The consulting industry is renowned for its good working conditions and highly competitive salary packages. Several studies have, over the past years, shown that consultancy can be very rewarding, in particular the case for consultants active in the top of the sector.
The differences in the employment conditions between firms can be significant, however, with some firms paying their consultants significantly more than other firms in the industry. The nature and structure of salaries too can vary – some firms focus heavily on billable hours and other hard (financial) KPI’s, while other firms may put more emphasis on softer factors in their performance management approach. Moreover, a job in consultancy is not only about salaries and primary financial gains, but also entails a wealth of secondary benefits.
The ‘Salaries and benefits’ chapter offers professionals in the consulting industry, and those considering a job in the sector, an overview of the most important factors in the area of compensation & benefits. The first section of the chapter sheds light on the salaries paid by consultancy firms in the UK, across levels and functional areas.
The section ‘Secondary benefits' presents an overview of the different secondary conditions that consulting firms offer their consultants, varying from bonuses to development budgets and time off policies. The next section explores work-life balance – consulting is known for its high workload, and many professionals struggle with balancing their professional responsibilities with a healthy social- and private life. Fortunately, large steps have been taken in this area over the past years, and good employership nowadays ranks high on the priority list of HR-departments and partner teams in the upcoming years.
A (leased) company car in many cases belongs to a standard employment condition in consulting. The ‘Company car’ section provides an overview of the lease budgets per ranking, and offers insight in the most popular car manufacturers among consultants.