You have very little room to negotiate. Even if you have an offer from McKinsey,
You can negotiate but with carefulness and expecting that you will not get more than 5% of what they currently offer you. Usually, boutiques do not have fixed salaries for each level, so you can just ask for a higher one.
McKinsey: Base Salary: $152,500. Performance Bonus: $35,000 max. Signing Bonus: $25,000.
How much does McKinsey & Company pay per year? The average McKinsey & Company salary ranges from approximately $93,000 per year for an Analyst to $315,000 per year for an Associate Partner. McKinsey & Company employees rate the overall compensation and benefits package 4.3/5 stars.
Consider negotiating lower if 10-20% places you above the average. Is the pay in-line with average pay, but still believe you can negotiate based on your skills? Consider a range between 5-7% above. You don't want to risk your chances with a company that is genuinely interested in your financial well-being.
It is simple: you can lose a job offer by negotiating salary if you make unreasonable demands or by going below what is expected of the request.
Whether you're negotiating salary for a new job or you're asking for a raise, a “money conversation” in any professional context is downright awkward. If you're like most people, you'd rather accept what you're given — and resent it later — than make the ask.
Average McKinsey & Company Consultant yearly pay in Australia is approximately $123,235, which is 55% above the national average. Salary information comes from 9 data points collected directly from employees, users, and past and present job advertisements on Indeed in the past 36 months.
It receives hundreds of thousands of job applications which means chances are slim that your application will be successful. However, if you have an excellent academic record, and can prove you have strong communication and analytical skills, you just might make the cut. The hiring process at McKinsey is quite intense.
The highest paying salary package reported for a Management Consultant at McKinsey sits at a yearly total compensation of $316,000. This includes base salary as well as any potential stock compensation and bonuses. The median yearly total compensation reported at McKinsey for the Management Consultant role is $227,000.
Master's-level hires tend to come in at the McKinsey business analyst salary level while MBA hires come in at the McKinsey associate salary level. Two-to-three years out of an MBA program, McKinsey manager salary prospects are around $220-to-$240,000 in base salary and $100-to-$140,000 in bonuses.
The consultant gets a referral bonus ($) if you get a job offer.
Based on feedback from McKinsey & Company employees about sign on bonuses, 88% said “I didn't receive a signing bonus.”In the case of employees at McKinsey & Company who did receive a bonus the most common sign on bonus received was $10,000+.
Many people are concerned that by asking for more money, they might lose the job offer — but that's almost never the case. After all, most job offers don't disclose the salary range upfront, so recruiters expect that you'll have to talk about it at some point.
I heard that McKinsey gives candidates about 2 weeks to decide on an offer.
If you'd like to get a better starting salary offer, you have to ask for it. Job seekers too often accept the first number that's put on the table. But whether the economy is strong or uncertain, employers are eager to bring on team members with specialized skills and expertise that can help them the most.
The typical length of time for consultants to stay at top firms like McKinsey, BCG or Bain is two to four years. Some statistics indicate that 2.7 years is the average length of time that a consultant works at a top management consulting firm before moving on.
Long Hours
You can't work for one of the top firms on exciting projects without a strong work ethic. McKinsey consultants are known to be amongst the hardest working in the consulting industry, which is saying a lot. If you're looking for a chill 40-hour workweek with no weekend work, McKinsey is not for you.
And the McKinsey recruitment process is one of the most selective as well: only 1% of the 200,000 applicants receive an offer.
McKinsey & Company Salary FAQs
The average salary for an Engagement Manager is $150,000 per year in Sydney, which is 37% lower than the average McKinsey & Company salary of $240,000 per year for this job.
At Bain & Company, entry-level consultants may earn up to $120,000 per year, while senior ones have salaries up to $230,000 (bonuses and profit sharing included).
The estimated total pay for a Junior Associate at McKinsey & Company is A$165,111 per year.
“Don't accept the first offer — they expect you to negotiate and salary is always negotiable.” “That's just not true,” says Weiss. Sure, much of the time there is an opportunity to negotiate, but some hiring managers genuinely give you the only number they can offer. The best way to find out, says Weiss, is to inquire.
Most hiring managers are willing to negotiate, so it's almost always a good idea to counteroffer. Even if they're unable to budge on salary, you might gain additional time off, a flexible schedule, or other perks.
Don't lose hope if the company rejects your salary negotiation and you still have to take the job. Be gracious in your reply while mentioning that the compensation was below expectations. And suggest compensation in other areas or future renegotiation opportunities.