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Salary Benchmarking
Report 2015
A comprehensive study of remuneration levels
within the Management Consulting sector
Sponsored by
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• Introductory remarks
• The Demographics of the Survey’s Respondents and Top-Consultant.com’s Consulting Readership
• Commentary provided by Mindbench
• Overview of Consulting Salaries and Trends
• Salary Benchmarking Data: 2015 vs 2013 vs 2011 vs 2009 vs 2007
• Salary levels by Seniority and Type of Consulting
Junior Consultants
Senior Consultants
Managers
Senior Managers/ Principals
Partners
• About our sponsors
• Contact us
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
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This is the fifth edition of this biannual report and is built on
data gathered from thousands of respondents. Thanks to
all those who contributed.
The report includes basic salary, bonus levels and benefits
individually reported by level of seniority across the
management consultancy profession, with break-out data
for different areas of consulting. Continuing the format of
previous reports, this year’s findings are compared closely
with results from previous surveys to better illustrate the
changes to reward that practicing consultants have faced
through the recession and in the growth years since then.
This is the most buoyant hiring market that we have seen
for nearly a decade (as evidenced in this year’s
‘Management Consultancy Recruitment Channel Report’)
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
and we ourselves have seen this reflected in the number of
consultancies who’ve been returning to Top-Consultant
over the last year. Within this context, the findings of this
salary report are particularly interesting in that they show
how remuneration strategies have been adapted to
counter a market in which making hires – and retaining
staff – have become increasingly weighty problems to
manage.
I hope you find this an interesting and useful resource.
Bryan Hickson – Managing Director
Top-Consultant.com
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Mindbench the leading specialist recruitment firm for management consultancy
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
www.mindbench.com
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592 responses for this survey were collected during August
and September of 2015, adding to the thousands of data
points we’ve previously collected that allow us to show
compelling trend data for the sector.
Respondents’ Profile
Conducting this survey has allowed us to collect
demographic data about our readership that may be of
great interest to recruiters seeking to attract consulting
staff through Top-Consultant.com. Of note is the fact that
89% of the respondents are currently employed as
Management Consultants and the results presented in this
report are based on the data submitted only by those who
are currently employed within the profession and excludes
data from those looking to move into consulting.
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
Whilst most responding consultants were from the full-
service global brands such as Accenture, Deloitte, EY and
PwC, niche and top-tier firms such as McKinsey &
Company, Strategy&, PA Consulting and Towers Watson
were also represented.
As job titles through the consulting profession vary
depending on the employer, for clarity we use the following
definitions throughout the report:
The Demographics of the Survey’s Respondents
and Top-Consultant.com’s Consulting Readership
Junior Consultant – 1-3 years’ consulting experience
Senior Consultant – 3-5 years’ consulting experience
Manager – 5-9 years’ consulting experience
Principal – 9-12 years’ consulting experience
Partner – no definition required!
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Seniority
It is interesting to record that Top-Consultant.com’s reach
is significant into all levels of seniority.
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
The Demographics of the Survey’s Respondents
and Top-Consultant.com’s Consulting Readership
Junior Consultant /
Consultant, 9% Senior
Consultant, 12%
Manager, 17%
Senior Manager / Principal,
34%
Partner, 28%
Consulting Type
We asked respondents to identify the primary type of
consulting work that they undertook, giving interesting
insights into the types of consultants recruiters can reach
through Top-Consultant.com.
Business Transformation /
Change Management,
30%
Strategy, 21% Project /
Programme Management,
16%
Business Process Improvement,
13%
Technology, 14%
HR Consulting, 4%
Outsourcing, 2%
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Sector
Similarly respondents were asked to record the industry
sectors that they specialise in. Multiple choices were
allowed hence the total exceeds 100.
CONTENTS INTRODUCTORY REMARKS OUR SPONSOR SURVEY DEMOGRAPHICS
The Demographics of the Survey’s Respondents
and Top-Consultant.com’s Consulting Readership
Why not advertise for consulting candidates on
Top-Consultant.com?
0% 5% 10% 15% 20% 25% 30% 35%
Distribution / Logistics
Financial Services (Investment…
Automotive / Aerospace
Transportation
Healthcare & Pharma
Telecoms, Media& Entertainment
Financial Services (Retail FS focus)
Retail / Consumer Goods
Energy & Utilities
Public Sector
Our low-priced advertising packages allow you to
see for yourself the types of results that
recruiters are experiencing by placing their job
listings on Top-Consultant.com
Click here to find out more
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COMMENTARY OVERVIEW DATA.1
Commentary by Mindbench
Over the last two years we have witnessed a significant
turnaround in the prospects for management consultants in
terms of both increased hiring levels and moderate increases in
consulting salaries.
Growth has occurred in all sectors including public sector, and
at all levels of the organisation from Graduate to Partner.
Whereas during the recessionary period, operational
improvement, cost reduction and supply chain were the main
areas still hiring, now all functional areas - including the areas
normally associated with growth such as strategy, innovation,
marketing and HR consulting are also showing significant
volumes of recruitment.
The “Big 4” and larger firms have been scaling through
acquisition as well organic growth, and recent and newly
established consultancies serving specific niches are showing
bullish optimism and hiring for long term growth.
As the impact of digitisation in the wider economy gathers
speed, candidates with
advanced analytical, programming and digital skills are in
particular demand. Consultancies are creating or expanding
their digital and analytics divisions and are competing fiercely
with banks, industry and internet businesses for the best
candidates with these profiles, boosting salaries overall.
Graduates and candidates in the early to mid-stages of their
career now have many more options available to them than
during the recession, and candidates overall are in a better
position in terms of career advancement and salary
negotiations. Internationally there is also a sustained growth in
demand – and a willingness to hire candidates coming from
other countries, particularly into Germany, Switzerland, the US,
Middle East and Asia.
We expect this busy period to continue whilst the economy
expands and consultants serve the changing needs of clients in
the digital era.
Richard Stewart,
Managing Director
Mindbench
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COMMENTARY OVERVIEW DATA.1
Overview of Consulting Salaries and Trends
Below we present the aggregate data for the UK consulting
industry, illustrating the average packages for those at the
entry-level are around £45k after a couple of years of
employment and can rise to an average of £170k for those
who have worked their way up to Partner.
(nb. The data of more senior partners whose remuneration
is ~£800k is not collected in this survey.)
£0
£20,000
£40,000
£60,000
£80,000
£100,000
£120,000
£140,000
£160,000
£180,000
JuniorConsultant
SeniorConsultant
Manager SeniorManager /Principal
Partner
TOTAL REMUNERATION BY LEVEL
Bonus
Benefits
Basic Salary
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COMMENTARY OVERVIEW DATA.1
Overview of Consulting Salaries and Trends
The following core survey data from the 2007, 2009, 2011,
2013 and 2015 reports details the changes to the size and
frequency of pay rise, bonus and promotion awards
recorded over the last 9 years.
Weighted Averages 2007 to 2015
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
Average pay rise for those who received apay rise
Percentage receiving no pay rise
Average bonus for those who receivedone
Percentage receiving no bonus
Percentage who received a pay rise aspart of a promotion in the last year
2007
2009
2011
2013
2015
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COMMENTARY OVERVIEW DATA.1
Salary Benchmarking Data: 2015 vs 2013 vs 2011 vs 2009 vs 2007
2015 Data Basic Salary Basic + Bens Basic + Bens + Bonus
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the last year
Junior Consultant / Consultant £39,695 £42,495 £45,795 8.0% 47.2% 12.2% 32.1% 49%
Senior Consultant £55,461 £59,361 £62,261 4.7% 45.2% 8.0% 34.3% 44%
Manager £75,356 £82,966 £89,066 4.8% 23.2% 10.7% 24.2% 32%
Senior Manager / Principal £98,858 £109,438 £119,148 4.6% 32.8% 8.4% 23.7% 23%
Partner £136,968 £151,568 £170,568 5.5% 46.7% 22.7% 38.5% 14%
Weighted Averages: 5.2% 38.0% 13.2% 30.1% 26.8%
2013 Data
Junior Consultant / Consultant £38,669 £42,943 £44,645 5.3% 61.8% 7.1% 41.8% 29%
Senior Consultant £54,362 £58,678 £63,074 4.6% 37.6% 10.7% 26.0% 39%
Manager £69,801 £80,654 £85,678 3.7% 42.5% 9.6% 27.6% 29%
Senior Manager / Principal £95,191 £106,149 £115,744 3.9% 48.8% 12.2% 20.9% 14%
Partner £133,364 £148,597 £168,745 7.1% 46.7% 22.4% 37.1% 15%
Weighted Averages: 4.9% 46.0% 20.3% 27.1% 20.7%
2011 Data
Junior Consultant / Consultant £37,005 £39,292 £42,507 4.6% 48.6% 8.7% 44.4% 51%
Senior Consultant £54,649 £59,108 £65,412 6.4% 30.2% 11.5% 38.7% 38%
Manager £68,839 £75,028 £81,895 4.8% 37.5% 10.0% 25.0% 35%
Senior Manager / Principal £93,613 £103,875 £115,245 4.6% 37.8% 12.1% 29.1% 23%
Partner £124,596 £137,697 £167,950 9.4% 48.5% 24.3% 33.8% 10%
Weighted Averages: 5.6% 39.1% 12.5% 32.7% 31.2%
2009 Data
Junior Consultant / Consultant £40,622 £42,877 £47,026 7.0% 40.4% 10.2% 40.7% 25%
Senior Consultant £57,403 £62,037 £68,161 5.8% 43.1% 10.7% 40.3% 16%
Manager £74,642 £81,378 £90,344 3.6% 47.1% 12.0% 30.2% 19%
Senior Manager / Principal £97,563 £106,895 £120,615 2.0% 41.9% 14.1% 32.6% 15%
Partner £135,684 £148,923 £177,190 1.5% 53.8% 20.8% 57.5% 11%
Weighted Averages: 3.5% 45.5% 13.8% 39.1% 16.3%
2007 Data
Junior Consultant / Consultant £37,000 £39,405 £42,735 5.7% 28.1% 9.0% 50.7% 38%
Senior Consultant £52,000 £56,576 £61,464 5.4% 4.4% 9.4% 36.6% 30%
Manager £66,000 £72,072 £79,662 5.3% 23.2% 11.5% 30.9% 32%
Senior Manager / Principal £88,200 £97,196 £109,103 4.9% 20.2% 13.5% 23.2% 24%
Partner £123,600 £136,578 £167,602 7.6% 31.1% 25.1% 22.6% 17%
Weighted Averages: 5.6% 20.4% 13.1% 32.6% 28.4%
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Salary levels by Seniority
and Type of Consulting
Sponsored by
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Junior Consultants
Of all the grades we survey for these reports, the outlook for
Junior Consultants seems most favourable. While total reward
has not quite recovered to 2009’s high-point, Junior
Consultants’ average total reward has grown for the third
survey running and now stands at just under £46k. Pay-rises
gained through promotion have also grown steadily with a leap
since the last survey to 49% from 29% which perhaps indicates
that retention through promotion is a policy that is being
prioritised by firms.
£30,000
£35,000
£40,000
£45,000
£50,000
2007 2009 2011 2013 2015
Junior Consultants' Remuneration
Bonus
Bens
Basic Salary
Average pay rise for those who received a pay rise 8.0%
Percentage receiving no pay rise 47.2%
Average bonus for those who received one 12.2%
Percentage receiving no bonus 32.1%
Percentage who received a pay rise as part of a promotion in
the last year 49.1%
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Junior Consultants
Strategy Consulting is, once more, the best rewarded functional
specialism for Junior Consultants. In fact the ranking of
comparative rewards across the different areas that we survey
remains unchanged from the 2013 survey.
Remuneration by Function
£30,000
£35,000
£40,000
£45,000
£50,000
£55,000
Average Strategy PPM BusinessTrans
BPI IT/Tech
Junior Consultants' Remuneration By Function
Bonus
Bens
Basic Salary
The average percentage bonus recorded by Junior Consultants
at 12.2% is higher now than it has been for any of our previous
surveys.
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2007 2009 2011 2013 2015
Average Percentage Bonus For Those Who Received One
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Average pay rise for those who received a pay rise 4.7%
Percentage receiving no pay rise 45.2%
Average bonus for those who received one 8.0%
Percentage receiving no bonus 34.3%
Percentage who received a pay rise as part of a promotion in the last year 43.8%
£50,000
£55,000
£60,000
£65,000
£70,000
2007 2009 2011 2013 2015
Senior Consultants' Remuneration
Bonus
Bens
Basic Salary
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Senior Consultants
Senior Consultants’ prospects on the other hand appear less
positive. For the fourth time our survey has shown that average
total reward at this level of seniority has fallen – it now stands
at a little over £62k which is up only slightly on the 2007 figure.
What’s more, average bonuses for those that received them
are falling, and the percentage of respondents that received
any bonus or pay rise at all have also fallen. One fillip for
Senior Consultants, however, is that just under 44% received a
pay rise as part of a promotion – the highest figure ever
recorded for this grade.
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0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
2007 2009 2011 2013 2015
Average Pay Rise For Those Who Received A Pay Rise
£50,000
£55,000
£60,000
£65,000
£70,000
£75,000
Average Strategy PPM BusinessTrans
BPI IT/Tech
Senior Consultants' Remuneration By Function
Bonus
Bens
Basic Salary
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Senior Consultants
The difference in comparative rewards for Senior Consultants
specialising in different areas is markedly more pronounced this
year. Strategy Consultants command the highest rewards
followed by those in IT/Technology.
Remuneration by Function
Average pay rises for Senior Consultants have stagnated at
4.7% of basic salary.
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Average pay rise for those who received a pay rise 4.8%
Percentage receiving no pay rise 23.2%
Average bonus for those who received one 10.7%
Percentage receiving no bonus 24.2%
Percentage who received a pay rise as part of a promotion in the last year 32.3%
£60,000
£65,000
£70,000
£75,000
£80,000
£85,000
£90,000
£95,000
2007 2009 2011 2013 2015
Managers' Remuneration
Bonus
Bens
Basic Salary
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Managers
Average total reward for Managers has increased 4% from the
2013 figure to just over £89k. This is the third rise recorded in
succession. More Managers are enjoying pay rises and
bonuses. In fact Manager is the seniority level most likely to
receive a bonus in consulting. However, the amounts received
by way of bonuses and pay rises have not yet returned to 2007
levels.
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0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
2007 2009 2011 2013 2015
Percentage Who Received A Pay Rise As Part Of A Promotion In The Last Year
£60,000
£65,000
£70,000
£75,000
£80,000
£85,000
£90,000
£95,000
£100,000
Average Strategy PPM BusinessTrans
BPI IT/Tech
Managers' Remuneration By Function
Bonus
Bens
Basic Salary
18
REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Managers
The differences between the average total rewards received by
Managers with different functional specialisms is significantly
more pronounced this time. Strategy specialists lead the pack
and earn on average £96k, whereas Managers who specialise
in Business Process Improvement earn on average £75k.
Remuneration by Function
32% of respondents received a pay rise as part of a promotion
in the last 12 months.
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Average pay rise for those who received a pay rise 4.6%
Percentage receiving no pay rise 32.8%
Average bonus for those who received one 8.4%
Percentage receiving no bonus 23.7%
Percentage who received a pay rise as part of a promotion in the last year 23.2%
£80,000
£85,000
£90,000
£95,000
£100,000
£105,000
£110,000
£115,000
£120,000
£125,000
2007 2009 2011 2013 2015
Principals' Remuneration
Bonus
Bens
Basic Salary
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Senior Managers / Principals
While not quite back to 2009 levels, the total reward that Senior
Managers / Principals can expect to receive has increased
once again. It now stands at a little over £119k on average.
Principals are most likely to receive a bonus of all the seniority
levels but the value of those bonuses is falling.
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0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
2007 2009 2011 2013 2015
Average Bonus For Those Who Received One
£80,000
£85,000
£90,000
£95,000
£100,000
£105,000
£110,000
£115,000
£120,000
£125,000
£130,000
Average Strategy PPM BusinessTrans
BPI IT/Tech
Principals' Remuneration By Function
Bonus
Bens
Basic Salary
20
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Senior Managers / Principals
Once more, Strategy specialists at Principal level can expect to
earn the greatest rewards. IT/Technology consultants will earn
least on average.
Remuneration by Function
As a Principal, if you are paid a bonus you can expect 8.4% of
your basic salary on average. This figure is down from the 2009
high point figure of 14.1%.
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Average pay rise for those who received a pay rise 5.5%
Percentage receiving no pay rise 46.7%
Average bonus for those who received one 22.7%
Percentage receiving no bonus 38.5%
Percentage who received a pay rise as part of a promotion in the last year 13.6%
£100,000
£120,000
£140,000
£160,000
£180,000
£200,000
2007 2009 2011 2013 2015
Partners' Remuneration
Bonus
Bens
Basic Salary
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Partners
£170k is the average total reward enjoyed by respondents at
Partner level, a figure that has been relatively constant, 2009
aside. Unsurprisingly, Partners who received a bonus over the
last 12 months enjoyed the highest percentage of their basic
salaries of all the seniority grades.
Please note that while there are of course Partners earning
more than £200k - £300k, as well as a small number of Senior
Partners earning £800k+, these consultants don’t typically take
part in surveys.
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0.0
5.0
10.0
15.0
20.0
25.0
30.0
2007 2009 2011 2013 2015
Average Bonus For Those Who Received One
£100,000
£120,000
£140,000
£160,000
£180,000
£200,000
£220,000
Average Strategy PPM BusinessTrans
BPI IT/Tech
Partners' Remuneration By Function
Bonus
Bens
Basic Salary
22
REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Partners
Partners who specialise in IT/Technology earn the largest
reward, unlike any of the other levels of seniority.
Please note that while there are of course Partners earning
more than £200k - £300k, as well as a small number of Senior
Partners earning £800k+, these consultants don’t typically take
part in surveys.
Remuneration by Function
22.7% of basic salary is what Partners can expect to earn as a
bonus, if they are fortunate enough to receive one.
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Whether you are a Manager considering your
options, a graduate who is new to the industry, or a
Partner considering how to grow your team,
Mindbench could help you realise your objectives..
• Mindbench is the leading specialist recruitment firm for the
management consultancy sector
• We partner over the long term with our consulting clients
which include the top strategy consulting firms, the “Big 4”,
and boutique specialist firms
• We support FTSE 100, private equity, government
departments and charities and companies in hiring
consulting talent on a permanent or project basis
• We cover all consulting functions and sectors, from
Consultant to Partner grades
• Mindbench works internationally and we support
recruitment initiatives through the UK, Europe, Middle
East, Americas and Asia
If you are a candidate interested in discussing your options
please upload your CV at www.mindbench.com
If you are a client and potentially
interested in hiring for your team
please contact our Managing Director,
Richard Stewart
We are proud to be associated with this salary
benchmarking report and hope that its findings are useful
for you..
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REMUNERATION OUR SPONSOR - MINDBENCH TALK TO TOP-CONSULTANT
Contact the team at Top-Consultant.com
Find out how your firm could attract consulting hires by:
• Advertising on our websites
• Advertising in our consultancy-focused publications
• Accessing our CV databases
• Running bespoke careers events
• Posting your news to our readers
• Have us generate leads for your services.
Call to speak to one of our team
For more information on Top-Consultant’s services or if you
have any questions about the data in this report please
contact
Bryan Hickson
on 0207 667 6880
or email him on [email protected].
Request a brochure
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detailing our services. You may do this online by visiting
this weblink.
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