Bain & Company offers management consulting services mainly to CEOs of Fortune 500 companies. At the same time, Bain Consulting is known for offering its employees competitive salary packages. The company values and appreciates the work of its consultants, and it provides a compensation plan that considers these factors.
However, it is crucial to remember that specific salary ranges may differ depending on several variables, including seniority level, location, and performance. Although Bain Consulting’s actual salary information is subject to change over time, it is generally believed that the Company pays its consultants very competitive base salaries.
Additionally, each consultant at Bain & Company is given performance-based bonuses, which can significantly increase their overall income. These bonuses are usually based on team and individual performance, general business outcomes, and client satisfaction.
So, if you’re a consultant seeking salary information for Bain Consulting, this blog post will provide every consultant salary information you need about Bain & Company consulting.
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About Bain & Company Consulting
Bain & Company is an American management consulting firm with corporate headquarters in Boston, Massachusetts. The Company gives counsel to non-profit, private, and public organizations. At the same time, it is among the Big Three management consultancies and was established in 1973 by Bill Bain (former Group Vice President of Boston Consulting Group) and his colleagues, including Patrick F. Graham.
The Company had tremendous growth in the late 1970s and early 1980s. Later, in 1984, Bill Bain separated the alternative investment company into Bain Capital, and he named Mitt Romney as its first CEO. From 1987 to the beginning of the 1990s, Bain faced numerous obstacles and financial difficulties.
Romney and Orit Gadiesh, the Company’s CEO and chairman, are credited with returning the business to profitability and growth. In the 2000s, Bain & Company kept growing and developing new specialties for working with non-profit organizations, IT firms, and others. It also established a considerable practice centered on collaborating with private equity firms.
Furthermore, Bain has recently been the focus of controversy due to their collaboration with the South African Revenue Service. The Company offers advice on market research, mergers and acquisitions, corporate strategy, finance, private equity investments, and operations.
Additionally, it has departments devoted to digital technologies, word-of-mouth marketing, and client loyalty. Its consulting focuses primarily on corporate strategy. The Bridgespan Group was later founded in 2000 to collaborate with non-profits and to help staff members complete volunteer projects.
In addition, Bain & Company keeps a social impact practice within the Company and promised in 2015 to invest $1 billion in volunteer consulting by 2025. This practice is based on several pillars, including local community development, social and economic development, and climate change.
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Bain & Company Company Stats
The table below shows Bain’s stats as of March 2023.
| Industry | Management Consulting |
| Established | 1973 |
| Headquarters | Boston, Massachusetts |
| Country | United States |
| CEO | Manny Maceda |
| Employees | 18,000 |
Why is Bain Consulting So Well-Paying?
There are many reasons why Bain Consulting has a well-deserved reputation for paying its consultants well, including the fact that it provides them with market-competitive salaries. The following factors constitute the robust pay structure of Bain Consulting:
- Bain is a highly selective company. Positions at Bain are only given consideration to the top graduates from prestigious colleges. This indicates that the Company only selects highly talented and competent individuals.
- The consultants at Bain are highly skilled and competent. They are in charge of managing challenging projects and producing results for Fortune 500 organizations. Therefore, this requires strong analytical and problem-solving abilities and a thorough understanding of business.
- Bain Consulting is a very profitable company. The Company generates billions of dollars in revenue annually, enabling it to pay its consultants well.
- Demand and reputation. Bain & Company has established a solid reputation as one of the leading management consulting organizations worldwide. The Company provides its clients with excellent strategic guidance and produces notable results. Because of the great demand for Bain & Company’s consulting services, the Company can set high rates and allocate a substantial portion of its revenue to consultant salary.
- Performance-Based Culture. Bain has a culture that is focused on performance. It prioritizes delivering excellent results and exceeding client expectations. And consultants are compensated according to client satisfaction, individual and team performance, and general business results. Thus, Bain Consulting’s performance-based system encourages consultants to strive for excellence and can lead to a higher salary for any consultant who consistently produces superior results.
- High-Value Client Engagements. Bain & Company frequently works with prestigious clients and undertakes challenging consulting projects. These engagements often call for a thorough knowledge of the field, considerable research, and the capacity to create novel solutions. These projects can produce significant client value. Thus, Bain can charge higher fees and pay its consultants more.
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Salary Ranges At Bain Consulting
According to Glassdoor, the estimated total salary for a Consultant at Bain Consulting is $233,689 annually. This value represents the median, the midpoint of the ranges based on salary information collected from their users and the proprietary Total Pay Estimate model. However, the estimated pay is $172,773 yearly, and the estimated additional payment is $60,916 annually. Extra income could include stock, bonus, tips, commission, or profit sharing.
Here’s a breakdown of the total pay:
| Pay Type | Pay Estimate | Most Likely Range | % of Total Pay | |
| Base Pay | $172,773/yr | $140K – $214K | 73.9% | |
| Bonus | $41,086/yr | $31K – $58K | 17.6% | |
| Profit Sharing | $19,830/yr | $15K – $28K | 8.5% |
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Bain Consulting Salary For An Entry-level Consultant
Reports from Glassdoor show that the estimated salary for an entry-level consultant at Bain & Company Consulting is $257,745 annually. However, the estimated base salary for an entry-level Bain Consulting consultant is $138,738, while the estimated additional payment is $119,006 yearly. Find the total salary breakdown below:
| Pay Type | Pay Estimate | Most Likely Range | % of Total Pay |
| Base Pay | $138,738/yr | $108K – $178K | 53.8% |
| Bonus | $27,911/yr | $21K – $39K | 10.8% |
| Stock | $30,088/yr | $23K – $42K | 11.7% |
| Commission | $46,454/yr | $35K – $65K | 18% |
| Profit Sharing | $14,553/yr | $11K – $20K | 5.6% |
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Average Bain Consultant Salary By State
The following table provides the salary information by state for a Bain Consulting Company consultant.
| State | Annual Salary | Monthly Pay | Weekly Pay | Hourly Wage |
|---|---|---|---|---|
| Minnesota | $108,843 | $9,070 | $2,093 | $52.33 |
| Nevada | $108,724 | $9,060 | $2,090 | $52.27 |
| Massachusetts | $107,792 | $8,982 | $2,072 | $51.82 |
| Oregon | $107,037 | $8,919 | $2,058 | $51.46 |
| Hawaii | $105,364 | $8,780 | $2,026 | $50.66 |
| Iowa | $103,939 | $8,661 | $1,998 | $49.97 |
| Washington | $103,035 | $8,586 | $1,981 | $49.54 |
| Alaska | $102,834 | $8,569 | $1,977 | $49.44 |
| New York | $102,010 | $8,500 | $1,961 | $49.04 |
| Ohio | $101,664 | $8,472 | $1,955 | $48.88 |
| Connecticut | $101,575 | $8,464 | $1,953 | $48.83 |
| Rhode Island | $101,100 | $8,425 | $1,944 | $48.61 |
| South Dakota | $100,720 | $8,393 | $1,936 | $48.42 |
| North Dakota | $100,644 | $8,387 | $1,935 | $48.39 |
| Tennessee | $99,515 | $8,292 | $1,913 | $47.84 |
| Utah | $98,759 | $8,229 | $1,899 | $47.48 |
| California | $95,940 | $7,995 | $1,845 | $46.13 |
| Illinois | $95,170 | $7,930 | $1,830 | $45.76 |
| Mississippi | $93,648 | $7,804 | $1,800 | $45.02 |
| Maryland | $92,738 | $7,728 | $1,783 | $44.59 |
| Virginia | $92,719 | $7,726 | $1,783 | $44.58 |
| Wisconsin | $92,256 | $7,688 | $1,774 | $44.35 |
| New Jersey | $91,829 | $7,652 | $1,765 | $44.15 |
| Colorado | $91,492 | $7,624 | $1,759 | $43.99 |
| Delaware | $91,424 | $7,618 | $1,758 | $43.95 |
| Vermont | $91,260 | $7,605 | $1,755 | $43.88 |
| Louisiana | $90,750 | $7,562 | $1,745 | $43.63 |
| Kansas | $89,993 | $7,499 | $1,730 | $43.27 |
| South Carolina | $88,125 | $7,343 | $1,694 | $42.37 |
| Oklahoma | $88,090 | $7,340 | $1,694 | $42.35 |
| Maine | $87,736 | $7,311 | $1,687 | $42.18 |
| Michigan | $87,492 | $7,291 | $1,682 | $42.06 |
| Wyoming | $87,322 | $7,276 | $1,679 | $41.98 |
| Indiana | $86,904 | $7,242 | $1,671 | $41.78 |
| Arizona | $86,876 | $7,239 | $1,670 | $41.77 |
| Missouri | $86,753 | $7,229 | $1,668 | $41.71 |
| Georgia | $85,403 | $7,116 | $1,642 | $41.06 |
| Pennsylvania | $85,358 | $7,113 | $1,641 | $41.04 |
| Texas | $85,211 | $7,100 | $1,638 | $40.97 |
| New Hampshire | $85,077 | $7,089 | $1,636 | $40.90 |
| Nebraska | $84,017 | $7,001 | $1,615 | $40.39 |
| New Mexico | $83,490 | $6,957 | $1,605 | $40.14 |
| Montana | $83,348 | $6,945 | $1,602 | $40.07 |
| Idaho | $82,640 | $6,886 | $1,589 | $39.73 |
| Kentucky | $81,583 | $6,798 | $1,568 | $39.22 |
| North Carolina | $80,461 | $6,705 | $1,547 | $38.68 |
| Arkansas | $80,014 | $6,667 | $1,538 | $38.47 |
| West Virginia | $73,549 | $6,129 | $1,414 | $35.36 |
| Alabama | $73,418 | $6,118 | $1,411 | $35.30 |
| Florida | $73,342 | $6,111 | $1,410 | $35.26 |
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Bain Consulting Salary By Job Title
The average salary of Bain & Company job titles may differ based on the job description, location, and department. So, the table below illustrates the various job titles at Bain & Company alongside the salary range and total compensation. The salary paid can vary for the same position at Bain & Company depending on education, experience, skills, and competence.
| Job Title | Average Salary |
|---|---|
| Full-Time IT Project Coordinator (2220m) | $76,080 |
| FT Family Law Paralegal Buckhead (2218) | $93,337 |
| FT Project Coordinator (2220) | $105,886 |
| FT – Family Law Paralegal Marietta (2219) | $88,782 |
| FT Administrative Assistant/Research Assistant – Perimeter Area (2202) | $64,342 |
| FT Office Manager (2214) | $99,045 |
| FT Accountant (2224) | $83,545 |
| FT Software Sales Representative (2211) | $111,301 |
| FT Corporate Recruiter (2210) | $220,011 |
| Part-Time Bookkeeper | $43,563 |
| Part-Time Executive Assistant – Remote | $89,352 |
| Human Resources Director – Virtual | $204,571 |
| Bookkeeper and Administrative Specialist | $53,590 |
| Project Administrator | $75,281 |
| Maintenance Worker | $35,664 |
| Home Health Aide | $28,653 |
| RN Part Time 3 pm-11 pm | $86,144 |
| Discharge Planner | $86,144 |
| Part-Time Weekend Receptionist | $86,144 |
| RN Educator/ Staff Developer | $81,543 |
| Registered Nurse RN (per diem) | $78,453 |
| RN Supervisor | $78,453 |
| RN FT Evening Shift | $86,144 |
| Food Service Worker | $25,934 |
| Unit Clerk | $42,559 |
| Full-time COTA | $72,538 |
| RN Supervisor Full Time | $97,053 |
| Licensed Practical Nurse (per diem) | $86,144 |
| RN registered nurse 3 pm-11 pm | $86,695 |
| Housekeeping | $72,079 |
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Factors That Affect Bain & Company Salaries
The pay at Bain Consulting might vary depending on several factors. Here are some significant factors that can affect salaries at the Company, though precise compensation figures may vary:
Seniority level
At Bain Consulting, salaries often vary according to the consultant’s seniority level. The pay scale for junior consultants, like Analysts or Associates, is typically lower than that of more senior positions, like Managers, Partners, or Principals. Therefore, consultants typically receive more money as they advance in their professions and assume more responsibilities.
Geographic Location
A consultant’s income can also be considerably impacted by the region in which they are employed. Bain & Company has a global presence, and compensation packages are frequently modified to account for regional differences in cost of living and market conditions. For instance, consultants working in major metropolitan cities with higher living expenses may earn higher salaries than those working in less expensive areas.
Performance and Merit
At Bain & Company, performance is an essential factor affecting compensation. The Company upholds a performance-based culture, and consultants may be eligible for merit- or performance-based bonuses if they consistently produce excellent results and contribute to the growth of the Company. Hence, high achievers are frequently recognized and rewarded for their accomplishments.
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Education and Experience
Initial compensation offers at Bain Consulting may be influenced by educational background and previous experience. So, consultants with advanced degrees, like MBAs from reputable colleges, may expect higher starting compensation. Similarly, those with specialized knowledge or relevant industry experience may bargain for a higher salary based on the value they add to the Company.
Industry and functional expertise
Bain works with customers in various sectors and divisions. Due to their specialized expertise, consultants with in-depth knowledge and experience in niche industries or functional areas in great demand may earn more money.
Projects and client engagements
The complexity and nature of client engagements can impact pay. Due to the importance and influence of their work, consultants who work on high-value projects or with prominent clients may have the chance to earn more excellent remuneration.
Generally, the salary of a consultant at Bain & Company is among the highest in the industry. But the particular factors that impact salaries can differ based on the individual consultant’s circumstances.
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Frequently Asked Questions
Salaries and bonuses for MBA and Ph.D. hires stayed the same at MBB firms, with Bain and BCG moving ahead of McKinsey regarding overall compensation for the second year.
Only highly regarded and authorized MBA programs will be eligible for tuition reimbursement from Bain. Employees must complete their MBA courses with a B grade or above to qualify for compensation.
Their management consulting services concentrate on the most critical problems and opportunities for their clients, including sustainability across all industries and regions, strategy, transformation, marketing, operations, organization, technology, digital, and advanced analytics.
Conclusion
Bain consulting salaries are one of the highest in the industry. An entry-level consultant salary at Bain & Company Consulting is $257,745 annually. However, bonuses and profit sharing can make it increase beyond that.
Furthermore, salary ranges at Bain differ based on several factors, which we have discussed in this article. So, if you want a challenging career with a high-paying consultant salary in management consulting (especially for entry-level), Bain & Company is an ideal choice.
References
en.wikipedia.org – Bain & Company
forbes.com – Bain & Company
ziprecruiter.com – What Is the Average Bain Consultant Salary by State
salary.com – BAIN & COMPANY SALARIES
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