Management Consultant Salary in India: A Complete Guide
The financial complexity, economic growth, and demand for strategic direction have over the years, contributed to the evolution of the management consultancy industry in India. This has led to an increased demand for qualified consultants and further led to competitive compensation. However, these compensations can differ greatly. Factors like your experience level, the company you are working for, and the city you are located in often play a significant role in determining your annual package. In this blog, we will discuss the average salary of a management consultant in India, the factors that influence it, and the differences in the salary amount based on it.
Management Consultant Salary in India
According to industry trends, the average salary of a management consultant can range between 7 LPA to 40 LPA. Freshers and professionals with a few years of experience often make ₹120000 a month. However, several factors can influence this amount. We have discussed some of the most common factors that usually play a role in influencing your salary below.
Management Consultant Salary: Experience Wise
Management consultants play a crucial role in analyzing complex financial data and curating solutions to increase profit and avoid risks. Since it’s a highly complex field, companies often pay higher salaries to consultants with more experience. This is primarily because experienced consultants can communicate efficiently with business partners and clients to identify underlying financial problems and come up with impactful solutions.
In contrast, fresher consultants who are still learning the intricacies of business operations and management consultancy earn a lower salary. Here’s a closer look at the salary break up of management consultants based on various experience levels in India:
| Experience | Salary (in INR) |
| Fresher level (0-5) | 5.5 LPA |
| Intermediate level (6-10) | 15 LPA |
| Senior level (11-15) | 22 LPA |
| Highest-ranking level (16-20) | 30+ LPA |
Management Consultant Salary: Designation Wise
Designations are a very crucial factor that impacts the average salary of a management consultant. Analysts and associate consultants are often tasked with data collection, market research, and assisting managers on complex projects to refine their current skill set and knowledge.
Whereas, senior employees, such as managers or directors often look into multiple projects at the same time, negotiate deals, and ensure the smooth functioning of the organization. This is why they take home a higher compensation. Here’s a quick look at the salary break up of management consultants based on designation:
| Designation | Salary (in INR) |
| Analyst | 5 LPA |
| Associate Consultant | 7.5 LPA |
| Business Consultant | 10 LPA |
| Senior Consultant | 12 LPA |
| Manager | 20 LPA |
| Senior Manager | 25 LPA |
| Director | 40+ LPA |
Also Read: Highest Paying Management Jobs
Management Consultant Salary: Skill Wise
In an industry where skills and specializations are essential for identifying trends and making data-driven decisions, management consultants with specialized niches are usually paid higher salaries based on their expertise. Here’s a table showing the average salary of a management consultant based on their skill sets in India.
| Essential Skills | Salary (in INR) |
| Data Analysis | 3 LPA |
| Project Management | 6 LPA |
| Risk Management | 10 LPA |
| Change Management | 8 LPA |
| Consulting | 11 LPA |
| Management Consulting | 20 LPA |
Management Consultant Salary: Qualification Wise
Having a relevant education and training can profoundly impact your salary level. Candidates with relevant education or work experience can usually handle tasks better. The following table highlights how education qualification can significantly influence your salary.
| Qualification | Salary (in INR) |
| Diploma | 5 LPA |
| Bachelors | 10 LPA |
| Master’s | 15.5 LPA |
Management Consultant Salary: Company Wise
Top multinational companies usually pay their employees higher salaries than local firms. So, the company you are working for can create a stark difference in your annual compensation range. Here is a list of top companies that pay competitive salaries to their employees.
| Top Companies | Salary (in INR) |
| Infosys | 19 LPA |
| KPMG | 20 LPA |
| PwC | 21 LPA |
| Ernst & Young | 21 LPA |
| Cognizant | 21 LPA |
| Deloitte | 23 LPA |
| IBM | 28 LPA |
| Accenture | 27 LPA |
| Wipro | 30 LPA |
Also Read: Top Management Consulting Companies in India
Management Consultant Salary: City Wise
Major financial hubs like Mumbai, Delhi, and Bangalore host several large-scale companies that often have a higher demand for management consultants. Therefore the average salary of a management consultant is comparatively higher in these Indian cities. Let’s check out the city-wise breakdown of a management consultant’s pay scale in India.
| Top Cities | Salary (in INR) |
| Delhi | 15 LPA |
| Mumbai | 15 LPA |
| Hyderabad | 10 LPA |
| Chennai | 11 LPA |
| Bangalore | 18 LPA |
Management Consultant Salary: Placement-wise
Management consultants’ salaries can also vary according to the firms they are working for. This is a list of the highest salaries you can earn while working for top firms and public sector companies.
| Placement | Salary (in INR) |
| Tier 1 firms (Bain, McKinsey, BCG) | 30 LPA |
| Tier 2 firms (Deloitte, Accenture, EY, PwC) | 20 LPA |
| Boutique Firms | 15 LPA |
| Public Sector Consulting | 12 LPA |
Perks of being a Management Consultant
Beyond the impressive salaries, management consultants often enjoy several perks, such as:
- Professional Development Opportunity: Consulting businesses frequently invest in training and development initiatives. Aspiring consultants can use this opportunity to enhance their skills to gain industry-recognized credentials and advance their career.
- Networking Opportunity: Working with different clients and senior consultants, often help an aspiring to mid-level management consultant to form an extensive network of industry professionals.
- Travel Opportunity: Since consultants can work on several national and international projects, it may require them to travel frequently. This also provides an opportunity for personal and professional development.
- Flexible work hours: Consulting is usually a project-based job. Therefore, management consultants often have flexible work schedules. Several companies also provide remote work opportunities to promote a healthy work-life balance.
Conclusion
Management consultancy offers competitive salaries to top candidates. However, the average management consultant salary can be influenced by your experience level, the company you are working for, the city you are located in, and the key skills you possess. As someone either looking to venture into management consultancy or looking for ways to increase your current salary, this blog is the most useful guide at your disposal. You can culminate all the information provided here, to maximize your earning potential, create a strong portfolio and acquire new skills.
However, it takes more than knowing the average salary to familiarize yourself with the key components of being a management consultant. If you are unsure where to start, check out our step-by-step guide on how to become a management consultant.
FAQs
Answer: As a management consultant you would require strong skills in critical thinking, project management, problem solving, data analysis, negotiation, business communication and research.
Answer: Top companies like Cognizant, Deloitte, PwC, McKinsey, IBM, and Infosys hire management consultants.
Answer: While an MBA is advantageous, you can secure a role as a management consultant if you have relevant experience and skills.
