Softening demand for consulting services. A loosening labor market. Upheaval in tech and banking - the two primary industries that compete with management consulting for talent.
As we shared last year, these forces gave us the expectation that starting consulting salaries - which typically increase by 5-10% per year - would be stagnant this year. We were not disappointed.
From the outside, the management consulting landscape looks like it is in turmoil - headlines of layoffs, hiring freezes, and delayed start dates dominated the industry in 2023.
However, look below the surface, and you’ll see that the industry is “normalizing” from a post-pandemic sugar high, where starting salaries increased by 15-20% annually, firms hired their largest incoming analyst cohorts ever, and the overall industry grew at a strong double-digit CAGR.
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