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Bain & Company Hello, I received an offer as a Senior Practice Manager at Bain. The profit sharing range is 0-12% in the offer letter. Is it typical to receive the midpoint (6%)? Also, what do the annual salary increases typically look like? Any insights are much appreciated. Bain & Company Boston Consulting Group McKinsey & Company
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First of all, a decent bump is all in perspective. I’ve had raises where it was 5% and I’ve had raises that were 20%. Trust me, each felt different… depending on where I was at the time.
One thing to consider … if you allow other people’s experience to dictate if you like your raise or not… it’s a HIGH probability that you will not like yours.
I can also share… salary increases are highly circumstantial. Depends on industry, location, years of service, formal education (perhaps), your contribution to company’s metrics, private company, your company’s financial health, etc. A 10% could be a huge celebration or a “this is ridiculous” moment.
Trust me. If you can think of 2-3 things you can do better or differently or add value to your life, your raise was great.
Just a personal opinion…. ☺️☺️
I’ve had a few different ranges - one role gave me a pay rise of 2k for promo from a manager to associate director. I found a new role elsewhere immediately.
Best pay increase for a promo was about 30%, most have been in the 10-15% range.
In the US the average internal promotion is 3-8%. That’s if you’re in the same role and just promoting and progressing. It can be higher if there’s a huge difference in duties for the role and with smaller companies. So far when I’ve been ready to promote, I promote with an external move which always gives me over a 30% increase in pay. I’m at a stage in my career this increase will be higher to achieve and the internal promotion year over year might make more sense until I pass a level of expertise that is valued at a chief or VP position at a fortune 100 company or consulting.
I am in IT, 6YOE, Asia, got 13% this year… pretty bad year everyone said
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The average raise internally is 3%.
I would say 5%