SALARIES Starting salaries in consulting positions with a bachelor's degree after bonus (analyst position) range from $30,000 to $50,000. Starting salaries with an MBA degree range after bonus (associate position) range from $40,000 to $125,000. These salaries vary with firms and with the region of the country you are in. The national salary level reported by Money in 1992 was $82,309.

Research Associate (No Bachelors): $15-30,400
First Year Analyst (bachelors degree): $32,000-40,000 (plus a bonus of $5,000-$10,000)
Second Year Analyst: (bachelors degree): $35,000-45,000 (plus a bonus of $5,000-20,000)
Management Consultant (MBA): $89,200
Senior Consultant (MBA + 2-5 years): $120,100
Junior Partner (MBA/Ph.D + 5 years or more): $120,100
Senior Partner (MBA/Ph.D + 5-20 years): $194,000 (bonus: up to $500,000)

Source: Informal surveys and US News and World Report.

An informal survey of new employees in consulting showed dramatic variability in salaries. The following numbers are representative of what we found among new hires.

Representative Starting Salaries in Consulting (1994-96)

Salary information:

Cornerstone Research (BBA, Litigation Consulting): $40,000+
Gemini Consulting (MBA, Strategic Consulting): $80,000
Bain & Company (Bachelors, Strategic Consulting): $40,000 + (modest bonus 1996)
McKinsey & Co. (BBA, Strategic Consulting): $42,000
Management Consulting (MBA, Strategic Consulting): $75,000 base+$20,000 bonus
Andersen (MBA, IT Consulting): $47,000 (including signing 1996)
McKinsey (MBA, Strategic Consulting): $80,000 (1996) McKinsey (MBA, Associate, 1-2 years): $150,000-200,000
McKinsey (MBA, Junior Partner): $250,000
McKinsey (MBA, Junior Director): $800,000
McKinsey (MBA, Senior Director): $2 - 4 million

A salary survey of what consultant's make at accounting firms is also available.