Consulting is one of the most high-paying career paths in India. Entry level consultants with one to three years of experience earn an average base pay of $8K to $17K per year. With bonuses which range between $1K and 2K, the total average pay is about 14K.
However, you can earn more or less than that depending on various factors like the firm, location, additional pay, and experience. In this guide, we’ll explain compensation structure in consulting, discuss factors that impact salary, list the top paying consulting firms in India, and show how the pay changes by career level. Read on to find out!
The compensation in consulting follows a two-component structure:
The ratio between base salary and bonus changes with seniority. Junior consultants have more predictable compensation with smaller bonuses, while senior consultants have a larger portion of their earnings tied to performance and business outcomes.
As we hinted earlier, there are factors that determine how much consultants take home. These include the firm, experience, specialization, and location. Below is an overview of how each of these factors affect a consultant’s salary.
Each firm has its salary ranges for every position. Some pay above the industry average while others pay below that. MBB firms (McKinsey, BCG, Bain) and top boutiques like Kearney and Oliver Wyman generally offer higher compensation than the other consulting firms in India.
Even among entry level consultants, the pay can vary depending on the years of experience and education qualifications. An associate consultant coming in from MBAs might be paid slightly higher than analysts from undergraduate universities.
Also, a business analyst with two years experience will get more than the one with zero experience. The compensation increases dramatically with seniority, from $5K for interns to $14-15K for entry-level consultants, $27K for managers, and $62K+ for directors.
In most consulting firms, you can either follow the generalist consultant or practice consultant path. The generalists work with clients in various disciplines, industries, and business functions. On the other hand, practice consultants have deep, specialized knowledge in specific industries. Some are hired from non-consulting backgrounds, including STEM.
Generally speaking, specialized consultants earn higher compensation than generalists. It’s also the case for those with expertise in high-demand areas like digital transformation, analytics, and financial services.
Tier 1 or major cities like Gurgaon, Hyderabad, Delhi, and Bangalore tend to offer higher salaries than tier 2 or 3 locations. This is mainly to offset the higher living costs plus to attract and retain the best talent in the business hubs.
The top paying consulting firms in India fall under three categories: the MBB firms, the Big Four, and boutiques. Here are the averages for the highest paying consulting firms in India.
How much can you earn at the top consulting firms in India? The table below gives a breakdown of base salaries, performance bonuses, and total compensation for entry-level roles at MBB and the Big Four.
| Company | Base Salary | Performance Bonus | Total Compensation |
| Bain | $10K - 13K | $1K - 2K | $13K |
| BCG | $10K - 16K | $1K - 2K | $14.5K |
| McKinsey | $10K - 20K | $1K - 2K | $16.5K |
| Deloitte | $7K - 10K | $700 - 1K | $9K |
| EY | $10K - 14K | $1K - 2K | $13.5K |
| KPMG | $13K - 20K | $2K - 3K | $19K |
| PWC | $8K - 16K | $500 - 1K | $13K |
Among the MBB and the Big Four, KPMG seems to offer the highest total compensation for entry level consultants in India at $19K. However, MBB firms (McKinsey, BCG, Bain) generally offer higher average compensation than Big 4 firms, with McKinsey leading the MBB group at $16.5K total. Deloitte has the lowest total compensation for junior consultants in India at $9K.
Base salary ranges vary widely. McKinsey and KPMG have the widest ranges at $10K-$20K and $13K-$20K respectively. Performance bonuses are quite consistent across firms, typically $1K-$2K, with KPMG offering the highest potential bonus of $2K-$3K.
What does compensation look like at smaller and specialized consulting firms? The table below shows the salaries and bonuses entry-level consultants can expect at selected mid-sized and boutique firms in India.
| Company | Base Salary | Bonus | Total Compensation |
| Accenture | $6K - 9K | $400 - $800 | $8K |
| FTI consulting | $10K - 17K | $1K - 2K | $15K |
| IBM consulting | $9K - 19K | $350 - 1K | $14.7K |
| Infosys Consulting | $10K - 18K | $1K - 2K | $15.5K |
| Kearney | $6K - 23K | $2K - 8K | $19.5K |
| LE.K. Consulting | $14K - 18K | $2K - 4K | $19K |
| Oliver Wyman | $9K - 23K | $3.5K - 3.5K | $19.5K |
From these average compensation figures for entry level consultants in India, Kearney and Oliver Wyman tie for highest total compensation at $19.5K. Surprisingly, they exceed the averages for most MBB and Big 4 firms.
Accenture offers the lowest average pay for consulting analysts at 8K. But in general, the boutique consulting firms have greater bonus potential of up to 8K which are way higher than MBB/Big 4 averages.
There are wide salary ranges among the boutiques. For instance, the lowest paid junior consultant at Kearney in India can get a base pay of 6K while the highest paid one gets $23K. Also, top-tier boutiques like Kearney, Oliver Wyman, and L.E.K. outpace mid-tier boutiques such as Accenture and IBM in total compensation.
How do consulting salaries evolve over the course of a career? The overview below shows how compensation and bonuses increase with experience and responsibility, from internships to the partner level.
| Role | Base Pay | Bonus | Total Average Pay |
| Intern | $1 - 8 K | - | $5K |
| Consultant, Business Analyst, or Fellow | $9K - 16K | $1K - 2K | $14K |
| Associate Consultant | $8K - 19K | $1K - 2K | $15K |
| Senior Business Analyst | $11K - 21K | $1K - 2K | $17.5K |
| Manager | $13K - 35K | $2K - 4K | $27K |
| Senior Manager (Principal) | $22K - | $3K - 17K | $39K |
| Director (Associate Partner) | $26K - 67K | $9K - 22K | $62K |
| Partner | $14K - 111K | - | $200K+ |
The consultant career paths can vary slightly by firm. In some companies like Kearney and McKinsey, the entry level role is Business Analyst or Fellow while at Bain is Associate Consultant. At others like EY and KPMG, it’s simply a consultant. It’s also worth noting that undergrads are hired as Analysts, and MBAs as Consultants.
For early-career professionals in roles like Consultant, Business Analyst, or Fellow, salaries range from $9K to $16K, with performance bonuses of $1K to $2K. This results in an average total pay of $14K.
Depending on the firm, Associate Consultants could be a step up from a BA, or an entry-level role for MBAs and experienced hires. The base pay ranges from $8K to $19K and similar bonuses of $1K to $2K. Average total pay is about $15K, which shows growth in both responsibilities and skills.
The next step up is Senior Business Analysts. They earn a base pay between $11K and $21K, with bonuses of $1K to $2K, averaging $17.5K in total compensation. At this level, professionals begin to manage portions of projects and deepen their expertise in specific industries.
Consulting Managers in India experience a huge jump in compensation, earning between $13K and $35K in base pay, with bonuses of $2K to $4K. The average total pay is $27K, reflecting their role in leading teams and managing client engagements.
Senior Managers, or Principals, earn a base salary starting at $22K, with bonuses ranging from $3K to $17K. Total compensation averages $39K, showing their critical role in driving strategy and maintaining client relationships.
Directors or Associate Partners see a substantial rise in pay, with base salaries from $26K to $67K and bonuses ranging from $9K to $22K. The average total pay at this stage is $62K. They contribute to business growth, client acquisition, and leadership.
Lastly in the consulting career ladder are Partners. They represent the pinnacle of consulting careers, earning significantly higher compensation. Their pay is usually negotiated and highly variable due to their role in steering the firm's direction, securing high-value clients, and ensuring overall profitability.
Undergrads in India usually join consulting firms as Analysts, while MBAs are hired as Consultants. The salaries for consultants in India are made up of a base pay and bonuses. The total pay tends to increase by experience and seniority. Moving from a Business Analyst through mid-level positions to a Director can increase the pay from an average of 14K to 62K. Some of the factors that affect consulting salaries in India are location, firm, experience, and specialization.
