How much are you going to make if you leave banking and join Boston Consulting Group in London? And how high is your salary going to be if you stick out the consulting lifestyle long enough to actually make partner?
Accounts filed by The Boston Consulting Group LLP in London earlier this month suggest the consultancy firm is i) growing and ii) predictably far more generous to its 72 partners than to its 966 standard employees.
During the year ending March 2020, BCG LLP paid a total of £110m in wages, salaries and pensions to its UK staff - an average of £114k ($147k) per head for the average consultant/administrative employee.
By comparison, BCG's 72 partners received the bulk of their compensation in the form of profit sharing. Last year, this amounted to an average of £944k per head.
On average, therefore BCG earn eight times more than the rank and file. However, pay in some areas of the firm may be higher than others. At Boston Consulting Group Limited, which only employs 100 people and mostly represents the Digital Ventures arm of BCG in the UK, pay is typically higher. - Rank-and-file compensation here averaged £172k in 2019.
While banks are shrinking, BCG is most definitely growing. In the year to March 2020 BCG LLP added 127 people, an increase of 15%. 64 of the additions were consultants with the rest being admin staff. The partnership grew from 63 to 75 people over the same period.
BCG is a popular-ish choice for people who want to leave banking. The firm currently employs over 1,000 people who've left U.S. banks globally, according to LinkedIn. The consulting lifestyle can be hard, but it seems to be worth it if you keep going.
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