2015 Strategy Consulting Compensation Study
January 30, 2015
Charles Aris, Inc. | Wells Fargo Tower | 300 N. Greene Street | Suite 1800 | Greensboro, NC 27401 | 336-378-1818
Compensation Data Key Facts
Charles Aris, Inc. is pleased to present our 2015 Strategy Consulting Compensation
Study. Key facts about the data compiled for the study are as follows:
 All compensation data points for this study were collected between January 1, 2014 and
December 31, 2014. It’s important to note that most firms raise base salaries for their
consultants in the December/January timeframe, and the most recent set of raises (i.e.
those that took place approximately one month ago) will not be reflected in this study. In
addition, one Big 3 firm provided an additional one-time special raise in October of 2014,
which effectively resulted in two raises during the calendar year. Given that we collect data
points throughout the year, only a small percentage of data points that reflect this special
increase will be incorporated in this study.
 Most firms pay year-end bonuses in the December-January timeframe as well. The target
bonus percentages indicated at the top of each bar in slide four reflect what consultants
expected to receive at year-end and are not verified after the fact.
 Compensation data points are self-reported by consultants and are not verified through any
other means. While this implies that consultants have the opportunity to be less than
honest about their compensation, we feel extremely confident that the data are accurate
given the consistency in responses we received across consultants and firms.
 We eliminated a small percentage (less than 5%) of outlier data points that would have
adversely skewed the data. We also excluded Partner compensation data points from this
study. During the course of 2014 we spoke with many Partners with MBA graduation dates
in the range of our study, but their higher compensation dramatically skewed the data to a
point where it would no longer be useful for our clients.
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Input Data by Consulting Firm
100%

During the course of 2014, Charles Aris
recruiters spoke with over 3,500 strategy
candidates, of which over 99% were actively
employed with industry leading consulting
firms, corporations and private equity firms.

Detailed discussions around compensation
happen only on an as needed basis (once a
candidate expresses interest in moving
forward with an opportunity). For the
purpose of this study we have distilled only
those compensation data points from
candidates that were actively employed by
leading consulting firms.

Our 2015 Strategy Consulting Compensation
Study is driven by 621 data points from
consultants across nine firms.

63.3% of the data points come from “The
Big Three” firms: McKinsey & Company, The
Boston Consulting Group and Bain &
Company.

Of the 621 total data points, 379 come from
post-MBA consultants and 242 come from
pre-MBA/undergraduate consultants.
621 Total Data Points
Parthenon-EY^
L.E.K. Consulting
Oliver Wyman
A.T. Kearney
75%
Strategy&*
Monitor Deloitte
50%
Bain & Company
The Boston Consulting Group
25%
McKinsey & Company
0%
Input Data By Consulting Firm
*Formerly Booz & Co., now owned by PwC
^Formerly The Parthenon Group, now owned by EY
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Average Compensation by Graduation Year
Average 2014 Compensation* for Strategy Consultants by Graduation Year
$305,287
$300,000
$259,606
$250,000
$233,755
$214,640
$200,000
$193,791
$173,974
$150,000
$140,960
$117,147
$100,000
$85,670
$11,488
$50,000
$74,182
Salary
$95,500
$19,450
$12,840
$97,697
Salary
$82,660
Salary
$28,778
Bonus
$35,456
Bonus
$138,518
Salary
$43,133
Bonus
$150,658
Salary
$51,616
Bonus
$163,024
Salary
$64,599
Bonus
$169,157
Salary
$75,456
Bonus
$184,150
Salary
$270,443
$98,245
Bonus
$80,192
Bonus
$190,252
Salary
$207,042
Salary
$112,182
Salary
$0
2013
2012
2011
2010
Undergrad Undergrad Undergrad Undergrad
N=
Std Dev.** =
Median** =
% Change1yr^ =
% Change2yr^^ =
22
$4.9k
$85.9k
N/A
N/A
137
$16.5k
$91.8k
17.6%
N/A
61
$31.9k
$110.2k
30.5%
58.5%
22
$46.1k
$137.4k
23.8%
55.9%
2013
MBA
2012
MBA
2011
MBA
2010
MBA
2009
MBA
2008†
MBA
2007 †
MBA
40
$13.0k
$170.2k
N/A
N/A
107
$30.5k
$185.6k
N/A
N/A
75
$26.9k
$212.9k
19.0%
N/A
63
$40.2k
$229.5k
15.1%
28.3%
40
$59.2k
$256.8k
14.7%
28.9%
28
$47.2k
$275.3k
5.2%
13.7%
26
$45.4k
$300.5k
14.0%
16.7%
*Base salary plus target annual bonus only. Does not include retirement contribution, profit sharing, sign-on, car allowance or other such cash equivalents.
**Standard Deviation and Median numbers are calculated for base salary plus target annual bonus, i.e. the number at the top of each column
†Pre-Partner data points only, i.e. we excluded compensation data points from anyone at Partner level or equivalent as it skewed the data significantly.
^% Change1yr equals the percentage change in total annual compensation (base salary plus target annual bonus only), from 2013 to 2014, for that graduation year.
^^% Change2Yr equals the percentage change in total annual compensation (base salary plus target annual bonus only), from 2012 to 2014, for that graduation year.
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Average Increase in Annual Compensation
Post-MBA
Average Increase in Annual Compensation
Across All Post-MBA Graduation Years

The average post-MBA strategy consultant
experienced a 13.1% increase in
compensation in 2014, a noticeable increase
over the previous two years.

The stronger percentage increase relative to
previous years was driven by consulting firm
retention efforts, which was driven by an
increase in demand for strategy talent from
corporations, private equity firms and other
professional services firms.
30%
25%
20%
18.0%
15%
10%
13.1%
10.4%
9.2%
2012
2013
5%
0%
2011

2014
Pre-MBA/Undergraduate consultant
compensation grew by over twenty percent for
the third year in a row.
Pre-MBA
Average Increase in Annual Compensation
Across All Pre-MBA/Undergraduate Graduation Years
30%


The available supply of pre-MBA consultants is
less than post-MBAs, as pre-MBAs have a
wider set of opportunities, including attending
MBA school.
Corporations and private equity firms often
provide pre-MBA candidates with a double
digit raise upon recruiting them, and therefore
the consultantancies need to do the same to
retain these individuals.
25%
20%
24.1%
23.9%
24.1%
2012
2013
2014
17.9%
15%
10%
5%
0%
2011
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Trends in Compensation Expectations
During the course of 2014 Charles Aris, Inc. noticed the continuation of a trend in the marketplace:
consultants are expecting more in total compensation from Corporate America than what they are currently
making in consulting (and even more than what we saw in 2012 and 2013).
Consultant compensation expectations when joining Corporate America*
2009
2010
2011
2012
2013
2014
10-20%
LESS
than
consulting
BREAKEVEN
with
consulting
10-20%
MORE
than
consulting
5-10%
MORE
than
consulting
5-10%
MORE
than
consulting
10-20%
MORE
than
consulting
The continuation of multiple factors are behind this trend:

Most consulting firms remain effectively “at capacity” and therefore are paying strong salaries and
bonuses to retain talent.
 Consulting firms that acquired a peer firm instituted retention bonuses, some of which will pay out
in 2015 and beyond, and consultants at those firms expect corporations to pay more to offset
those future payouts.
 One Big 3 firm provided a one-time mid-year raise in 2014, which effectively resulted in two raises
during the calendar year, and at least one other firm has announced plans to follow suit in 2015.

Knowing that they are stepping off the steep compensation curve that consulting provides, consultants
strive to “get out ahead of the curve” so as not to lose their strong compensation position after only one
year of service in Corporate America.

With so many Corporate America opportunities competing for their services, consultants believe that
they have the luxury of saying “no” to any one opportunity with the expectation that another, higher
paying opportunity is right around the corner.
*Source: Charles Aris, Inc. anecdotal data.
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2014 Sample Industry Offers
Below you will find a subset of 2014 offers that were accepted by Charles Aris candidates from Tier 1 Strategy Firms.
Pre
MBA
Post
MBA
Education
Consulting
Firm
Consulting $$
(Base + Bonus%)
Industry Offer*
Offer Title
Company
Description
B.S. 2013
Top 9
$80k + 8%
$90k+14%
Strategy Manager
Corporation
B.S. 2012
Top 9
$83k + 40%
$100k+10%+$10kS
Senior Analyst
Corporation
B.S. 2012
Big 3
$90k + 35%
$100k+100%
Associate
Private Equity
B.S. 2011
Big 3
$97k + 29%
$135k+41%
Strategy Analyst
Hedge Fund
MBA 2012
Big 3
$145k + 30%
$160k+20%+$20kE
Sr. Manager
Corporation
MBA 2012
Big 3
$145k + 20%
$150k+20%+$20kS+$20kE
Sr. Manager
Corporation
MBA 2012
Big 3
$140k + 30%
$155k+25%+$20kS
Associate
Corporation
MBA 2012
Top 9
$165k + 40%
$165k+30%+$10kS+$50kE
Director
Corporation
MBA 2011
Top 9
$140k + 7%
$155k+25%+$16kS
Associate
Corporation
MBA 2010
Top 9
$180k + 35%
$200k+23%+$35kE
Director
Corporation
MBA 2009
Top 9
$160k + 45%
$170k+35%
AVP
Corporation
MBA 2009
Big 3
$210k + 40%
$200k+75%
Director
Hedge Fund
MBA 2008
Top 9
$150k + 17%
$175k+20%+$20kS
Sr. Manager
Corporation
MBA 2008
Top 9
Director
Corporation
MBA 2007
Big 3
Sr. Director
Corporation
$210k+5%+$13kE $190k+25%+$30kS+$57kE
$180k + 60%
$205k+35%+$40kS+$75kE
*First two numbers equal base salary plus target annual bonus (%). S=Sign-On bonus. E=Annual Equity Grant. Does not include other cash equivalents.
EXAMPLE: “$160k+25%+$15kS+$40kE “= Base Salary of $160k, Target Annual Bonus of 25%, Sign-On of $15k, Annual Equity Grant of $40k
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2014 Offer Ranges by MBA Year
Below you will find 2014 corporate offer ranges*, at the 25th, 50th and 75th percentiles, for each Post-MBA
graduation year.
2012 MBA
25th
50th
75th
Title
Associate
Manager
Sr Manager
Base Salary
$135,000
$150,000
$165,000
Annual Bonus
10%
20%
30%
Annual Equity
$0
$0
Total Package
$148,500
2011 MBA
2009 MBA
25th
50th
75th
Title
Director
Sr Director
V.P.
Base Salary
$175,000
$185,000
$195,000
Annual Bonus
25%
30%
35%
$20,000
Annual Equity
$30,000
$45,000
$60,000
$180,000
$234,500
Total Package
$248,750
$285,500
$323,250
25th
50th
75th
2008 MBA
25th
50th
75th
Title
Manager
Sr Manager
Director
Title
Director
Sr Director
V.P.
Base Salary
$150,000
$165,000
$180,000
Base Salary
$180,000
$190,000
$200,000
Annual Bonus
15%
25%
35%
Annual Bonus
30%
35%
40%
Annual Equity
$0
$20,000
$40,000
Annual Equity
$35,000
$55,000
$75,000
Total Package
$172,500
$226,250
$283,000
Total Package
$269,000
$311,500
$355,000
2010 MBA
25th
50th
75th
2007 MBA
25th
50th
75th
Sr Manager
Director
Sr Director
Sr Director
V.P.
V.P.
$160,000
$175,000
$190,000
$190,000
$205,000
$220,000
Annual Bonus
20%
30%
35%
Annual Bonus
35%
45%
55%
Annual Equity
$20,000
$35,000
$50,000
Annual Equity
$50,000
$75,000
$100,000
Total Package
$212,000
$262,500
$306,500
Total Package
$306,500
$372,250
$441,000
Title
Base Salary
*Source: Charles Aris, Inc. anecdotal data.
Title
Base Salary
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2014 Offer Ranges by Undergraduate Year
Below you will find 2014 corporate offer ranges*, at the 25th, 50th and 75th percentiles, for each Pre-MBA/
Undergraduate graduation year.
2012 Pre-MBA
25th
50th
75th
Title
Analyst
Analyst
Sr Analyst
Base Salary
$80,000
$90,000
$100,000
Annual Bonus
5%
10%
15%
Annual Equity
$0
$0
$0
Total Package
$84,000
$99,000
$115,000
2011 Pre-MBA
25th
50th
75th
Title
Analyst
Sr Analyst
Associate
Base Salary
$90,000
$100,000
$110,000
Annual Bonus
10%
15%
20%
Annual Equity
$0
$0
$0
Total Package
$99,000
$115,000
$132,000
2010 Pre-MBA
*Source: Charles Aris, Inc. anecdotal data.
25th
50th
75th
Title
Sr Analyst
Associate
Sr Associate
Base Salary
$100,000
$110,000
$120,000
Annual Bonus
15%
20%
25%
Annual Equity
$0
$0
$15,000
Total Package
$115,000
$132,000
$165,000
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Consultant Competencies
The matrix below defines the expected competencies for consultants at each level for the 2014 recruiting year.
Title at
Consulting
Firm*
Analyst
Years of
Experience
Current
Education
Associate
Manager
Principal
Partner
1-3 yrs
Pre-MBA
1-2 yrs
Post-MBA
3-4 yrs
Post-MBA
5-7 yrs
Post-MBA
8+ yrs
Post-MBA
2011-2013
undergraduate
degree
20132014 MBA
20112012 MBA
20082010 MBA
2007 and
earlier MBA
Breakdown of Consultant Competencies by Position
(Consultant Competencies defined on next slide)
100%
75%
Case Cracking
Project Mgmt.
Influence/Lead
Case Cracking
Project Mgmt.
Influencing/
Leading
Case Cracking
Selling/
Influencing/
Leading
50%
25%
Analytics/
Slide Building
Analytics/
Slide Building
Project Mgmt.
Analytics/Slides
Analyst
Associate
*Note that titles differ significantly by firm. These are
meant to serve as generic titles that work across all firms.
Manager
Selling/
Influencing/
Leading
Case Cracking
Case Cracking
Project Mgmt.
Project Mgmt.
Principal
Partner
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Consultant Competency Definitions
Senior
Level
Competencies
Selling/
Influencing/
Leading
 Generate revenue by selling consulting services.
 Establish vision, frame key issues and set high
level strategy.
 Influence key executives and stakeholders to
support significant change.
Case Cracking
 Understand the problem at a more granular level
and establish a hypothesis driven approach
through which a solution can be derived.
 Effectively, solve the problem.
 Write the storyline.
Project
Management
Junior
Level
Competencies
Analytics/
Slide Building
 Understand strategic direction as set by the
hypothesis driven approach, set milestones, scope
analysis, assign resources, manage execution and
report findings.
 Serve as quality control lead.
 Conduct quantitative analyses in a defect-free
manner. Possess mastery of Microsoft Excel.
 Leverage Microsoft PowerPoint to create
impactful, concise, and defect-free slide loops.
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Charles Aris, Inc. Strategy Practice
 Charles Aris, Inc. is a national executive search firm
that was founded in 1969. The Strategy & Business
Development division at Charles Aris is led by Chad
Oakley, a former Bain & Company consultant and
Wharton MBA.
 Since its inception in 2003 the Strategy & Business
Development division has placed over three-hundred
candidates, at multiple levels, including Vice President,
Director, Manager and Analyst.
 The division's client base falls into three categories:
the Corporate Strategy teams of industry leading
Fortune 500 companies, the investment and portfolio
management teams of leading Private Equity firms,
and professional services firms, including consultancies
and the like.
 The candidates that we place typically work for top tier
strategy consulting firms and possess undergraduate
and graduate degrees from the world's leading
educational institutions.
 For more information, please contact any of our team
members as shown on this page or visit
www.charlesaris.com.
Chad Oakley
President
336-378-1818 ext. 9101
chad.oakley@charlesaris.com
Jody Karavanic
Senior Practice Leader
336-378-1818 ext. 9104
jody.karavanic@charlesaris.com
Steven Stewart
Senior Practice Leader
336-378-1818 ext. 9114
steven.stewart@charlesaris.com
Caroline Wilson
Senior Practice Leader
336-378-1818 ext. 9120
caroline.wilson@charlesaris.com
Jillian Jitima
Project Manager
336-378-1818 ext. 9115
jillian.jitima@charlesaris.com
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