Strategy Simplified
S12E27: 2024 Consulting Salary Trends Revealed: What You Need to Know
Jan 24, 2024
Explore the trends and predictions for 2024 consulting salaries, including compensation gaps, benefits, and hiring campaigns. Discover the financial outlook of the industry, the comparison of MBB compensation levels, and the importance of networking and cultural fit when choosing a consulting firm.
49:16
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Quick takeaways
- Salaries for consulting in 2024 remained stagnant compared to the previous year, but the industry is still strong and offers higher compensation, better lifestyle, and increased stability compared to pre-pandemic levels.
- MBB (McKinsey, Bain, BCG) leads the consulting industry in prestige and pay, but other firms like Alvarez & Marsal, Accenture Strategy, Carney, and Oliver Wyman offer competitive salary and benefits, narrowing the compensation gap with MBB and the Big Four.
Deep dives
Key trends in 2024 salaries
Salaries for consulting in 2024 remained stagnant compared to the previous year. Over 90% of firms kept starting salaries flat. However, despite the freeze, the consulting industry is still strong and in a better position than it may seem. The industry experienced unsustainable growth in previous years, and the current stabilization is more in line with historical averages. Consulting still offers higher compensation, better lifestyle, and increased stability compared to pre-pandemic levels.
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