Big Three consulting firm the Boston Consulting Group (BCG) is ranked among the best consulting firms to work for. BCG is also a major recruiter of MBA and business master's graduates.
BCG hires from top US business schools including MIT Sloan, Kellogg School of Management, and Columbia Business School, as well as internationally.
2021 is set to be BCG’s biggest ever recruiting year. There are plans to expand hiring across all job categories, industries, practice areas, and geographic locations.
Along with the opportunity to work at the cutting-edge of business, a typical BCG consultant salary hits a lucrative six-figures.
BCG Consultant Salary & Bonus
One of the key attractions of joining the Boston Consulting Group is the BCG consultant salary prospects awaiting successful candidates. An incoming master’s hire can expect a starting base salary of $90,000 at BCG. Incoming MBA hires can expect a lucrative $165,000 per year as a starting salary.
That’s before the performance and signing bonuses that accompany annual salaries at the top consulting firms. Master’s graduates can expect a performance bonus of up to $18,000 and a signing bonus of $5,000. Their MBA peers joining BCG can earn a performance bonus of up to $41,250 and have a signing bonus of $30,000.
According to ManagementConsulted, in top consulting firms you can typically expect a 10-to-20% increase in your base compensation and/or performance bonuses each year.
There is a steeper increase in compensation too when you’re promoted to the next level. When you’re promoted from associate to consultant at BCG, your base salary almost doubles.
Total compensation for BCG’s new hires has grown year on year, according to ManagementConsulted. This total amount includes salary, performance bonus, and signing bonus. In 2018, master’s-level hires could expect a total compensation package of $105,000, which rose to $111,000 in 2019 before reaching $113,000 in 2021.
The same can be seen for MBA hires, whose total compensation was $221,000 in 2018 and now sits at $236,000 in 2021.
The typical career path at BCG begins with an associate position, before you become a consultant, then a project leader, a principal, then a partner.
Promotions to each of these roles brings with it a rise in compensation. The typical project leader salary—two years out of an MBA—is $200,000-to-$220,000 with a bonus between $90,000 and $130,000.
In top consulting firms, a senior project leader (four-to-five years out of an MBA) earns between $250,000 and $320,000 with a bonus between $120,000 and $220,000. The typical principal salary (six-to-eight years out of an MBA) is between $350,000 and $420,000 with a bonus of $350,000 to $550,000.
A director (or senior partner), a position usually held by those over 10 years out of an MBA, can earn a whopping $450,000-to-$650,000 per year, with bonuses of over $500,000.
Working at BCG
Joining BCG comes with added perks that make landing a job after graduation even more lucrative—the firm is also listed as one of the world's best companies to work for by Glassdoor.
Master’s graduates can expect 15 days per year of paid time off. They also get up to $8,000 for relocating, and up to $4,400 per year dropped into their 401k retirement account as part of a profit-sharing initiative for employees.
MBA hires are also given 15 days of paid time off a year at BCG. MBA hires can also expect between $2,000-and-$8,000 for relocating, and $10,312 per year into their 401k retirement fund.
Business school grads turned BCG consultants interviewed by BusinessBecause say the firm looks for hires with broad business knowledge.
Zia Siddiqui, EU Business School MBA (pictured below):
My department at BCG were looking for someone who could start immediately and I got my contract just after finishing my MBA. [To get a job at BCG] you need to possess the right amount of business knowledge and experience. It’s a prerequisite,.
How to get hired
Amber Grewal, managing director and partner of global recruiting at BCG, says she looks for consultant candidates who can demonstrate intellectual curiosity, resilience, analytical rigor, and an ability to work with ease in a team and cultivate relationships.
The COVID-19 pandemic has also changed the way we work—good news for potential BCG hires who spent 2020 adapting to a crisis. The qualities BCG looks for in candidates are qualities that are often valued during a time of crisis; resilience, focus on teamwork, and working well under pressure.
“As the world becomes more digital, incoming consultants will need to have an agile mindset, the ability to work in cross-functional teams, and seamlessly collaborate with colleagues in a virtual environment," says Amber.
The data in this article was sourced from Management Consulted’s 2021 Consulting Salary Report. The salary figures in this article are for those joining management consulting positions in 2021.