Is the $450K ~ $475K range very high, or what's considered standard for an MD in business consulting? I'm asking more in reference to smaller firms, outside of the Big 4 consulting world. For context, I’ve seen conflicting data points... some boutique firms advertise MD roles in this range, while others suggest smaller consultancies typically pay less due to leaner budgets and reduced client scale. How do factors like revenue generation, niche expertise, or firm size influence these figures?

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That range definitely sits at the higher end for MDs at smaller/boutique firms, though it’s achievable depending on the firm’s niche

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That is high for boutique firms. I recently had to turn down a leadership role for a boutique firm where the total compensation (base + bonus + best recent profit share/etc) would be in this range.

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Almost 300 FTE.

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Definitely achievable even as a base salary in Big 4s and TC at Accenture. You will make even more at Alvarez and Alix. My experience with boutiques is that this is achievable whenever there is sales commission.

Is this base only or TC? At a boutique firm now (M&A work) and this seems to be in line with base

Extremely low if MD = quota bearing partner. Varies dramatically by type of consulting, but the main driver is how much revenue you generate.

What I am saying is that if MD means proper quota bearing equity partner, base salary is not relevant.

I was offered 300 + 50% bonus at a smaller firm with a much smaller origination target

Reasonable for base plus bonus - smaller firms tend to have much more swing in variable comp based on personal and company performance, so you could go well above this in a great year and in the 300s in a bad year.

It’s at the higher end

Base salary? Are you sure?

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