- BCG is bumping base pay for associates and first-year consultants by $10,000, Insider has learned.
- The raises will take effect in October.
- The firm gave consultants 18,000 travel points as a bonus this spring.
Boston Consulting Group (BCG) is bumping base pay for junior employees, Insider has learned.
The Big 3 consulting firm is raising pay for US-based associates and first-year consultants by $10,000, a person familiar with the matter told Insider. The raises will take effect in October, the person added.
Incoming BCG associates previously received a base comp of $90,000, according to an offer letter viewed by Insider. An updated offer letter for BCG’s summer 2022 associate interns viewed by Insider explained that, should they accept a full-time offer, their base comp would now be $100,000.
A spokesperson for BCG confirmed the salary increase for junior employees, adding that more tenured consultants will get larger increases than $10,000.
The raises were part of the firm’s regular compensation review process and were not a reaction pay raises across Wall Street, the spokesperson said via email.
In normal times, management consultants at top firms like BCG, Bain, and McKinsey — known collectively as the Big 3 — are on the road frequently meeting with clients in person, But young consultants have had to adjust to a new normal during the past year and a half that has involved limited travel, little face-to-face interaction with clients, and the expectation for some to log 100-hour remote workweeks.
In the absence of the jet-setting lifestyle, which is attractive to many young professionals and seen as a perk of the job, many young consultants are burning out and quitting their jobs, which often come with six-figure salaries right out of business school.
BCG gifted consultants 18,000 Marriot points in May to make up for some of the travel perks they missed over the last year. The firm was one of the few out of the big Big 3 and Big 4 — top accounting firms that also run competitive consulting businesses — to extend perks and bonuses to young talent this spring.