG consultants happy? ›
About 26% of the employees at Boston Consulting Group work eight hours or less, while 17% of them have a very long day - longer than twelve hours. The Majority of Boston Consulting Group employees are satisfied with their work life balance and feel burnt out.
Is getting into BCG hard? ›
The second largest of the prestigious “MBB” (McKinsey, The BCG, or Bain & Company), Boston Consulting Group is one of the most selective of the Top 3 consulting firms, just behind McKinsey, using a rigorous and challenging hiring process.
Can you negotiate salary with BCG? ›
You have very little room to negotiate. Even if you have an offer from McKinsey, Bain, and BCG, you may not be able to leverage your other offers to negotiate for an increase in compensation at another top firm.
Who pays more BCG or Bain? ›
Bain MBA consultants earn the least at $246,000, an increase of around 4% from last year. BCG pays a total of $248,750, while McKinsey MBA consultants earn the most with $250,000, up by around 9% from 2021.
Is working at BCG prestigious? ›
The top-tier consulting firms are collectively known as MBB, which stands for McKinsey, BCG, and Bain. These three companies are the most prestigious management consulting firms to work for. MBB hires the smartest people, pays the highest compensation, and has the best exit opportunities.
Is it prestigious to work at BCG? ›
Joining a consulting firm like Boston Consulting Group (BCG)—one of the Big Three consulting firms—can be seen as the pinnacle of an aspiring consultant. The firm is often listed among the best consulting firms to work for.
Is BCG as good as McKinsey? ›
McKinsey and BCG are, unquestionably, two of the top consulting firms in the world (along with Bain, they are known as the prestigious MBB firms). And, to be honest, there's not that much difference between the two.
If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.
Is Deloitte better than BCG? ›
Deloitte scored higher in 1 area: Work-life balance. Boston Consulting Group scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval, Recommend to a friend and Positive Business Outlook.
Is PwC better than BCG? ›
Boston Consulting Group scored higher in 8 areas: Overall Rating, Diversity & Inclusion, Work-life balance, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval and Positive Business Outlook. Both tied in 2 areas: Culture & Values and Recommend to a friend.
Does BCG only hire Ivy League? ›
No, MBBs actually do a lot of hiring outside of top-tier schools. In the past, it was very rare for MBBs to recruit outside of their target schools, but this has changed a lot and continues to change each year.
How many hours do BCG consultants work? ›
MBAs at McKinsey & Co., one of the most prestigious employers in the world, told TransparentCareer that they work an average of 72 hours per week. At Boston Consulting Group, it's 63 hours every week, while at Bain & Co., the average is 58 hours per week.
Is BCG growing faster than McKinsey? ›
BCG has now surpassed McKinsey in revenue | PrepLounge.com.
Is BCG interview harder than McKinsey? ›
The truth is that interviews at McKinsey, BCG and Bain are not that different from each other. You can expect to be tested with both case questions and 'fit' or personal experience questions. The complexity of cases is also similar. However, each firm may differ in the processes they use.
What is BCG acceptance rate? ›
In fact on average, 3% of candidates make the cut. However, ~80% of our Black Belt clients pass the case interview.
What GPA do you need for BCG? ›
At McKinsey, BCG or Bain, a candidate should have at least 3.6 GPA to insure against any doubts about academic achievements. However, lower GPAs do not automatically disqualify a candidate; a 3.2-GPA resume can still pass to the next round if it shows outstanding achievements elsewhere.
Can you lose job offer negotiating salary? ›
It is possible to lose a job offer while negotiating a salary, but Appiah said it only happens in certain contexts. The job offer tends only to be rescinded if the candidate is “negotiating for the sake of negotiating” or the number they are proposing is unreasonable.
Most salary negotiations are successful, but some fail. Don't lose hope if the company rejects your salary negotiation and you still have to take the job. Be gracious in your reply while mentioning that the compensation was below expectations.
Does it hurt to negotiate salary? ›
You can almost never go wrong by negotiating salary. Many people are concerned that by asking for more money, they might lose the job offer — but that's almost never the case. After all, most job offers don't disclose the salary range upfront, so recruiters expect that you'll have to talk about it at some point.
Is BCG better than Accenture? ›
Boston Consulting Group scored higher in 6 areas: Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, CEO Approval and Positive Business Outlook. Accenture scored higher in 3 areas: Culture & Values, Work-life balance and Recommend to a friend. Both tied in 1 area: Overall Rating.
Which MBB has best work-life balance? ›
According to a new Consulting Industry Report from Wall Street Oasis, a career website, the firm with the best work-life balance is Booz Allen Hamilton. The firm specialises in strategy, technology, and engineering work. In second place is IBM, followed by Deloitte in third.
Which consulting firm pays the most? ›
McKinsey & Company
McKinsey offers a competitive base salary ($100,000) which is one of the higher base salaries in the industry. In addition, the firm's bonus structure allows top performers the opportunity to take home up to 30% of their base pay in bonuses.
Is BCG interview hard? ›
One of the biggest challenges of interviewing with BCG is solving cases that you've never seen before. Each case can be difficult, and you'll have to perform well across multiple case interviews in order to get an offer. As a result, it's critical for you to have a consistent approach for solving cases.
Is BCG a big 4? ›
The Big 3 is one of the names given to the three largest strategy consulting firms by revenue: McKinsey, Bain & Company, and Boston Consulting Group (BCG). They are also referred to as MBB. The Big Four consists of the four largest accounting firms by revenue: PwC, Deloitte, EY, and KPMG.
How hard is BCG final round? ›
Your final round will be quite similar to your first round - at the end of the day, it's just another round of case interviews - so be prepared for anything. However, do also expect your interviewers to be more senior than in R1 - typically Partner or at least Principal level.
How long does it take to get promoted at BCG? ›
At Boston Consulting Group, Partners are known as “Managing Directors” and then if they have been in that role 5-10 years they might get promoted to Senior Managing Director. Externally, on LinkedIn, most Partners list their role as “Managing Director and Partner.” At Bain it is similar to McKinsey.
Is BCG catching up with McKinsey? ›
BCG and Bain are catching up with McKinsey in the UK
About 50% of hires into McKinsey and BCG for the research period were pre-experience students! This means that experienced hiring, MBA hiring, and advanced degree hiring combined, made up only half of Mckinsey and BCGs hiring.
Boston Consulting Group competitors include Bain & Company, McKinsey & Company, Deloitte (US), PwC and Accenture.
Can you make millions in consulting? ›
Of course! Many successful entrepreneurs have been able to work as a consultant and grow their business to a million-dollar enterprise. It takes hard work, determination and some help along the way, but it's certainly possible.
Is Big 4 still prestigious? ›
The Big 4 companies are renowned worldwide for their reputation and prestige. Each consistently rank among the best companies to work for in the world.
Does MBB pay better than Big 4? ›
According to data from Levels. fyi, the MBB all have better compensation than the Big 4 firms.
Which Big 4 is best for consulting? ›
15 Most Prestigious Consulting Firms in the US – Vault 2020
| Rank | Avg. Score | Name |
|---|
| 1 | 8.984 | McKinsey & Company |
| 2 | 8.738 | Boston Consulting Group |
| 3 | 8.600 | Bain & Company |
| 4 | 7.121 | Deloitte Consulting LLP |
11 more rowsBCG has functional expertise, but it also boasts creative problem solving by offering its clients a fresh and unique framework with every case. It pushes consultants to think outside the box and to avoid fitting one client's solutions to another client's problems.
Which of the Big 3 consulting firms is the best? ›
They are considered to be the most prestigious firms in the management consulting industry. In terms of employees, McKinsey & Company is the largest and leads by revenue; followed by Boston Consulting Group and Bain & Company.
How competitive is BCG? ›
With a success rate of just 1%, getting hired at the Big Three consulting firms does not come easy. First, you need to have an excellent academic record, excellent communication skills and exposure to a wide range of academic and co-curricular activities.
Is Big 3 better than Big 4? ›
The Big 4 are the biggest firms in the entire world. They have the expertise and resources to handle any of their clients needs. The Top 3, also known as MBB, aren't as big, but are typically considered to be the very best.
Does BCG verify GPA? ›
Hello, It's very unlikely that they will verify your grades, unless there is a specific partnership with your university career service. Despite this, making false statements regarding your professional background is something very serious and I don't recommend it.
The exact BCG interview process may vary slightly depending on the office that you are interviewing for. However, the vast majority of candidates will have two rounds of interviews before they receive an offer. Your first round of interviews typically consists of two 45-minute interviews.
Does a BCG referral guarantee an interview? ›
People referred BCG by partners are almost always interviewed.
How many vacation days do you get at BCG? ›
Boston Consulting Group's PTO and Vacation policy typically gives 20-30 days off a year with 50% of employees expected to be work free while out of office.
How is work life balance at BCG? ›
The work life balance is really poor and you'll often find yourself working long hours and stretching more than midnight for certain products/cases.
What is the career progression at BCG? ›
BCG Consulting Team
The typical consulting track begins at associate (with 0-3 years of experience), then moves to consultant, project leader, principal, and partner. According to Glassdoor, these are the average salary estimates for positions within the team: Associates average about $131,000 a year.
Does BCG give a signing bonus? ›
BCG salary also includes performance bonuses of up to $18,000, profit sharing contributed to employees' 401(k)s, signing bonuses of up to $5,000, and a relocation bonus of $500-8,000.
Is BCG or Bain more prestigious? ›
On the list of best consulting firms by prestige compiled by Vault, MBB ranks at the highest level with the scores outperforming all other firms in the US.
...
MBB firms have much higher prestige score (vault 2020)
| Rank | Score | Name |
|---|
| 1 | 8.984 | McKinsey & Company |
| 2 | 8.738 | Boston Consulting Group |
| 3 | 8.600 | Bain & Company |
7 more rowsBain, BCG, and McKinsey are all highly selective; do not get discouraged when faced with rejection. Taylor was not extended an offer from Bain when she applied for an internship; she reapplied in the following year for a full-time position and earned an offer.
Is a 3.7 GPA good for consulting? ›
The GPA cut-offs used vary by consulting firm and also by your major. The top three consulting firms, McKinsey, BCG, and Bain, have the highest GPA cut-offs. Generally speaking: A strong GPA is > 3.7 on a 4.0 scale.
What qualities is BCG looking for? ›
BCG assesses candidates on the following dimensions: influence, motivation, achievement, and teaming. Bain maintains a similar list, with slightly more emphasis on culture fit. If these lists of traits all seem similar, it's because they are.
Within the BCG consulting path, the hierarchy includes such roles as (in ascending order) associate, consultant, project leader, principal, partner, and finally managing director. As employees ascend the hierarchy, they take on more responsibility overseeing project operations and client communications.
What GPA do you need to work at BCG? ›
At McKinsey, BCG or Bain, a candidate should have at least 3.6 GPA to insure against any doubts about academic achievements. However, lower GPAs do not automatically disqualify a candidate; a 3.2-GPA resume can still pass to the next round if it shows outstanding achievements elsewhere.
Does BCG have unlimited PTO? ›
This is one of best things about the company and it is unique in the industry." The firms says that PTO has led to a 74% increase in reported intentions to stay at BCG for the long term.
...
Paid Time Off (FT employees)
| Holidays | 11 |
|---|
| Sick days | Unlimited |
| General PTO | - |
| Total PTO after 5 years | 31 |
1 more row
