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Chief
Guys there’s this boot camp that I came across that trains people to get jobs in Top consulting firms and has a fee plan wherein you pay once you get placed. I just wanted to know if someone here has any experience with this ?
https://docs.google.com/spreadsheets/d/e/2PACX-1vQuKa3k-rG3emxJcfbidCjC0Su85E_BKqW9cTeFZMY4xg4LnUVxOLrpcETqf7d-iEePlFh6lJ1knwwD/pubhtml
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Shoring up cash reserves for litigation over Perdue?
Chief
Then charge more for antibiotics
Not sure why people are responding so negatively to a post that increases transparency - maybe jealousy? Crab mentality helps no one. I appreciate your post McK, compensation transparency is helpful especially in the year of COVID.
Not complaining about that, but the fact that people are complaining about a decrease in raise. Per OP, this year, they are getting 15-25% raise still....
Rising Star
Idk why ppl are hating on this post. I don’t mind not sharing it. Isn’t the point of this app to have more transparency across companies
People from your firm are “hating” because you’re wrong/misunderstood the comp talk
Meanwhile people are losing their jobs....
Chief
IBM1 Where did that come from?
I've had money problems. I worked multiple jobs at the same time to feed my family until I graduated college part time with five kids (obviously, my background is "non-traditional").
I appreciate what I now have. I don't worry about money. I have acquired enough skills and education that my family will be fed in any economy.
I'm not at all bothered by OP's post. I appreciate understanding what's happening in our industry. Some firms are tight-lipped about compensation and bonuses and I appreciate the democratisation of information that comes from platforms like these.
Big four got zero raises and zero bonus. You’re fine McK.
I do find it a bit strange though. Hasn’t McK net profit increased by not paying out for consultant travel?
Ow2, MBA offers did not change for us. Bonus was slashed ~50% and pay increase for promotion was cut by 5-10% depending on level, and base pay was frozen for everyone else. They are all going back to normal Jan 1. They worked the hell out of folks this year and if they didn't do this, massive exits would have occured post pandemics.
Let me get this straight, you’re complaining about a lower salary *increase*?
Crazy right? And the decrease, as shown in the thread, is a range of 20-27% before to just 15-25% this year where tons of people died and lost their jobs.
No raise no bonus. We did get a free computer monitor and a gift card though.
You say "unlimited PTO" like it's a good thing
I said this when it first started - this is coming for all of us.
MBB didn’t get hit when we did because their year didn’t end in July. They were never some magic unicorn that avoids reality like people on FB believed
It’s no surprise.
BCG up double digits in North America this year, close to that globally. Expect thats still a couple % below plan but definitely not a terrible year by any measure.
We doin’ fine over here at The Group boys.
Nah McKinsey is McKinsey
Did they take away all of your pto days and then explain that they did it because you asked for it?
So you’re still making $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ thanks for the update!
Bonuses were not cut, FYI
Checking back in, how’d things go folks?
Oof! Meanwhile at FAANG (the big G), 2x the promotions, salary rises and bonuses galore, at least on my team....
Not in marketing 🤣
I wanna know who you put first in that BMB. Bain or BCG? 👀
OP meant “Busting My Balls” 🤪
This thread is really difficult to understand - likely because compensation at McK works so differently than at other firms. Could someone take a step back and explain?
At BCG you get a salary increase when you’re promoted. One more year at the same positions does not bring you anything (mostly ).
Seems like you don’t have that at McK and instead you guys have y-o-y automatic increases, and being promoted has no impact whatsoever on your salaries ?
PS: let’s start a “MBB compensation transparency bowl”?
I personally think it is good. Imagine overall comp would be similar but it gives you more incentive to work each year (vs doing really well the first year or two and then just chilling since your base had already been increased). Plus it makes it less awkward with colleagues as your base is the same across the board. It feels fairer.... but I don’t know the specifics of how it works in other places, maybe there is some function in there to fix that
Chief
Well for those of us that had been considering jumping to McKinsey, definitely scratch from our list
Lol yea ok
The reality is even with these changes there are very few jobs where you can be 25 making $280k/27 at $400k/29 above 1 mil (maybe BB but my understanding is progression is slower) so I don’t get your outrage
A1- I'm 25 and my total comp this year was 240K
No raise and a 7% bonus (counting the 1.5k they just gave us). Dare I say BDMB? 😭
7% bonus would be the lowest rating, not counting our extra 1.5k for everyone
I’m confused. How do you calculate our salary increases and bonuses getting slashed? Did you get a lower rating this year? That would explain slower growth. What level?
Check McK board for details
OP, you’re sitting and whining about “lower raises” in the context of a world where folks are either losing jobs, getting no raises, and where your own Partners are apparently holding salaries constant.
Am a former consultant at M, but I can’t help but think you’re probably a 2Y/3Y BA, Ivy-educated and somewhat entitled, and are crying wolf when you should be realistic and thankful you have a double digit raise in your Total Comp in this year.
Since you clearly understand M comp so well, isn’t all your rage justified ONLY when you know 2021 total comp numbers?
What makes you think folks across the board haven’t taken a hit? I guess you’re right about them not doing a good job communicating about actions taken; but I know for a fact that partners were looking at a 50pc total pay cut in the middle of the year. My friend over at M probably has a much smaller TC increase than you.
So yes, you took a hit on growth numbers. Others probably took a bigger hit. Just keep multiple reference points in perspective.