Consultant Salary in Singapore – How Much Money Can You Make at the Top Firms?

The biggest factor in deciding which career to choose or firm to join is salary. The analyst salaries in consulting firms in Singapore vary between £33,750 and £77,625. This article looks at the top 16 consultancies in Singapore and the salaries for analysts, consultants, and partners. Additionally, you can get exclusive tips on how to get your foot in the door from our case coach Francesco.

Concuslting Expert Francesco
Money to be made in the lion city

Singapore, commonly called the Lion City, is one of the world’s key business and financial hubs. There is little doubt why this is the case: it is strategically positioned and connected, has robust business and legal systems, possesses a strong local talent pool, as well as an attractive taxation framework. For these reasons, almost all of the major global management consulting firms have set up shop in Singapore.

These Singaporean offices usually act as the firms’ regional hubs/headquarters, servicing one of the most rapidly growing regions in the world. This, combined with the high average salaries in Singapore, means that the Singaporean offices of top consulting firms pay top bucks for talent. How much, you might ask? Well, we had a look at the estimated figures on Glassdoor to get an idea. Here is what we found:

Consultant Salary in Singapore Overview

It is important to note that the figures shown in the table above are rough estimates only; the figures reported on Glassdoor are often not 100% accurate, especially for firms with complex remuneration packages consisting of different allowances and bonuses. Additionally, there are several other major firms (such as Arthur D. Little, Dalberg, and ZS Associates) featured in our Consulting Firms in Singapore article but are not included in the article above due to limited or absent data points on Glassdoor. Lack or limited data was also why remunerations for certain career levels (e.g., senior consultant, senior manager) were excluded from the table above.

Looking at the data, what immediately becomes evident is that the MBB firms – McKinsey, Boston Consulting Group and Bain – consistently pay top-tier salaries across all career levels, although there is a degree of variation in pay between the three firms, according to the seniority.

It also seems that some of the non-MBB firms are competing with the MBB firms for analyst-level talent by increasing their pay. Firms like L.E.K. Consulting, Oliver Wyman, Strategy&, and Kearney offer compensations in the same range for analysts. However, it appears these firms struggle to keep up with MBB compensations once we move up the career ladder, with MBB remuneration generally pulling ahead at the consultant and manager levels.

For interns, compensation data were slightly scarcer and more unreliable. For the MBB firms, monthly intern salaries were around USD 4,200. For the consulting arms of the ‘Big Four’ professional services firms, the intern salaries start at USD 600 and USD 750. The remaining firms offered anywhere between USD 750 to USD 2,250. There are some exceptions, such as L.E.K. Consulting, Oliver Wyman, and Kearney offering close to what the MBB firms pay.

Though Competition Singapore

With remunerations like these, it is little wonder why management consulting is such a desired profession amongst Singaporean graduates. It is also why, every year, tens of thousands of aspiring consultants from all corners of the world apply to these offices. This has caused the Singapore offices of these firms to become one of the hardest to get into, rivaling those in other desirable locations such as New York and London.

Therefore, if you want to get paid salaries like the ones in the table above, you will need to outcompete these candidates, both in terms of getting an interview invite and passing through the interview rounds. So, what can you do? Well, start networking and begin your case (and fit) preparation as soon as possible. Remember, it is a marathon, not a sprint! 

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How to get your foot in the door

Top consulting firms are generally meritocratic organizations, and the candidates who perform the best during the recruitment process get in. However, there is a catch: with so many people applying to consulting firms in Singapore, recruiters have to prioritize and are unable to give each application the attention it deserves. You might be a valedictorian, head of your school’s consulting club, and founder of a non-profit, but you will not progress to the next round if your resume is discarded by the recruiter. The solution? Referrals!

When you are referred by someone in the firm you are targeting, the recruiter will pay extra attention to your profile as the referrer has personally vouched for you. This greatly increases your chance of progressing to the next round, assuming your profile and application documents are decent.

Getting a referral is important for aspiring consultants from both target and non-target schools but is way more important for the latter group as you will not have your school name to catch the attention of the recruiter. To get a referral, you need to network, and there are several ways you can do this.

Tap Into Your Personal Network

Check your personal network to see if you know anyone in the firm you are targeting. If you do, reach out to them about your intent to apply, and they might very well offer to refer you (if they know you well enough). Second-degree connections may also work, but you will most likely need to build a connection with the said person first.

Attend School-based Recruitment Events

Aspiring consultants from target schools can leverage the myriad of networking events throughout the year to get a referral to their desired firm. Top consulting firms regularly organize company presentations, coffee chats, and even dinners to court potential recruits. If you are from a target school, be sure to attend these sessions and start building a relationship with the consultants present.

Attend Public Firm Recruitment Events

Not everyone is lucky enough to be from a target school; if top consulting firms do not come to your school (or if you have already graduated), you can still go to them. With the competition for talent becoming increasingly intense (check out our article on consulting industry trends in 2022 to learn more), some firms are opening up their informational sessions to the public. This is a great opportunity to learn more about the firms in question and network with their consultants.

Cold Contact Current Consultants

If the above options are not available to you or they did not help you secure a referral, then the only option left to you is to cold contact current consultants. The filtering system of LinkedIn is very helpful in filtering for consultants working at your target firms. Once identified, it is a matter of reaching out to them and setting up a call to learn more about them and their firms, as well as to build rapport. Not all cold outreaches will result in calls, and not all calls will result in referrals; however, if you have the correct system of doing this and you contact enough potential leads, your chances of getting a referral should be quite high.

Networking for a referral is not an easy task, and you might end up without results. In this case, it is important to remember that, while it helps, a referral is not a must. To learn more about the details of referrals at top firms and how to better network your way to one, we recommend checking out our article on the topic.

Preparing for the challenges ahead

Top consulting firms, especially the MBB firms, have some of the toughest recruitment processes in the world to hire only the very best candidates. You will face screening tests and at least 2 rounds of case interviews, so make sure that you are well prepared for the challenges ahead.

Screening Tests

Top consulting firms often employ some form of screening tests as a means of filtering out candidates before committing their consultants to an interview. These tests can take many forms: McKinsey uses a problem-solving game to test their applicants on key consulting attributes, BCG leverages a chatbot to administer a case interview, and Bain uses a variety of different tests depending on the region. Be sure to confirm what test your target office will use and prepare accordingly. 

Case Interviews

Case interviews are the core of the consulting recruitment process and are often the part that takes the longest to master. Be sure to start your case preparation early, work on your fundamentals (e.g., structuring, math, graph interpretation) via drills, and complete a good number of mock case interviews before the big day.

Fit Interviews

The fit interview is as important as the case interview but is often neglected. Do not make this mistake! Make sure you have prepared rockstar answers to the most common questions (eg., tell me about yourself, why consulting, why this firm) and have enthralling stories prepared for traits such as leadership, teamwork, entrepreneurial drive, and personal impact.

The road to a consulting offer, especially in a highly-desirable economy like Singapore, will be a hard one. Nonetheless, as long as you prepare well, you will have little to fear.

About the Author

Francesco

#1 Expert for Coaching Sessions (3.600+) | 1.300+ Reviews with 100% Recommendation Rate | Ex BCG | 8+ Years of Coaching

  • Professional Experience: BCG
  • Languages: English, Italian, Spanish
  • Location: Singapore

Francesco is an interview coach, former BCG consultant, and tech entrepreneur. He is the #1 coach on PrepLounge.com for meetings done, where he completed more than 3.000 expert sessions. As a coach for consulting interviews, Francesco helped hundreds of candidates to land offers from McKinsey, BCG, and Bain. Since 2016, he organizes consulting boot camps in some of the leading universities in Europe. As a consultant, Francesco joined BCG in the Milan office, where he worked on projects in the energy, industrial goods, and consumer goods sectors. After BCG, he worked in venture capital in Germany as an angel fund associate. As an entrepreneur, Francesco founded two companies in Europe and Asia in the entertainment and EdTech sectors. He is currently leading a Singapore-based company and supporting startups as a strategic advisor.

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