A Comparison of Consulting Salaries in Australia

As graduate professionals enter the world of management consulting, understanding salary information becomes vital. This article compares the salary data for graduates at different consulting firms like MBB and the Big 4 in Australia, based on the minimum pay rates provided in the Australian Financial Review's consulting salary guide, Glassdoor-data, and other aggregating or job listing sites. It focuses on starting pay rates by level and division for professionals in Australia. If you want a worldwide overview or one for salaries in London, check our recent entries.

It provides the levels below partner or managing director and provides valuable information for individuals who want to compare salaries. Each consulting firm offers a variety of perks and bonuses that make it difficult to compare salaries between firms.

Table of Content

1. Salary and Demand Trends

After a comparatively calmer year in 2023, where the demand for consultants stabilized, the Australian consulting industry continues its adaptation process in 2024. Companies are increasingly seeking consultants capable of guiding digital transformations. As our expert Francesco details in his article on Consulting Industry Trends to 2023, consulting firms are transforming and trying to compete in an increasingly AI-driven market. To do this, companies raise wages, improve working conditions, and offer fringe benefits to attract and retain employees. Furthermore, interest in consulting has grown again in many parts of the world since the downturn in early 2023. In Australia in particular, a growing interest in many sub-regions can be observed compared to last year (Google Trends).

2. Where Can I Earn the Most Money as a Consultant in Australia?

If you compare the data, you can see that the consultancies that make up the Big 4 and the MBB have similar minimum salaries (in AUD) and years of experience. As a recent graduate, as an Accenture employee, you will be paid minimum wage (if you believe in hard numbers), but don't make decisions based on that metric alone. For example, Accenture in Australia offers a number of Perks (or known as Total Rewards) and a special recruitment program.

But not only Accenture has a lot to offer. If you look at PwC, you can even get published salary pay ranges directly from PwC. Before we discuss salaries and different companies, we would like to give you some information on the different levels of management consulting and career paths at some of the largest Australian firms.

3. Australian Pay Ranges by Levels and Firms

If you look at the data below, you'll see that MBB pays significantly more than the Big 4 firms in Australia. So, if your main motivation for working is salary, you might want to apply for an analyst position at McKinsey.

Below is a list of entry-level jobs at various consulting firms in Australia, sorted by minimum salary. Afterward, you can see the entry-level jobs each consulting firm offers graduates. Earlier data can be found in the first study by the Australian Financial Review in 2021.

4. What is the Salary Per Firm in Australia?

Here are the minimum salaries to get into a consulting firm, starting with MBB firms McKinsey, Bain and Boston Consulting Group, followed by Big 4 firms.

4.1 McKinsey

McKinsey's salaries are by far the highest of any consulting firm. Only Bain has a similar entry-level minimum salary. As an undergraduate, you can start as a business analyst, while MBA entry starts with an assistant position with a minimum salary of around $180,000.

4.2 BCG

The Boston Consulting Group (BCG) offers Associate positions to undergrads and Consultant levels to MBAs. Both positions are typically last for two years before you can become a Project Leader.

4.3 Bain & Company 

MBA students and advisors earn a minimum salary of approximately $105,000 as associate advisor at Bain.

4.4 Deloitte

If you look at Deloitte, in some areas of the company, they're actually increasing salaries in 2023 compared to 2022.

4.5 KPMG

KPMG disclosed salaries range from 64,000 mainly for external auditing, up to 71,500 if you are a technical or analytical professional who can work in an IT consulting business.

4.6 PwC

If you look at PwC, you'll see that the minimum salary depends on the field of practice you're applying for. As you can see, PwC uses salary ranges to give you a wide range of starting salaries based on your expertise.

4.7 Accenture

This table shows Accenture's minimum salary ranges. But keep in mind, that this is without any additional benefits or perks.

5. Where Should I Apply If I Want to Work as a Consultant in Australia?

If you are seeking employment as a consultant in Australia, it is important to know where to submit your application. The overview presented in this article pertains to the minimum rates of pay for graduates employed at prominent consulting firms in Australia. Familiarizing oneself with the salary ranges across various levels and departments can be useful in establishing a reference point for one's own pay and in making informed decisions regarding career advancement.

Nevertheless, it is critical to keep in mind that the data provided is reflective of the minimum payment rates and may not be consistent with individual factors such as background, geography, proficiency, or even gender. Although the information on the gender pay gap was only provided by Deloitte, the data they revealed speaks volumes, with a 12.6% difference.

As a female graduate, it is crucial to set your sights high and strive for success.