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I'm looking for work as a Credit Controller. Preferably remote or hybrid with a lot of flexibility. I've been working remotely for the last 1.5 years and would like to continue that. I have 8.5 years of experience as a Credit Controller in B2B set up. I'm based in England but happy to work in any country :) JPMorgan Chase Citi Wells Fargo Deloitte Accenture Amazon Tata Consultancy Infosys Morgan Stanley
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Weekend work ..... yaayaay
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If you like your job and and have a clear path to future earnings you are happy with, I wouldn’t do it. The risk is that you trade 50 hours a week for all the hours in a week. It’s not always like that, but you definitely risk losing any semblance of normalcy Monday-Friday. If you don’t currently have a clear path to the level of income you want, then absolutely do it
Chief
You join McK to invest your time and energy in personal development. It’s an intensely developmental place, where you are generally pushed to go as far and fast as you can on the path of “learning how to be a ceo” (ie how to think strategically about business problems and drive organizations to successful business outcomes). If you’ve been a functional expert all your life (eg an actuary) it might be a tremendous boost to your ability to become a senior business leader. It’s not easy and it’s not 40 hours a week. If that’s sounds good, then join. The money will take care of itself. It goes up. Faster here than nearly anywhere in industry.
Appreciate the insights - I’ll keep this in mind and try to do some homework on how to storyboard compelling arguments on PPT if I accept.
Rising Star
Joining Mck is about the exit 😶
If it gets you to where you want to be it could be worth it (unless there are better options to do so)
Chief
This. The offer may only be a little higher than your next year potential, but at 3-5 years from now, the trajectories likely diverge. At the five year mark, a first year as AP is roughly double the Asc income. Can your other path offer that pace of growth if you want it?
McK is a fast track to salary and career growth for many. The trade off, as others have said, is the lifestyle sacrifices.
Strongly disagree with the BCG folks. Actuaries have high floors and low ceilings. McKinsey (or any top tier firm) is very much worth it for the partner track or for exit opportunities.
If OP wants to be a traditional actuary in 20 years, I don’t disagree-you’re totally right. If someone isn’t sure of what they want to be or doesn’t want to be a traditional actuary in 20 years, then McKinsey (or any top tier option, consulting or otherwise ) is the right call (actuarial science is a back door into a room they have no chance of getting to in otherwise)
It’s not that you align to an industry or function immediately, but if you’re an Actuary and end up doing financial service engagements I don’t think it’s worth it if you have a good wlb now. I do digital stuff and we might have burner projects 20% of the time, financial services is like 70% from what I’ve seen from friends.
I do financial services and haven’t found that to be the case. Though I do a niche part of the banking world, and less “FS”
It sounds like you are doubting if it’s worth it, and you are probably right and you know it. Also I am not sure how McK experience can help you in your field if this is your long term career goal.
A bit more background: My main concerns are leaving a place that I enjoy for an unknown quantity and the COVID 19 environment. I love my current job/boss/coworkers and do well in it every year, and I only work 45-55h weeks (I assume this will increase in consulting). However all of my friends at McKinsey seem to like it (even though they say it’s sometimes a lot of work) and everyone I’ve spoken to in the interview process was very nice and professional and I would enjoy working with them. Tough decisions. 🤷♂️
@Associate1 - Very helpful and appreciate the insights
I would stay in your current job unless you have clear and specific goals of why you want to join McKinsey. If your boss likes you it means they will support you career wise, so don’t see the added value of going to consulting unless you want to become a partner which is extremely difficult and very political
I find the people at McKinsey to be incredibly supportive and best in class at personal and professional development, you can’t help but learn a ton. Just also know that total comp at McKinsey increases >25% annual (up to 50%) so if you’re interested in accelerated earnings, it’s a great opportunity
Total comp increases more than 25% annually? That's craxy
Good luck op!
Thank you! 🙏
Chief
Are you getting an offer from mckinsey’s consulting group or McKinsey Insights. I know plenty of actuaries in the Insights group (or whatever it’s called), and they all like second class folks.
Thanks for clarifying @McK6 glad to hear it! 👍
Bear in mind that the fast track growth and 2-3-4x salary in 5 years are for typical generalist associates. Not necessarily for a specialist. Career path and growth trajectory may differ if you’re primarily hired for your specialist skills. There’s a chance of getting pigeonholed into certain kinds of roles and engagements only, and limiting growth.