![]() ![]() That’s a big turnabout from 2020 when the pandemic caused a momentary slowdown in consulting. Her firm has found that one in five consulting firms have had to turn down work because they lacked staff with the right skills. “The last time the consulting industry had this level of salary inflation was around the dot.com boom in 1999-2000,” Fiona Czerniawska, chief executive of Source Global Research, a consulting sector analyst, told the FT. “Increasing salaries remain the most immediate and effective lever any professional service firm can pull if it wants to attract and retain high-caliber people.” Banks have also been raising their pay levels, too. While base salaries for MBA hires tend to be lower in technology, tech firms are more likely to hand out stock to MBA grads that can more than make up for the salary differences. Increasingly, private equity firms, hedge firms, and venture capital outfits are paying among the most lucrative starting compensation to MBAs. The increase is occurring as a tight labor market which has put pressure on the firms to up their game in competing for talent (see Consulting Pay: What MBAs Earned In 2021). ![]() Along with the customary $35,000 sign-on bonus, that would bring offers to MBAs to $225,000, though with performance-related bonuses added, first-year MBA compensation could reach a quarter of a million dollars. to between $190,000 and $192,000, roughly a 10% jump from $175,000, according to a new report from the Financial Times. MBB, as the trio is generally known, will increase starting base salaries for MBA graduates in the U.S. For this coming recruiting season, however, all three firms are going to up the ante, rolling out some of the biggest pay rises for new hires in more than two decades. The Big Three in global consulting–McKinsey, Bain, and the Boston Consulting Group–have always paid among the highest starting salaries to newly minted MBA graduates. ![]()
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