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Nov 1909:00 AM PST
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What’s in it for you- Live Profile Evaluation Chat Session with Jenifer Turtschnow, CEO ARINGO. Come with your details prepared and ARINGO will share insights! Pre-MBA Role/Industry, YOE, Exam Score, C/GPA, ECs Post-MBA Role/ Industry & School List.
Nov 1910:00 AM EST
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Get expert MBA strategy, instant essay feedback, and personalized advice on your entire application. Join My Admit Coach, the AI-powered MBA admissions platform built on 10K+ successful application docs for HBS, Stanford GSB, MIT and other top programs.
Nov 1911:00 AM PST
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Round 2 is here — and it’s your chance to make your MBA dream happen! Join GMAT Club’s LIVE discussion with two top experts from The Red Pen, Gunjan Jhunjhunwala and Natasha Mankikar, as we break down everything you need to know- Nov 12
01:00 PM EST
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Get expert MBA strategy, instant essay feedback, and personalized advice on your entire application. Join My Admit Coach, the AI-powered MBA admissions platform built on 10K+ successful application docs for HBS, Stanford GSB, MIT and other top programs. - Nov 18
11:00 AM PST
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Join us in a live GMAT practice session and solve 30 challenging GMAT questions with other test takers in timed conditions, covering GMAT Quant, Data Sufficiency, Data Insights, Reading Comprehension, and Critical Reasoning questions. 
Nov 2010:00 AM EST
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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
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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
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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
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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
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Inquire for a free profile evaluation and guarantee statement for possible admits and scholarships!
19 May 2024, 17:44
Kudos
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Is the MBA Payoff Worth It? Shocking Truths About Salaries at Top Consulting Firms
Pursuing an MBA is a significant investment, both in terms of time and money. For many, the ultimate goal is to land a prestigious job at a top consulting firm, where the promise of high salaries and lucrative bonuses is often a major draw. But is the financial payoff truly worth it? Let's delve into the salaries and benefits offered by the leading consulting firms to uncover the real value of an MBA in today’s competitive market.The Lure of High Salaries
Top consulting firms like McKinsey & Company, Bain & Company, and Boston Consulting Group (BCG) offer base salaries that can make any MBA graduate's eyes light up. As of 2024, these firms offer base salaries of around $190,000 to $192,000. This figure alone is enough to justify the hefty tuition fees at elite business schools, but there's more to the story.
Bonuses and Perks: The Full Picture
Beyond the base salary, performance bonuses and signing bonuses significantly boost total compensation. For instance, Bain & Company offers performance bonuses up to $63,000, while Strategy& provides bonuses up to $60,000. These bonuses are not guaranteed, and their variability can add a layer of uncertainty to the overall compensation.
Signing bonuses also sweeten the deal, typically adding an extra $30,000 to the initial payout. However, these one-time bonuses are just that—one-time benefits that can’t be relied upon in subsequent years.
Vacation and Tuition Benefits: Hidden Gems
Vacation days and tuition reimbursement for returning interns are additional perks that can add value to the overall compensation package. Firms like Ernst & Young (EY) and EY-Parthenon offer unlimited vacation days, which is an attractive benefit for maintaining work-life balance.
Additionally, companies such as Deloitte S&A and ZS Associates offer substantial tuition reimbursements, covering up to 100% of second-year tuition for returning interns. These benefits can significantly reduce the financial burden of an MBA.
The Controversial Truth: Is It Worth It?
Despite these attractive packages, the reality of long working hours, high stress, and demanding projects can make the high salaries seem less appealing. The consulting lifestyle is not for everyone, and the financial rewards come at the cost of personal time and energy. Moreover, not all MBA graduates will land a position at these top firms, and the competition is fierce.
While the financial rewards of a career at a top consulting firm are substantial, they come with significant trade-offs. The high salaries and bonuses are certainly tempting, but prospective MBA students should consider the full scope of the consulting lifestyle before committing to this path. The decision to pursue an MBA and enter the consulting world should be based on a comprehensive understanding of both the financial benefits and the personal costs involved.
As you weigh your options, consider whether the high stakes and potential rewards align with your career aspirations and personal values. The journey to a top consulting job is challenging, but for those who thrive in high-pressure environments and seek continuous growth, the payoff can indeed be worth it.
Below is the table with detailed pay breakup for the top recruiters at the top B-schools in the US:
| Consulting Firms Compensation and Benefits Data | |||||
| Company | Base Salary | Performance Bonus (up to) | Signing Bonus | PTO Vacation | Tuition for Returning Interns |
| McKinsey & Company | $192,000 | $40,000 | $30,000 | 19 Days | 50% of second year tuition |
| Bain & Company | $192,000 | $63,000 | $30,000 | 25 Days | NA |
| Boston Consulting Group (BCG) | $190,000 | $50,000 | $30,000 | 15 Days | NA |
| Deloitte S&A | $175,000 | $43,750 | $30,000 | NA | 100% of second year tuition |
| Ernst & Young (EY) | $175,000 | NA | $30,000 | Unlimited | NA |
| EY-Parthenon | $175,000 | $52,500 | $30,000 | Unlimited | NA |
| KPMG | $145,000 | $17,400 | $35,000 | NA | NA |
| PricewaterhouseCoopers (PwC) | $175,000 | $40,000 | $30,000 | NA | NA |
| Strategy& | $190,000 | $60,000 | $30,000 | 20 Days | NA |
| Accenture Strategy | $175,000 | $55,000 | $35,000 | 20 Days | $80,000 |
| AlixPartners | $180,000 | Uncapped | $35,000 | 22 Days | NA |
| Altman Solon | $170,000 | $42,500 | $30,000 | 25 Days | NA |
| Alvarez & Marsal | $175,000 | $87,500 | $25,000 | NA | NA |
| Analysis Group | $190,000 | $47,500 | $45,000 | 15 Days | NA |
| ClearView Healthcare Partners | $125,000 | $25,000 | $20,000 | 15 Days | NA |
| FTI Consulting | $180,000 | $40,250 | $30,000 | 20 Days | NA |
| Investor Group Services (IGS) | $175,000 | Uncapped | $30,000 | 15 Days | NA |
| Kearney | $188,000 | $65,800 | $25,000 | 18 Days | NA |
| L.E.K. Consulting | $185,000 | $25,000 | $30,000 | 15 Days | $25,000 |
| OC&C Strategy Consultants | $180,000 | $60,000 | $25,000 | NA | NA |
| Oliver Wyman | $190,000 | $36,100 | $30,000 | 17 Days | NA |
| Palm Tree LLC | $125,000 | $50,000 | NA | NA | NA |
| Roland Berger Strategy Consultants | $160,000 | $32,000 | $35,000 | NA | NA |
| Simon-Kucher & Partners | $170,000 | $40,800 | $25,000 | 15 Days | NA |
| Stax | $150,000 | $37,500 | $15,000 | Unlimited | NA |
| Wavestone | $150,000 | $12,000 | $30,000 | 25 Days | NA |
| ZS Associates | $175,000 | $30,000 | $30,000 | 15 Days | 100% of second year tuition |
23 May 2024, 07:50
Kudos
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One element that many people miss is that consulting companies make the same offer regardless if you went to HBS or Darden.
What about location? do they make the same offer in Chicago and Houston for example?
What about location? do they make the same offer in Chicago and Houston for example?
23 May 2024, 07:52
Kudos
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P.S. I did not know about the returning Intern tuition offer - that's very sweet!!!
