How to negotiate offer package at a boutique consulting firm?

You can negotiate but with carefulness and expecting that you will not get more than 5% of what they currently offer you.
Usually, boutiques do not have fixed salaries for each level, so you can just ask for a higher one.
My suggestion is to focus on sign-in bonus, performance bonus, and (if you have) flexible benefits. 
Be mindful that this is the classic example of a situation where you have to build a “long-term” relationship, so your negotiation has to be firm but very polite and on every occasion, you have to convey that this is exactly the firm where you want to be for the rest of your life (I am exaggerating just to make it clearer).
Best 

Hi there, 

You can definitely negotiate your package, particularly if the target is not MBB (still in that case you could :-)). 

I would first focus on 

1. what do you want to obtain from the job you take: salary, bonus, learning, networking, future exit opportunities, etc. It is important to put all in balance, as salary is probably not the only aspect in this life stage (I guess). 
2. Once you know what you want, I would benchmark what jobs and remuneration (including also the non-financial aspects) are there in the market that you could reach as an alternative.  

These 2 steps will provide what your value is and up to what point to compromise once negotiating, allowing you to feel much more in ease and comfortable going into a negotiation. You don't have to justify yourself, nor you don't have to have another offer, but you must have what you want, what not and what is your worth. 

If you want to discuss this in person, please reach out, this is the topic I often coach. 

Good luck!

Lucie

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Honestly, most boutiques will not pay as much as MBB (at least in the USA). They cannot afford to, since they bill their clients at a lower rate than MBB. Unless you're going to AlixPartners or A&M, which are not really boutiques and I've heard can pay a lot in bonuses, your TC is going to be lower than MBB. In fact, there's some variability in pay across the boutiques, so you'll have to figure out what the standard pay for your level at your boutique is and see if there's a way to negotiate a little more based on experience etc. Even then, base pay is very likely to be standardized at each level within the company, signing bonus, relocation etc may be easier to negotiate. 

Hi there,

Congrats to your offer!

As some of the colleagues mentioned, there will be more flexibility when negotiating with boutique consulting firms compared to MBB. Most comp elements will be on the table.

While a lot has been said about WHAT can be negotiated, here a few thoughts on HOW you can increase chance of success.

1. Back up a position with relevant data: always benchmark what direct peers will offer post MBA (anchor with higher end of the range) as well as what colleagues make - hard to argue against. MBB comparison may be difficult to justify, unless you have an offer at hand and/or if your destination is a renowned boutique known for matching that. If no, they can't and won't want to compete.

2. Justify a need: don't negotiate for the sake of it, but make sure you can spin a case why it's necessary. 

• Re-location: can position higher relocation bonus as inevitable, given container & handling have sky-rocketed in last year - in other words, show how the typical amount offered may no longer be adequate, given recent developments.
• Sign-on bonus: use the student-debt burden as key argument. Esp if the firm can't offer enough competitive base, you expect a one-off lump sum at least to get out of the debt trap - it's market standard, so they should have the flexibility to offer that.   
• Base salary: augment any benchmarks with an expected minimum increment on your previous salary. Otherwise, what was the point of the MBA in the first place? Make that point clear.

Regards, Andi  

Hi there,

If you're looking to negotiate your best move is on sign-on bonus or relocation bonus.

These are the things they can justify most easily (i.e. non-permanent changes in your compensation structure).

When asking for a (or a higher) bonus, you have to justify it. Generally you can do so by flagging a higher salary in your current role (not possible), noting switching costs (do-able if you're moving locations), or referencing industry-standards (This is what I did to negotiate a doubling of my sign-on bonus with BCG)

For bonus references/benchmarking you can look around pretty easily

Hello!

Fist of all, it´s key to understand what that company is offering to other candidates, both in your position and in others. 

Then, in order to benchmark, look arround at MBB, other boutiques, etc. 

Finally, is great to have a sense of the MBA expenses, since this is always a good argument. 

With all that, you have the ingredients ready for the negotiation. 

Hope it helps!

Cheers, 

Clara