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Undergraduates
Undergraduates generally join a consulting firm as analysts, although their titles vary. The work itself—as well as the hours—can be quite demanding. It often includes field research, data analysis, customer and competitor interviews, and client meetings. In IT, analysts might do heavy-duty programming. Traditionally, the analyst program lasts 2 or 3 years, after which you’re encouraged to go to business school. However, this system has been changing over the past several years. Firms have increasingly begun to promote analysts into positions they hire MBAs into or else into an interim role between the undergraduate and MBA position. If you choose to go to business school, many firms will pay your tuition, provided you return to the firm when you’re done.
MBAs
Consulting firms hire MBAs and other postgraduates right out of school or from industry. Most new MBA hires will come into a firm as associates; after 2 or 3 years they’ll move to the next level, where they’ll manage case teams. After managing projects for a couple of years, consultants may be promoted to principal, whereupon the focus shifts to more intensive client work and the selling of services. Finally, after 6 to 8 years with a firm, a consultant might be promoted to partner. The benefits of partnership are big increases in salary and responsibility. The key function of partners at most firms is to cultivate clients and sell them new business.
Advanced-Degree Candidates
Over the past 5 years, consulting firms have increasingly tapped nontraditional candidate pools, including JDs, PhDs, and MDs. If you are one of these candidates, find out which level you’ll come in at—the same level as undergrads, MBAs, or experienced hires. Also, you should ask about the type of support you’ll receive once you join the firm. Some organizations offer a mini-MBA training program, while others rely more heavily on mentorship.
The major consulting firms are among the best-paying employers for new graduates. They are also known for offering excellent perks and benefits, such as annual off-site meetings at posh resorts and reimbursements of school expenses.
Salaries and bonus packages at the top firms are generally in close range of each other, since these firms usually compete for the same pool of candidates. At the margins, there are slight differences in compensation: Lesser-known firms may offer slightly higher salaries or bonuses to attract top candidates, and some organizations have different ways of splitting up the bonus pie (for instance, linking a portion of the bonus to the firm’s annual performance).
MBAs
In 2005, we estimate MBAs hired into elite firms will start somewhere in the range of $100,000 to $130,000. There’s less of an emphasis on signing bonuses than in the past; these can run up to $30,000. Although consultants often have higher base salaries than investment bankers, bankers stand to make lots more—as much as 100 percent of their base—in their year-end bonuses. That’s why some junior partners on Wall Street make more money than senior partners at consulting firms.
Undergrads
In the 2005 recruiting season, we estimate the elite firms will offer starting salaries in the range of $50,000 to $65,000. Again, signing bonuses are not across the board the way they once were, and can range up to $10,000. Undergrads joining a large IT services firm will likely be in the $35,000 to $55,000 range to start.
Source: http://www.wetfeet.com/