Elite Consulting Firms Raise Entry-Level Salaries
McKinsey, BCG, and Bain increase starting pay for new U.S. recruits after a three-year salary freeze.
Updated on Oct. 27, 2026 in Internships
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McKinsey, BCG, and Bain have raised base salaries for entry-level undergraduates and MBA graduates in the United States. This move ends a three-year freeze on starting pay and bonuses that lasted through 2026.
Why it matters
The salary hikes respond to intensifying competition for top talent from technology and AI firms. Consulting firms are boosting recruitment as demand for AI implementation services drives industry revenue growth.
New base salaries for undergraduate and MBA hires will reach $120,000 and $200,000, respectively, across the firms. BCG is increasing its pay more than its rivals to close a previous $2,000 compensation gap.
The players
McKinsey
McKinsey is a global management consulting firm that advises on strategic, operational, and organizational challenges.
BCG
Boston Consulting Group is a leading management consulting firm known for its work in corporate strategy and business transformation.
Bain
Bain & Company is a prominent management consulting firm that provides strategic advisory services to corporate clients.
The details
The firms increased base pay by between 4 per cent and 9 per cent to align compensation levels following the three-year stagnation period. McKinsey intends to expand its workforce by 12 per cent in 2027 compared to 2026 levels.
Timeline
2022 marked the previous instance when these firms increased starting salaries.
2026 served as the final year of a three-year freeze on starting pay and bonuses.
Summer 2027 is when the new recruits will begin their positions at U.S. firms.
Market Landscape
These salary adjustments signal a shift in the war for talent as firms move to secure graduates against poaching from major tech companies. The trend aligns with Source Global's consulting sector revenue growth projection of 5 per cent to 7 per cent.
For prospective consultants, this move marks a significant increase in starting compensation after years of stagnant wages. These raises establish a higher benchmark for entry-level pay across the management consulting industry.
The takeaway
This adjustment reflects the shifting demand for human capital in a market increasingly defined by AI integration. Future hires should anticipate that compensation structures will continue to fluctuate based on broader industry revenue targets.
Further reading
For more on entry-level career opportunities, visit the Internships section.
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