Is the "leave" fully paid by McKinsey? If so, do they expect you to stay for a minimum of years afterwards? Thanks in advance!
Does McKinsey pay for the full PhD/MBA in the third year?
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!
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
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.
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).
Related BootCamp article(s)
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