expert
Expert with best answer

Nirmit

100% Recommendation Rate

34 Meetings

142 Q&A Upvotes

USD 229 / Coaching

Does McKinsey pay for the full PhD/MBA in the third year?

Pano asked on Apr 21, 2019 - 4 answers
Management Consulting Intern

Is the "leave" fully paid by McKinsey? If so, do they expect you to stay for a minimum of years afterwards? Thanks in advance!

4 answers

  • Upvotes
  • Date ascending
  • Date descending
Best Answer
Nirmit
Expert
updated his answer on Apr 22, 2019
I will get you an offer|McKinsey Senior EM|Offers from MBB|100+ interviews at McKinsey|Recruiting Lead|Experienced hire specialist
Book a coaching with Nirmit

100% Recommendation Rate

34 Meetings

142 Q&A Upvotes

USD 229 / Coaching

Hi Panos,

A few points to answer your questions above:

1) McKinsey pays for your MBA/post-graduation degree if you have received a rating of 'Clear and Accelerating' (2nd highest; usually top 25%) in your last rating cycle

2) They will pay a maximum of 2 years worth of tuition. If you're thinking of law school or PhD, you'll have to cover the duration beyond 2 years. However, McKinsey does cover expenses for books and insurance, and lets you keep your firm laptop as well, which is a very sweet deal. In fact, you get a signing bonus (25-30K) when you re-join.

3) This one is interesting. During your post-grad, if you do your summer internship at McKinsey, they pay the tuition to your school directly. However, if you plan to do your internship elswehere, you still get the tuition money but it's sent to your bank account, implying it is treated as income and is taxed. When you're looking at tuition fees of >$150K, that is pretty significant. (55-60K)

4) One you come back, you're expected to stay for a minimum of 2 years. If you decide to leave after 1 year, you will be liable for 50% of the tuition/expense McKinsey covered

It's truly amazing to see how much McKinsey cares for it's employees. Hope this helps!

Thanks,

Nirmit

(edited)

Thank you very much Nirmit! I am guessing, this is a standard procedure across all countries? My interest lies in the german offices. — Pano on Apr 22, 2019

Correct. German offices will be similar. The main difference will be in the sign-on bonus. Usually varies by country/region. — Nirmit on Apr 22, 2019 (edited)

Anonymous replied on Apr 22, 2019

The process is very similar for MBB while office-based procedures may vary

1-They pay for your school fee

2- It is unpaid leave, you do not get a salary during your MBA

3- They pay you additional $10-$20K of support for living expenses

4- They expect you to stay at the company around 18-24 months after your MBA

Hope it helps
Cheers
Serhat

Thank you Serhat — Pano on Apr 22, 2019

Vlad replied on Apr 22, 2019
McKinsey / Accenture / Got all BIG3 offers / More than 300 real MBB cases / Harvard Business School
Book a coaching with Vlad

98% Recommendation Rate

350 Meetings

4,994 Q&A Upvotes

USD 319 / Coaching

Hi,

It really depends on how you negotiate. If you are a superstar at your office - you'll get the third year.

In general, at MBB everything is about your performance and relationships with partners/directors. So keep this in mind while progressing through your career and don't stick to the general rules.

Best

Thank you for your answer Vlad, I will keep that in mind! — Pano on Apr 22, 2019

Alessandro
Expert
replied on Apr 23, 2019
Bain & Company | University of Cambridge | CV/Resume writing | 770 GMAT
Book a coaching with Alessandro

100% Recommendation Rate

64 Meetings

798 Q&A Upvotes

USD 139 / Coaching

Hey Panos,

The only thing I'd add to Nirmit's response is that the specifics of the deal offered can vary by geography / office. The general principle that they'll pay for tuition + living expenses (to some extent), plus having to come back to work for McKinsey for 1-3 years holds, but I have heard of specific offices having slightly different rules (e.g. on the summer internship component).

Thanks!

Alessandro

Related BootCamp article(s)

Interviewer-Led vs Candidate-Led cases

Case Interviews can be led by the candidate or by the interviewer: In Candidate-led cases the main challenge is the structure. In Interviewer-led cases the main challenge is to adapt quickly

Related case(s)

McKinsey Questions

Solved 31.7k times
4.5 5 830
| Rating: (4.5 / 5.0) |
Difficulty: Intermediate | Style: Fit interview | Topics: Personal fit

Tell me of a situation where you had an opinion and no one seemed to agree with you. What was your goal when you decided to join university / work / clubs / a sports team? Did you have a goal that you were not able to reach? What did you do? What do you want to be remembered for and how are you a ... Open whole case