How much are you going to make if you leave banking and join Boston Consulting Group in London? And how high is your salary going to be if you stick out the consulting lifestyle long enough to actually make partner?
Accounts filed by The Boston Consulting Group LLP in London earlier this month suggest the consultancy firm is i) growing and ii) predictably far more generous to its 63 partners than to its 798 standard employees.
During the year ending March 2018, BCG LLP paid a total of £83m in wages, salaries and pensions to its UK staff – an average of £104k ($135k) per head for the average consultant/administrative employee.
By comparison, BCG’s 63 partners were paid tiny salaries of £39k each. However, they also got to share in £86m of profits. This would have worked out as £1.4m each were it not for the fact that one single partner (‘Boston Consulting Group Limited’ rather than an individual) took £24m, leaving £1m per head for the remaining 62.
Fundamentally, therefore, it looks like partners at BCG earn 10 times more than the rank and file. However, pay in some areas of the firm may be higher than others. At Boston Consulting Group Limited, which only employs 100 people and mostly represents the Digital Ventures arm of BCG in the UK, rank-and-file pay averaged £172k last year.
While banks are shrinking, BCG is most definitely growing. In 2018 BCG LLP added 100 people, an increase of 15%; 57 of the additions were consultants with the rest being admin staff. The partnership grew from 56 to 63 corporate members over the same period.
BCG is a popular-ish choice for people who want to leave banking. The firm currently employs over 1,000 people who’ve left U.S. banks globally, according to LinkedIn. The consulting lifestyle can be hard, but it seems to be worth it if you keep going.
Sarah Butcher – Read more on efinancialcareers.com