Rethinking Compensation 2016: Consulting to Industry
Raines International analyzed compensation offers given specifically to current consultants we have recruited over the last 24 months, giving insight into the varying packages presented to consultants when transitioning to an industry role. Read on for specific offer examples and findings that may inspire a more open-minded approach to opportunities outside of your current firm.
Among these offers, an impressive 61% of consultants saw an increase in their base and bonus compared to compensation at consulting firms. This is up from 37% as found in our 2012 study. When factoring in equity, sign-on and relocation bonuses, however, overall compensation increased for a staggering 89% of recruited consultants, up from 77% as found in our previous study. Only 11% saw decreases in their total compensation, a factor mitigated by significant decreases in their cost of living as a result of relocation.
Additionally, the findings show that a majority of consultants took an increase in both their base and bonus and in total compensation.
Our 2012 study reported that less than half of the consultants we recruited increased in base and bonus when leaving consulting, affirming the common assumption that top consulting firms are the most reputable organizations for generous base salaries and bonuses. Our newest study, however, highlights a shift in compensation and the increased value of consultants to their prospective industry hiring managers.
Our takeaway: Current management consultants are valued higher now more than ever, giving you that extra push to take the leap into an industry role.
2012 Compensation Report| Offers made to current consultants when transitioning to Industry.