Do Consultants Get Bonuses (Big 4 + MBB Facts)

Consultants (working at Big 4 or MBB firms) get a good salary, and they enjoy many extra perks (like health benefits and travel allowances). This might make you wonder if they also get bonuses! 

Consultants working in the Big 4 (Deloitte, PwC, EY, and KPMG) and MBB firms (McKinsey, Bain, and BCG) receive signing and performance-based bonuses. On top of that, if any of these companies are asking you to move to a different city office, they’ll also give you a relocation bonus to cover the expenses.

In this read, we reveal:

• Do consultants working in the Big 4 and MBB firms get bonuses?
• What kind of bonuses do consultants receive? 

Do consulting firms give bonuses? 

Yes, fortunately, all the major consulting firms (Big 4 and MBB) give generous bonuses to their consultants. 

You can expect a signing bonus that you’ll receive immediately after joining any of these firms. It can be around 20% to 25% of your base salary. (Source)

That being said, you’ll also receive a performance-based bonus each year. As the name suggests, it’s directly tied to how well you do in your role. So, the better you are, the bigger the bonus check!

According to my research, these consulting firms also give you a relocation bonus. Thus, when they ask you to move to a different city office, they’ll cover all the expenses of relocating. This bonus usually includes travel costs, housing, and a few other things. (Source)

Now that you have an idea that consultants do get bonuses let’s take a closer look at each of the Big 4 and MBB firms to see how their reward system works:

1. Deloitte

Deloitte (a Big 4 firm) is one of the best workplaces in the US. The consultants working here have always praised it for its inclusive culture, amazing training programs, and, of course, the salary (and bonuses). (Source) 

Talking about the extra perks, the firm is famous for giving the consultants the following bonuses:

• Signing
• Performance-based
• Relocation 

With the signing bonus, Deloitte has a clawback policy. It is quite common in many other consulting firms. 

Let us explain!

According to it, you’ll get a one-time payment of $20,000 as a signing bonus. 

But if you leave within the first year, you’ll be required to repay the entire $20,000. If you leave within the second year, you’ll have to repay 50% of the bonus. And if you continue even after two years have passed, the amount is totally yours! (Source)

2. PwC (PricewaterhouseCoopers)

PwC is another Big 4 firm that is renowned for its amazing salary packages and bonuses. 

If you’ve done really well in the company, you’ll get a performance-based bonus annually. It’s usually around 10% to 20% of your base salary. Low performers get less than 10%. (Source)  

As a consultant, you’ll also receive a signing bonus upon joining the firm. Also, there’s no clawback provision attached to this. This means even if you leave the firm at any point, you’ll still receive a full bonus, and PwC will not deduct anything! (Source)

We also found that PwC is giving the consultants and other employees a relocation bonus. (Source) 

3. EY (Ernst & Young)

EY has excellent perks and bonuses for consultants. That’s why it has been featured on Fortune’s “100 Best Companies to Work For®” list for twenty-five consecutive years. 

Here’s a glimpse of what you can get from this Big 4 company (apart from base salary):

• Signing bonus
• Annual bonuses (Performance-based)
• Promotion bonuses
• Relocation bonuses

(Source)

The annual bonus is given according to your performance. It can be somewhere between 15% to 25% of your salary. (Source)

Apart from that, you also get a promotion bonus when you’re promoted to a higher position within EY. (Source)

4. KPMG (Klynveld Peat Marwick Goerdeler)

Although KPMG is the smallest Big 4 firm, its additional benefits and bonuses are top-notch! 

By the end of the year, HR evaluates your performance as a consultant, and you get a bonus (up to 20% of your salary). (Source) 

When we dug deeper, we got to know that you get a signing bonus as well. However, sometimes the firm might offer you a smaller bonus. But you can always negotiate with them and have something extra! (Source)

One more thing! if KPMG sends you to a different location for work purposes, you’ll also get a relocation bonus. (Source) 

5. McKinsey & Company

McKinsey & Company( an MBB firm) is known for giving consultants amazing salaries as well as bonuses. 

You’ll get a performance-based bonus (once a year), a signing bonus (as you start working), and a relocation bonus (if you’re moving for work). (Source)

But that’s not it! You also become eligible for a comprehensive health insurance plan. This includes:

• Medical
• Dental
• Vision

It is paid in full by the firm. This might not be a bonus, but it could definitely help you in times of need! (Source)

6. Bain & Company

Bain & Company (another MBB firm) is appreciated worldwide for its perks and benefits. Here, the bonus structure is mainly divided into two categories:

• Performance-based
• Profit Share

(Source)

Now, you might be clear about how a performance-based bonus works (evaluated according to your contributions); let us explain the profit share bonus in detail.

This bonus is the result of the overall success of the entire company. So, when Bain does exceptionally well, your profit-sharing bonus gets even more exciting! 

On top of these perks, you also get a signing and a relocation bonus. (Source) 

7. BCG (Boston Consulting Group)

The bonuses you get at BCG are pretty much the same as the Big 4 firms and the rest of the MBB companies. 

When we did our research, we came across a few consultants from BCG who wrote on public forums that the firm doesn’t give signing bonuses. However, if you’ve got great negotiation skills, you can definitely get them. (Source) 

Moreover, the performance-based and relocation bonuses here are also noteworthy. All in all, the salary package with benefits makes your life easier at BCG!

A former consultant working at BCG wrote on Glassdoor: “I had the opportunity to work at BCG, and initially, I wasn’t offered a signing bonus. However, after hearing from a few friends that negotiations were possible, I decided to give it a shot. To my delight, the company was open to discussion, and I successfully negotiated a signing bonus. Beyond the signing bonus, the other bonuses at BCG are truly remarkable, too! You must grab the opportunity to work here if you get one.” (Source)

Performance-based bonuses

Here’s a table that shows you the performance-based bonus of senior consultants working in the Big 4 and MBB firms. (Source)