Hi,
Can you please shed light on the issue of performance bonuses payment?
Since most post-MBA employees enter MBB firms during the summer, when can they receive their first performance bonus? I wondering either it can be in the next summer or in one and a half year? Regions of interest are the US, UK, ME.
Many thanks to all of you!
In my experience different ranks (e.g. Consultant, EM, Director etc) had different payout dates. For the immediate post-MBA position we received bonuses once a year and that was July.
Sidenote: there is not as much variability as in other industries wrt bonuses - most consultants fall into the average bucket, i.e. get also the same bonus. the best 10% or even 5% get higher bonuses, the worst get less bonus. So if you are just a regular consultant you can sort of expect it.
Best,
Denis
Hello!
Totally depends on the firm and region.
In any case, this is one of the things that are FOR SURE in the contract, so check it out there. If you are wondeing because you don´t have a contract yet, ask HR, they would clear this up for you.
Hope it helps!
Cheers,
Clara
Hi there,
Generally it's either end of year (around Christmas) or mid-year (July). If you joined and have not been there a full year, it will be pro-rated. Additionally, if you've only been there a few months (generally under 6), then there is not enough feedback to gauge your performance and you will be given the lowest in the bonus range.
Of course, the above varies by office and region.
I genuinely think this depends my region and firm. McKinsey London pays your annual performance bonus at the end of year which will be prorated if you joined in the middle of the year.
Depending on the office, you could get your first bonus either before Christmas, either next summer. Of course your perfomance plays a major role here)
My North American MBB offer letter says that I'm eligible for a performance bonus in 2022, paid out in December. I'm starting in August this year. My understanding is the first two projects don't count towards your bonus as you are still being trained essentially. Other MBB firms may differ based on geography though.
