As offers begin to role in, is there room to negotiate on salary? I appreciate that this increases with seniority (partner vs year 1 associate), but what about experienced hires entering at consultant or senior consultant level? Should one try to negotiate their salary package? And how much leeway are they afforded?
Is there room for negotiation?
In USA Bain, BCG and McKinsey base salaries for all levels excluding partner are fixed and non-negotiable. They are also fixed across cities without any cost of living adjustments.
What can be negotiated is:
-tenure recognized when joining (e.g. I've seen several people being offered a Consultant position with zero months of tenure negotiating successfully to have 1 year of tenure being recognized to them)
Hope it helps,
Typically, there is a upper & lower limit. it depends on your particular case, but sometimes you may negotiate and sometimes not. The upside: 5-8%. But! I would encourage you to think multiple times before doing so. You may start from the wrong leg and then create a certain reputation within the firm.
Don't do it.
You risk starting off on the wrong foot, and most are non-negotiable. The only exception might be if you have a 'cross-offer' (e.g. an offer from BCG and McKinsey), then you might be able to negotiate on the starting bonus. But it's not worth the risk in my opinion.
- top ranked firm typically will pay less (because they can). Use a counter-offer to bring their base to the highest possible.
- If base seems inflexible, definitely get a large signing bonus + guaranteed yearly bonus locked in at a higher %age of base.
- Relocation bonus is usually not negotiable.
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