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Salary Disparity b/w London and New York

London MBB New York
Neue Antwort am 21. Nov. 2020
6 Antworten
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Anonym A fragte am 20. Nov. 2020

Why are McKinsey salaries so low in London compared to New York? Given the global P&L of the firm, shouldn't the hourly rates of consultants be the same in both markets, which should mean that consultants should be paid the same?

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Ian
Experte
Content Creator
antwortete am 21. Nov. 2020
#1 BCG coach | MBB | Tier 2 | Digital, Tech, Platinion | 100% personal success rate (8/8) | 95% candidate success rate

hmmmm think about your statement again: "Given the global P&L of the firm".

Would you expect consultants in Vietnam to make the same amount as in Europe? Given consulting rates in Vietnam? (There's your answer)

In fact, wages across all industries are lower in Europe AND the UK (for those Brexiters). Remember, there are a lot of macroeconomic forces at play here. European works get far more job security/protection, far more holidays/annual leave, sick leave, better healthcare benefits, etc. etc. They also (generally) work far fewer hours and have less stress.

Like the old adage goes: you get what you['re] paid [for]! ;)

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Adi
Experte
Content Creator
antwortete am 20. Nov. 2020
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

There isn't a one size fits all. Salaries differ not only between countries but also between cities within a country. There are many factors at play- labour productivity (perhaps most important factor), skills & demand for those skills, industries in that country, type of consulting service (strategy or technoloy) , economic and geopolitical factors, forex etc.

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Vlad
Experte
antwortete am 20. Nov. 2020
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

Unfortunately, London is one of the lowest-paid offices. the reason is the local currency and the overall salaries in the UK. Believe me, the comp in tech, FS, and other sectors is also low there

Best

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Anonym A am 20. Nov. 2020

Thank you. But how come this pay 'methodology' doesn't apply to countries like the UAE. I've heard that MBB+ consultants in Dubai get paid the US equivalent of salaries for each job role.

Gaurav
Experte
Content Creator
antwortete am 21. Nov. 2020
Ex-Mckinsey|Certified Career Coach |Placed 500+ candidates at MBB & other consultancies

Hi there!
It`s normal, that each country has a different economical and political situation, so salaries in the same companies can vary across the world.
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GB

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Anonym B bearbeitete die Antwort am 20. Nov. 2020

Salaries in the UK generally are abysmal compared to the US. This cuts accross multiple industries healthcare, tech, consulting etc etc

(editiert)

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Natasha antwortete am 20. Nov. 2020

There are slight variations between countries, and the UK conversion is not the lowest USD equivalent salary - my country, and maybe others, is lower in USD. However, the local job market and country-level living costs probably play a role.

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