Breaking Into
the Industry

What is the salary and what are the perks?

A consultant's compensation consists of:

• Base Salary: annual salary (or however the contract is structured)
• Signing Bonus: a cash sum that is offered to the consultant in addition to the base salary as incentive for the candidate to accept the career offer
• Overtime: an hourly-fee that is paid to the consultant when hours worked is in excess of 40 hours per week
• Per-Diem: either a cash sum or an agreement to reimburse for costs incurred while travelling on assignment. It may include airfare, car rental, meals, lodging, or other incidentals.
• Vacation/ Personal Time Off: hours are accrued for personal time off. This is separate from the company- paid holidays.
• Other standard benefits: dental, medical, 401k matching.

The overall compensation package that is offered to a candidate is dependent on various factors:

• Undergraduate program candidate, graduate program candidate, or experienced hire?
• Does the candidate have specific “Hot-skills” that is sought by the marketplace?
• Geographic cost of living
• Overall market strength (how much market demand is there for consulting services?)

For students who are looking at a broad range of career opportunities, the careers in consulting tend to offer competitive compensation packages. However, in any given year, the overall package compensation rates differ (e.g. due to market demand). Several web-sites allow candidates and employees to post their salary and compensation packages.