At McKinsey, the salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Engagement Managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.
Partner salary at McKinsey & Company India ranges between ₹ 60.0 Lakhs to ₹ 300.0 Lakhs.
McKinsey & Company Consultant salary in India ranges between ₹ 13.5 Lakhs to ₹ 60.0 Lakhs with an average annual salary of ₹ 34.6 Lakhs. Salary estimates are based on 71 McKinsey & Company latest salaries received from various employees of McKinsey & Company.
Average McKinsey & Company Consultant yearly pay in Australia is approximately $133,570, which is 67% 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.
That is correct, the traditional track at McKinsey from bottom to top is Analyst>Associate>Engagement Manager>Associate Partner>Partner. Moving from one position to the next normally takes 1 to 3 years. Each one of the previous role develops from Junior to Senior (e.g. from Junior analyst to Senior analyst).
MBB firms have much higher prestige scores (vault 2020)
While McKinsey almost reaches the score of 9, Bain and BCG are both above the score of 8.6; the highest score of the Big 4 group is only 7.1.
While a job at McKinsey sets you up for a fantastic career in management consulting, it's also notoriously one of the hardest companies to get an offer from. Read on for our top tips to help you land that coveted first consulting role.
McKinsey & Company Salary FAQs
How does the salary as an Associate Partner at McKinsey & Company compare with the base salary range for this job? The average salary for an Associate Partner is $285,000 per year in Australia, which is 9% lower than the average McKinsey & Company salary of $315,000 per year for this job.
The estimated total pay for a Chief Executive Officer at McKinsey & Company is $504,834 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $230,245 per year.
McKinsey Consultant Salary & Bonuses
MBA graduates at McKinsey can earn performance bonuses up to $45,000, and a signing bonus of $30,000. For master's graduates, performance bonuses cap at $30,000, with a signing bonus of $5,000.
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.
Average McKinsey & Company Consultant yearly pay in Sydney, NSW is approximately $133,570, which is 67% above the national average.
On a very high level, a rough average of all the Partners I met in almost 5 years in McKinsey, they'd work from 9 to 9 (12h) every day, with a potentially shorter day on Friday. However, there is a significant variability here. Here are some of the factors (among others):
If you begin your career at McKinsey, you can expect to be elected to the first stage of a partnership in five to seven years. The greater your professional experience, the sooner you can reach this level. The most senior position at McKinsey, you might be elected director come seven years after you are made partner.
What are Partners called at Bain, BCG & McKinsey? While legally all the senior most people at the three firms are known as “Partner” – meaning they own a share of the company – they have different titles. At McKinsey, there is “Partner” and then for distinguished long-term leaders there is Director.
The estimated total pay for a Senior Partner at McKinsey & Company is $452,914 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $211,213 per year.
Unfortunately, you cannot negotiate your salary in McK. The base is fixed and the bonus depends on your yearly rating.
Let's start with the MBB…for MBAs. In terms of base pay, Bain and McKinsey both start at $192K, with the Boston Consulting Group (BCG) trailing close behind at $190K. That's a near 10% increase over last year, where MBB bases averaged $175K. For sign-on bonus, new MBA hires collect $30K at each firm.
In 2022, starting base salaries for new MBA grads at the three firms was $175,000. Going into 2023, however, Bain and McKinsey will offer $192,000 base salaries and BCG will offer $190,000.
SEK 982K. The estimated total pay for a Associate at McKinsey & Company is SEK 981,893 per year.
The average salary for Consulting Partner is $253,218 per year in the Australia.
Gentin believes that young people in particular want more from their careers than conventional understandings of professional success. “The average age at McKinsey is 30,” he says.
Elite consultancies such as McKinsey & Company and Boston Consulting Group have their pick of the brightest graduates of the world's top universities. (McKinsey regularly attracts 200,000 applicants and hires just 1%-2%.)
Most of those senior partners are likely pulling in around $1M - $2M annually, while the top 15% all-stars are making more than that.