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.
This growth, combined with staffing needs that the pandemic exacerbated, have kicked consulting firms' demand for talent up a notch. As we've already mentioned, McKinsey and Bain have upped the ante, upping their entry level base salaries to a level that is $2k above BCG.
Average McKinsey & Company Consultant yearly pay in Australia is approximately $123,235, which is 54% above the national average.
Graduate salaries at the Big 4 can vary depending on the service line you work in and the job you're doing. In a broad sense, you could expect to be earning anywhere between $45,000 and $75,000, but this can even be different from city to city.
McKinsey has a very rigorous (and competitive!) recruiting process that usually results in the hiring of excellent consultants. In many cases, it will be your colleagues you learn the most from when you work for McKinsey.
McKinsey is the oldest and largest of the "Big Three" management consultancies (MBB), the world's three largest strategy consulting firms by revenue. It has consistently been recognized by Vault as the most prestigious consulting firm in the world.
McKinsey is the largest “CEO factory”
All MBB companies are often dubbed “CEO factories”, but out of the three giants, McKinsey has a slight edge over this. They produce the most Fortune 500 CEOs. Many McKinsey alumni run companies with more than $1 billion in annual sales.
McKinsey: Base Salary: $152,500. Performance Bonus: $35,000 max. Signing Bonus: $25,000.
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.
On average, a standard number of hours a consultant can expect to work in a week is between 70 and 75, including lunch and travel time. Weekends aren't included in a consultant's working week.
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).
McKinsey is a top destination for people with master's degrees in business administration. Typically, nearly half of our incoming consultants have MBAs, and we're fully committed to finding top talent from business-school programs around the world.
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.
McKinsey can be a high-stress environment
McKinsey consultants are frequently performance-reviewed and work under high expectations. Everyone has seen other consultants give in to the stress. People get overwhelmed, burn out, and sometimes get sick.
Top consulting firms are ranked according to factors including compensation, diversity, work-life balance, and job satisfaction. In 2022, the Big Three consulting firms—McKinsey & Company, the Boston Consulting Group (BCG), and Bain & Company—have secured the top three spots again.
Deloitte has a rating of 4.5 stars with 2 reviews. McKinsey has a rating of 4.2 stars with 16 reviews.
McKinsey Partner & Director salary
McKinsey Partners and Directors in the US may earn up to $1,300,000 per year in salary, with a $1,000,000 base and $300,000 performance bonus.
One of the biggest challenges of interviewing with McKinsey is solving cases that you've never seen before. Each case can be difficult, and you'll have to perform well across multiple case interviews in order to get an offer. As a result, it's critical for you to have a consistent approach for solving cases.
McKinsey reportedly receives more than a million applications per year and hires less than 1% of them. The Top 3 consulting firms are among the ten most selective employers in the world and it is notoriously difficult to receive a job offer.
The average big four salary in Australia is $58,250 per year or $29.87 per hour. Entry-level positions start at $55,575 per year, while most experienced workers make up to $77,087 per year.
If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.
How much does a Consultant make? The national average salary for a Consultant is $80,000 in Australia. Filter by location to see Consultant salaries in your area. Salary estimates are based on 7,582 salaries submitted anonymously to Glassdoor by Consultant employees.