Other firms, like McKinsey, vary partner compensation based off their work but the relationship is not as simple a direct commission. The credibility that comes with being a licensed professional will greatly benefit you if you decide to move into consulting work in the future, or if you want to start your own business. While it will sting, it's likely for the best if it's not the right fit. It's also worth pointing out that the large implementation firms like Accenture and Deloitte tend to have much wider variance in salaries across roles, than say, a firm like Bain or LEK. Some firms like Deloitte have a model where partners receive some direct commission (with tiering and cutoffs) off the cases they've brought in. Consulting is not your typical 9-to-5 job. If you’re looking to make a career in R&D, you should consider pursuing graduate studies in engineering – in order to undertake advanced research, you will likely need at least a Master’s degree. Understanding the differences can be really difficult. Principals are usually "partners in training." All this being said, a P.Eng designation is not a requirement for engineering work and there are many successful engineers who do not hold the license. One option is to move into project management, where you’ll be responsible for managing and overseeing the work of other engineers. To be successful in R&D, an engineer must possess a creative mind, as well as a thorough understanding of the scientific principles behind engineering processes. While the ranges are tightly clustered, historically BCG has paid around $10K per year more than peer firms such as Bain and McKinsey. Copyright © 2020 TalentEgg Inc. All Rights Reserved. For a deep dive on partner compensation and key drivers, check out this detailed analysis. Associate Consultant who climbed the ranks to Vice President and Head of Bain Media Lab, shares her insights on the day in the life of a Bain Associate Consultant. For example, a really good Associate Consultant toward the end of their tenure at that band might start taking on more responsibilities such as leading a whole work steam. The below is a rough approximation of what you can expect. The bulk of many firms is made up of post MBAs who are between one to three years out from their program. If your area of interest does not require a P.Eng or if you’re still undecided about your career in general, then it might be wise to hold off on applying for your license. For example, Bain, McKinsey, Accenture and others have historically practiced this. You'll see that by far the biggest driver of salary differentiation will be the type of firm you choose to join. The job duties of a junior engineer will vary depending on your specific branch of engineering, but they generally centre around collecting and analyzing data, testing products, doing field work, and assisting with reports and documentation. Plus technique overviews and premium 1-on-1 Expert coaching. Occasionally, a star consultant will shoot up the ladder from Consultant to Partner in five years, but it's an exception, not the norm! While the two routes above represent the bulk of new hires, they aren't the only way! Justin Louie If you join a consulting firm, what will your career path look like? They vary along a few key axes and we've listed the key factors in descending order of importance. As you’ll see, some engineering disciplines naturally lend themselves to different specializations. On the other hand, if one is on the opposite end of the spectrum, he/she could face the "Up or out" policies that many consulting firms abide by. Networking is sometimes seen as a formal activity where professionals meet with each other on a regular basis to exchange business leads and discuss new opportunities. For example, of the strategy firms, Bain tends to hire relatively more undergrads than McKinsey or BCG, despite it being a smaller firm. The second truth is that once you've made it to partner, you won't be reading this guide! Successful project engineers can find themselves promoted into the executive branch of an organization, becoming Technical Directors, Vice Presidents and even Chief Technical Officers. First, some aspect of partner compensation will be varied by the amount of business and cases the partner brings in. Many companies offer rotational programs for newly-graduated engineers, specifically engineers-in-training who are working towards their P.Eng license. So suffice it to say, partner compensation will be quite healthy, likely over $450K in almost any firm, and it will be aligned with your ability to bring in new business - which makes sense! It’s a career path that’s well-suited for those interested in moving up the corporate ladder, since it provides for excellent networking opportunities and invaluable management experience. Partners also will spend some time working directly with the case team, but will primarily rely on a principal to drive all the case work streams and manage the rest of the team. Published: April 27, 2017 | Last updated: May 11, 2020, Consultant / Project Leader / Engagement Manager.