A career at Ernst & Young (EY), one of the prestigious "Big Four" professional services firms, is a highly sought-after goal for ambitious graduates and experienced professionals alike. It promises challenging work, rapid skill development, and a powerful network. But what about the compensation? A career in consulting is known to be lucrative, and at a top-tier firm like EY, salaries are competitive, often ranging from an impressive $85,000 for entry-level roles to well over $200,000 for experienced managers, excluding substantial bonuses.
This guide will break down everything you need to know about an EY consultant's salary, the factors that shape it, and the outlook for this dynamic career path.
What Does an EY Consultant Do?
Before diving into the numbers, it's important to understand the role. An EY consultant is a professional problem-solver. They work in teams to help client organizations—from Fortune 500 companies to government agencies—improve their performance and tackle complex challenges.
Responsibilities vary by specialization but generally include:
- Analyzing a client's business processes, financials, or technology systems.
- Identifying problems, inefficiencies, and growth opportunities.
- Developing data-driven strategies and actionable recommendations.
- Managing projects and leading client workshops.
- Implementing new technologies, business models, or operational changes.
- Communicating complex findings to senior executives.
It's a fast-paced, client-facing role that demands strong analytical, communication, and teamwork skills.
Average EY Consultant Salary
Compensation at EY is multifaceted, typically consisting of a base salary, a performance-based bonus, and other benefits. Salaries are structured hierarchically, increasing with each promotion. While exact figures vary, we can establish reliable ranges based on aggregated data.
Here is a typical salary progression for a consultant at EY in the United States, focusing on base salary. Note that total compensation (with bonuses) can be 10-25% higher.
- Consultant / Staff (Entry-Level): An undergraduate hire typically starts at the Consultant or Staff level. The base salary generally falls between $85,000 and $110,000. (Source: Glassdoor, 2024)
- Senior Consultant: After 2-3 years of experience or for those hired with an MBA, the title is typically Senior Consultant. The base salary range for this level is approximately $115,000 to $150,000. (Source: Payscale, 2024)
- Manager: With around 5-7 years of experience, a promotion to Manager brings significant new responsibilities and a commensurate pay increase. Managers can expect a base salary between $160,000 and $200,000. (Source: Salary.com, 2024)
- Senior Manager & Above: Beyond the Manager level, titles like Senior Manager, Director, and Partner see salaries climb well above $200,000, with bonuses and equity becoming a much larger part of total compensation.
Key Factors That Influence Salary
Your specific salary at EY isn't just about your title. Several key factors interact to determine your precise earnings.
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Years of Experience
This is the most significant factor. EY, like all major consulting firms, has a well-defined career ladder. Your position on this ladder, which is directly tied to your years of relevant experience, is the primary driver of your base salary. The progression is clear and structured:
1. Campus Hire (Bachelor's): Enters as a Consultant/Staff.
2. Experienced Hire (2-3 years): May enter as a Consultant or, in some cases, a Senior Consultant.
3. Campus Hire (MBA): Typically enters as a Senior Consultant.
4. Experienced Hire (5+ years): Enters as a Manager or Senior Manager.
Each promotional step comes with a substantial salary increase, reflecting greater responsibility, client management expectations, and business development roles.
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Area of Specialization / Service Line
EY is a massive organization with distinct service lines, and compensation can differ between them based on market demand.
- Strategy and Transactions (SaT): This division, which includes strategy consulting and mergers & acquisitions (M&A) advisory, is often the highest-paying service line due to the high-stakes, high-value nature of the work.
- Consulting: This broad category includes Technology, Business, and People Advisory services. Consultants specializing in high-demand tech fields like cybersecurity, cloud computing, and data analytics may command higher salaries than those in more traditional business consulting roles.
- Assurance & Tax: While these are core, prestigious services, their advisory consultants may have a slightly different compensation structure than those in SaT or pure Consulting, though salaries remain highly competitive.
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Geographic Location
Where you work matters. EY adjusts its salaries based on the cost of living in different metropolitan areas. A consultant in a high-cost-of-living (HCOL) city like New York City, San Francisco, or Boston will earn a significantly higher base salary than a consultant with the same title and experience in a lower-cost-of-living (LCOL) city like Kansas City, Charlotte, or Tampa. While the base salary is higher in HCOL areas, the firm's goal is to provide a comparable standard of living across its offices.
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Level of Education
Your educational background directly impacts your entry-level position and starting salary.
- Bachelor's Degree: Graduates from undergraduate programs typically enter at the Consultant/Staff level.
- Master's Degree / MBA: Candidates with a Master of Business Administration (MBA) from a top-tier business school are highly valued. They usually enter at the Senior Consultant level, bypassing the entry-level role and starting at a salary approximately $30,000 to $50,000 higher than their undergraduate-entry peers.
Job Outlook
While the U.S. Bureau of Labor Statistics (BLS) does not track data for EY specifically, it provides an excellent forecast for the broader profession of "Management Analysts," which is the government's term for management consultants.
According to the BLS Occupational Outlook Handbook, employment for management analysts is projected to grow 10 percent from 2022 to 2032, which is much faster than the average for all occupations. The BLS notes that demand will be driven by organizations seeking to improve efficiency and control costs.
The median annual wage for management analysts was $99,410 in May 2023. As a leader in the field, EY generally pays well above this median, especially for experienced professionals. This strong industry growth indicates that career prospects for EY consultants are, and will remain, exceptionally bright.
Conclusion
A career as an EY consultant offers a powerful combination of intellectual challenge, professional growth, and financial reward. While the path is demanding, the compensation structure is designed to attract and retain top talent, with clear and significant increases based on experience, performance, and specialization.
For anyone considering this career, the key takeaways are:
- High Earning Potential: Salaries start strong and grow rapidly, easily crossing the six-figure mark within a few years.
- Experience is King: Your salary is most directly tied to your level within the firm's hierarchy.
- Specialization Pays: Focusing on high-demand areas like strategy or technology can further boost your earnings.
- Long-Term Growth is Excellent: The consulting industry is expanding, ensuring strong job security and continued opportunities for advancement at market-leading firms like EY.
Ultimately, while the salary is a major draw, the experience, training, and network gained at EY provide a value that extends far beyond the paycheck, setting professionals up for long-term success in any field they choose to pursue.