Salary Benchmarking
Report 2013
A comprehensive study of
remuneration levels within the IT &
Management Consulting sectors
Sponsored by
Contents
Contents
•
Introductory remarks
•
The Demographics of the Survey’s Respondents and Top-Consultant.com’s
3
Consulting Readership
5
•
Overview of Consulting Salaries and Trends
8
•
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
9
•
Salary levels by Seniority and Type of Consulting
14
- Junior Consultants
15
- Senior Consultants
16
- Managers
17
- Senior Managers/ Principals
18
- Partners
19
•
Commentary provided by Mindbench
20
•
About our sponsors
21
•
Contact us
22
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All rights reserved.
2
Introductory Remarks
Introductory Remarks
This is the fifth edition of this biannual
report and is built on data gathered from
734 respondents through the late summer
of 2013. I extend my thanks to all those
who contributed.
The report includes basic salary, bonus
levels and benefits individually reported by
level of seniority across the management
consultancy profession, with break-out
data for different areas of consulting.
Continuing the format of the 2011 report,
this year’s findings are compared closely
with results from previous surveys to
better illustrate the changes to reward
that practicing consultants have faced
through the recession.
The 2011 report evidenced an improving
situation over the reward stagnation that
many consultants had recorded in 2009
with pay rises recovering and more
consultants receiving bonuses and
promotions.
The headline findings this year indicate
that matters haven’t moved on
significantly since then. The junior to mid
seniority levels continue to be squeezed
most with the frequency and sizes of pay
rises and bonuses remaining low.
My reading of the data is that the pick-up
in hiring across the profession before the
Eurozone crisis was reflected in the 2011
results but since then the pace of reward
growth has fallen back. The significant
increase in activity across the profession
that we are now seeing has not yet
filtered through to consultants’ pockets
but with many consulting firms now
ramping up recruitment and struggling to
meet headcount targets better times
must be to come. Let’s hope so.
Bryan Hickson – Managing Director
Top-Consultant.com
18B Charles Street, Mayfair, London, W1J 5DU ©2013 Top-Consultant.com.
All rights reserved.
3
Mindbench
Our Sponsor
- the leading specialist recruitment firm for management consultancy
www.mindbench.com
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All rights reserved.
4
The Demographics of the Survey’s Respondents and
Top-Consultant.com’s Consulting Readership
734 responses for this survey were
collected during July and August of 2013.
Survey Demographics
Respondents’ Profile
Conducting this survey has allowed us to
collect demographic data about our
readership that may be of great interest to
recruiters seeking to attract consulting
staff through Top-Consultant.com. Of note
is the fact that 86% of the respondents
are currently employed as Management
Consultants and the results presented in
this report are based on the data
submitted only by those who are currently
employed within the profession and
excludes data from those looking to move
into consulting.
As job titles through the consulting
profession vary depending on the
employer for clarity we use the following
definitions throughout the report:
Junior Consultant – 1-3 years’
consulting experience
Senior Consultant – 3-5 years’
consulting experience
Manager – 5-9 years’ consulting
experience
Principal – 9-12 years’ consulting
experience
Partner – no definition required!
Whilst most responding consultants were
from the full-service global brands such as
Accenture, Deloitte, EY and PwC, niche
and top-tier firms such as McKinsey &
Company, Bain, Booz & Co, A.T. Kearney
were also represented.
18B Charles Street, Mayfair, London, W1J 5DU ©2013 Top-Consultant.com.
All rights reserved.
5
The Demographics of the Survey’s Respondents and
Top-Consultant.com’s Consulting Readership
Seniority
Consulting Type
It is interesting to record that TopConsultant.com’s reach is significant into
all levels of seniority. Of note was the
marked increase in responses from
Partners this year.
We asked respondents to identify the primary
type of consulting work that they undertook,
giving interesting insights into the types of
consultants recruiters can reach through
Top-Consultant.com.
Survey Demographics
Junior
Consultant /
Consultant, 11%
Partner, 28%
Senior
Consultant,
14%
Manager, 19%
Senior Manager
/ Principal, 28%
HR Consulting,
Outsourcing, 2%
4%
Technology,
12%
Business
Process
Improvement,
15%
Project /
Programme
Management,
16%
18B Charles Street, Mayfair, London, W1J 5DU ©2013 Top-Consultant.com.
All rights reserved.
Business
Transformation
/ Change
Management,
29%
Strategy, 22%
6
The Demographics of the Survey’s Respondents and
Top-Consultant.com’s Consulting Readership
Sector
Survey Demographics
Similarly respondents were asked to record
the industry sectors that they specialise in.
Multiple choices were allowed hence the total
exceeds 100.
Transportation,
12%
Automotive /
Aerospace, 14%
Distribution /
Logistics, 15%
Financial Services
(Investment
Banking/Capital
Markets focus),
18%
Public Sector,
31%
Telecoms,
Media&
Entertainment,
28%
Healthcar
e&
Pharma,
Retail /
20%
Consumer
Goods, 27%
Energy &
Utilities, 28%
Financial Services
(Retail Financial
Services focus),
27%
Why not advertise for
consulting candidates on
Top-Consultant.com?
Our low-priced advertising
packages allow you to see
for yourself the types of
results that recruiters are
experiencing by placing
their job listings on TopConsultant.com
Click here to find out more
18B Charles Street, Mayfair, London, W1J 5DU ©2013 Top-Consultant.com.
All rights reserved.
7
Overview of Consulting Salaries and Trends
Below we present the aggregate data for
the UK consulting industry, illustrating the
average packages for those at the entrylevel are around £44k after a couple of
years of employment and can rise to an
average of £168k for those who have
worked their way up to Partner.
On the following pages we present core
survey data from the 2007, 2009, 2011
and 2013 reports detailing the changes to
the size and frequency of pay rise, bonus
and promotion awards over the last 7
years.
TOTAL REMUNERATION BY LEVEL
£180,000
£160,000
£140,000
£120,000
£100,000
Bonus
Benefits
Basic Salary
Overview
£80,000
£60,000
£40,000
£20,000
£0
Junior
Senior
Consultant Consultant
Manager
Senior
Manager /
Principal
Partner
18B Charles Street, Mayfair, London, W1J 5DU ©2013 Top-Consultant.com.
All rights reserved.
8
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
Little change in basic + bens + bonus has been recorded in last 2 years
2013
Basic Salary
Average pay rise
for those who
Percentage
Basic + Bens received a pay receiving no
+ Bonus
rise
pay rise
Basic +
Bens
Percentage who
Average bonus Percentage received a pay rise
for those who receiving
as part of a
received one no bonus
promotion
Junior Consultant / Consultant
£38,669
£42,943
£44,645
5.3%
61.8%
7.1%
41.8%
29%
Senior Consultant
£54,362
£58,678
£63,074
4.6%
37.6%
10.7%
26.0%
39%
Manager
£69,801
£80,654
£85,678
3.7%
42.5%
9.6%
27.6%
29%
Senior Manager / Principal
£95,191
£106,149
£115,744
3.9%
48.8%
12.2%
20.9%
14%
£133,364
£148,597
£168,745
7.1%
46.7%
22.4%
37.1%
15%
Weighted Averages:
4.9%
46.0%
20.3%
27.1%
20.7%
Partner
2011
Junior Consultant / Consultant
£37,005
£39,292
£42,507
4.6%
48.6%
8.7%
44.4%
51%
Senior Consultant
£54,649
£59,108
£65,412
6.4%
30.2%
11.5%
38.7%
38%
Manager
£68,839
£75,028
£81,895
4.8%
37.5%
10.0%
25.0%
35%
Senior Manager / Principal
£93,613
£103,875
£115,245
4.6%
37.8%
12.1%
29.1%
23%
£124,596
£137,697
£167,950
Partner
9.4%
48.5%
24.3%
33.8%
10%
Weighted Averages:
5.6%
39.1%
12.5%
32.7%
31.2%
Key Findings
2009
Junior Consultant / Consultant
£40,622
£42,877
£47,026
7.0%
40.4%
10.2%
40.7%
25%
Senior Consultant
£57,403
£62,037
£68,161
5.8%
43.1%
10.7%
40.3%
16%
Manager
£74,642
£81,378
£90,344
3.6%
47.1%
12.0%
30.2%
19%
Senior Manager / Principal
£97,563
£106,895
£120,615
2.0%
41.9%
14.1%
32.6%
15%
£135,684
£148,923
£177,190
1.5%
53.8%
20.8%
57.5%
11%
Weighted Averages:
3.5%
45.5%
13.8%
39.1%
16.3%
Partner
2007
Junior Consultant / Consultant
£37,000
£39,405
£42,735
5.7%
28.1%
9.0%
50.7%
38%
Senior Consultant
£52,000
£56,576
£61,464
5.4%
4.4%
9.4%
36.6%
30%
Manager
£66,000
£72,072
£79,662
5.3%
23.2%
11.5%
30.9%
32%
Senior Manager / Principal
£88,200
£97,196
£109,103
4.9%
20.2%
13.5%
23.2%
24%
£123,600
£136,578
£167,602
7.6%
31.1%
25.1%
22.6%
17%
5.6%
20.4%
13.1%
32.6%
28.4%
Partner
Weighted Averages:
18B Charles Street, Mayfair, London, W1J 5DU
©2013 Top-Consultant.com. All rights reserved.
9
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
Pay rises have been quite high for those who have received them…
2013
Basic Salary
Average pay rise
for those who
Percentage
Basic + Bens received a pay receiving no
+ Bonus
rise
pay rise
Basic +
Bens
Percentage who
Average bonus Percentage received a pay rise
for those who receiving
as part of a
received one no bonus
promotion
Junior Consultant / Consultant
£38,669
£42,943
£44,645
5.3%
61.8%
7.1%
41.8%
29%
Senior Consultant
£54,362
£58,678
£63,074
4.6%
37.6%
10.7%
26.0%
39%
Manager
£69,801
£80,654
£85,678
3.7%
42.5%
9.6%
27.6%
29%
Senior Manager / Principal
£95,191
£106,149
£115,744
3.9%
48.8%
12.2%
20.9%
14%
£133,364
£148,597
£168,745
7.1%
46.7%
22.4%
37.1%
15%
Weighted Averages:
4.9%
46.0%
20.3%
27.1%
20.7%
Partner
2011
Junior Consultant / Consultant
£37,005
£39,292
£42,507
4.6%
48.6%
8.7%
44.4%
51%
Senior Consultant
£54,649
£59,108
£65,412
6.4%
30.2%
11.5%
38.7%
38%
Manager
£68,839
£75,028
£81,895
4.8%
37.5%
10.0%
25.0%
35%
Senior Manager / Principal
£93,613
£103,875
£115,245
4.6%
37.8%
12.1%
29.1%
23%
£124,596
£137,697
£167,950
Partner
9.4%
48.5%
24.3%
33.8%
10%
Weighted Averages:
5.6%
39.1%
12.5%
32.7%
31.2%
Key Findings
2009
Junior Consultant / Consultant
£40,622
£42,877
£47,026
7.0%
40.4%
10.2%
40.7%
25%
Senior Consultant
£57,403
£62,037
£68,161
5.8%
43.1%
10.7%
40.3%
16%
Manager
£74,642
£81,378
£90,344
3.6%
47.1%
12.0%
30.2%
19%
Senior Manager / Principal
£97,563
£106,895
£120,615
2.0%
41.9%
14.1%
32.6%
15%
£135,684
£148,923
£177,190
1.5%
53.8%
20.8%
57.5%
11%
Weighted Averages:
3.5%
45.5%
13.8%
39.1%
16.3%
Partner
2007
Junior Consultant / Consultant
£37,000
£39,405
£42,735
5.7%
28.1%
9.0%
50.7%
38%
Senior Consultant
£52,000
£56,576
£61,464
5.4%
4.4%
9.4%
36.6%
30%
Manager
£66,000
£72,072
£79,662
5.3%
23.2%
11.5%
30.9%
32%
Senior Manager / Principal
£88,200
£97,196
£109,103
4.9%
20.2%
13.5%
23.2%
24%
£123,600
£136,578
£167,602
7.6%
31.1%
25.1%
22.6%
17%
5.6%
20.4%
13.1%
32.6%
28.4%
Partner
Weighted Averages:
18B Charles Street, Mayfair, London, W1J 5DU
©2013 Top-Consultant.com. All rights reserved.
10
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
…but the number of consultants receiving no pay rise is at a record
high especially amongst Junior Consultants
2013
Basic Salary
Average pay rise
for those who
Percentage
Basic + Bens received a pay receiving no
+ Bonus
rise
pay rise
Basic +
Bens
Percentage who
Average bonus Percentage received a pay rise
for those who receiving
as part of a
received one no bonus
promotion
Junior Consultant / Consultant
£38,669
£42,943
£44,645
5.3%
61.8%
7.1%
41.8%
29%
Senior Consultant
£54,362
£58,678
£63,074
4.6%
37.6%
10.7%
26.0%
39%
Manager
£69,801
£80,654
£85,678
3.7%
42.5%
9.6%
27.6%
29%
Senior Manager / Principal
£95,191
£106,149
£115,744
3.9%
48.8%
12.2%
20.9%
14%
£133,364
£148,597
£168,745
7.1%
46.7%
22.4%
37.1%
15%
Weighted Averages:
4.9%
46.0%
20.3%
27.1%
20.7%
Partner
2011
Junior Consultant / Consultant
£37,005
£39,292
£42,507
4.6%
48.6%
8.7%
44.4%
51%
Senior Consultant
£54,649
£59,108
£65,412
6.4%
30.2%
11.5%
38.7%
38%
Manager
£68,839
£75,028
£81,895
4.8%
37.5%
10.0%
25.0%
35%
Senior Manager / Principal
£93,613
£103,875
£115,245
4.6%
37.8%
12.1%
29.1%
23%
£124,596
£137,697
£167,950
Partner
9.4%
48.5%
24.3%
33.8%
10%
Weighted Averages:
5.6%
39.1%
12.5%
32.7%
31.2%
Key Findings
2009
Junior Consultant / Consultant
£40,622
£42,877
£47,026
7.0%
40.4%
10.2%
40.7%
25%
Senior Consultant
£57,403
£62,037
£68,161
5.8%
43.1%
10.7%
40.3%
16%
Manager
£74,642
£81,378
£90,344
3.6%
47.1%
12.0%
30.2%
19%
Senior Manager / Principal
£97,563
£106,895
£120,615
2.0%
41.9%
14.1%
32.6%
15%
£135,684
£148,923
£177,190
1.5%
53.8%
20.8%
57.5%
11%
Weighted Averages:
3.5%
45.5%
13.8%
39.1%
16.3%
Partner
2007
Junior Consultant / Consultant
£37,000
£39,405
£42,735
5.7%
28.1%
9.0%
50.7%
38%
Senior Consultant
£52,000
£56,576
£61,464
5.4%
4.4%
9.4%
36.6%
30%
Manager
£66,000
£72,072
£79,662
5.3%
23.2%
11.5%
30.9%
32%
Senior Manager / Principal
£88,200
£97,196
£109,103
4.9%
20.2%
13.5%
23.2%
24%
£123,600
£136,578
£167,602
7.6%
31.1%
25.1%
22.6%
17%
5.6%
20.4%
13.1%
32.6%
28.4%
Partner
Weighted Averages:
18B Charles Street, Mayfair, London, W1J 5DU
©2013 Top-Consultant.com. All rights reserved.
11
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
Average bonuses at Junior Consultant to Manager levels remain low
2013
Basic Salary
Average pay rise
for those who
Percentage
Basic + Bens received a pay receiving no
+ Bonus
rise
pay rise
Basic +
Bens
Percentage who
Average bonus Percentage received a pay rise
for those who receiving
as part of a
received one no bonus
promotion
Junior Consultant / Consultant
£38,669
£42,943
£44,645
5.3%
61.8%
7.1%
41.8%
29%
Senior Consultant
£54,362
£58,678
£63,074
4.6%
37.6%
10.7%
26.0%
39%
Manager
£69,801
£80,654
£85,678
3.7%
42.5%
9.6%
27.6%
29%
Senior Manager / Principal
£95,191
£106,149
£115,744
3.9%
48.8%
12.2%
20.9%
14%
£133,364
£148,597
£168,745
7.1%
46.7%
22.4%
37.1%
15%
Weighted Averages:
4.9%
46.0%
20.3%
27.1%
20.7%
Partner
2011
Junior Consultant / Consultant
£37,005
£39,292
£42,507
4.6%
48.6%
8.7%
44.4%
51%
Senior Consultant
£54,649
£59,108
£65,412
6.4%
30.2%
11.5%
38.7%
38%
Manager
£68,839
£75,028
£81,895
4.8%
37.5%
10.0%
25.0%
35%
Senior Manager / Principal
£93,613
£103,875
£115,245
4.6%
37.8%
12.1%
29.1%
23%
£124,596
£137,697
£167,950
Partner
9.4%
48.5%
24.3%
33.8%
10%
Weighted Averages:
5.6%
39.1%
12.5%
32.7%
31.2%
Key Findings
2009
Junior Consultant / Consultant
£40,622
£42,877
£47,026
7.0%
40.4%
10.2%
40.7%
25%
Senior Consultant
£57,403
£62,037
£68,161
5.8%
43.1%
10.7%
40.3%
16%
Manager
£74,642
£81,378
£90,344
3.6%
47.1%
12.0%
30.2%
19%
Senior Manager / Principal
£97,563
£106,895
£120,615
2.0%
41.9%
14.1%
32.6%
15%
£135,684
£148,923
£177,190
1.5%
53.8%
20.8%
57.5%
11%
Weighted Averages:
3.5%
45.5%
13.8%
39.1%
16.3%
Partner
2007
Junior Consultant / Consultant
£37,000
£39,405
£42,735
5.7%
28.1%
9.0%
50.7%
38%
Senior Consultant
£52,000
£56,576
£61,464
5.4%
4.4%
9.4%
36.6%
30%
Manager
£66,000
£72,072
£79,662
5.3%
23.2%
11.5%
30.9%
32%
Senior Manager / Principal
£88,200
£97,196
£109,103
4.9%
20.2%
13.5%
23.2%
24%
£123,600
£136,578
£167,602
7.6%
31.1%
25.1%
22.6%
17%
5.6%
20.4%
13.1%
32.6%
28.4%
Partner
Weighted Averages:
18B Charles Street, Mayfair, London, W1J 5DU
©2013 Top-Consultant.com. All rights reserved.
12
Salary Benchmarking Data: 2007 vs 2009 vs 2011 vs 2013
And promotions have dipped again following a rise in 2011
2013
Basic Salary
Average pay rise
for those who
Percentage
Basic + Bens received a pay receiving no
+ Bonus
rise
pay rise
Basic +
Bens
Percentage who
Average bonus Percentage received a pay rise
for those who receiving
as part of a
received one no bonus
promotion
Junior Consultant / Consultant
£38,669
£42,943
£44,645
5.3%
61.8%
7.1%
41.8%
29%
Senior Consultant
£54,362
£58,678
£63,074
4.6%
37.6%
10.7%
26.0%
39%
Manager
£69,801
£80,654
£85,678
3.7%
42.5%
9.6%
27.6%
29%
Senior Manager / Principal
£95,191
£106,149
£115,744
3.9%
48.8%
12.2%
20.9%
14%
£133,364
£148,597
£168,745
7.1%
46.7%
22.4%
37.1%
15%
Weighted Averages:
4.9%
46.0%
20.3%
27.1%
20.7%
Partner
2011
Junior Consultant / Consultant
£37,005
£39,292
£42,507
4.6%
48.6%
8.7%
44.4%
51%
Senior Consultant
£54,649
£59,108
£65,412
6.4%
30.2%
11.5%
38.7%
38%
Manager
£68,839
£75,028
£81,895
4.8%
37.5%
10.0%
25.0%
35%
Senior Manager / Principal
£93,613
£103,875
£115,245
4.6%
37.8%
12.1%
29.1%
23%
£124,596
£137,697
£167,950
Partner
9.4%
48.5%
24.3%
33.8%
10%
Weighted Averages:
5.6%
39.1%
12.5%
32.7%
31.2%
Key Findings
2009
Junior Consultant / Consultant
£40,622
£42,877
£47,026
7.0%
40.4%
10.2%
40.7%
25%
Senior Consultant
£57,403
£62,037
£68,161
5.8%
43.1%
10.7%
40.3%
16%
Manager
£74,642
£81,378
£90,344
3.6%
47.1%
12.0%
30.2%
19%
Senior Manager / Principal
£97,563
£106,895
£120,615
2.0%
41.9%
14.1%
32.6%
15%
£135,684
£148,923
£177,190
1.5%
53.8%
20.8%
57.5%
11%
Weighted Averages:
3.5%
45.5%
13.8%
39.1%
16.3%
Partner
2007
Junior Consultant / Consultant
£37,000
£39,405
£42,735
5.7%
28.1%
9.0%
50.7%
38%
Senior Consultant
£52,000
£56,576
£61,464
5.4%
4.4%
9.4%
36.6%
30%
Manager
£66,000
£72,072
£79,662
5.3%
23.2%
11.5%
30.9%
32%
Senior Manager / Principal
£88,200
£97,196
£109,103
4.9%
20.2%
13.5%
23.2%
24%
£123,600
£136,578
£167,602
7.6%
31.1%
25.1%
22.6%
17%
5.6%
20.4%
13.1%
32.6%
28.4%
Partner
Weighted Averages:
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13
Salary levels by Seniority
and Type of Consulting
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14
Junior Consultants
Remuneration by Function
JUNIOR CONSULTANTS' REMUNERATION BY
FUNCTION
The percentage of Junior
Consultants who received no
pay rise has risen to 61% this
year; it was 48% when we
last ran the survey. Bonus
frequency and size remain
low at this seniority level and
pay-rises gained through
promotion have dropped from
51% to just 29%. Junior
Consultants who focus on
strategy consulting average
just over £50k reward with
this figure falling to just
under £39k for those who
specialise in Business Process
Improvement consulting.
£55,000
£50,000
£45,000
Bonus
Bens
£40,000
Basic Salary
£35,000
£30,000
Average Strategy
PPM
Business
Trans
BPI
IT/Tech
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the last
year
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5.3%
61.8%
7.1%
41.8%
29.1%
15
Senior Consultants
Remuneration by Function
SENIOR CONSULTANTS' REMUNERATION BY
FUNCTION
The average pay rises for those
Senior Consultants who
received them was the lowest
on record at just 4.6% and over
a third of consultants at this
level received no pay rise.
Bonuses averaged 10.7% for
those who received them,
largely unchanged from the
2011 figure. IT/Technology
focused Senior Consultants
enjoy the highest reward levels
averaging £64,932
£66,000
£64,000
£62,000
£60,000
Bonus
£58,000
£56,000
Bens
£54,000
Basic Salary
£52,000
£50,000
Average Strategy
PPM
Business
Trans
BPI
IT/Tech
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the
last year
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4.6%
37.6%
10.7%
26.0%
39.2%
16
Managers
MANAGERS' REMUNERATION BY FUNCTION
Remuneration by Function
£90,000
Average reward for Managers
has increased 4.6% from the
2011 figure to £85,678. Pay
rises for those who received
them (57.5%) have dropped
back in this survey to 3.7%
which is the lowest percentage
of any seniority level. Strategy
focused Managers can expect
the highest rewards while
Business Transformation
Managers receive the lowest.
£85,000
£80,000
Bonus
£75,000
Bens
£70,000
Basic Salary
£65,000
£60,000
Average Strategy
PPM
Business
Trans
BPI
IT/Tech
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the
last year
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3.7%
42.5%
9.6%
27.6%
28.8%
17
Senior Managers / Principals
PRINCIPALS' REMUNERATION BY FUNCTION
Remuneration by Function
£130,000
Average reward has grown
only marginally in this poll
since 2011 levels for Principals
– up just 0.4% to £115,744.
Excepting Junior Consultants,
Principals were most likely not
to have received a pay rise in
the last year. Average bonuses
are steady at 12.2% and this
is the seniority level where
consultants are most likely to
receive a bonus (79.1%).
£125,000
£120,000
£115,000
£110,000
Bonus
£105,000
Bens
£100,000
Basic Salary
£95,000
£90,000
£85,000
£80,000
Average Strategy
PPM
Business
Trans
BPI
IT/Tech
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the last
year
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3.9%
45.8%
12.2%
20.9%
14.0%
18
Partners
Remuneration by Function
PARTNERS' REMUNERATION BY FUNCTION
Average total reward has, once
more, risen only slightly over
2011 levels – up just 0.47% to
£168,745. For the 53% of
Partners who received a pay
rise, 7.1% was the highest
enjoyed across all levels.
Bonuses were highest at 22%
of salary but 37% of Partners
received no bonus. Partners of
PPM practices can expect
highest rewards and BPI
focused Partners the lowest.
Please note that while there
are of course Partners earning
more than £200k - £300k, as
well as a small number of
Senior Partners earning
£800k+, these consultants
don’t typically take part in
surveys.
£200,000
£190,000
£180,000
£170,000
£160,000
Bonus
£150,000
£140,000
Bens
£130,000
Basic Salary
£120,000
£110,000
£100,000
Average Strategy
PPM
Business
Trans
BPI
IT/Tech
Average pay rise for those who received a pay rise
Percentage receiving no pay rise
Average bonus for those who received one
Percentage receiving no bonus
Percentage who received a pay rise as part of a promotion in the last
year
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7.1%
46.7%
22.4%
37.1%
14.6%
19
Commentary by Mindbench
Page descriptor
Average salary levels for management
consultants at all levels haven’t
increased significantly in the UK for 6
years. During the recession firms’ profit
margins were under pressure and it was
hard to justify salary increases. At the
same time, the more junior consultants
have experienced additional salary
pressure with so many talented
graduates looking for a relatively small
number of roles.
The effects of general inflation (and of
rising London house prices) on the cost
of living over this extended period is
significant, and management consulting
has become less lucrative than some
other options available. Industry salaries
are in many cases no longer lower than
what is being offered by the
consultancies, and can potentially give
better work-life balance. We have for
example witnessed major banks
developing their own consulting divisions
and offering roles with similar base salaries
but better bonus’ and benefits than
consultancy firms would offer at the same
salary. We have also witnessed increased
interest by management consultants in
relocating overseas in many cases for the
better salaries on offer – either to larger
economies which are experiencing better
growth such as the US and Germany, or to
fast growing emerging economies with lower
tax such as Switzerland, the USA or
Singapore.
With the UK economy now returning to
moderate growth, and hiring by consulting
firms starting to pick up, we could expect
tangible increases in consultants’ salaries
over the coming years.
Richard Stewart
Managing Director
Mindbench
October 2013
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Our Sponsor - Mindbench
Whether you are a Manager considering your options, a graduate
who is new to the industry, or a Partner considering how to grow
your team, Mindbench could help you realise your objectives..
•
Mindbench is the leading specialist recruitment firm for the management consultancy
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•
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•
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•
We cover all consulting functions and sectors, from Consultant to Partner grades
•
Mindbench works internationally and we support recruitment initiatives through the
UK, Europe, Middle East, Americas and Asia
If you are a candidate interested in discussing your options please upload your CV at
www.mindbench.com
If you are a client and potentially interested in
hiring for your team please contact our
Managing Director, Richard Stewart on richard@mindbench.co.uk
We are proud to be associated with this salary benchmarking report and hope that its
findings are useful for you..
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