Overview
An EY Consulting employee can make a salary that ranges from a starting annual salary of around $60,000 to $100,000 or more. The exact salary will depend on the employee’s experience, the industry they work in, and the specific company they work for.
In addition to the salary, EY Consulting employees can also receive other benefits such as:
- Bonuses
- Stock options
- Vacation time
In this article, we’ll take a closer look at the salaries and benefits EY Consulting employees can receive.
Types of Consulting Roles
At Ernst and Young, there are five common types of consulting roles. Each has different responsibilities, salary ranges and skills needed to do the job. These areas include:
- Entry Level Consultants: These consultants are mainly responsible for providing interpretation, analysis and advisory services to clients. Common job titles at this entry-level include Client Management Analysts, Financial Advisory Analysts and Business Consultants. These professionals typically make up to $85,000 a year plus bonuses and other benefits such as health insurance and vacation time.
- Senior Level Consultants: Responsibilities for senior-level consultants focus heavily on advising clients on strategy implementation, performance management tools and process reengineering. Common job titles for these positions include Strategy Manager or Senior Management Consultant. On average, these professionals earn above $100,000 per annum plus various additional benefits depending on their experience level within the organization.
- Enterprise Risk Services (ERS) Consultants: Also referred to as Risk Consulting specialists, they evaluate internal processes as well as advise clients on deep issues facing companies such as cyber crime or financial misconducts among other enterprise risks faced by organizations globally today. They are highly sought after in the competitve consulting market due to their knowledge of operational frameworks & risk oversight strategies across a variety of industries. The average salary for this position is around $140,000 a year with potential bonuses depending on the project scope involved.
- Accounting Advisory Services (AAS) Consultants: Also known as Account Industry Specialists – This type of consultant is often hired by accounting firms or third-party auditing companies when providing comprehensive reviews of an organization’s financial data or assets versus liabilities. Their extensive knowledge around audit processes & GAAP accounting principles ensures greater accuracy when reporting results to upper management or government agencies. The average salary ranges from $125k-$135k a year with additional benefits based upon performance reviews given throughout the year.
- Technology Transformation Services (TTS): Teams provide insight into areas related to technological advancements that could benefit companies in various ways such as improved operations & cost savings over time through innovative tactics like automation & cloud technologies etc… The pay scale can range from mid-$100Ks per annum depending upon degree qualifications & past experiences in relevant fields.
Average Salary for Consulting Roles
It’s no secret that EY consulting professionals can expect to make a high salary during their career. According to Glassdoor salary reports, salaries for EY Consultants range from an average of $75,808 per year for a Junior Consultant up to $110,000 per year for a Senior Consultant. In addition to base pay, most consultants can take advantage of bonus opportunities and competitive benefits packages.
Pay varies by the specific role and level of experience. Some jobs offer opportunities for advancement where additional responsibilities and higher salaries can be earned with experience. For Associate-level roles, salaries range from approximately $77K-$101K annually while Managers typically earn between $103K-$140K per year.
The potential earnings are even greater at the partner or director level roles where salaries are often over $400K annually including bonuses and other forms of compensation received in these roles. On top of these impressive compensation figures EY also offers:
- Equity options for larger bonuses associated with outstanding performance
- Additional retirement savings contributions on top of 401k matching plans provided across their different locations in the U.S.
EY Consulting Salaries
It’s no secret that the salaries of consulting employees in EY are some of the highest across the consulting industry. The consulting arm of EY, known as EY Consulting, has a reputation for paying its employees well and offering competitive benefits packages.
In this article, we will take a look at the average annual salary of an EY consulting employee in the US and explore the various factors that influence the salary:
Entry-Level Salaries
Entry-level salaries for Ernst & Young (EY) consulting employees vary greatly depending on location, specific role and experience. In the United States, salaries average around $68,000 for entry-level positions. This figure typically includes salary plus bonuses or other benefits.
In addition to salary and bonuses, entry-level consulting employees can expect a wide range of benefits such as:
- health and dental coverage
- retirement savings plans
- stock options
- flexible spending accounts
EY also provides generous vacation packages including paid time off as well as sabbaticals and other perks.
The average starting salary at EY is higher than at some similar firms like Deloitte ($63K) but lower than others such as Booz Allen Hamilton ($73K). Of course no two roles are the same when it comes to salary; those with high levels of qualification or experience may be able to negotiate higher salaries. Salaries also tend to be higher in more populated cities like New York or Washington DC where cost of living is higher overall.
Senior-Level Salaries
At the highest level, EY senior-level employees can expect to make a considerable salary, often more than traditional consulting firms. Experienced senior managers at EY can earn salaries of over six figures; some even reach a salary of close to $200,000.
As individual experience in the field increases, so too does the potential remuneration. Senior managers and directors ascending through the different tiers of EY’s structure can expect salaries between $100k and $150k, with some excelling past that point to become Partners or Managing Directors for additional bonuses and benefits. Furthermore, signing bonuses as well as long-term incentive packages become more common higher up in the tiers.
In summary, senior-level employees at EY Consulting have a great chance at making competitive salaries and bonuses if they perform well in their area of expertise. Being part of the growth trajectory for such an established firm will not only bring financial reward but also long-term professional benefits that further solidify opportunities with other large firms and agencies in the consulting industry.
Partner-Level Salaries
Partners are the highest ranking partners in the company and they act as advisors to consult with clients, as well as coordinate several key operations of the firm. Partners have many of the same duties as directors and managers but they are typically in charge of larger, more complex projects. Compensation for partner-level roles will vary significantly depending on geography, industry knowledge, years of experience and skillset.
Generally speaking, partners at EY can expect to make a yearly salary ranging from $225,000-$400,000. In addition to their base salary, partner-level employees will typically receive benefits such as:
- Bonuses for projects completed within deadlines or meeting profit/loss goals;
- Profit sharing;
- Equity in the company;
- Health insurance; and
- 401(k) programs with company matching contributions.
Partners may also be given stock options or restricted stock units that vest over time and provide tax advantages upon exercise.
Factors Affecting Consulting Salaries
Consulting salaries vary widely depending on a number of factors. Years of experience in the field, size and location of the firm, and the type of clients the firm works with all play a role in determining how much an EY Consulting employee makes per year. Let’s discuss these factors in further detail.
Location
Location is a significant factor in determining the amount people will make in the consulting industry. Consulting salaries tend to be higher in metropolitan areas, like major cities such as Chicago, New York, Los Angeles and San Francisco. However, salaries vary greatly based on region and even within cities. For example, The average salary for an EY Consulting Employee in San Francisco is much higher than the average salary of an EY Consulting Employee in Indianapolis due to cost of living differences between the two cities.
Additionally, even within San Francisco itself there are stark regional differences because of differences in cost of living: an EY consulting employee working for a financial services firm downtown will earn more than someone working for a manufacturing client on the outskirts of town. Salaries also differ by industry: consultancies serving multiple industries may see large discrepancies from one client to another.
Geographic location plays a major role in how much money you can make as a consultant.
Industry
The consulting industry offers a wide variety of roles and salaries; compensation will depend on the industry you choose. Industries that are largely driven by technology or scientific advancements may pay a premium to attract the talent they need to remain competitive in these rapidly changing sectors. Other booming industries, such as healthcare, financial services and consumer packaged goods, may be more willing to pay for a higher standard of living in order to attract and retain top talent.
In fact, even within the same industry, consulting salaries can vary widely due to location and size of firm. Even accounting for bonuses, benefits packages, stock options and other incentives, geography remains one of the most significant factors affecting consulting salary levels. A consultant working in Silicon Valley can make significantly more than someone doing similar work in Des Moines or Jackson Hole. Similarly, small start-up firms often find it difficult to offer top-tier compensation packages compared with established multinational firms like Ernst & Young (EY).
Different positions within consulting also command different levels of salary; an experienced management consultant is likely to receive higher compensation than an entry-level data analyst or associate. It’s important to understand what positions are available within different industries and how they stack up when considering your ideal career path. Ultimately, selecting an industry that aligns with your skillset and interests is key for finding satisfying work as well as maximizing potential earnings.
Experience
Experience is one of the primary factors that influence a consultant’s salary at EY. The more experience a consultant has, the greater their potential earnings. In general, consultants with two or fewer years of experience may expect to earn an average of $81,000 per year. Those with three to six years will likely earn an average of $103,000, while those with seven to ten years can expect an average salary of around $123,000. Consultants with over ten years of experience may potentially earn an average yearly salary in excess of $150,000.
Even within these ranges salaries may vary greatly depending upon individual performance and opportunities at a given firm.
The type and scope of consulting services provided is another important factor in determining pay rates for EY consultants. While experienced technology consulting professionals may be expected to receive the highest salaries, other areas such as strategy consulting or finance consulting may also offer attractive income packages for qualified professionals. Consulting team members involved in more specialized areas such as systems integration or business process improvement will probably have the most opportunities for higher earnings potential depending on their industry expertise and project leadership credentials.
Additionally there are regional differences that can also contribute to varying levels of pay; clients’ locations, availability or scarcity of certain skillsets within certain areas can all contribute to differences in compensation levels amongst applicants in different city areas or countries.
Performance
Performance is an important factor in determining the amount of salary one might receive as a consulting employee. Employers will evaluate an individual’s services, skills and track record to determine how much should be paid for these tasks. Companies may decide to reward strong performance with higher salaries, bonuses, or stock options.
Most consulting companies have performance thresholds, which must be achieved in order for their employees to receive higher wages or additional compensation such as performance-based bonuses. An individual’s performance can also affect the opportunities they get from their company. Employers tend to prefer candidates who demonstrate a high level of aptitude in terms of following instructions and completing assignments accurately and within designated timelines.
Those who consistently underperform risk not only missing out on career advancement but might also see reductions in their salaries over time.
Benefits of Working at EY Consulting
Working at EY Consulting comes with a plethora of benefits and rewards beyond just a competitive salary. From learning and development opportunities to flexible working hours, EY Consulting provides its employees with a number of rewards to help them build a successful career.
In this article, we will go over the many benefits of working at EY Consulting:
Professional Development
At Ernst & Young (EY), we understand that our employees come in with a wealth of knowledge, diverse backgrounds and varying career stages. But everyone has room to grow – and that’s why we prioritize ongoing professional development.
Through personalized formal training programs, upskilling opportunities and leadership skills initiatives, EY consultants develop the skills they need to move their careers forward. Employees receive career advice customized to their individual aspirations, regular feedback and support throughout their tenure.
At EY, we empower our people to build lasting value so they can become the partner of tomorrow. We also build a community among our Professionals through multidisciplinary collaboration by leveraging on global technical and industry knowledge sharing sessions brought together by experienced personnel. Our Global Learning Platform provides employees with engaging trainings on a broad array of topics ranging from digital transformation, data analytics and machine learning topics catering for the future needs of a digital world.
We provide an environment within which learning can be pursued passionately as well as creating lasting career relationships with vibrant colleagues from around the world – giving employees new perspectives, fresh ideas, increased productivity potential as well as an appreciation for cultural diversity in all its forms.
Work-Life Balance
EY Consulting focuses on providing a positive and balanced work-life environment for all of its employees. They provide flexible working hours with reduced overtime, an onsite gym and amenities, ample leave policies, mental health support and competitive remuneration packages.
The company also offers sabbaticals where appropriate, continuing education programs and internal networking opportunities. EY Consulting is committed to building an inclusive workplace where every individual can reach their full potential regardless of race, gender or any other personal attribute.
In addition to these direct benefits, the company supports professional development through on the job learning programs and access to external training resources that enable employees to develop in both the hard and soft skills needed for their jobs. By supporting personal growth, EY Consulting helps create a stimulating working atmosphere that promotes collaboration among all levels of staff within the organization.
Retirement Benefits
Working at EY Consulting comes with many potential benefits to employees, including retirement benefits. The company offers a range of retirement options designed to help employees plan for the future. These include:
- A 401(k) plan and employer match
- Individual retirement accounts (IRAs)
- Defined contribution plans that allow for lump-sum or periodic contributions
- Deferred compensation plans
The 401(k) plan offered by EY Consulting encompasses automatic enrollment and escalation of contribution rates over time. Employees are also eligible to receive employer matching up to 6% of their pay. This type of benefit gives employees an easy way to save and build wealth while taking advantage of tax deferral features on retirement savings.
IRAs at EY Consulting offer tax-advantaged savings vehicles that allow more personalized investment choices than employer-sponsored plans without being subject to the same annual contribution limits as the 401(k) plan. Employees who select this option have access to Roth IRAs, Traditional IRAs, SEP IRAs, SIMPLE IRAs, and other IRA types depending on their individual needs.
Deferred compensation plans allow employees to postpone a portion of their pay, which is held in an individual account until needed for retirement or other long-term planning needs such as education or medical expenses. Earnings from these types of accounts can potentially exceed traditional savings accounts due in large part because not all contributions are subject to taxes until caused out at withdrawal time.
The combination of these different retirement benefits allows EY Consulting employees the opportunity to invest in their future today while minimizing taxes through deferral strategies and creating wealth over time with potential employer match programs.
Health Insurance
Employees at EY Consulting receive comprehensive benefits which include a range of health insurance options. Each provides employees access to high-quality medical, dental, vision and other vision-related services. Employees choose the health insurance provider that best meets their needs, and the cost of coverage is covered entirely by EY Consulting.
Coverage plans range from catastrophic to more comprehensive health plans with varying levels of copayment, coinsurance and deductibles. Employees can also choose supplemental voluntary benefits such as short term disability insurance, dependent care spending accounts and flexible spending accounts that allow employees to pay for eligible out-of-pocket medical expenses with pre-tax dollars.