Compensation at major consulting firms

compensation consulting
New answer on Apr 30, 2020
9 Answers
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Anonymous A asked on Jan 20, 2020

Which team decides/designs the compensation packages in consulting firms? Who has the final call in how much a candidate is offered? Is the offer based more on the firm's budget or skills of the candidate?

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Emily
Expert
Content Creator
replied on Apr 30, 2020
BCG Project Leader | 3+ years interview experience for BCG SEA recruiting | Kellogg MBA, NTU, Peking University

Hi,

As far as I know, in the top consulting firms, the compensation package is fixed according to the level you are. No negotation possible.

Best,

Emily

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Nathaniel
Expert
replied on Jan 21, 2020
McKinsey | BCG | CERN| University of Cambridge

Hello there,

Typically, the compensation package are fixed based on the levels, especially for entry level.
For post-MBA or senior experience hires, this may varies depending on the result of your discussion / negotiation with the Firm. The more senior you are, the more leverage you have in negotiating the compensation package, e.g. post-MBA Associates might negotitates mostly in sign-in bonus while senior executives might negotiate the overall package.

Generally, the decision on the package is beiong made by the partner whom you are in touch with during the interviews, especially on the compensation negotiation. This partner usually heads up the HR or people development function within the office in parallel with his operational role.

Hope it helps.

Kind regards,
Nathan

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Antonello
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Content Creator
replied on Jan 20, 2020
McKinsey | MBA professor for consulting interviews

Hi,
the only negotiable part of the compensation scheme is the entry bonus. You can discuss it with HR once you get the offer and it's only for experienced hires.

Best,
Antonello

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Thomas
CoachingPlus Expert
Content Creator
replied on Apr 30, 2020
150+ interviews | 5+ years experience | Kearney & Accenture | Sold consulting startup| London Business School

The only variance I have seen here in the Middle East is that the signing bonus is negotiable and that sometimes you just need to ask for it. Even if you successfully negotiate the salary or bonus, it is likely that this will be corrected during the end of year calibrations.

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Clara
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replied on Jan 21, 2020
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

I have not yet met anyone who could negotiate!

It´s pretty standarized by position and geography.

Hope it helps!

Cheers,

Clara

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Daniel
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Content Creator
replied on Jan 20, 2020
McKinsey / ex-Interviewer at McKinsey / I will coach you to rock those interviews

At least in McKinsey Germany those packages are fixed by level (Fellow, Associate, Engagement Manager, etc.) and are non-negotiable.

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Vlad
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replied on Jan 20, 2020
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

All the salaries are non-negotiable and standardized across the roles. You can check the compensation at glassdoor.

The entry roles are also pretty well-defined:

  • Pre-MBA junior level (BA / SBA at McK, Acs / sAC at Bain, BCG)
  • Post MBA / experienced hire level (Asc at Mck and Consultant at Bain, BCG)

You can also get a manager and above roles if you have previous experience in consulting, but these cases are rare.

Best

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Luca
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replied on Jan 20, 2020
BCG |NASA |20+ interviews with 100% success rate| 120+ students coached |GMAT expert 780/800 score

Hello,

The salaries for each career step are well defined for each consulting company. It's not possible to modify them.

Best,
Luca

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Giulia
Expert
replied on Jan 20, 2020
McKinsey Business Analyst | 3+ years Experience | MBA at LBS

Hi,

For a new hire candidate the offer and compensation package is fixed and based on the role you are being offered (no space for negotiation).

if you are already hired, your compensation is the same as everyone else with your role and tenure. Final year bonus depends on your tenure and committee ranking.

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Emily gave the best answer

Emily

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BCG Project Leader | 3+ years interview experience for BCG SEA recruiting | Kellogg MBA, NTU, Peking University
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