Consulting Salary UK: What You Need to Know in 2023

Are you contemplating a career in consulting in the United Kingdom? Have you ever been curious about the remuneration packages offered in this field and the entry-level compensation? This blog aims to provide you with comprehensive information on consulting salaries in the UK. We will cover various aspects, including the salary structure for entry-level positions and how salaries progress as you gain experience.

Additionally, to these figures, we will compare the salaries of top firms such as MBB and Big 4. We will also delve into why consulting is renowned for its high-paying nature and compare salaries with other industries. Finally, we will examine how location affects consulting salaries by analyzing major cities such as London, Manchester, Dublin, and Glasgow. Keep reading to gain valuable insights into the world of consulting salaries in the UK, where you can earn up to £82,000 at an entry-level easily.

1. The Consulting Salaries in the UK: An Overview

2. A Beginners Guide to Consulting Careers in the UK

Graduates looking for job opportunities in the UK can explore various consulting firms that offer an exciting and rewarding career. Consulting firms in the UK are known to provide competitive salaries, making it a desirable field to pursue. The industry is diverse, with large corporations like PwC and McKinsey offering their services alongside boutique firms specializing in niche areas.

Consulting careers not only provide attractive financial rewards but also offer ample opportunities for professional development and growth. The UK has a thriving consulting market, with high demand across industries for expert consultants who can help companies overcome complex challenges.

It's essential to have a clear understanding of your interests and strengths before choosing a consulting firm to work for. Researching different consulting firms and networking with professionals in the industry can help you make an informed decision and set yourself up for success. Additionally, developing skills such as problem-solving, communication, and critical thinking can improve your chances of success in the field of consulting.

2.1 Job Opportunities for Graduates in Consulting

Graduates in the UK have access to a plethora of job opportunities in management consulting. Top consulting firms like KPMG, EY, and Deloitte hire fresh graduates, the most from target schools, for entry-level positions that provide them with valuable exposure to diverse projects spanning different industries. This allows graduates to work alongside renowned clients and tackle complex business challenges. Consulting roles are not restricted to any particular sector, giving them the freedom to pursue careers in finance, healthcare, technology and innovation, and many more.

The demand for consultants in the UK is on the rise, creating an abundance of opportunities for graduates seeking a career path in the consulting industry. Graduates looking to break into this field should develop skills such as problem-solving abilities, critical thinking, and leadership qualities. They should also possess excellent communication skills as consulting involves working with clients from different backgrounds and cultures. In addition, having a relevant degree or experience in fields like business administration or economics can prove beneficial for securing a job in the consulting domain.

Management consulting offers graduates a chance to learn from experts in their field, gain hands-on experience on high-profile projects while building an impressive professional network. It can be a highly rewarding career for those who are driven and willing to put in the effort required to succeed.

2.2 Consulting Salary Comparison in the UK

Salaries in the consulting industry in the UK are subject to variation based on factors like work experience and firm size. To attract top talent, leading consulting firms like the Big 4 and MBB (McKinsey, BCG, and Bain) offer competitive salaries. At the undergraduate level, the consulting arms of the Big Four compete with each other and with top-tier strategy houses for high-performing students. Boutique consulting firms may also offer more lucrative pay packages to differentiate themselves in the market.

Generally speaking, salaries in consulting tend to be higher than those offered by other industries, making it an appealing career choice when it comes to compensation and benefits. However, it is important to keep in mind that compensation structures can vary significantly depending on factors such as location, job function, and seniority level. Additionally, while salary is a significant factor in considering a career path, it should not be the sole determining factor. Other aspects like company culture, potential for growth and development, and job satisfaction should also be taken into account when evaluating career options.

3. Understanding the Pay-Scale for Entry-Level Consulting Jobs

Entry-level consulting jobs in the UK offer competitive starting salaries. The pay-scale for these positions depends on various factors, including education and experience. Consulting firms highly value candidates with an MBA degree, as it opens doors to higher-paying roles within the industry.

As entry-level consultants gain experience, they can expect rapid career progression and salary increases. The United Kingdom provides ample opportunities for individuals looking to kickstart their consulting careers. By joining reputable consultancies like Oliver Wyman, Accenture, or other professional services firms, aspiring consultants can take advantage of the thriving consulting market in the UK. Whether it's project management or privacy policy implementation, entry-level consultants can explore a wide range of sectors and industries.

4. MBB and Big 4: A Comparison

In the consulting industry, MBB and the Big 4 are renowned firms with distinct characteristics. MBB, which stands for McKinsey, BCG, and Bain, is notable for its brand reputation and high salaries. These firms primarily specialize in strategy consulting services. On the other hand, the Big 4 - PwC, Deloitte, EY, and KPMG - offer a broad range of consulting services including audit, tax advisory, and financial advisory services in addition to strategy consulting. Both firms attract top talent from all over the world and provide exceptional career opportunities.

It's essential to note that each firm has its own unique culture and work environment. While MBB firms have a more structured hierarchy with steep learning curves, the Big 4 offer more flexibility in terms of career progression. Compensation packages, both at MBB and Big 4 firms offer competitive remuneration packages alongside benefits like health insurance and retirement plans.

Ultimately, when considering a career in consulting, it's important to weigh your professional goals against the strengths of each firm to determine which one is the best fit for you. Researching each company's culture, service offerings, and work-life balance can help you make an informed decision about your career path.

5. The Influence of Location on Consulting Salaries in the UK

The country, region and city you work in plays a significant role in determining your consulting salary in the UK. London, being a global financial hub, offers higher salaries compared to other cities in the United Kingdom and beyond. Big cities generally offer higher consulting salaries than smaller towns. When evaluating consulting job offers, it is important to consider factors such as the cost of living, demand for consultants, and presence of major consulting firms that can influence salary levels in different regions. In the UK, cities like Manchester, Edinburgh, and Birmingham also offer competitive consulting salaries.

5.1 Spotlight on England, Scotland, Northern Ireland,  and Wales

Consulting salaries in the UK vary depending on location, with England leading the pack in terms of high earning potential. The basic rate for consultants in England ranges from £88,364 to £119,133. Scotland has also witnessed significant growth in its consulting industry and offers competitive salaries with consultants making between £91,474 and £121,548. Despite its smaller consulting sector, Northern Ireland provides good opportunities for career development with basic rates ranging from £82,500 to £111,230. Wales boasts a growing consulting industry that offers salaries comparable to other regions in the UK, with consultants earning between £87,354 and £113,408.

While location is an important factor influencing consulting salaries, experience and specialization also play a crucial role. It is essential to keep these factors in mind when considering a career as a consultant in the UK.

6. What Makes Consulting a High-Paying Career?

Consulting is a high-paying career due to the value consultants bring to clients. They provide expert advice, problem-solving skills, and strategic insights. The demand for consulting services drives competitive salaries as clients are willing to pay a premium for expertise and results. This justifies high compensation in the industry.

6.1 How Do Consulting Salaries Progress With Experience?

As consultants gain expertise and deliver value, their salaries in consulting increase with experience. Regular increments and performance-based bonuses can be expected as consultants progress in their careers. Senior consultants with extensive experience earn higher salaries, and consulting firms reward contributions to client projects and firm growth. Experience and proven track record play a significant role in salary progression in consulting.

6.2 Are Salaries in Consulting Higher Compared to Other Industries?

Salaries in consulting often exceed those of other industries due to competitive compensation packages aimed at attracting and retaining top talent. The high demand for consulting services creates a market where consultants can command higher salaries, making it a lucrative option for professionals seeking high-paying careers.

7. Frequently Asked Questions

7.1 How much do consultants get paid UK?

Consulting salaries in the UK can vary based on factors like experience, industry, and location. Entry-level management consultants can earn on average around £40,000 to £60,000 per year, while senior management consultants can make £80,000 to £120,000 or more. Additionally, consulting firms often provide bonuses and benefits packages.

7.2 What are the starting salaries for consulting UK?

Consulting is a lucrative career path in the UK, with starting salaries that vary depending on the firm, industry, and location. Generally, consulting salaries range from £25,000 to £40,000 per year at entry-level positions. However, top firms like McKinsey, Bain, and BCG offer higher starting salaries of around £45,000 to £60,000 per year. With experience and performance-based promotions, consulting salaries can rapidly increase. Therefore, it is common for consultants to earn six-figure salaries within just a few years of working in the industry. However, it's important to note that while consulting jobs may offer attractive compensation packages, they often require long hours and a high level of commitment.

8. Consulting Starting Salary Comparison

The average starting salary for a graduate entering consulting is £37,000 making consulting one of the most lucrative careers you can choose as a graduate, higher than medicine, and behind only investment banking and commercial law.

UK Consulting Salaries (£'000)

BCG comes out on top as the highest paying UK graduate employer in consulting with a starting salary of £63,000. They are followed by the other top strategy firms Bain, McKinsey, and OC&C. All these firms pay generous bonuses to their juniors as well, akin to those paid in investment banking and c. £15,000 from year 1.

Other specialists and strategy consulting firms such as Newton Europe and Oliver Wyman pay their graduates healthy starting salaries with pay beginning at around £40,000 in the first year.

There is a clear divide between the starting salaries of strategy consultants and management consultants with a pay gap of around £10,000. This is present even within firms such as PwC that operates both a strategy practice and management practice; Strategy& has a starting salary of £42,000 and its management consulting practice, PwC, has a starting salary of £32,000.

9. How much do similar professions get paid in United Kingdom?

Professions similar to consulting in the UK, such as finance, law, and engineering, have varying salaries based on experience, education, and location. Research industry-specific salary surveys or speak with recruiters for more detailed information.

10. Consultant Salaries in the UK at entry-level

The consulting industry in the UK offers lucrative salary packages up to £82,000 at an entry-level, making it an attractive career choice for many. Graduates have ample job opportunities in this field, with consulting firms offering competitive salaries and benefits. The pay scale for entry-level consulting jobs varies depending on factors such as experience, education, and the company you work for. Top-tier firms like MBB (McKinsey, Bain, BCG) and Big 4 (Deloitte, PwC, EY, KPMG) offer higher salaries compared to other consulting firms. The location also plays a significant role in determining consulting salaries, with big cities like London, Manchester, Dublin, and Glasgow offering higher compensation. With experience, consulting salaries progress steadily, making it a rewarding career path. Overall, consulting is known for its high-paying nature, making it an appealing choice for individuals seeking financial stability and growth.