What does this part of my McKinsey offer letter mean?

"You will be eligible for a Performance Bonus in December 2021. For the first calendar year, as you onboard to the firm, your annualized Performance Bonus will assume Strong performance and be set at $15,000. For subsequent years, any Performance Bonuses will be determined based on your actual performance and determined and delivered at the discretion of the firm."

How do bonuses work for experienced BAs?

like
Posting as :
works at
You are currently posting as works at

Bonus payout amount is based on performance, they’re saying that before you’ve formally had a performance review (like with a rating) they’re going to assume you’re a Strong performer and pay your bonus amount using that assumption. In the future once you have gotten formal performance reviews with ratings, your bonus amount will be based on that rating!

At least, that’s how it works at Bain

like

If it’s in your offer letter it means your current joining date makes you eligible

like

It means you are getting a preset bonus for joining partial year but it isn’t performance dependent. Next year, your bonus will be dependent on rating and vary.

like

What is the % in following years?

Depends on how well you perform on the 4 grades starting from c2l through to distinctive

Related Posts

Torn between two offers-
Citi IA (MRA Validation - Risk) or Morgan Stanley IA

If base comp is equal, which one would you choose?

like

Hello..need an idea as to what is the ideal salary at B7.2 level,having around 8 YOE.Also, what the bonus to expect.

like

Hi Hyderabad fishes,
I'm a Java developer with 6.5 years of experience. I am interested in both backend and full stack positions.
Experienced with Java, javascript, MySQL, Spring boot, jQuery, REST services.
Currently looking for change and need help with references. My current CTC is 19L and 2 months notice period.

Thanks for the opportunities.

like

How much @Eli Lilly offers for 2 YOE data engineer?

2. Do they give hike based on cctc or have their own salary range?

like

What all methods to save tax on a 22 LPA salary (fixed including PF both employer and employee) apart from standard 80C, NPS, insurance and home loan, etc

like

Does anyone know what redundancy packages firms have been offering in the last 6-12 months? Looking for comparisons

like

I am getting a good project in current company where there will be lot of learning
Initially it will be manual and then it will have automation testing. At the same time I have an offer in another company with good package but there won't be much learning compared to the current company project I am yet to get locked. Is learning important and priority for 4.5 years of experience? Or better to go with the high package offer? (Other company offer is from TCS). Your valuable comments would help.

like

I have 1.7 years of experience as an embedded engineer.i got a 5LPA offer from tata elxsi. is this package is good for this experience?

Anyone trade options on JPM You Invest? They have a bonus running right now and wondering if it was worth it for general investing and options trading.

like

Trying to restructure the benefit package that is currently being offered at a Construction company. Curious what everyone's standard benefit package includes in detail. TIA

like

What is the salary range for C11 data Analyst at Citibank? And how much salary hike is expected from current CTC?
Currently working as software engineer with 6lpa Citi

like

Drowning in student debt, drowning in the wrong opportunities, I make a six figure salary working pharma but I’m in a deep depression. I can’t get out of pharma without taking a significant pay cut.

like

What is the typical bonus and hike for a C13 (VP) in technology in Pune (or Chennai) who has been offered 50 lacs per annum

My time has come! Non-faang tech, +65% comp.

like

For anyone who receives a quarterly bonus or raise in some form, does your employer start to schedule you for less hours when your raise kicks in, or pull you from a future schedule entirely once you receive a bonus; only to put you back on once the hours you would have worked and earned the amount given are passed? Ie; a part time employee getting $200.00 in a quarterly bonus and then not being scheduled a whole week during a bi-weekly pay period where they would have earned more on the clock…?

like

I'm the hiring mgr for designers in my org. I recently discovered pay band information given to me by the HR generalist I'm working with on hiring was outdated and updated bands had been released over the summer (prior to my hire date). The outdated information had led me to believe a prime candidate was out of range. Aside from incompetence, can anyone think of a reason why HR might have withheld information about the pay bands? I assume mgrs see the full monty when it comes to pay...right?

like

Hey Bowl,
I work for a late stage(ipo) start up, earlier this year we were acquired & since then they got rid of our yearly bonuses and gave us an ESOP grant.
2 RIFs later we are almost bare bones. Since we are coming up on our usual yearly evaluations many of us assumed (with multiple conversation from our managers) that pay raises and promotions were due.
In a recent All hands we found out that this year there will be no pay raises nor promotions based off merit. Is it time to jump ship?

like

Can some one tell me how will Capgemini pay variable pay amount? Is it quarterly once or Yearly once?

like

Is it possible to find a six-figure job right out of college? How long did it take you to start earning that kind of salary?

like

Hi guys,
I was offered 16.5lpa B2 band senior software engineer
Tech stack: pyspark/SQL/Hadoop
Yoe: 4.5 years
I request you pls share your thoughts on above. Is it good or not okay or should I consider this offer?

More Posts

The learning and design content I write belongs to the company where I work. Am I able to add and/or share my work in my portfolio? Is it acceptable to create some generic content to demonstrate my skill set?

like

I have just recently accepted a position as Director of Compliance at a Fin-Tech company here in Naples, FL.. My previous 17 YOE were strictly in the Financial industry. Does anyone know what the average salary is for this position? I have a sinking feeling that I accepted the role too quickly without comparing salaries. The position only pays $50k/year. That seems low to me.

like

Large Enterprise AE in HR Tech with $105K base and $180K OTE (8 yoe)

like

If you were new into the idea of working in tech what could a virtual meetup provide to keep you coming back and engaged?

like

Any openings for VMware admin/windows server admin in kochi location?

How many hours do you guys work on average per week in indo?
I’m Indonesian but not working in indo and currently looking to move back in the near future.

like

How much notice period does your firm require and has anyone quit without giving the full notice period?

like

Looking for licensees banker to join chase bank in clearwater area?

like

Is there any vacancy as a Frontend React UI developer?
4 YOE @capgemini

like

What are you doing for a retirement plan as an independent consultant? Solo 401K, SEP IRA, etc.? Any recommendations on where to open an account?

like
like
like

How's the job market now? Any better???

like

How has your experience been starting a new job during the global pandemic?

likehelpful

Hi All,

What is the wlb in Areteans for a pega developer.

like

How important are snapshots in pwc and how to handle them

Does anyone have any metrics/ benchmarks they could share on diversity hires? We're putting goals together for 2023 and our senior leadership wants 30% of all candidates interviewed and hired to be gender or ethnic diverse.

like

AWS vs Amazon PM roles?

like

What are the most boring jobs out there?

like

Additional Posts in All Things MBB

McKinsey & Company McKinsey & Company internal employees. Do you have the opportunity to earn annual VC/bonus? Are there opportunities to grow (comp, level, training) in internal roles?

like

When people move between MBBs, what is generally the reason?

like

What are M7 MBB recruiting timelines ? Considering applying right now to MBB, but if I get rejected I’m going to do an MBA, will I be blacklisted from applying for summer internships if I get rejected this fall ?

What is the perception of a McKinsey solution role that is a CSP? Can I exit to tech? Would the role be better than the T2 role I have now?

like

Re-invited to interview at BCG but also want to cast a wide net and apply for Mck and Bain. However got rejected last year this time at the resume screen stage. I’ve changed firms since I last applied (to a well known boutique) - is this sufficient or am I still frozen?

like

How to negotiate at McK? Any advice for what to ask for? Current offer is much lower than what I’m being paid in big tech.

like

Is “Hacking the Case Interview” any good?

like

how many YOE are needed to come in as Consultant at BCG with no MBA?

like
like

Do you always need an MBA to get into MBB?

likefunny

Is there any difference in the interview process (including evaluation) for generalist vs. specialist positions at McKinsey right now?

like

I just had a first round interview with BCG, I did ok in one of the interview and did great in the other one. What are my chances of moving to the next round? More info: Based in Canada, there are two 45 mins interview for first round.

likefunny

which firm would most value a supply chain background? mck?

like

Is it worth making the time/money investment to make the switch from big 4 FDD to MBB. This would require getting into and paying for a top MBA program and my net worth would be way negative after that. Are the MBB financial returns worth it? Im 26 years old for reference

like

McKinsey & Company Starting at McK next month. Is the firm closing for the holidays like last year or should I expect to be available? I probably won’t get staffed until Jan, but trying to plan. McKinsey & Company

like

What is the potential to change service lines or even practices at McKinsey once you're hired into one?

like

Currently at a T2, thinking about applying to an MBB . Question for you MBB 🐠 — if I have a referral and a solid resume, is it pretty much a guarantee that I will get an interview?

like

What is post-MBA associate comp in Canada at MBB? Is it thr same nominal figure as US, but in CAD (I.e., lower when converted to USD)?

like

Moving from T2 to McKinsey. How do vacation requests work? I have family and friends getting married this fall in weddings delayed because of covid, but I’ll just have started so wanted to get a sense of how realistic taking vacation this fall would be and how to approach taking it (e.g. mention to HR, staffing). TIA!

like

What’s the standard RTO (return to office) plan for MBB as of now?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal