Salary Benchmarking Report 2020 - Top-consultant

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Salary BenchmarkingReport 2020A comprehensive study of remuneration levelswithin the Management Consulting sectorSponsored by 2020 Top-Consultant.com.All rights reserved.

2CONTENTSINTRODUCTORY REMARKSOUR SPONSORSURVEY DEMOGRAPHICS Introductory remarks The Demographics of the Survey’s Respondents and Top-Consultant.com’s Consulting Readership Commentary provided by Mindbench Overview of Consulting Salaries and Trends Salary levels by Seniority and Type of Consulting Junior Consultants Senior Consultants Managers Senior Managers/ Principals Partners About our sponsors Contact us 2020 Top-Consultant.com.All rights reserved.

3CONTENTSINTRODUCTORY REMARKSThis is the seventh edition of this biannual report on trendsfor consulting salaries in the UK. It is built on data gatheredfrom thousands of respondents. Thanks to all those whocontributed.The report includes basic salary, bonus levels and benefitsindividually reported by level of seniority across themanagement consultancy profession, with break-out datafor different areas of consulting. Continuing the format ofprevious reports, this year’s findings are compared closelywith results from previous surveys to better illustrate thechanges to reward, that practicing consultants have facedthrough the recession, the growth years and the COVIDdriven 2020.This UK consulting employment market has continued tocool. The trend of low salary inflation, that started after thefinancial crash, has continued. 2020 Top-Consultant.com.All rights reserved.SURVEY DEMOGRAPHICSOUR SPONSORWe ourselves have seen this reflected in the salaries beingadvertised on Top-Consultant over the last year.There is still a big jumpcontinuing to increasejunior grades which issalaries for these rolesbased staff.from Principal to Partner. Firms areusage of offshore teams to staffundoubtedly putting pressure onand reducing the demand for UKI hope you find this an interesting and useful resource.Jo Chantry – General ManagerTop-Consultant.com

4CONTENTSINTRODUCTORY REMARKSMindbenchOUR SPONSORthe leading specialist recruitment firm for management consultancywww.mindbench.com 2020 Top-Consultant.com.All rights reserved.SURVEY DEMOGRAPHICS

5CONTENTSINTRODUCTORY REMARKSThe Demographics of the Survey’s Respondents andTop-Consultant.com’s Consulting ReadershipOur responses for this survey were collected duringOctober to December of 2020, adding to the thousands ofdata points we’ve previously collected that allow us toshow compelling trend data for the sector.SURVEY DEMOGRAPHICSOUR SPONSORWhilst most responding consultants were from the fullservice global brands such as Accenture, Deloitte, EY andPwC, niche and top-tier firms such as McKinsey, Strategy&,PA Consulting and KPMG were also represented.As job titles through the consulting profession varydepending on the employer, for clarity we use the followingdefinitions throughout the report:Respondents’ ProfileConducting this survey has allowed us to collectdemographic data about our readership that may be ofgreat interest to recruiters seeking to attract consultingstaff through Top-Consultant.com. Of note is the fact that80% of the respondents are currently employed asManagement Consultants. 2020 Top-Consultant.com.All rights reserved.Junior Consultant – 1-3years’ consulting experienceSenior Consultant – 3-5years’ consulting experienceManager– 5-9years’ consulting experiencePrincipal– 9-12 years’ consulting experiencePartner– no definition required!

6CONTENTSINTRODUCTORY REMARKSSURVEY DEMOGRAPHICSOUR SPONSORThe Demographics of the Survey’s Respondents andTop-Consultant.com’s Consulting ReadershipSeniorityConsulting TypeWe had participants from all five grades this year. Thetrend to employing reduced levels of Junior Consultantscontinues as firms source analysis from offshore teams.We asked respondents to identify the primary type ofconsulting work that they undertook, giving interestinginsights into the types of consultants recruiters can reachthrough Top-Consultant.com.12Junior Consultant / Consultant, 3%Partner /Director, 43%Senior Consultant,10%Business Transformation /Change Management, 31%Manager, 13%Senior Manager / Principal, 31% 2020 Top-Consultant.com.All rights reserved.Outsourcing, 1%HR Consulting, 3%Business ProcessImprovement, 9%Technology, 14%Strategy, 25%Project /ProgrammeManagement,17%

7INTRODUCTORY REMARKSCONTENTSOUR SPONSORSURVEY DEMOGRAPHICSThe Demographics of the Survey’s Respondents andTop-Consultant.com’s Consulting ReadershipSectorSimilarly, respondents were asked to record the industrysectors that they specialise in. Multiple choices wereallowed hence the total exceeds 100.3Public SectorFinancial Services (Retail Financial Services focus)Why not advertise for consulting candidates onTop-Consultant.com?Our low-priced advertising packages allow you tosee for yourself the types of results that recruitersare experiencing by placing their job listings onTop-Consultant.comTelecoms, Media & EntertainmentClick here to find out moreRetail / Consumer GoodsEnergy & UtilitiesHealthcare & PharmaFinancial Services (Investment Banking/Capital Automotive / AerospaceTransportationDistribution / Logistics0% 2020 Top-Consultant.com.All rights reserved.10%20%30%40%

8COMMENTARYOVERVIEWCommentary by MindbenchIn the three years since the last salary survey, the consulting industry hasgrown at a reasonable pace until the impact of the Covid pandemic fromMarch 2020 caused a sizeable, if temporary, contraction. The industryreduced overall and some firms experienced a reduction in sales for severalquarters. Other niche firms which focussed on digital transformation sawtheir work increase as the crisis forced a major rethink of business modelsand accelerated new approaches involving remote working and digitalinterfaces for consumers.Since the end of 2020, the market has started to pick up, being led by dealrelated M&A activity. Whilst hiring was subdued for much of last year it hasnow resumed with both larger and smaller organisations returning to hiringat volume. We expect this trend to continue as the impact of the vaccinationprogramme results in a lifting of lockdown restrictions and the widereconomy returns to growth.The report shows that salary rises have been modest over the last few years.We anticipate that this could change in the next years through both a postpandemic economic bounce and some labour market shortages intechnology, made worse by the bureaucracy within the post-Brexitimmigration policies which include EU citizens with professional experienceas potential “skilled migrants”. 2020 Top-Consultant.com.All rights reserved.OTHER METRICS AND TRENDSWe expect digital disruption to continue to be the major theme of growththrough the coming decade. The consultants who will be most in demand arethose who combine tech related digital skills and analytics, with the peopleskills needed to facilitate change. Creativity will also be a skill which consultingfirms increasingly seek out, as clients look for novel approaches to develop newservices and secure revenues. We also anticipate that the “sustainabilityagenda” will gather pace and lead to consulting firms expanding their servicesaround this area or developing new offerings for companies and governmentlooking for advice.Digital start-ups have come of age with many businesses in consumer, mediaor financial related areas over the last two decades having become verysizeable businesses. These companies are very focussed on fast growth as wellas innovative approaches. They have looked to ex-management consultants asa key talent pool. We expect this trend to continue and consultants to besought out to join scale-ups and start-ups.It’s a great time to be a management consultant. The range of career optionsfor consultants in the UK and internationally has expanded over recent yearsand with it the competition for the best management consultants.Richard Stewart,Managing DirectorMindbench

9COMMENTARYOVERVIEWOTHER METRICS AND TRENDSOverview of Consulting Salaries and TrendsBelow we present the aggregate data for the UK consultingindustry in 2020, illustrating the average packages bygrade. Entry-level consultants earn just under 35k and canrise to an average of 184k for those who have workedtheir way up to Partner*.TOTAL REMUNERATION BY 0Benefits60000Basic Salary40000200000JuniorConsultant(*NB. The data of more senior partners whose remuneration is 800k is not collected in this survey.) 2020 Top-Consultant.com.All rights reserved.SeniorConsultantManagerSeniorManager /PrincipalPartner

10OVERVIEWCOMMENTARYOTHER METRICS AND TRENDSOverview of Consulting Salaries and TrendsThe following core survey data from the 2009, 2011, 2013,2015, 2017 and 2020 reports details the changes to the sizeand frequency of pay rise, bonus and promotion awardsrecorded over the last 10 years.Pay And Bonuses Key Metrics 2009 to 20202009Percentage who received a pay rise aspart of a promotion in the last yearPercentage receiving no bonus20112013Average bonus for those who receivedonePercentage receiving no pay rise20152017Average pay rise for those who received apay rise20200%10% 2020 Top-Consultant.com.All rights reserved.20%30%40%50%60%70%

Salary levels by Seniorityand Type of ConsultingSponsored by 2020 Top-Consultant.com.All rights reserved.

12OUR SPONSOR - MINDBENCHREMUNERATIONTALK TO TOP-CONSULTANTJunior ConsultantsTotal packages for Junior Consultants fell in 2020. None of ourjunior respondents received a bonus. This fits with the recenttrend in the industry towards firms hiring experienced, clientready, consultants.None of our respondents received a bonus in 2020.Average Percentage Bonus For Those Who Received One14121086Junior Consultants' 0001000050000202007200920112013201520172020Average pay rise for those who received a pay risePercentage receiving no pay riseAverage bonus for those who received onePercentage receiving no bonusPercentage who received a pay rise as part of a promotion inthe last year2%60%0%100%BonusBensBasic Salary200720092011 2020 Top-Consultant.com.All rights reserved.201320152017202040%

13OUR SPONSOR - MINDBENCHREMUNERATIONTALK TO TOP-CONSULTANTSenior ConsultantsSenior Consultants’ prospects have improved in this survey andthey can now expect to be paid 86k p.a. Although the growthfrom 2007 is 40% it is stilllower than the CPI in this period whichhas risen by 42% and explains why many Senior Consultantscomplain that they struggle to afford to live in UK cities.Average pay rises for those Senior Consultants that receivedone have fallen to 3.5% of basic salary.Average Pay Rise For Those Who Received A Pay Rise864Senior Consultants' 00002000010000002007BonusBensBasic Salary200720092011 2020 Top-Consultant.com.All rights ge pay rise for those who received a pay risePercentage receiving no pay riseAverage bonus for those who received onePercentage receiving no bonusPercentage who received a pay rise as part of apromotion in the last year20203.5%79%12%58%26%

14REMUNERATIONOUR SPONSOR - MINDBENCHTALK TO TOP-CONSULTANTManagersOur manager survey respondents earn on average 100k. Thetotal pay of Managers fell in the last three years and is up just26% since 2007.The poor growth in manager salaries reflects the current hiringfocus on technical delivery and sales. As utilisation falls in aconsulting firm the value of project management capabilitiesalso falls in comparison with the immediately sellable skills ofthe senior consultants and sales skills of the partners.Managers' Remuneration12000010000080000Bonus60000BensBasic ge pay rise for those who received a pay risePercentage receiving no pay riseAverage bonus for those who received onePercentage receiving no bonusPercentage who received a pay rise as part of apromotion in the last year 2020 Top-Consultant.com.All rights reserved.3.8%48%12%32%44%

15OUR SPONSOR - MINDBENCHREMUNERATIONTALK TO TOP-CONSULTANTRemuneration by FunctionManagersThe differences between the average total rewards received byManagers with different functional specialisms vary significantly.Strategy specialists lead the pack and earn on average over 138k, whereas Managers who specialise in ProjectManagement or IT earn on average 57k.44% of respondents received a pay rise as part of a promotionin the last 12 months.Percentage Who Received A Pay Rise As Part Of APromotion In The Last YearManagers' Remuneration By 0Basic Salary40000200000AverageStrategy 2020 Top-Consultant.com.All rights 510502007200920112013201520172020

16REMUNERATIONOUR SPONSOR - MINDBENCHTALK TO TOP-CONSULTANTSenior Managers / PrincipalsPrincipal salaries grew over the last three years to 131k.However their salary has only grown by 20% since we starteddoing these surveys in 2007.The penalty for not makingpartner in consulting is still as large as ever.Senior Managers / Principals' asic ge pay rise for those who received a pay risePercentage receiving no pay riseAverage bonus for those who received onePercentage receiving no bonusPercentage who received a pay rise as part of apromotion in the last year 2020 Top-Consultant.com.All rights reserved.3.2%45%15%33%18%

17OUR SPONSOR - MINDBENCHREMUNERATIONTALK TO TOP-CONSULTANTRemuneration by FunctionSenior Managers / PrincipalsThere is less difference between Principal salaries by practicethan there is with Managers. Business Transfomation andStrategy Principals are paid the most.As a Senior Managers / Principal, if you are paid a bonus, youcan expect 15.2% of your basic salary on average. This figure isthe highest it has been since we started these surveys.Principals' Remuneration By Bens60000Basic Salary8640000420000200Average Strategy 2020 Top-Consultant.com.All rights reserved.PPMBusinessTransBPIIT/TechAverage % Bonus For Those Who Received One2007200920112013201520172020

18REMUNERATIONOUR SPONSOR - MINDBENCHTALK TO TOP-CONSULTANTPartners* 184k is the average total reward enjoyed by respondents atPartner level in 2020. This salary that has been effectivelyconstant in nominal terms over the last ten years, representing asignificant fall in real terms. In particular, partner pay has notkept up with executive pay at clients. The average FTSE chiefexecutives now earn 386 times more than a worker on thenational living wage. Joining the client in an executive role isnow much more attractive to consulting partners than it was in2007.Partners' 000Bens80000Basic Salary6000040000Unsurprisingly, Partners who received a bonus over the last 12months enjoyed the highest percentage of their basic salaries ofall the seniority grades.*N.B. Please note that while there are of course partners earning more than 200k - 300k, as well as asmall number of Senior Partners earning 800k , these consultants don’t typically take part in surveys. 2020 Top-Consultant.com.All rights reserved.2000002007200920112013201520172020Average pay rise for those who received a pay risePercentage receiving no pay riseAverage bonus for those who received onePercentage receiving no bonusPercentage who received a pay rise as part of apromotion in the last year5.9%74%23%38%12%

19OUR SPONSOR - MINDBENCHREMUNERATIONTALK TO TOP-CONSULTANTRemuneration by FunctionPartnersPartners who specialise in Business Transformation earn thelargest reward, closely followed those who specialise in IT/Tech.22.8% of basic salary is what Partners can expect to earn in 2020as a bonus, if they are fortunate enough to receive one.Partners’* Remuneration By FunctionAverage Bonus For Those Who Received One250000302000002520150000Bonus15Bens100000Basic T/Tech*N.B. Please note that while there are of course partners earning more than 200k - 300k, as well as asmall number of Senior Partners earning 800k , these consultants don’t typically take part in surveys. 2020 Top-Consultant.com.All rights reserved.02007200920112013201520172020

20REMUNERATIONOUR SPONSOR - MINDBENCHWhether you are a Manager considering youroptions, a graduate who is new to the industry, or aPartner considering how to grow your team,Mindbench could help you realise your objectives. Mindbench is the leading specialist recruitment firm forthe management consultancy sector We partner over the long term with our consulting clientswhich include the top strategy consulting firms, the “Big4”, and boutique specialist firms We support FTSE 100, private equity, start-ups,government departments and charities and companies inhiring consulting talent on a permanent or project basis We cover all consulting functions and sectors, fromConsultant to Partner grades Mindbench works internationally and we supportrecruitment initiatives through the UK, Europe, MiddleEast, Americas and Asia 2020 Top-Consultant.com.All rights reserved.TALK TO TOP-CONSULTANTIf you are a candidate interested in discussing your optionsplease upload your CV at www.mindbench.comIf you are a client and potentiallyinterested in hiring for your teamplease contact our Managing Director,Richard Stewarton richard@mindbench.co.ukWe are proud to be associated with this salarybenchmarking report and hope that its findings are usefulfor you.

21REMUNERATIONOUR SPONSOR - MINDBENCHContact the team at Top-Consultant.comFind out how your firm could attract consulting hires by: Advertising on our websitesAdvertising in our consultancy-focused publicationsAccessing our CV databasesRunning bespoke careers eventsPosting your news to our readersHave us generate leads for your services.Call to speak to one of our teamFor more information on Top-Consultant’s services or if youhave any questions about the data in this report pleasecontactJo Chantryon 0207 667 6880or email at jo@top-consultant.com. 2020 Top-Consultant.com.All rights reserved.TALK TO TOP-CONSULTANTRequest a brochureAlternatively, please feel free to request a PDF brochuredetailing our services. You may do this online by visitingthis weblink.Email usFeel free to email our Customer Services team with vices@top-consultant.com.

Salary Benchmarking Report 2020 A comprehensive study of remuneration levels . Business Transformation / Change Management, 31% 2 Junior Consultant / Consultant, 3% Senior Consultant, 10% Manager, 13% Senior Manager / Principal, 31% Partner / Director, 43% 1 2020 Top-Consultant.com.

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