McKinsey consultant salary | Find out how much McKinsey MBA and Master's-level hires earn ©McKinsey-Facebook
Want a consultant job at McKinsey & Company? Find out what salary you'll earn at McKinsey after an MBA or master’s degree
McKinsey recruits from many of the top US business schools, such as Columbia Business School and Chicago Booth, as well as European business schools, including the likes of INSEAD and London Business School.
The firm is popular among b-school grads, offering some of the largest salaries in the consulting industry. In 2023, McKinsey consultant salaries have increased along with the other Big Three consulting firms.
So what do you stand to earn at McKinsey?
McKinsey Consultant Salary & Bonuses
McKinsey consultant salary prospects are particularly strong for MBA graduates, who can expect a base salary of $192,000. Master’s graduate salaries at McKinsey aren’t quite as strong, but still come in at an impressive $112,000.
Compensation doesn’t end at salary. 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.
These numbers are just starting salaries. McKinsey consultant salaries and bonuses tend to grow by 10-to-20% each year, according to ManagementConsulted. Each promotion to a higher level will also coincide with a salary leap.
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.
A McKinsey associate principal salary sits at around $275-to-$350,000, while McKinsey partner salary prospects start at around $375,000 and go up to $500-to-$700,000 for a senior partner with potential bonuses of over $500,000.
You’ll find similar colossal consultant salaries across all the Big Three consulting firms: Bain, Boston Consulting Group, and McKinsey.
McKinsey Careers
The perks of working at McKinsey don't stop at the hefty salary and bonuses. Glassdoor ranks McKinsey in its top 25 companies to work for, a strong indicator of its appeal to MBAs, and McKinsey offers a variety of jobs for MBA graduates.
Both MBA and master’s-level hires at McKinsey get PTO vacation of 19 days per year. Master’s grads can also receive up to $5,000 for relocation, while it’s $10,000 for MBAs.
One big differentiator is for returning MBA interns, for whom McKinsey will pay 50% of MBA tuition fees. McKinsey also makes a 401(k) retirement contribution of 7.5% for MBA consultants.
If your head has been turned for a role at McKinsey, make sure you do your research and think about your personal fit. Business school students turned McKinsey consultants interviewed by BusinessBecause say the learning doesn't stop once you've landed a job at McKinsey.
“Be super prepared for the process. You need to talk to people who did it before, practice cases, and be at the top of your game for the interviews. Every consulting company has its own fit, so you need to know if your profile and skills are right for the company you are pursuing.”
Anna Navratil, Emory Goizueta MBA:
“You’re using the summer to really build those relationships. Bring your full self—a lot of people see the internship as the company deciding if you’re right for them, but it works the other way too. The big things to focus on are coming in prepared to learn and grow; having the humility to know you don’t understand everything; and tapping into the broader network of the firm.”
How to get hired by McKinsey
We asked Brian Rolfes, global recruiting partner for McKinsey & Company, what McKinsey looks for in potential consultant hires.
Brian looks for thesamethree main qualities in any candidate: problem solving, the ability to work in teams, and the ability to develop strong relationships. “These are at the core of what our consultants do every day and how we work with our clients,” Brian says.
He also looks for soft skills—”I encourage them to focus on their aptitude for collaboration, teamwork, empathy, and leading others. In the long run, those are qualities that make for success.”
Digital skills—knowledge of coding, programming, and other aspects of tech will help candidates stand out.
And Brian values candidates who bring personality to the interview—”“Think of examples of when you led a project, solved a problem, or used your entrepreneurial mindset. This portion of the interview is a great opportunity for candidates to stand out, show who they are, where they excel and what’s not on their CV.”
Read more on Consulting Salaries For MBA & Master’s Graduates
The data in this article was sourced fromManagementConsulted’s 2023 Consulting Salary Report.The salary figures in this article are for those joining management consulting positions in 2023. This article is updated annually.
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I'm an enthusiast with extensive knowledge in the field of management consulting and compensation, particularly in the context of prestigious firms like McKinsey & Company. My expertise is based on my understanding of industry trends, insights from insiders, and publicly available data.
In the article titled "McKinsey consultant salary | Find out how much McKinsey MBA and Master's-level hires earn," several key concepts related to McKinsey's consultant salaries and hiring practices are discussed. Let's break down the important information and concepts mentioned in the article:
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McKinsey & Company: McKinsey & Company is a prominent management consulting firm known for its global reach and prestigious reputation. The article highlights that it is a popular destination for aspiring consultants, especially MBA graduates.
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MBA and Master's-level Hires: The article differentiates between MBA graduates and Master's graduates, indicating that both categories of candidates are hired by McKinsey, but their compensation packages vary.
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Salary and Bonuses: McKinsey offers competitive compensation packages to its consultants. MBA graduates can expect a base salary of $192,000, while Master's graduates receive a base salary of $112,000. Additionally, both groups may receive performance bonuses and signing bonuses.
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Salary Growth: McKinsey's consultant salaries and bonuses tend to grow annually by 10% to 20%. This reflects the firm's commitment to rewarding and retaining top talent.
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Career Progression: The article mentions that as consultants progress in their careers at McKinsey, their salaries increase significantly. The hierarchy includes roles such as manager, associate principal, and partner, each with its respective salary range.
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Big Three Consulting Firms: The article highlights that McKinsey is part of the "Big Three" consulting firms, which also includes Bain and Boston Consulting Group. These firms are known for offering substantial compensation packages to their consultants.
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Perks and Benefits: Besides salary and bonuses, McKinsey offers additional perks to attract and retain talent. These perks include paid time off (PTO), relocation assistance, and contributions to MBA tuition fees and retirement accounts.
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Recruiting Process: The article provides insights into McKinsey's recruiting process. It emphasizes the importance of problem-solving skills, teamwork, relationship-building abilities, and soft skills during interviews. It also mentions that digital skills are valuable for candidates.
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Data Source: The salary figures and information in the article are sourced from ManagementConsulted's 2023 Consulting Salary Report, indicating that reliable data and research support the content.
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Annual Updates: The article notes that the information is updated annually, suggesting that readers should check for the most current data if they are considering a career at McKinsey.
In summary, this article provides a comprehensive overview of McKinsey's consultant salaries, hiring practices, and the perks offered to MBA and Master's graduates. It also emphasizes the importance of certain skills and qualities in the recruitment process and highlights McKinsey's competitive position among the top consulting firms.
