• The management consulting market declined by $30 billion due to decreased client demand during the coronavirus pandemic, but certain areas are still growing. 
  • Experts told Business Insider that technology, healthcare, and strategy consulting remain steady areas of growth for major firms like KPMG, McKinsey, and Boston Consulting Group.
  • Consultants with specializations in digital transformation, corporate turnarounds, and cybersecurity are in higher demand right now. 
  • Here are the practice areas that will expand in response to the coronavirus and how much they pay. 
  • Visit Business Insider’s homepage for more stories.

If you’re looking for a job in management consulting right now, it pays to be in a booming sector. 

The coronavirus pandemic has upended the management-consulting industry. The market for consultants has declined this year to an estimated $132 billion from $160 billion because of decreased client demand, according to research platform Statista. The crisis put a strain on corporate budgets, forcing some to cancel or pause projects with major clients.

But even in the midst of an unstable financial market and a rapidly-spreading virus, there are certain areas within consulting that are growing in demand.

While consultants working in the motor, manufacturing, aerospace, and travel industries are among the most impacted by the health crisis, there are certain areas, such as turnaround and bankruptcy, strategy, and healthcare that are set to grow. 

This means consultants may have to be flexible about the jobs they take on. For example, workers previously handling operations for an airline might be moved to strategy operations for a high-growth client. Stephan Chase, partner and US consulting leader at KPMG, said there’s also been “an explosion of opportunity” in specialized areas such corporate turnarounds, cybersecurity, and government-related work. 

“We tend to flow toward where those opportunities are being generated, and we’ve been pretty good about moving

  • Associates at Wall Street investment banks can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year.
  • We tapped data from Wall Street Oasis to determine how much investment banking associates are earning at some of the most prominent firms on the Street.
  • Here’s what banks like Morgan Stanley, Citigroup, Wells Fargo, and JPMorgan Chase pay their associates in salary and bonuses, on average.
  • Are you a young person working on Wall Street? Contact this reporter via email at [email protected], encrypted messaging app Signal (561-247-5758), or direct message on Twitter @reedalexander.
  • Visit Business Insider’s homepage for more stories.

Investment banking associates at firms like Goldman Sachs, Credit Suisse, and Morgan Stanley earn well into the six figures. 

Associates can expect to earn total compensation that, in some cases, exceeds more than $250,000 per year. That’s a combination of their base salary, which exceeds a minimum of $130,000 at all of these firms, and lucrative bonuses that range from just shy of $60,000 to more than $118,000 per year.

Read more: COMP COMPARE: From Goldman Sachs to JPMorgan, here’s what you can make at all the bulge-bracket banks as a first-year IB analyst

Business Insider gathered up salary data from the 10 bulge-bracket banks to figure out exactly what investment banking associates are earning. We used data from the website Wall Street Oasis, which in turn aggregates these figures directly from user submissions.

For comparison, associates outpace more junior analysts significantly when it comes to annual compensation. First-year analysts at big banks pull in an average salary of $91,000 per year (not including bonuses), as Business Insider has previously reported.

Banks hire associates out of MBA programs, and also offer some analysts looking to stay in investment banking direct promotions to the associate level.  

But

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