Do you live in the UK and have a passion for consulting? Are you looking to work for one of the highest paying consulting firms in 2024? Firms that offer the top salaries for consultants are always in high demand, and it’s no surprise why. Consulting is a lucrative and rewarding career choice that offers a diverse range of opportunities and challenges.
Most consulting firms provide competitive salaries, but which are the highest paying in the UK? This article will explore the top 10 highest paying consulting firms in 2024 (UK) and provide tips on how to land a job with them.
But first, let’s understand what consultancy is and why it’s in such high demand.
What is Consultancy?
Consultancy is a professional service that provides expert advice and solutions to businesses, organisations, and governments. This advice is often based on the knowledge and skills of highly qualified professionals who specialise in specific industries or fields. Consultants work with clients to identify problems, analyse data, and develop strategies for improvement and growth. They also guide how to implement these strategies effectively.
Consulting firms are made up of a team of consultants who work together to provide their clients with the best solutions. These firms offer services in various areas, such as management, finance, technology, strategy, and human resources. They serve clients from different industries and sectors, including healthcare, finance, telecommunications, and government agencies.
Now, let’s take a look at the top 10 highest paying consulting firms in the UK for 2024.
Top 10 Highest Paying Consulting Firms in the UK for 2024
- McKinsey & Company
- Boston Consulting Group (BCG)
- Bain & Company
- Accenture
- Deloitte
- KPMG
- PwC
- EY
- Oliver Wyman
- Capgemini
Although difficult to accurately state the precise salaries due to secrecy, here is a list of some of the highest paying consultancy firms in the UK. It is also essential to note that these salaries can vary depending on factors such as location, experience level, and job role. Some firms may also offer additional benefits such as bonuses, healthcare, and retirement plans so this is a rough list based on numerous sources.
Here is some information on the top three on our list, known as ‘MBB’ firms.
McKinsey & Company:
McKinsey & Company is a global management consulting firm that works with leading businesses, governments, and institutions to tackle their most significant challenges. Founded in 1926, the Company has over 30,000 employees worldwide and serves clients in over 120 countries.
McKinsey is known for its highly selective recruitment process and rigorous training program for new hires. The Company also has a strong emphasis on creating a diverse and inclusive workplace, with initiatives such as the McKinsey Women’s Network and LGBTQ+ network.
One of the reasons for McKinsey’s success is its use of data-driven strategies to help clients improve their performance and achieve long-term growth. The firm has worked with some of the world’s top organisations, including Fortune 500 companies, governments, and non-profits.
Boston Consulting Group (BCG)
Boston Consulting Group (BCG) is a global management consulting firm that focuses on strategic and operational consulting for clients across industries. Founded in 1963, the Company has over 90 offices worldwide and employs more than 18,000 people.
BCG uses a data-driven and innovative approach to help clients achieve a competitive advantage in their respective markets. This approach has helped BCG maintain a high client satisfaction rate and win numerous awards for its work.
Bain & Company
Bain & Company is a renowned global management consulting firm, founded in 1973. It’s one of the world’s leading consulting firms and is highly regarded for its expertise in strategy, mergers and acquisitions, operations, and digital transformation.
The firm collaborates closely with clients across various industries to address complex challenges, drive growth, and enhance performance. Bain is known for its rigorous analytical approach and hands-on implementation support, helping organisations achieve tangible results. With offices worldwide, Bain continues to be a trusted advisor to businesses seeking strategic guidance and operational excellence.
Related: Consulting: Explained
Top Tips to Land a Job with the Highest Paying Consulting Firms in 2024 (UK)
Gain Experience
Consulting firms look for candidates with academic qualifications and practical experience. The experience doesn’t necessarily need to be super relevant, but it does have to show any skills applicants have developed. It can be any experience at all but needs to be phrased in a way that shows what the individual have gained: such as analytical skills, leadership skills and anything else, through internships or part-time jobs while studying. This will make candidates stand out among other applicants and show commitment to the consulting above all else.
Network and Build Relationships
Networking is an often overlooked step in the process but can provide you with some valuable tips and tricks, plus give you a contact name to put on a cover letter when applying to firms. Attend networking events and conferences to meet professionals in the field and build relationships with them. You can also reach out to alums or professionals on LinkedIn for information on the recruiting process or insights into the firms culture. By creating a strong network, you can certainly increase you chances of getting hired into consultancy.
Practice the psychometric tests in advance!
One way to stand out as a top candidate for high paying consulting firms is to practice the consulting psychometric tests beforehand. The most popular ones are numerical reasoning, logical reasoning and verbal reasoning. There is a huge range of different resources and informative articles online to help out so certainly practice as much as possible.
Final Words
The consulting industry in the UK is highly competitive and offers excellent opportunities for those looking to enter or advance their careers. The top paying consulting firms mentioned in this article are just a few examples of the many prestigious firms in the UK.
FAQs About Consulting Careers
What qualifications do I need to work in consulting?
Most consulting firms require at least an undergraduate degree. For more specialised roles, a Master’s or other advanced degrees may be preferred. Any degree whatsoever is accepted in consulting as it is more about the skills learnt in those degrees.
How can I improve my chances of being hired by a top consulting firm?
Gaining relevant work experience through internships or part-time jobs, building a strong professional network, and developing in-demand skills such as analytical thinking, problem-solving, and effective communication are crucial steps.
What is the typical career path in consulting?
Consultants can start as analysts or associates, progressing to consultant, senior consultant, manager, senior manager, and partner or director levels. The speed of advancement can vary based on performance, expertise, and contributions to the firm.
Can I work in consulting with a background in non-business disciplines?
Yes, consulting firms increasingly value diverse perspectives. Candidates with backgrounds in science, technology, engineering, mathematics (STEM), and other fields can offer unique insights and problem-solving skills.
How competitive is the consulting job market?
The consulting field is highly competitive, with many candidates vying for positions at top firms. Demonstrating a strong academic record, valuable work experience and exceptional interpersonal skills can improve your competitiveness.
What types of projects do consultants typically work on?
Consultants work on a wide range of projects, from strategy and management to IT, finance, operations, and more, covering various industries, including healthcare, technology, finance, and government.
How much travel is involved in consulting jobs?
The amount of travel can vary greatly depending on the firm, role, and client needs. Some consultants travel frequently, while others may work primarily from the office or remotely.
What is the work-life balance like in consulting?
Consulting can be demanding, with long hours and tight project deadlines. However, many firms are adopting more flexible work arrangements and focusing on maintaining a healthy work-life balance for their employees.
