So far, margins have been protected by a decrease in operational costs (i.e., smaller office space, less travel). Future margins are at risk as firms continue to raise salaries without a commensurate rise in project rates. However, this growth is not without potential peril. This led to record revenue for many consulting firms and a continued wave of M&A activity, leading to double-digit industry growth. 2022 saw firms grapple with the tightest global labor market in decades as demand for management consulting services remained strong. Now, let’s get into some of the consulting salary trends we identified this year. Already have an interview? Let’s execute a personalized prep plan through 1:1 coaching. Work with us through our editing package – we’ll rewrite your resume and build you a networking strategy. Nervous about the consulting recruiting process, yet convinced the career path is right for you? We can help (and do help thousands of candidates per year). Put it all together, on top of the professional development and exit opportunities, and that’s a pretty great value proposition for consulting. How? Travel is down, utilization is coming down from pre-pandemic highs, and salaries have soared. Comp is on the rise, and the lifestyle is actually better than it was 5-10 years ago. What does this mean for you? If you can make it through the gauntlet that is consulting recruiting, it’s a great time to break into the industry. It’s a big year for the consulting industry as well, as firms increased starting salaries substantially from 2022. This is a big year: Charles III will be coronated as King of the United Kingdom and other Commonwealth realms, India is projected to surpass China as the world’s most populous country, the FIFA Women’s World Cup takes place in Australia & New Zealand, and the Cricket World Cup takes place in India. Welcome to 2023, and our updated management consulting salaries report!
2023 Management Consulting Salaries Overview
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