Three ways the consulting industry has changed in the last five years

At Charles Aris, we track a variety of data points from the world of management consulting via our annual strategy compensation studies. Looking back over the past five years, we identified three significant shifts between our 2020 and 2025 studies.

Compensation:

In 2020, post-MBA consultants saw an average salary increase of 7.1%. By 2025, this figure had risen to 9.8%. Meanwhile, pre-MBA consultants experienced a slight decline in their average salary increase, dropping from 11.1% to 9.4% over the same period.

One notable trend in our 2025 report was that many firms offered the same starting salaries for the last two years. This was unexpected and, combined with firms delaying start dates for the 2023 class into 2024, resulted in base salary parity between the 2023 and 2024 MBA classes.

Return to office:

The COVID-19 pandemic forced consulting firms to adopt remote work, but many have since reinstated full or partial in-person mandates requiring consultants to re-adopt a Monday-Thursday travel schedule.

While some consultants have enjoyed the flexibility of working from home and living in a different city than their office “affiliation,” others are excited to be back in office on Fridays with their peers. They value the office environment, where camaraderie and teamwork help mitigate the pressures of long hours and heavy workloads.

Read: Strategy talent’s return to office

Leadership roles in consulting also tend to require a level of in-person engagement, making it more challenging for fully remote team members to advance at the same pace as their in-office counterparts.

Changing exit industry preferences:

While the top three exit paths for consultants have remained the same, their order of preference has shifted.

In 2020, technology was the most sought-after industry, followed by private equity and consumer packaged goods (CPG). By 2025, private equity operations had overtaken technology for the top spot, with technology now in second place and CPG holding steady in third.

Private equity firms have increasingly sought consultants to drive value creation in portfolio companies, making this an appealing career path for those looking to apply their strategic expertise in an operational setting.

Meanwhile, technology remains desirable but has faced volatility due to industry fluctuations and layoffs. The CPG industry continues to offer stable career growth opportunities, maintaining its position as a solid choice for consultants looking to transition.

Related: The tech industry is volatile, but everyone still wants to work there

The takeaway:

Compensation trends indicate continued salary growth for post-MBA consultants, while return-to-office policies are becoming a key factor in workplace culture and career progression. Additionally, private equity has emerged as the most attractive exit path for consultants, surpassing technology due to increased demand for operational expertise in portfolio companies.

View our 2025 Strategy Consulting Compensation Study to learn more.