Management Consulted has recently published a list of salaries at major consulting firms (one of the most interesting posts they come out with once or twice a year). Without commenting on the accuracy on any of these, I'd like to reproduce some snippets their blog post below:
For undergraduate students, take a look at the following numbers, organized by total base + signing bonus figures (ordered by total in Canada):
- Oliver Wyman: $75k base with $10k signing bonus ($85k)
- Bain: $70-75k base with $5k-$7k signing bonus ($75k-$82k)
- Booz: $72k base with $5k signing bonus ($77k)
- BCG: $72.5k base with $5k signing bonus ($77.5k)
- Accenture: $67-$68k base with an $8k-$10k signing bonus ($75k-78k)
- McKinsey: $70k base with $5-6k signing bonus ($75k-$76k)
- A.T. Kearney: $65k ($70k in Toronto) base with $5k signing bonus ($75k)
- Deloitte: $72.5k base ($60k in Canada) with $10k ($3k in Canada) signing bonus ($63k)
A few interesting notes:
1. Oliver Wyman has the highest base and signing combined
2. BCG, Bain, and McKinsey are most likely to benchmark with one another; notice the small variations in base and signing bonus
3. Deloitte is trailing its competition in Canada, but not the US. It will be interesting to see if this changes at all post-Monitor-acquisition, especially as ex-Monitor folks are likely to be making a fair bit more than their Deloitte counterparts.
4. If you assume that salaries increase by around 5-10% per year, then the difference between a $70k base at ATK and a $75k base at Oliver Wyman will add up.
Still - it's always interesting to see firms' compensation strategies, but salary should be the absolute lowest of your priorities when making a decision between firms. In the long run, your success professionally is far more contingent on factors like your fit at the firm and how well you connect with your peers and the partners there.
Lastly - if you are trying to compare apple to apples, don't forget that firms have other benefits as well (such as contributions to RRSP's) and different bonus structures that will impact your take-home pay.