The McKinsey salary is comparable to the Bain salary and the BCG salary. Gabriel Goldbrain explores the McKinsey salary progression by career level in this video.
The video starts reviewing the McKinsey business analyst salary (short: the McKinsey analyst salary) and moves on to McKinsey's associate salary which is attracting the interest of leading ivy league business school graduates. These typically start in the associate role. In contrast, bachelor graduates start as analysts. The associate salary is highly competitive and considered an important career step. A small number of consultants achieve a fast track career promotion while others may be counselled to leave (CTL) never being able to take home the associate salary at McKinsey.
A McKinsey associate who has proven his managerial skills gets promoted to the engagement manager lever after 2-3 years. The McKinsey engagement manager salary is the highest in North America and exceeds the associate and business analyst salary. Similarly European management consulting salaries are above the Indian management consulting salary. So there are clear differences between a McKinsey salary in Europe, the McKinsey salary in North America and the McKinsey salary in India.
In the UK, Switzerland, Germany, France, BeNeLux and the Nordic countries are amongst the highest paying countries in strategy consulting in Europe. In Asia, Japan and Singapore are the best paying in management consulting. Americas' compensation is led by the United States and Canada.
If you climb further in the McKinsey hierarchy, you eventually get promoted to partner. The McKinsey partner salary is highly dependent on your performance. This applies to the BCG salary and Bain salary as well. Senior partners can easily earn one million US dollars or or million Euros if they have a strong customer base.
The Kearney salary, Roland Berger salary and the LEK salary are also highly attractive and not far off the market leading consultancies, so also these are well worth pursuing a consulting career.
Video Transcript:
$100,000 salary straight out of college? Holy cow can that be true? Yes, it can! If you start your career in the US as a business Analyst with McKinsey. Not even that! There is much more that can be possible at consulting firms like McKinsey as you will learn in today's video. I am Gabriel Goldbrain! And I want you to become a successful High Caliber 6 figure Management Consultant.
So, let's get started with today's video. Before we talk about the salary brackets, let's first look into the roles which you find in McKinsey. So usually you have to distinguish between two kinds or two types of roles. First of all you have internal roles and secondly you have client facing, so-called consultant roles. Usually the consultant roles these are the most prestigious one and the roles we are talking about and usually that's what all McKinsey is about.
At McKinsey, you start your career as an Analyst. This is the lowest level at which you can enter McKinsey. The Analyst role typically is about Excel models, doing research, building PowerPoint presentations and having interviews with a client on site. Basically collecting and processing data and that's kind of the core about the Analyst role. There are about 18,000 Analysts in McKinsey. And you usually stay in the Analyst role for about 2 years. Then after 2 years usually you leave, you take a leave, to do an MBA or to do a PhD. And then some of those, they return back to the firm. And when they re-enter, they usually come back as an associate.
There are about 6,000 to 6,500 Associates in McKinsey and they usually have responsibility for smaller modules. They usually lead a team of two to three Analysts and they work together with a project manager, to which they progress once they've been two to three years in the associate role.
Once you progress to the so-called Engagement Manager role from the associate role. That is kind of when you become the project manager. You have full responsibility for a project. You may have one two Associates and several Analysts on your team and you got to make sure that the project with a client runs well. Because that is what the partners want to talk about with you in that kind of role.
As an Engagement Manager you stay 2 to 3 years and after that period of time you become a junior partner. And with you becoming more senior in such a firm like McKinsey, you get more responsibility for sales. So basically you transform from an analytical person to kind of a salesperson. And after a certain amount of years you can also become a senior partner. You have to purchase Equity in The Firm. So that you're committed to it and then you have reached the top of your career.
Let's now look into the PowerPoint presentation, which I prepared to summarize all of what I'm what I've just said and to talk about the salary levels for each of these careers stages. You will find the PowerPoint presentation on my website www.gabrielgoldbrain.com. Let's get started with the presentation! First of all, you will notice that in the US you will be able to take home the highest salaries of all the three regions we are looking into.
As a business Analyst in the US you can take home $120,000 per year which includes all perks and all non-monetary benefits you get.
On the associate level you can take home about $190,000.
Then progress to the Engagement Manager. You will take home about $250,000 to $300,000 gross salary including all benefits.
And then on the partner level. It's possible usually, the lower, on the lower end you would maybe have some Partners have taken home $350,000 but usually it's $500,000 to a million. And then some Partners senior Partners very successful Partners they're able to take home much more they can take home 2 million 3 million maybe up to 5 million depending on the performance.
When you look uh at the next region on the slide which is Europe. You will see there is a big spread particularly when you look at the Analyst roles. So business Analysts in Europe usually take home €40,000 to €100,000 per year. For sure depending on the country in which they live, which is the kind of biggest differentiating factors. So in Switzerland or in Scandinavia, you will have the highest salaries because this is high salary countries. Whereas in countries of Southeast Europe maybe also southern Europe, you will earn less than in these high paying countries. That's, that explains the spread!
The same on the associate level you take home about €100,000 to €180,000 per year all benefits included. In Europe sometimes, even Analysts they have like a car deal where they can get kind of a car as part of their compensation package. So, but if you sum it all up that's the figure.
An Engagement Manager takes home about €180,000 to €300,000 a year.
And then similar to the US, partners in Europe usually make something between €350,000 to a million. The most successful partners for sure they go up to 2-3 million. There is virtually no limit, but it depends on the customers they serve and the success.
Then if you look at India, we have a starting salary for the business Analysts with about 13 Lakh.
Then the next level 35 Lakh which is the associate level.
And then for the Project Manager/Engagement Manager level, we have about 70 Lakh.
Which then if you progress to Junior partner, is about 100 Lakh and then on Partner level you can have 1-2-3 Crore. So there is virtually no limit depending on the customers you serve and the projects you bring home.
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