Best Consulting Firms for MBAs

executives speaking in office
Klaus Vedfelt / Getty Images. Klaus Vedfelt / Getty Images

Consulting is a popular career path for business graduates. Many graduates love the idea of providing professional advice for a fee. They also like the salary that comes along with a job at a consulting firm. Consulting is one of the highest paying career paths that an MBA can pursue. If you are interested in a career as a consultant, there are a few consulting firms that you should explore prior to graduation.

Parthenon-EY

Parthenon-EY offers clients strategy consultancy. They tailor their services to the client and are always on the lookout for top talent. Parthenon-EY pays top dollar to recruit the best and brightest. New MBA graduates who are lucky enough to get a job at Parthenon-EY earn a base annual salary of $170,000. Generous signing bonuses ($35,000) and performance bonuses (up to $9,000) are also available. This makes Parthenon-EY the highest paying consulting firm for new MBAs.

McKinsey & Company 

McKinsey & Company is one of "the big three" consulting firms; the other two are Bain & Company and Boston Consulting Group. Collectively, the three are known as MBB. The New York Times has called McKinsey & Company the most prestigious management consultancy in the world. So, it should come as no surprise that this management consulting firm attracts a lot of new MBA graduates. Part of the allure of this company is the salary offered to new employees.

McKinsey & Company pays a base salary of $152,500. New employees also receive a sign-on bonus of $25,000 and have a chance to earn performance bonuses up to $35,000.

Strategy&

Strategy& is also a global consulting firm with offices around the world. They have large clients in every industry. According to a recent report from Glassdoor, Strategy& is the second-highest paying employer in the United States.

They recruit heavily at top business schools and offer a base annual salary of $150,000. New hires also get a $25,000 sign-on bonus and can earn almost $35,000 in performance bonuses.

L.E.K. Consulting

L.E.K. is a global consulting firm. They have offices in the Americas, Europe, and Asia-Pacific. They are widely considered to be one of the best consulting firms for MBAs. L.E.K. is always looking for new MBA graduates who are well-versed in mergers and acquisitions, corporate strategy and operations. MBA grads can expect a base salary of $150,000, a sign-on bonus of $25,000 and performance bonuses up to $25,000.

Deloitte S&O 

Deloitte S&O is a well-known strategy and operations consulting firm. About 10 years ago, Business Week named Deloitte S&O one of the best places to launch a career, and since then, they have been ranked as one of the most in-demand employers in the world by LinkedIn. Deloitte S&O offers a base salary of $149,000, a sign-on bonus of $25,000 and performance bonuses up to $37,250. What sets them apart from some of the other consulting firms is the fact that Deloitte S&O likes to reward their returning interns. An intern who works at Deloitte S&O and returns after graduation gets an additional $17,500 in their sign-on bonus as well as reimbursement for their full 2nd year of MBA tuition; that's a big deal for any MBA student with large student loans.

Bain & Company 

As mentioned earlier, Bain & Company is one of the big three consulting firms. They are considered a very desirable employer, and they are always seeking new MBAs who have experience with mergers and acquisitions, corporate strategy, finance, and operations. Knowledge of restructuring is also helpful. Like the other large consulting firms, Bain & Company offers a high base salary, a sign-on bonus and performance bonuses. The base salary is $148,000. The sign-on bonus is $25,000. And the performance bonus is up to $37,000. 

Boston Consulting Group

No list of the best consulting firms for MBAs would be complete without Boston Consulting Group (BCG). They have offices around the world, and their clients include more than two-thirds of Fortune 500 companies. Boston Consulting Group often ranks rather high on the list of "100 Best Companies to Work For" put out by Fortune.

BCG offers a base salary of $147,000 a more-generous-than-normal sign-on bonus of $30,000 and performance bonuses up to $44,100. When you combine all of these figures, Boston Consulting Group becomes one of the highest paying employers for new MBA graduates. 

Salary Data

The salary data in this article was obtained from ManagementConsulted.com, a company that compiles salary data collected from their readers, industry insiders, and other sources.