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

germany MBA McKinsey phd
Recent activity on Apr 23, 2019
4 Answers
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Pano asked on Apr 21, 2019
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!

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Nirmit
Expert
updated an 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

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)

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

(edited)

Alex on Dec 01, 2020
Do they only sponsor BA? What about if I join as an Associate with a MS - will they still sponsor MBA? Thanks.
Serhat
Expert
replied on Apr 22, 2019
BCG | Kellogg MBA |82% Success rate| 450+ case interview| 5+ year consulting | 30+ projects in ~10 countries

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

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Pano on Apr 22, 2019
Thank you Serhat
Vlad
Expert
Content Creator
replied on Apr 22, 2019
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

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

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Pano on Apr 22, 2019
Thank you for your answer Vlad, I will keep that in mind!
Anonymous replied on Apr 23, 2019

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

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Nirmit gave the best answer

Nirmit

I will get you an offer|McKinsey Senior EM|Offers from MBB|100+ interviews at McKinsey|Recruiting Lead|Experienced hire
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