The money is quite good even at the junior levels. In fact, on just a salary basis, consultants are the highest paid group out of business school. The “problem” in their competing with hedge fund pay (the highest) is that their world has relatively little leverage. That is, there are only so many hours in a day that they can bill. So they may start post undergrad at $100k a year and post MBA at $200k a year; after 10 years, they might be making $1 million a year, which is fab money. But the same hard driving, very successful player managing in a hedge fund might be making ten times that amount.
However, the work is totally different; hedge fund managers die career death all the time whereas consultants tend to be around for a very long time. Old consultants don’t die; they just amortize themselves into oblivion.