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Management Consultant Salary in United States 2024

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23rd Oct, 2021
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Management Consultant Salary in United States 2024

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 DistributionSalary
Base salaryUS$ 61,000 – US$ 144,000
BonusUS$ 2,000 – US$ 22,000
Profit-sharingUS$ 988 –  US$ 14,000
CommissionUS$ 4,000 – US$ 45,000
Total payUS$ 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.:

CityAverage Salary (per year)
Washington, DCUS$ 83,876
New York, NYUS$ 94,468
Chicago, ILUS$ 88,432
San Francisco, CAUS$ 107,513
Atlanta, GAUS$ 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 StageYears of ExperienceAverage Total Compensation (per year)
Entry-levelLess than one yearUS$ 70,583
Early-career1-4 yearsUS$ 81,782
Mid-career5-9 yearsUS$ 102,079
Experienced10-19 yearsUS$ 125,017
Late-careerMore than 20 yearsUS$ 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

SkillAverage Salary (per year)
Consulting ManagementUS$ 91,902
Project ManagementUS$ 91,592
Business StrategyUS$ 95,388
Business AnalysisUS$ 88,015
Process ImprovementUS$ 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:

EmployerAverage Salary (per year)
Booz, Allen, and HamiltonUS$ 77,032
AccentureUS$ 101,214
DeloitteUS$ 96,730
PricewaterhouseCoopersUS$ 84,798
KPMG, LLPUS$ 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.

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

Source: Indeed

What Should You Do Next?

upGrad is one of the premier names in the online higher education industry. With hand-picked,  industry-relevant courses and programs in collaboration with globally reputed universities and institutes, upGrad offers a learning experience like no other. Amalgamating the latest technology, teaching practices, and services, upGrad’s flexible courses are suited for freshers as well as working professionals. 

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. 

Profile

Karan Raturi

Blog Author
Karan Raturi is the General Manager of upGrad North America. He has also led various finance, strategy, and operations teams at Wayfair, Kurt Salmon, and IBM.
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