Consulting Salaries For MBA & Master’s Graduates

From the Big Three management consulting firms (McKinsey & Company, Boston Consulting Group, and Bain & Company) to the likes of Deloitte, EY, and KPMG, consulting firms are among the largest recruiters of MBA and business master’s graduates.

However, salaries look set to stagnate in 2025 as many firms opt to keep MBA consulting salaries at 2024 levels. This follows economic challenges, global political uncertainty, and decreasing demand for consultancy services.

Despite this, if you’re considering a consulting career after your MBA then you’re still likely to make a swift return on your investment.

That’s because average base salaries at the Big Three are around $190,000. When you factor in signing and performance bonuses, the average total compensation rises to around $250,000.

Here, we round up the headline stats for consulting salaries for MBA and master’s graduates at some of the world’s biggest consulting firms, taken from the Management Consulted 2025 Consulting Salary Report.

You can find out more information about the specific consulting firms by clicking the links below.

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The Big Three

Bain & Company

The top company to work for worldwide, according to Glassdoor, Bain also boasts the highest average MBA salaries of the Big Three. 

Despite compensation figures remaining stagnant since 2024, in 2025, the average consulting salary for MBA graduates at Bain is $192,000. The average signing bonus is $30,000, while performance bonuses can be as high as $63,000.

In total, the average total compensation for MBA graduates at Bain is $285,000.

Master's (as opposed to MBA) graduates can expect to earn around $112,000 with performance bonuses of up to $22,500 and average signing bonuses of $5,000.

Boston Consulting Group (BCG)

BCG consultant salaries and bonuses are almost identical to those at Bain. The average base salary for MBA grads is $190,000. 

Signing bonuses can reach up to $30,000 and performance bonuses up to $60,000. In total, MBA graduates working as consultants at BCG can expect to earn around $270,000.

For master’s graduates, the average consulting salary at BCG is $110,000. Performance bonuses can be as high as $22,000, while starting bonuses average out at $5,000.

All of these figures have remained stagnant since 2024.

McKinsey & Company

McKinsey MBA consultants earn an average base salary of $192,000. Performance bonuses can reach $40,000, and the average signing bonus is $30,000. 

That takes the average total annual compensation to $267,000—marginally the lowest of the Big Three. 

A McKinsey consultant salary for master’s graduates comes in at $112,000, with performance bonuses of up to $18,000 and an average signing bonus of $5,000.

The Big Four

Deloitte

Salaries at the Big Four accounting and professional services firms (Deloitte, EY, KPMG, and PwC) all stayed the same for the third year running. 

Total compensation for MBA graduates in Deloitte’s Strategy & Analytics (S&A) division is $249,000, while the figure at Deloitte Consulting stands at $204,000. 

Performance bonuses for MBAs vary across the organization, but those at Deloitte S&A can expect bonuses of up to $43,750.

Master’s graduates at Deloitte Consulting earn an average base salary of up to $105,000 and around $26,250 in performance bonuses.

Ernst & Young (EY)

EY offers some of the strongest consultant salaries among the Big Four. MBA consultants in EY’s strategy division can expect a base consulting salary of $175,000 and a total compensation of $268,000. For EY Consulting, that figure falls to $242,000.

The average consultant salary for master’s level graduates at EY is $85,000.

KPMG

Salaries for MBA graduates at KPMG are the lowest of the Big Four. The average total compensation is $230,000 at KPMG Consulting and $210,000 at KPMG Strategy.

Master’s graduates at KPMG can expect to earn up to $1100,000 in total, including bonuses.

PricewaterhouseCoopers (PwC)

Average consultant salaries at PwC are the highest of the Big Four. Including bonuses, MBA graduates at PwC Strategy can expect to earn $280,000 on average, and $245,000 at PwC Consulting.

Master’s graduates at PwC earn a total compensation of $132,000 within the strategy division, while grads within the consulting division can expect salaries up to $102,000.

All of these figures refer to the total compensation including bonuses.

Average MBA & Masters Consulting Salaries In 2025 

More top consulting salaries

While the Big Three and Big Four firms tend to offer the most attractive salaries for new MBA and master’s-level hires, there are many other consulting firms with attractive compensation packages.

MBA consultant salaries at firms like Accenture Strategy, LEK Consulting, and Oliver Wyman rival the Big Three, with base salaries ranging from $160,000 to $190,000. Oliver Wyman offers roughly the same as the MBB, with MBA grads earning an average base salary of $190,000. 

Consulting salaries for master’s graduates at these firms are also high, with base salaries ranging from $79,500 to $110,000.

For more information on how to launch careers in consulting, finance, technology, and more, plus free advice from b-school careers experts, download our Business Careers Guide: Expert Advice On Your Job Options After Business School

The salary figures in this article are for those joining management consulting positions in 2025.

The data was sourced by ManagementConsulted from interview prep clients who received written job offers.