19 February 2023
Upon application to a consulting firm, the terms ‘associate’ and ‘analyst’ may arise with respect to the first two tiers of a consulting organization. Whilst these job positions may sound similar, differences lie in a range of metrics including their responsibilities, salaries and entry qualifications required. To complicate things further, disparities exist in terms of the hierarchy and responsibilities of each position across different consulting firms. Understanding the differences between the two terms is imperative to distinguish which position best suits your application.
What roles does each position play?
In most consulting firms, the entry position is that of an analyst following graduation from university. In firms such as McKinsey, analysts are not permanent employees; they fill the position for a maximum of three years before being promoted to an associate role or transitioning out of the firm entirely. Meanwhile, an associate is considered a long-term hire.
What is the day-to-day work of each position?
An analyst is typically responsible for a small part of the overall problem-solving process. They spend most of their time on the client site as well as supporting associates in data collection, research and analysis. It is common for analysts to be involved in personal development and training programmes additionally.
Associates typically have more responsibility, taking on leadership roles and often directing and coordinating a group of analysts. They will take ownership of a greater portion of the problem-solving process, responsible for formulating hypotheses through to synthesising and presenting actionable recommendations.
What are the qualifications needed for entry?
Both tiers require a minimum of a bachelor’s degree. Whilst technically this may be in any field, quantitative and business bachelor’s degrees form a natural pathway into both positions. It is common for an associate to require an MBA or a postgraduate level of education to be applicable for entry.
What are the Salary Differences?
It is difficult to put exact numbers on the salaries of their employees because of the variation amongst firms. However, it is common for an associate to be paid more than double that of an analyst, exemplifying the wide difference in rank between the two roles.
Are these terms uniform across firms?
Not every firm uses the terms ‘analyst’ and ‘associate’ to refer to entry-level positions. For instance, in the Boston Consulting Group, entry-level employees are referred to as associates, whilst second-tier employees are referred to as consultants.
Although on occasion the name changes depending on the firm, it is important to remember the titles of analyst and associate refer to the bottom two tier levels of a consulting firm, with analysts generally working under associates. Additionally, their roles are distinguishable through other metrics including their responsibilities, salaries and entry requirements.
