Quick question: I received an offer in Germany after having worked in a small consultancy for two years. I would Start similar to someone fresh from Uni holding a M. Sc. (Fellow) and also get the same salary. The Partner told me there is no room for negotiation and I find it unreasonable not to have a higher salary despite having worked for two years. Any thoughts / experiences? Thank you!
Joining McK with 2 years experience - salary
first of all congratulations for your offer! Did they mention if you can have a faster growth to Associate? If not, such proposal is a bit unusual, as normally in these cases you have the opportunity (related to your performance) for a faster promotion to the next level. Having said that, if you don't have an alternative MBB offer there is probably no space for negotiation.
My experience matches what Francesco and Vlad describe. I was an experienced hire, 6 years out of MBA when I joined BCG - yet joined at the same level and comp as every other MBA out there. I think you might have a chance for special treatment if you come with a very specific expertise that the consultancy desperately needs right now; this doesn't seem to be your case however. Here are a few things I'd urge you to keep in mind:
1. Vlad pointed it out, career progression is very fast (and salary will jump by 10-15%/year for the foreseable future - before accounting for promotions)
2. Focus on what really matters (become more valuable); compensation will take care of itself
3. Base comps are typically standardized; if you are a rock star, your bonus will be better and promotions will come as soon as you are eligible. This has huge value, well beyond a paltry 5% bump they might give you right now
4. They can always pull the offer. Ok to ask for a little more at first, but don't rock the boat, be appreciative of the offer and don't be a jerk
5. If you really are 100% focused on how much you make and how that compares to others, you might be in the wrong line of work
Thanks for the replies guys.
@ Vlad, i only partially agree since this salary is fixed for approx 2 years, maybe even 3 if I decide to take a leave. Next year, this would be a downgrade compared to what i make now at a very small firm with less working hours... Of course there is more to it, but im focusing purely on the annual salary here.
@ Francesco, thanks first of all. What you mention is exactly what i would've expected but the plan is 21 month as fellow as usual. I have my final round at BCG coming up and a friend told me that they would also put me on an entry position but most likely give me a "credit" for two years experience. That would result in a slightly higher starting salary.
McKinsey does not negotiate the salaries and they are very standardized. Don't worry about this - the career progression is pretty fast there.
Congrats on your offer! I hope things went well with BCG as well. Any tips on the interview process here in Germany? Also, what languages were your interviews conducted in? I've heard it's about 70% German, 30% English, is that fairly accurate? Thanks in advance!
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