McKinsey & Company I'm analyzing an offer from McKinsey & Company for an Associate position and I have 2 questions:
1) Based on the the offer, my 1st year bonus would be $45k if I get a *Distinctive* rating (i.e. 5/5).
I'd rather be more conservative in my analysis, so considering an *On track* rating (i.e 3/5), approximately how much should I expect my bonus to be?
2) Again, considering an On Track rating, approximately how many % should I expect my salary to increase from year 1 to year 2?
Honestly go to BCG, they have better $$
Y’all make more than we do at an analyst to EM level now!
One thing I remember clearly from my time at McKinsey is that part of the culture is that you’re not supposed to ask ANY questions to your teammates, unless:
a) you schedule a problem-solving session
b) you ask a different team who did a similar project for input
Everything else, you’re supposed to resolve 100% by yourself and using the resources at your disposal (which are ample - clients, training courses, local graphic team, offshore modeling team etc.). Selecting for smart people who can work in this culture is also what allows McKinsey to do some ridiculous things like sending 1 senior analyst or associate to redesign the strategy of a large firm…and bill the client a million bucks.
Therefore, while there are nice people there, be prepared OP. If you ask for help on anything that you could have found via your own research, your seniors will take note. They’re not exactly being assholes - it IS part of the McKinsey culture.
Spot on SM1
This is why as someone who manages recruiting at source schools, I have to actively discourage some McK folks from being involved with recruiting. Why do we have so much snark and sarcasm? Jesus christ we are an a**holey bunch sometimes. OP, sorry for this. I can’t say you won’t meet others at the Firm who will be jerks, but hopefully you will work with some good people who will help you.
Meaning they changed how we are internally going to refer to McK
OP came with a question on comp but went home with an answer related to company culture instead, lol 😂
Or she.
Wow so y’all are just going to be mean to fresh talent lol? Unnecessarily snarky responses
1) 15k 2) 10-15%
Yeah, it will probably be 10-15% TC with 7-10% for base.
Assuming you get a 3 again though. If your rating next year is higher then it will be more than 10-15
This was the norm for low inflation years. Let’s see how it plays out 2021-2022.
Thank you all who provided actual information in their replies. This was very helpful!
As my competing offers are at FAANG companies - in which the compensation structure is obviously quite different - it's important to understand how each of the compensation components will evolve over time.
Also, to those who made an effort to show a better side of McKinsey, thank you as well. Everyone who I have talked to during the recruiting process has been nice and helpful, and more importantly, I have many friends working at McKinsey, so I know that some of the negative behaviors seen here are the exception, not the rule.
Note: the comment that sparked this entire thing has now been deleted. I guess the reception was so negative that the person who wrote it felt like they had to go into hiding - even though this is an anonymous platform in the first place... 😅
No such thing as an “On Track” rating, that’s not a name for any of our ratings
2 - issues or concerns depending on your geography
1 - CTL / counsel to leave / aka “fired”
What’s associate’s starting base?
175k
When the max was 35k, a rating 3 got 15k. So probably something between 15-25k
Base salary increase should be 7-10% but bones will have a higher % increase from 1st to 2nd year. Every year your bonus will be a higher % of TC
Bonus*
Chief
Yikes, did not pass the vibe check. Dont worry OP my friends that work at McK are awesome people so dont be discouraged by a few comments
Bringing some transparency here: on track (called "well performing" would bring you 10-15% you increase. Distinctive would bring you 25-30%.
Expect 50% of folks to fall in well performing, 10-15% to fall in distinctive and the rest in between.
You’ll get wrong conclusions if you compare year 1 consulting TC vs. tech. It’s all about the progression and the path to that 7 figure income.
Source: I make x3 now after a few years and promotions, don’t think I would get there in tech that quickly.
I regret not going anywhere else