Management Consultants enjoy double-digit pay rises

Management consultancies doing business in the UK consulting market have reacted to the talent shortages now gripping the sector, according to Top-Consultant.comís annual survey of over 1,000 management consultants - the full results of which are to be published next week.

Both annual pay rises and annual bonus payments of UK consultants have rebounded, following a few less prosperous years in which they were only rewarded to a select few employees. Overall, UK consultants enjoyed pay rises of 8.8% and year-end bonus payments equivalent to 14.6% of salary this last year. However, pay rises were spread across the three-quarters of employees that firms are most concerned to retain ñ with a quarter of consultants receiving no pay rise whatsoever.

With regards to bonus payments, there is a clear trend that the more senior a consultant is the more likely they are to have received a bonus and the more significant that bonus payment is likely to have been. At the junior consultant and senior consultant level, 45% of staff received no bonus payment this year ñ and those that did earned a payment equating to around 12% of salary.

By contrast, at the more senior levels of Principal and Partner, only around a fifth of respondents received no bonus payment ñ and the four-fifths that did receive a bonus averaged 27% of salary.

Looking at the big picture, firms seem to have adopted a strategy of awarding the most sizeable % pay rises to junior staff whilst bonus payments have been skewed towards senior employees.

The findings are based on a survey of over 1,000 practising management consultants, the majority of whom work for full-service global consulting brands such as Accenture, Capgemini, Deloitte and PA Consulting ñ though also included were responses from consultants employed by both niche firms and top-tier strategy consultancies such as A.T.Kearney, BCG and McKinsey.