Consulting salaries for MBA & Master's grads (2026)

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

While opportunities within the industry have been impacted by the AI boom, consulting remains the most desirable industry for prospective business school students, largely due to the strong salaries the sector is renowned for providing.

In 2026, consulting salaries remained largely unchanged with starting pay flat compared with 2025 at both pre-MBA and post-MBA levels. Rather than weaker demand, Management Consulted – a firm that offers consulting recruitment resources – points to leaner teams, productivity gains driven by artificial intelligence, and lower staff turnover as the main reasons behind the pause in salary growth.

Even so, if you’re considering a consulting career after business school, pay remains a major draw. Alongside finance and tech, consulting typically offers the highest post-graduation compensation packages of any industry.

Base salaries at the Big Three for MBA graduates, for example, are around $190,000. When you factor in signing and performance bonuses, maximum first-year earnings range from $262,000 to $285,000.

Here, we round up the headline salary figures for MBA and master’s graduates at some of the world’s biggest consulting firms, taken from Management Consulted’s 2026 Consultant Salary Report. Management Consulted sources data from interview prep clients who receive written job offers and from firm representatives.

The Big Three

Bain & Company

Bain offers the highest potential first-year pay package of the Big Three in 2026.

The base salary for MBA graduates at Bain is $192,000. The signing bonus is $30,000, while performance bonuses can be as high as $63,000.

In total, MBA hires at Bain can earn up to $285,000 in their first year.

Master’s graduates can expect a base salary of $112,000, with performance bonuses of up to $22,500 and a $5,000 signing bonus.

Boston Consulting Group (BCG)

BCG consultant salaries and bonuses are close to those at Bain. The base salary for MBA grads is $190,000. Signing bonuses can reach $30,000 and performance bonuses up to $47,500. That brings potential first-year earnings to $267,500.

For master’s graduates, the base salary at BCG is $110,000. Performance bonuses can be as high as $22,000, while the signing bonus is $5,000.

McKinsey & Company

McKinsey MBA consultants earn a base salary of $192,000. Performance bonuses can reach $40,000, and the signing bonus is $30,000. That takes potential first-year earnings to $262,000, 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 a $5,000 signing bonus.

The Big Four

Deloitte

The 2026 report also breaks down salaries at the Big Four accounting and professional services firms: Deloitte, EY, KPMG, and PricewaterhouseCoopers (PwC).

MBA graduates in Deloitte’s Consulting Services (formerly Strategy & Analytics) division can earn up to $248,750 in their first year.

Performance bonuses for MBA hires in the division can reach $43,750.

Master’s graduates at Deloitte Consulting can earn a base salary of up to $105,000, performance bonuses of up to $26,250, and a $15,000 signing bonus.

Ernst & Young (EY)

EY’s MBA-level salaries differ between its core consulting business and strategy arm, EY-Parthenon. MBA hires at EY earn a base salary of $175,000, with a $30,000 signing bonus and additional real-time performance bonuses.

At EY-Parthenon, the base salary is also $175,000, but performance bonuses range from $26,250 to $52,500. With the $30,000 signing bonus included, potential first-year earnings can reach $257,500. Master’s-level hires at EY can earn a base salary of up to $90,000.

KPMG

KPMG reports a single compensation package for MBA-level hires in 2026, rather than separating consulting and strategy roles. MBA graduates can expect a base salary of $145,000, with performance bonuses of up to $17,400 and a signing bonus of up to $35,000.

Including all listed bonuses, the package can reach $197,400.

For undergraduate and master’s-level hires, base salaries range from $78,000 to $94,000, rising to between $93,000 and $100,000 for strategy roles. 

PricewaterhouseCoopers (PwC)

At PwC, MBA salaries vary between its core consulting business and strategy arm, Strategy&. MBA graduates at Strategy& can earn up to $280,000 in their first year, compared with up to $245,000 at PwC.

Master’s graduates can earn up to $132,000 at Strategy&, while those at PwC can earn up to $97,500.

These figures include signing bonuses and, where specified, performance bonuses.

More top consulting salaries

Beyond the Big Three and Big Four, many other consulting firms offer attractive compensation packages.

MBA consultant salaries at firms including Accenture Strategy and L.E.K. Consulting can rival those at the Big Three, with base salaries ranging from $175,000 to $190,000. At Oliver Wyman, MBA hires earn a base salary of $190,000.

Consulting salaries for master’s graduates at these firms are also high, with base salaries ranging from $95,000 to $110,000.

The salary figures in this article are for those joining management consulting positions in 2026