A typical graduate starting salary will range between £24,000 and £30,000, with some of the top-tier strategy firms paying even higher. There is also likely to be a bonus component of about 15-20% of salary and possibly a “Golden Hello” (a one-off payment given to new recruits on joining).

Training is usually of the highest standard, starting with an intensive induction course (3-4 weeks) which is then supplemented by on-the-job training and additional courses throughout an individual’s employment. Several of the leading firms have contracted top business schools such as INSEAD to provide their training courses. Something to consider, when evaluating different companies’ training programmes, is whether courses can be tailored to specific needs, or a more general approach is used.Graduates tend to have quite a general focus initially, before opting to specialise in a particular business area or industry after a couple of years’ experience.

Career progression can be very fast as most firms have a flat structure and promote on merit in order to avoid having a talented consultant poached by a competitor. Since billing rates are linked to rank, meaning the more senior a position you hold the more the consultancy can bill for your time, some firms have an active policy of letting go staff who are not being promoted regularly (at least once every 2 years).Salaries vary depending on the type and size of practice, as well as the relevant qualifications and experience of each individual. Trained consultants can expect to earn anything from £30,000 - £60,000, with senior consultants and managers in the top firms capable of salaries of up to £100,000. Similarly, a consultant who makes it to partner or director level can expect to earn a salary around the six-figure mark and above.

The experience gained in management consultancy can also be used as a springboard to senior management positions and many former consultants have gone on to set up their own start-ups and dotcoms.