I applied online. The process took 6+ months. I interviewed at Deloitte (Chicago, IL) in October 2016.
Three rounds of interviews – (1) Phone screen with HR, mainly to make sure you understand the job description, have reasonable expectations for compensation and level, are comfortable with 80% travel, and seem competent. (2) Technical screen with a consulting practitioner, by phone, behavioral type questions (I.e., “tell me about a time you led a team.”) mixed with a resume walkthrough. (3) In-person interview day that consisted of three 45-minute interviews with consulting practitioners. One interview was a case, and the others were resume walkthrough/behavioral interviews similar to the second round.
I interviewed for their human capital practice and my cases were human capital related. The first was reviewing a slide deck written by a team member and providing constructive feedback on how to improve it. The second was solutioning for a client where the key stakeholders disagreed about major changes to the org structure. For the case, he shared the handout with me and allocated about ten minutes for me to prepare. I took notes/drawings which, not only jogged my memory when I was stating my solution and rationale, but also kept me organized and ensured I didn’t miss anything. I made sure the interviewer could see the paper too.
To prepare, I did three things. First, I reviewed my resume and took notes on each of my accomplishments/challenges from prior projects – the project where I led a sizeable team, the project where I worked with c-suite executives, the project where I sold substantial additional work, etc. so that I had good examples for behavioral questions. I prepared my two minute “elevator speech” for when an interviewer asks, “tell me about yourself.”
Second, I researched Deloitte extensively and wrote out educated questions (i.e., “I understand you send your new hires to Deloitte University. I am very excited about that! Do people attend annually? What is the process to get continuing education?”) This question instantly communicates to the interviewer that (a) I know a little about Deloitte, such as DU, (b) I am enthusiastic and curious, and (c) I have a question that can kickstart a conversation. I asked the same questions to each interviewer to see if the answers varied. I also aimed to ask personal/opinion questions, like why the interviewer came to Deloitte, chose the alignment they did, etc. or what they were currently working on.
Third, because I was given the interviewers’ names in advance, I could check them out on linkedin. Interestingly, I had commonality with almost all of them – same university, same major, experienced hire situation, grew up near my hometown, etc. This one is a bit controversial because of course you don’t want to cyberstalk somebody, but I did find it helpful in being able to establish some personal repoire; if nothing else, it made me less nervous going into the session, as I could put a face with a name.
Bring pencil/paper for the case interview.
Bring paper copies of your resume.
- Tell me about a time you had to work with someone you didn’t like.
What is your best advice for junior team members? Answer Question
Consultant salaries are a topic many readers are dying to learn more about.
We’ve gathered the data from our own experiences, clients who land offers, consulting colleagues, and public sources. They won’t be 100% accurate but should be pretty close.
One resource we’ve found valuable is the Consulting forums atWallStreetOasis.
If you have already decided that you want to break into consulting and want the best odds possible, take advantage of our world-classinterview prepandresume prepservices. We work hard to offer world-class services, and as a result, over 55% of our Black Belt clients receive offers from top management consulting firms.
First year out of undergraduate:
- Base salaries: $50-65K
- Signing bonuses: $5-10K
- Relocation/moving expenses: $5-10K
- Year-end bonus: $5-10K depending on firm.
That’s an average of $70-75K in first year consulting pay. As asummer intern, you can expect a comparable, pro-rated salary minus bonus. This does not include retirement contributions.
We did a whole post on2017 consulting salaries– read it for specifics on offers from firms like Bain, BCG, A.T. Kearney, Deloitte, etc. It includes summer internship figures and offers from EMEA and Australia.
First year out of business school/MBA:
- Base salaries: $110-140K
- Signing bonuses: $20-40K
- Relocation/moving expenses: $10-20K
- Year-end bonus: $20-40K depending on firm.
That’s an average of $160-200K in total first year consulting pay. Again,consulting summer internsshould expect a pro-rated portion minus bonus. This does not include retirement contributions. Our original estimates were a bit lower, but have been adjusted upward based on emails and the comments below.
Progression track through partner:
Our numbers have a higher risk of being inaccurate as this is only from personal anecdotes, so if you have better information, email us or comment below
- Engagement manager/Project leader: $175-250K
- Associate principal/Senior project leader: $250-400K
- Partner/Principal: $500-800K
- Senior partner/Director: $1M plus
Senior consultant salaries becomes increasingly variable and performance-based
How consulting salaries lose to finance:
At almost every level, your salary will be 30-50% lower than a comparable position in investment banking. This is variable by year and median salaries in non-banking departments (such as research, asset management, sales & trading) are lower than in banking. But as mentioned in theconsulting versus bankingpost, consulting is not a profession to make big bucks.
How consulting firms compensate for the lower salaries:
- Better benefits – healthcare, life insurance, etc
- Retirement contributions – this one is important because at MBB, they’ll contribute an added 5-10% of your base salary to your retirement funds, effectively a 5-10% year-end bonus! (A reader just informed me that his MBB retirement contribution starting fulltime in ’09 was 4.5%, which is lower than we’d seen in previous years)
- More generous expense/reimbursement policies, travel perks, etc
Love our insider information on salaries? We have more insider information on what to expect and how to prepare to hit the ground running in our3 Month Mastery resource. We will train you on what to brush up on and how to avoid fatal mistakes in the first 3 months of your career as a management consultant.