Fresh Out Of Biz School, New Consultants At Top Firms Paid To Wait Amid Work Shortage

A recent study by the Wall Street Journal shows new hires at elite consulting firms like Bain, Boston Consulting Group, and McKinsey are reportedly being paid without having sufficient work, Business Insider reports.

Traditionally, these consultants, fresh from business schools, are swamped with tasks. However, due to uncertain economic conditions, many are now finding themselves “on the beach” or “on the bench”, terms used within the industry to describe periods without client projects. This trend is not new but is occurring more frequently and for extended durations because of the economic downturn.

Some consultants have shared they have had limited client-facing projects since their hiring, using their free time for personal errands and leisure.

Despite the downtime, these consultants, especially those from top business schools, earn substantial six-figure salaries. For instance, the median salary for MBA graduates from institutions like Yale, Dartmouth, and the University of Virginia entering consulting was $175,000 last year.

However, the lack of work is making some consultants anxious as they fear the impact on their career progression and performance reviews.

Image via Shutterstock/ Elle Aon

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