Do consulting firms usually give sign-on bonus to experienced hire?

consulting
New answer on Oct 20, 2021
8 Answers
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Anonymous A asked on Oct 19, 2021

Do consulting firms usually give sign-on bonus to experienced hire in London and Dubai office? Usually how much would that be? (post-mba level)

Can I ask them to compensate for my loss bonus if I join before my bonus is given?

NOT post-mba but post-mba level.

(edited)

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Udayan
Expert
Content Creator
replied on Oct 19, 2021
Top rated MBB coach with many offers /Ex McKinsey EM in New York /6 years McKinsey recruiting experience/Real cases

Yes - you can always negotiate your sign on bonus. Be reasonable though as MBB salaries increase by a lot each year so you will most likely make up for any lost income within 1 year.

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Cristian
CoachingPlus Expert
replied on Oct 19, 2021
McKinsey / Oxford grad / ex Firm mock interviewer & internal training faculty / top 25% best consultants in the Firm

They might. I would try to practice the motivation before getting on the call with the recruiter. I'd go along the lines of what you're suggesting in terms of losing the bonus with your current employer, and that you're so very excited about joining them, and whether there's anything they can do in this situation. 

If they hesitate, your best response is to go silent. Don't talk after you ask the question. Old school negotiation technique ;)

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Ian
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replied on Oct 19, 2021
BCG | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Yes they do!

And yes, one classic negotiation tactic is to flag what you're “losing” by switching to them. Flag your upcoming annual bonus and ask if they can add a sign-on bonus to compensate this lost income.

You can also flag salary discrepency and/or relocation costs as additional reasons for the bonus. Don't be afraid to research “market rates” for sign-on bonuses and flag this as well!

Do so politely, and re-assert your interest in the firm. Let them know you'll sign on the dotted line if they can make this happen.

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Moritz
Expert
replied on Oct 19, 2021
ex-McKinsey Experienced Hire | official McKinsey Interview Coach & Interviewer | ESADE MBA | Master of story telling

At post-MBA/experienced hire level, do expect a sign-on bonus of ~30,000 USD when joining an MBB (this is just a ballpark figure). It is typically paid out in USD, not local currency, which means that it´s a somewhat centrally coordinated bonus scheme.

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Pedro
CoachingPlus Expert
replied on Oct 19, 2021
# 1 Rated Bain Coach | EY-Parthenon | Roland Berger | FIT | Former Head Recruiter | Principal

Yes, they do (or may) give sign-in bonus. The number depends on your rank (and situation), but you can think of 20-25% of the yearly base salary.

Yes, you can ask them to compensate for bonus loss - that is one of the reasons they give the sign-in bonus (also to help with relocation). 

Just be aware that they won't cover you bonus on top of the sign-in bonus (that would be paying twice for the same thing).

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Anonymous A on Oct 19, 2021

oh so usually it is 20-25% sign-on bonus in consulting industry and it covers your relocation, loss bonus, etc.

Pedro on Oct 19, 2021

Yes. Adi said 10-25%, and that may be a more realistic interval. Sometimes you get an additional for relocation, but it is not "cash in hand" (more specifically, if you need to pay a moving company to move your furniture accross the country or abroad, you present the invoice and they pay the ammount, but there's a limit to how much they will cover, and of course, they have to have agreed with this before). Also don't expect them to pay for other type of relocation expenses (e.g. flights, rent deposit, etc.) on top of the sign-in.

Antonello
Expert
Content Creator
replied on Oct 19, 2021
McKinsey | MBA professor for consulting interviews

Hi!

Yes, consultancies usually provide sign-in bonuses to post-MBA candidates.

The exact amount varies according to the specific profile and seniority and I tend to agree with the ranges given by other coaches.

You can definitely ask to compensate for bonus loss but it probably won't add up to the sign-in one.

Hope this helps.

Good luck,

Anto

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Adi
CoachingPlus Expert
Content Creator
replied on Oct 19, 2021
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

Most companies do pay a sign-on bonus anywhere from 10%-25% of total annual salary, depending on your role & level. 

Usually, this bonus is paid upfront all at once and should you leave within 6 months or 12 months, pro-rated amount must be returned. Check the specifics with HR.

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Agrim
CoachingPlus Expert
replied on Oct 20, 2021
Top CoachingPlus Expert | 100% personalised | BCG Dubai PL | 2021 Real MBB Cases | Case/PEI/Fit/CV | 6+ years Consulting

You can always negotiate as your heart wants.

Middle-east offices will typically give you a ‘relocation-bonus’ instead of a signing bonus.

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Udayan gave the best answer

Udayan

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Top rated MBB coach with many offers /Ex McKinsey EM in New York /6 years McKinsey recruiting experience/Real cases
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