Despite the impact of COVID-19, Bain reported its best quarter ever in Q3 2020 and plans to hire around 700 MBA-level consultants in 2021.
Bain recruits MBA and master’s level consultants from top US business schools including Harvard, Wharton, and Stanford as well as schools outside the US like INSEAD, HEC Paris, and London Business School.
Bain Consultant Salary & Bonuses
Bain consultant salary prospects are especially strong for incoming MBA hires who earn base salaries of $165,000. Master’s-level graduates get offered around $90,000 in base salary at Bain.
MBA hires at Bain receive performance bonuses of $40,000 and a signing bonus of $30,000. Master’s-level hires get performance bonuses of over $22,000 and signing bonuses of $5,000.
Bain consultant salaries and bonuses tend to grow by 10-to-20% each year, according to ManagementConsulted. When Bain consultants are promoted to the next level, usually every two-to-three years, they also receive a salary jump.
Master’s-level hires tend to come in at the Bain associate consultant salary level while MBA hires come in at the Bain consultant salary level (see the graph below).
Two-to-three years out of an MBA program, Bain manager salary prospects are around $200-to-$220,000 in base salary and $90-to-$130,000 in bonuses.
A Bain principal salary sits at around $250-to-$320,000, while Bain partner salary prospects (six-to-eight years after an MBA consultant level) start at around $350,000 and go up to $450-to-$650,000 for a senior partner with huge potential bonuses of over $500,000.
These kind of mega consultant salaries are similar across the Big Three consulting firms, Bain, Boston Consulting Group, and McKinsey, and relatively flat across office locations and countries.
The figures in this table are median figures in $ based on the ranges mentioned in the text above. 0 years starts at MBA hiring level (consultant). Master’s level graduates would typically take more time to reach the same levels. These are approximate figures and salaries and bonuses may exceed the figures mentioned.
Working at Bain
As well as Bain consultant salary benefits, careers at Bain come with many perks. Bain compares well to companies across industries—the firm is ranked among the best companies to work for by Glassdoor.
MBA hires at Bain get PTO vacation of 25 days per year. They get paid $8,000 for relocations of under 400 miles and $16,000 for over 400 miles. Bain also makes a 401(k) retirement contribution of up to $8,000 for US employees.
Master’s level hires at Bain get a housing allowance of up to $5,000, PTO vacation of 20 days per year, $5,000 for relocation.
Business school grads turned Bain consultants interviewed by BusinessBecause have praised Bain’s exciting work culture, but say work-life balance can be challenging:
Find out if consulting is what you really want to do. It's a very interesting job which gives strong basics to problem solving and data analysis, but this often comes with big cons, such as continuous travel and a not-ideal work-life balance.
How to get hired
Keith Bevans, head of global consultant recruitment at Bain & Company, tells BusinessBecause he looks for three key characteristics on any resume:
Are you smart? Being smart means GMAT score, GPA, undergraduate institution—usually being a graduate from a top MBA program has that covered.
Are you an impact player? Bain wants to know what impact you’ve made in your role, rather than what you’re responsible for.
Can you make it happen? Bain looks for practical, leadership experience. Say you’re in charge of organizing a major student conference: How did you deal with organizational challenges?
To apply for jobs at Bain, you'll need to submit the following items, plus any requirements specific to the office you’re applying for: resume/CV; educational background information; work experience; relevant test scores.
The data in this article was sourced from Management Consulted’s 2021 Consulting Salary Report. The salary figures in this article are for those joining management consulting positions in 2021.