management consulting

Base Consultant Associate Salary

By Lea Remini 22 July, 2023 2 mins read

Consultant associates make a good salary when compared to similar jobs. Your employer can help you increase your salary by proving that your performance is good. The more satisfied the boss is, the more likely they are to give you a raise. You should document your successes and be prepared for a review.

Base salary

Base Consultant Associate is the base salary an associate receives before taxes and other benefits. It does not include commissions, profits sharing, and overtime. It is important you realize that Associate Consultants are paid differently depending on their location and experience.

Associate consultant positions typically require at minimum a bachelor's level. Associate consultants may choose to specialize in one of several areas such as engineering, computer science or business administration. It is possible to earn a doctorate and boost your earning potential.

Competitive starting salary

A typical starting salary for a consultant associate is between 26 and 30 L. This includes a bonus component. The MBB can affect the bonus value. It could be 50-1500%. Consulting firms are known to hire both specialist and experienced employees from schools outside of their target areas. According to McKinsey & Company, the most recent MBA intake was composed of 19% direct hires, with analysts coming from over 370 universities.

Although consulting salaries may not be set in stone they could include signing bonuses. You may also receive additional bonus payments if your firm sponsors you. While accepting such offers may seem tempting, you should consider other opportunities before committing to one firm.

Experience required

Experience and education are essential for success as a consultant. A bachelor's degree would be the best, although some associate consultants have a masters. Even if you have a high-school diploma, it might be difficult to get into the program. Many associate consultants hold degrees in business, finance or computer science.

Working in the consulting industry can help you make more. However, experience does not always determine pay. Education and certifications will have an impact on your salary. The Professional Salary Report has more information.

Future margins

Rising salaries are putting the future margins of the consulting industry at risk. Even as revenue has soared and M&A activity has been steady, the consulting industry is still under threat from future salary inflation. While some firms have been successful in protecting their margins through cutting operational expenses, they cannot do much more. Firms may choose to hire pre-MBA talents over MBAs.

Average pay for state in which you live

Associate Consultants should be earning around $84,047 annually. However, there are differences between states. The District of Columbia pays close to that average. The most highly paid Associate Consultants earn close to $133,000 per year, while the lowest-paid earn about $101,000. The average sales consultant salary should be around $50,000.

FAQ

Is it possible to start a consultancy from home?

Absolutely! This is something that many consultants do already.

Most freelancers work remotely using tools like Skype, Slack, Trello, Basecamp, and Dropbox. So they don't miss company perks, freelancers often make their own office space.

Freelancers may prefer to work in libraries or cafes rather than in traditional offices.

Others choose to work at home because they love being with their children.

Of course, working from home has its pros and cons. If you love your job, working from home is definitely something worth looking at.

Can anyone be a consultant?

A consultant is someone who helps you achieve your goal by providing advice on how to do something better, faster, cheaper, etc.

A consultant can help you solve problems, make decision, or negotiate with people.

Consultants are often hired to help with specific tasks and projects.

In reality, consultants are generally paid hourly or daily rates and not per project.

How can I be a successful consultant?

Find an area that you are passionate about. Next, you need to establish relationships. Understanding your clients' needs and operating style is essential. The final step is to provide results.

While you don't need to be the best at all things, it is important to be better than others. You need passion for what your do. It is not enough to simply say, "I want to become a consultant." You must really believe in yourself and what you're doing.

Statistics

Over 62% of consultants were dissatisfied with their former jobs before starting their consulting business. (consultingsuccess.com)
Over 50% of consultants get their first consulting client through a referral from their network. (consultingsuccess.com)
67% of consultants start their consulting businesses after quitting their jobs, while 33% start while they're still at their jobs. (consultingsuccess.com)
My 10 years of experience and 6-step program have helped over 20 clients boost their sales by an average of 33% in 6 months. (consultingsuccess.com)
So, if you help your clients increase their sales by 33%, then use a word like “revolution” instead of “increase.” (consultingsuccess.com)