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Management consultant : Salary and conditions

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Case studies

  • Salaries for new entrants range from £25,000 to over £35,000, depending on location, type and size of consultancy. After some years of experience salary can increase to over £50,000.
  • On progression to more senior levels, annual salaries become considerably higher, again dependent on location and the size of the consultancy. Senior consultants can earn up to £80,000, managing consultants can earn up to £120,000 and those at partner or director level can earn over £180,000.
  • On progression to more senior levels, annual salaries become considerably higher, again dependent on location and the size of the consultancy. Senior consultants can earn up to £80,000, managing consultants can earn up to £120,000 and those at partner or director level can earn over £180,000. (All salary data collected May 2010.)
  • Some firms offer one-off payments upon joining (a 'golden hello'). Performance-related bonuses may also be added to the overall package. Other benefits may include car allowances, private health insurance, pension scheme, life insurance, on-site gyms, childcare vouchers and interest-free season ticket loans.
  • Consultancy can be demanding and involve long hours beyond nine to five. However, length of hours will depend on the firm and type of project.
  • The majority of time is spent at the client’s site and working away from the office.
  • Firms are paying increasing attention to work-life balance. Over 50% of firms say they offer family friendly benefits e.g. flexible working, part-time working, working from home, enhanced maternity/paternity leave. Some encourage career breaks or secondments in another role or outside the company.
  • Self-employment is an option after the individual has spent a long time in a conventional, corporate, salaried position and has acquired significant knowledge of the market place and/or industry.
  • Consultancy firms have a strong commitment to diversity. Initiatives such as targeted graduate recruitment, internal mentoring and diversity networks to support people from under-represented groups have been established.
  • Key firms are based in London and the South East, however some have offices across the UK and many have offices overseas.
  • Smart professional dress is usually the norm.
  • Consultancy involves a high level of responsibility. There can be some stress particularly if there are tight project deadlines to meet.
  • Consultants can spend considerable time travelling either in the UK or overseas; this does depend on the firm and type of project.
 
AGCAS
Written by Fiona McNamara, University of Liverpool
Date: 
September 2010
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