Management Consultant Salary in United States 2021

Did you know that the number of Management Consultants in the United States has increased every year since 2012, with the number reaching 734,000 consultants in 2020? Moreover, the revenue generated through management consulting has shown consistent growth since the 2010s, in both the U.S. and globally. So naturally, with the management consulting market thriving all over, it becomes worthwhile to initiate a conversation about consulting salaries and the scope of a career in management consulting.

Number of Management Consultants employed in the U.S (2012-2020)

Source: Statista

But, what exactly is a management consulting? What does a Management Consultant do? You will find answers to all those questions, including management consulting salaries, related job roles, and the factors that affect the compensation.

Read on to find out!

What is Management Consulting?

Have you ever wondered what organizations like McKinsey & Company, The Boston Consulting Group, and Bain & Company exactly do? What’s common between all these top organizations is that they are management consulting firms. The list, however, is not exhaustive. Other eminent names in the management consulting arena include Deloitte, PricewaterhouseCoopers, Booz Allen Hamilton, EY, Accenture, and the like.

In simple terms, a management consulting firm helps clients solve problems by giving professional advice. It helps organizations improve business performance, identify potential risks, overcome challenges, maximize growth, and create value. In other words, management consulting involves the identification of solutions to various business problems and suggesting change implementation. While the well-known and big firms cover a vast lot of industries and offer IT consulting, strategy consulting, and operating consulting (among others), smaller firms focus on specific sectors such as design consulting and healthcare consulting.

What do Management Consultants do?

Management consultants most often deal with the C-suite level executives of organizations and help them boost the operations and overall performance. The consultant guides the company’s plan of action to achieve business objectives or helps in drawing up a strategy before the commencement of projects. The consultant’s job begins with interviewing employees and data collection to understand the client’s business. Depending on their level and expertise, consultants may also be responsible for data analysis and sharing actionable insights with the company.

Most consultants focus on a single area of expertise, for instance, management consulting. Overall, there are six types of consultancy roles one can lead. These include:

  • Management Consultant
  • Strategy Consultant
  • Operations Consultant
  • Human Resource Consultant
  • Financial Advisory Consultant
  • IT Consultant

Management Consulting Salaries in the U.S.

Becoming a management consultant requires a Bachelor’s degree in business or a related field such as finance, management, or analytic studies. Besides, candidates with certification, work experience, and the requisite skillset stand a better chance of being taken aboard by employers. Apart from that, soft skills such as interpersonal, critical thinking, and analytical skills, organizational skills, and management abilities are necessary to become a consultant.

The salary of Management Consultants in the U.S. depends on several factors, mainly:

  • Location
  • Experience
  • skillset
  • Employer

Let’s take a look at each of the factors and how it impacts consulting salaries.

Average Base Salary of Management Consultants in the U.S.

In the United States, the average base salary for a Management Consultant is $US 88,463 per year.

Salary Distribution Salary
Base salary US$ 61,000 – US$ 144,000
Bonus US$ 2,000 – US$ 22,000
Profit-sharing US$ 988 –  US$ 14,000
Commission US$ 4,000 – US$ 45,000
Total pay US$ 61,000 – US$ 167,000

Source: Payscale

Management Consultant Salary By Location

Management consulting salaries differ by location. Given below is the average salary of Management Consultants in the top 5 cities of the U.S.:

City Average Salary (per year)
Washington, DC US$ 83,876
New York, NY US$ 94,468
Chicago, IL US$ 88,432
San Francisco, CA US$ 107,513
Atlanta, GA US$ 92,644

Source: Payscale

Management Consultant Salary By Experience

Depending on your experience and the stage of your career (entry-level, early career, mid-career, experienced, late-career), you will be paid differently as a Management Consultant. Check out the details below:

Career Stage Years of Experience Average Total Compensation (per year)
Entry-level Less than one year US$ 70,583
Early-career 1-4 years US$ 81,782
Mid-career 5-9 years US$ 102,079
Experienced 10-19 years US$ 125,017
Late-career More than 20 years US$ 127,286

Source: Payscale

Management Consultant Salary By Skillset

Management consulting salary is significantly affected by the individual’s skillset. Given below is a list of popular skills and how they affect the salary of a Management Consultant.

Popular Management Consultant Skills and their Impact on Salary

Skill Average Salary (per year)
Consulting Management US$ 91,902
Project Management US$ 91,592
Business Strategy US$ 95,388
Business Analysis US$ 88,015
Process Improvement US$ 88,815

Source: Payscale

Other popular management consulting skills that significantly impact the salary include Cloud Computing, Mergers and Acquisitions, Data Management, Product Marketing, Artificial Intelligence (AI), Logistics, Pricing, Team Leadership, Performance Management, and Database Management & Reporting.

Management Consultant Salary By Employer

Given below is a list of some of the chief recruiters of Management Consultants and the salary package they offer:

Employer Average Salary (per year)
Booz, Allen, and Hamilton US$ 77,032
Accenture US$ 101,214
Deloitte US$ 96,730
PricewaterhouseCoopers US$ 84,798
KPMG, LLP US$ 84,399

Source: Payscale

Other Consulting Job Roles

Besides Management Consultant, there are five other job roles open in the consulting sector. Given below are Strategy Consultant salary, Operations Consultant salary, HR Consultant Salary, Financial Advisory Consultant salary, and IT Consultant salary in the U.S.

Role Average Base Salary (per year)
Strategy Consultant US$ 89,594
Operations Consultant US$ 136,867
HR Consultant  US$ 61,326
Financial Advisory Consultant US$ 66,377
IT Consultant US$ 86,236

Source: Indeed

What Should You Do Next?

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upGrad has a global learner base of over 40,000 spread across 85+ countries. Its learning resources have impacted more than 500,000 professionals in the global workforce and continue to deliver excellence through each degree course and certification program. In a competitive job market that demands constant upskilling, upGrad can help you take the first step towards success.

Further Your Management Consulting Career with upGrad

upGrad’s Product Management Certification Program and PG Program in Management are two courses that can help you set sail for a rewarding career in management and related fields. 

Highlights of Product Management Certification Program (6 months)

  • Joint certificate of recognition from Duke Corporate Education and upGrad
  • Top skills you will learn – Market Research, Analytics, User Design, Product Development & Planning, Engagement & Growth.
  • Programming languages and tools covered – mixpanel, balsamiq, Marvel, P, Google Analytics, wireframe.cc, JIRA, and Whimsical.
  • Three specializations to choose from, 200+ hours of content, 15+ case studies and projects, 10+ live sessions.
  • Full learning support from teachers and industry experts, Q&A forums for doubt resolution, networking opportunities with industry leaders and peers.

Highlights of PG Program in Management (11 months)

  • Certification from IMT, Ghaziabad.
  • Top skills you will learn – Marketing Strategies, Business Growth Strategies, teamwork, Leadership, Structured Thinking & Problem Solving, Strategic Thinking and Planning, Interpersonal and Communication skills, etc.
  • Prepare for leadership roles in Business Development and Sales, Management Consulting, Marketing, Growth, and Strategy.
  • 320+ hours of learning with over 20 live sessions and 10+ case studies and assignments.
  • Student-mentor interaction through collaborative projects, guidance from industry mentors, Q&A forums for doubt resolution, peer learning, global networking through live sessions, group discussions, and feedback.

To Wrap It Up

Businesses will always run into problems and require professional expertise to clean out the mess – a job that only Management Consultants can do. To tackle that, consulting firms offer functional expertise, objective opinion, and on-demand brains – qualities that only Management Consultants can embody.

A career in management consulting is rewarding, both in terms of professional advancement and payscale. With globally eminent organizations like Accenture, Deloitte, PricewaterhouseCooper, and the like among the top recruiters of Management Consultants, the field holds significant promise in the years to come. 

Prepare for a Career of the Future

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