Events & Promotions
|
|
GMAT Club Daily Prep
Thank you for using the timer - this advanced tool can estimate your performance and suggest more practice questions. We have subscribed you to Daily Prep Questions via email.
Customized
for You
Track
Your Progress
Practice
Pays
Not interested in getting valuable practice questions and articles delivered to your email? No problem, unsubscribe here.
Nov 2007:30 AM PST
-08:30 AM PST
Learn what truly sets the UC Riverside MBA apart and how it helps in your professional growth
Nov 2010:00 AM EST
-10:30 AM EST
If you’re applying to Columbia, NYU Stern, or Yale SOM, you need more than strong stats. Each school defines “leadership” differently, and your essays must reflect that. Join Sia Admissions founder, Susan Berishaj on November 20th
Nov 2009:00 PM IST
-10:00 PM IST
Join our free expert-led Essay Workshops to discover how to choose impactful stories, highlight your core values, and align your background with each school’s distinct culture, making every word truly count.
Nov 2108:30 AM EST
-09:15 AM EST
Get the inside scoop on what makes Emory’s Goizueta Business School great, learn how you can present a strong MBA application, and connect with an Admissions Director to get your questions answered.
Nov 2109:30 PM IST
-10:30 PM IST
Learn how to craft powerful, authentic essays by mastering the 3 “WHYs” every top MBA program looks for: Why MBA, Why Now, and Why This School.
Nov 2408:00 PM PST
-09:00 PM PST
Inquire for a free profile evaluation and guarantee statement for possible admits and scholarships!
MBA Salaries at Top-Tier Consulting Groups 2018 Edition
So the year is 2018 and you are desperate to get an MBA to work in a Top consulting firm. The first question that will come to your mind is "How much will I earn at a Top-Tier consulting group"?
Some groups have started offering student loan repayment expenses.. Check out the highlighted part in the post too...
Also take these numbers with a grain of salt. Remember, also that you will be paying 30-40% in taxes. Then add rent, car, insurance, student loan payments, etc and you end up with $15K/year for savings and extravagant expenses.
Unless you live like a poor student, that's what you kind of looking at. The new tax reform may help but in reality, it feels like a lot of money but it costs a lot of money to live and maintain a standard of living. Living on your own without family can be more economical, esp if you have roommates, and optimize your expenses and don't splurge but chances are you will want a nicer car, nicer clothes, go for a quick weekend trip, eat nice food, etc.
Without wasting another second, Let jump into the numbers.
 | Base: $147,500 (Canada: C$140,000) Performance Bonus: up to $44,400 Total Cash (sum of above): up to $191,900 Retirement: 6% match for 401k Tuition Reimbursement: up to $80,000 ($50,000 after taxes) Signing Bonus: $25,000 (Canada: C$15,000); Relocation: up to $8,000 |
 | Base: $147,000 (Germany: €85,000) Performance Bonus: up to $44,100 (Germany: up to €16,000) Total Cash (sum of above): $191,100 Retirement: 401k contribution up to $8,000 Signing Bonus: $25,000 (plus $10,000 for summer interns) Relocation: up to $10,000 (Germany: up to €5,000) |
 | Base: $148,000 (Canada: C$120,000) (UK: £85,000) Performance Bonus: up to $37,000 Total Cash (sum of above): up to $185,000 Retirement: 401k contribution up to $8,000 Signing Bonus: $25,000 Relocation: up to $5,000 |
 | Base: $147,000 (Dubai: $130,000) (UK: £87,500) Performance Bonus: up to $44,100 Total Cash (sum of above): up to $191,100 Retirement: No 401k match but profit sharing is deposited into 401k account Signing Bonus: $30,000 (Dubai: $30,000) Relocation: $2-8,000 |
 | Base: $120-145,000 (depending on work experience; Dubai) Performance Bonus: up to $36,250 (25% of base; Dubai) Total Cash (sum of above): up to $181,250 (Dubai) Housing Allowance: $32,000 ($50,000 if married/family; Dubai) Relocation: up to $25,000 (Dubai) |
 | Base: $125,000 Performance Bonus: up to $15,000 Total Cash (sum of above): up to $140,000 Signing Bonus: $20,000 (Dubai: $30,000) Relocation: up to $6,000 |
 | Base: $145,000 (Canada MBA: C$125,000) Performance Bonus: up to $31,900 Total Cash (sum of above): $176,900 Retirement: 25% match of first 6% into 401k (a total of 1.5%) Tuition Reimbursement: Full 2nd year tuition for returning interns Signing Bonus: $25,000 (additional $17,500 for returning interns, $20K early signing) (Canada: C$20,000) Relocation: $2,500 if local; up to $10,000 otherwise |
 | Base: $145,000 Performance Bonus: up to $31,700 Total Cash (sum of above): up to $176,700 Signing Bonus: $25,000 Relocation: up to $5,000 |
 | Base: $147,500 Performance Bonus: up to $14,750 Total Cash (sum of above): up to $162,250 Signing Bonus: $25,000 (additional $15,000 for returning interns) Relocation: up to $6,500 |
 | Base: $130,000 Performance Bonus: up to $16,250 Total Cash (sum of above): up to $146,250 Signing Bonus: $25,000 Relocation: up to $8,000 |
 | Base: $122,500 Performance Bonus: up to $25,000 Total Cash (sum of above): $147,500 Signing Bonus: $20,000 Relocation: up to $3,000 |
 | Base: $124,000 Performance Bonus: up to $15,000 Total Cash (sum of above): $139,000 Signing Bonus: $15,000 Relocation: up to $3,000 |
 | Base: $145,000 Performance Bonus: up to $25,000 Total Cash (sum of above): $170,000 Signing Bonus: up to $35,000 Relocation: up to $5,000 |
 | Base: $150,000 Performance Bonus: up to $25,000 Total Cash (sum of above): $175,000 Retirement & Profit Sharing: up to $30,000 Signing Bonus: $25,000 (additional $25,000 for returning interns) Relocation: up to $5,000 |
 | Base: $152,500 (UK: £90,000) Performance Bonus: up to $35,000 Total Cash (sum of above): up to $187,500 Retirement: up to $11,900 (7% of qualified compensation, capped at $170,000) Signing Bonus: $25,000 Relocation: $2,000-9,000 |
 | Base: $110,000 Performance Bonus: up to $22,000 (20% of base) Total Cash (sum of above): up to $132,000 Signing Bonus: $20,000 Relocation: up to $3,000 |
 | Base: $170,000 Performance Bonus: up to $9,000 Total Cash (sum of above): up to $179,000 Signing Bonus: $35,000 Relocation: up to $2,000 |
 | Base: $135,000-140,000 Performance Bonus: up to $27,000 Total Cash (sum of above): up to $167,000 Starting Bonus: $25,000 Relocation: up to $2,000 |
 | Base: $147,000 Performance Bonus: up to $47,040 Total Cash (sum of above): up to $194,040 Retirement: 6% of base + bonus into 401k, no contribution required (5 year vesting period) Signing Bonus: $25,000 Relocation: up to $3,000 Student Loan Repayment: $1,200/year for up to six years or until you become a manager |
In the next post we will compare as to how the consulting salaries has evolved over time...
11 Feb 2018, 16:02
Kudos
Bookmarks
Bain & Company to hire record number of MBA interns over 2018
Bain & Company have announced plans to take in more MBA interns than ever before. Students from the likes of Harvard, INSEAD, London Business School, and the IE Business School are among those likely to be picked for internships with the top three management consulting firm.
Interns on Bain’s summer associate program are immersed in the responsibilities of a full-time consultant; working with clients, from Fortune 500 companies to start-ups, across a range of sectors. Bain has seen its intern intake grow to record levels for the last five years consecutively, with 90% of these placements ending in offers for full-time employment at the firm. As a result, a third of full-time MBA hires at Bain can trace their roots at the firm back to their own time in the 10-week summer associate program.
In spite of the huge intake from the scheme previously, Bain will maintain its on-campus recruitment of second-year Master of Business Administration students in 2018. Overall, it expects to bring in around 500 MBAs who will eventually take up full-time positions – building on numbers from a record year of MBA recruitment in 2017.Competition for top talent has heightened recently, with both a STEM and soft-skill shortage as large portions of the ageing Western workforce approach retirement being intensified, as border controls in the UK and US stand to be tightened thanks to continued geo-political instability. Bain’s move to encourage higher rates of MBA engagement looks to be extremely savvy then, giving them early access to the next generation of highly skilled workers.
Bain’s Global Head of Consulting Recruitment, Keith Bevans, said of the coming intake, “We are the only one of three management consulting firms that make a consistent, concerted effort to hire second year MBAs. Our competitors didn’t hold second-year recruitment events on-campus in 2017. Our business is strong enough that we need to hire second-year MBAs and our largest summer intern class ever as well.”
In the United States in particular, the summer internship has been used a key proving ground for future hires. Bevans mostly sources students from the world’s top-20-ranked business schools, which include Harvard, Wharton, Kellogg, Chicago Booth in America, as well as INSEAD, London Business School, and IE Business School beyond the borders of the US.
Bevans, himself an MBA graduate from Harvard, has spent 20 years working at Bain, and is now a Partner at the firm’s Chicago office. According to him, MBA students can mark themselves out for an internship at Bain by presenting themselves as having a passion for problem solving. Bevans said, “I trust that if you have a degree from a top institution, you’ve got the raw potential to be successful here. The best business schools help their students understand what opportunities are out there, what they’re really good at, what they like, and where the best overlap of those things is for them to be successful in next stage of their career.”
While the emphasis remains on MBA, there are also an increasing number of opportunities for candidates from Master’s in Management programmes, as well as specialised Master’s degrees. In 2017, Bain was listed as one of the 100 top graduate employers in the UK, alongside the Big Four, as well as Accenture, McKinsey, IBM and BCG.
Interns on Bain’s summer associate program are immersed in the responsibilities of a full-time consultant; working with clients, from Fortune 500 companies to start-ups, across a range of sectors. Bain has seen its intern intake grow to record levels for the last five years consecutively, with 90% of these placements ending in offers for full-time employment at the firm. As a result, a third of full-time MBA hires at Bain can trace their roots at the firm back to their own time in the 10-week summer associate program.
In spite of the huge intake from the scheme previously, Bain will maintain its on-campus recruitment of second-year Master of Business Administration students in 2018. Overall, it expects to bring in around 500 MBAs who will eventually take up full-time positions – building on numbers from a record year of MBA recruitment in 2017.Competition for top talent has heightened recently, with both a STEM and soft-skill shortage as large portions of the ageing Western workforce approach retirement being intensified, as border controls in the UK and US stand to be tightened thanks to continued geo-political instability. Bain’s move to encourage higher rates of MBA engagement looks to be extremely savvy then, giving them early access to the next generation of highly skilled workers.
Bain’s Global Head of Consulting Recruitment, Keith Bevans, said of the coming intake, “We are the only one of three management consulting firms that make a consistent, concerted effort to hire second year MBAs. Our competitors didn’t hold second-year recruitment events on-campus in 2017. Our business is strong enough that we need to hire second-year MBAs and our largest summer intern class ever as well.”
In the United States in particular, the summer internship has been used a key proving ground for future hires. Bevans mostly sources students from the world’s top-20-ranked business schools, which include Harvard, Wharton, Kellogg, Chicago Booth in America, as well as INSEAD, London Business School, and IE Business School beyond the borders of the US.
Bevans, himself an MBA graduate from Harvard, has spent 20 years working at Bain, and is now a Partner at the firm’s Chicago office. According to him, MBA students can mark themselves out for an internship at Bain by presenting themselves as having a passion for problem solving. Bevans said, “I trust that if you have a degree from a top institution, you’ve got the raw potential to be successful here. The best business schools help their students understand what opportunities are out there, what they’re really good at, what they like, and where the best overlap of those things is for them to be successful in next stage of their career.”
While the emphasis remains on MBA, there are also an increasing number of opportunities for candidates from Master’s in Management programmes, as well as specialised Master’s degrees. In 2017, Bain was listed as one of the 100 top graduate employers in the UK, alongside the Big Four, as well as Accenture, McKinsey, IBM and BCG.
Source -> consultancy(uk) newsroom
stonecold
Alum
Joined: 12 Aug 2015
Last visit: 09 Apr 2024
Posts: 2,244
Own Kudos:
Given Kudos: 893
Schools: Boston U '20 (M)
GRE 1: Q169 V154
17 Feb 2018, 13:01
Kudos
Bookmarks
The Consulting Industry
You pick an MBA candidate at a top B-school and ask him as to which industry he wants to break post his/her MBA. Chances are they will throw out this Fancy Panz word "CONSULTING". Last year more than 43% of the INSEAD's MBA class went into management consulting. Crazy right!
So lets learn a few basics about this term and its origin.
The consulting industry can trace its roots back to the late 19th century, when the world's first modern consulting firms were founded. From the turn of the century onwards, management consulting – which early on focused mainly on engineering and finance – increasingly gained terrain in the business world, although it wasn’t until the 1930s that consulting firms started to grow their size beyond a few founding partners and small teams. In the slipstream of the growth of scientific management, operations and organisational theory, the number of consulting firms rapidly expanded in the next decades, with today’s well-known US firms such as Arthur D. Little, A.T. Kearney, Booz Allen Hamilton and McKinsey & Company playing a frontrunner role.
The consulting industry started its internationalisation in the early 1960s, when the large American management consultancies expanded into Europe, bringing their management models and experience to transform European organisations. For example, by the 1970s, McKinsey & Company had decentralised one quarter of the hundred largest companies in the United Kingdom. In the next thirty years, the consulting industry found itself in a phase of unprecedented growth across Western markets, far outpacing the growth of the world economy during the same time period. Revenues of the top ten worldwide management consultancies for instance grew from around $200 million to around $50 billion at the beginning of the 21st century, while the headcount of the thirty largest consultancy firms in the industry grew from about 20,000 in the early 1980s to approximately 430,000 in 2000.
Nearly two decades down the line, the consulting industry has developed into one of the most mature sectors in the professional services industry, generating between $100 billion to $300 billion in revenues, with the precise estimate depending on the definitions used. At the heart of the industry stand six main domains – Strategy Consulting, Management Consulting, Operations Consulting, Financial Advisory, HR Consulting and Technology Consulting – that combined span services and offerings in over 200 industry and functional areas. The majority of consultants work at large and mid-sized consulting firms, yet, in terms of the number of consultancy enterprises, these firms typically represent no more than 15% of the total, with the majority of enterprises active as sole proprietorships (i.e. freelance consultants).
Nearly two decades down the line, the consulting industry has developed into one of the most mature sectors in the professional services industry, generating between $100 billion to $300 billion in revenues, with the precise estimate depending on the definitions used. At the heart of the industry stand six main domains – Strategy Consulting, Management Consulting, Operations Consulting, Financial Advisory, HR Consulting and Technology Consulting – that combined span services and offerings in over 200 industry and functional areas. The majority of consultants work at large and mid-sized consulting firms, yet, in terms of the number of consultancy enterprises, these firms typically represent no more than 15% of the total, with the majority of enterprises active as sole proprietorships (i.e. freelance consultants).
Want to enter the consulting industry post MBA? Bookmark this page to stay updated with the latest news about salary, company demographics and other salary statistics at the world's Top 50 consulting industries. In the next post we will have a look at the world's top 50 consulting companies..
Sources referenced - BW, UK consulting and Forbes.
