For those of you who do not know about the salary structure in the management consulting industry, here are some hints. A top firm will typically have senior level people that have 10-20 years of experience and they may bill anywhere from $600-800 an hour. Mid-level people, who typically do most of the job (several years of experience after an MBA from a good business school), will bill the client $400-600 an hour. Fresh out-of-school undergrads, who provide a lot of research support, will bill clients somewhere between $150-400 an hour.
How much do management consultants get paid?
Starting salaries are between $50,000 to $70,000 at the bottom. MBAs will typically start at $100,000. Partners will make north of $200,000. What you will see, though, that there is a huge disconnect between what the clients are charged and what the employees get paid. The difference is due to the time devoted to sales and marketing and to account for the time that the consultants are on the bench. Plus, a firm has to make a profit too.
So why am I thinking about changing jobs?
Well, I just found that Amy Strozzi, a makeup artist hired full time by Alaska Governor Sarah Palin is being paid $45,000 for one month of work. I am sure that she too has to do sales/marketing and she is also on the bench sometimes, but she probably pulls in over $300,000 a year for what seems like fun work. No number-crunching or reading dull documents on technology and economics, no mean bosses, and no all-day sessions with clients that are nothing but stress. And your clients will love you because for sure Gov. Palin looks great.