Hello. I recently got admitted to McKinsey and I got a question regarding promotion and raise. As far as I know, promotion from BA to Associate takes on average 2-3 years. How about the raise in compensation? Does it also change each promotion or is there any yearly average raise for the employees?
Hi there,
The jump in compensation from BA to Associate is one of the highest percentage-wise - it's almost double the BA salary. Aside from this, there's also the yearly increase in the base because of tenure.
Best,
Cristian
Hello,
Congratulations on the job offer! There will be some variety to this depending on which geography your are in, but generally you will be given a bonus every year, which will depend on your performance. The base compensation rate only changes with each promotion (i.e., not yearly), so you will expect to get that when you get promoted to associate.
Hi there,
Congrats on getting admitted!
Of course, you'll find out about all of this literally in week one of orientation - calm down :)
So yes the promotion time is generally 2-3 years. There are annual performance bonuses which should theoretically go up (as you learn perform better). The salary jump is significant (40+%)
Hey there,
Congrats on your offer!
Emily is totally right. There are significant differences across offices both in base salary and bonus and then again for the raise across levels of the hierarchy.
I was talking to colleagues in Eastern Europe, who made half of what a typical German office fellow got as well as colleagues from Switzerland who made almost 2x as much.
The best way to get full clarity on this is to discuss this openly with HR. :-)
Cheers, and enjoy your time at the firm.
Florian
Hi there,
So yes, in general it takes 2-3 years to go from BA to Associate. Each office has a slightly different way of doing pay increases in those years - some i.e., America, are based on performance. Some are based on a flat uplift. Some include bonuses, some do not (the idea being that they didn't want to encourage competition between BAs). It's a great question to ask the recruiting team.
Emily
Yes, you get a salary increase with promotion. And it's quite significant.
But there's also an yearly adjustment to salary levels. This is more inflation (and market) related.
Hi - For compensation-related questions, check Glassdoor. Typically, this gives a good indication of % increase.
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