MBB Offer, Should I negotiate, tips/tricks

negotiation
New answer on Feb 26, 2021
11 Answers
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Anonymous A asked on Dec 14, 2020

Hi All,

I have an MBB offer in Asia and would like some advice here. While the offer is almost double my current salary(i work in a banking role) I feel there is space to negotiate based on glassdoor comments.

Could you please share with me tips/tricks to negotiate.

Do i need to worry of a bad impression/rescinded offer if I go ahead and negotiate with them? Any kind of sharing would be highly appreciated.

Thanks

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Adi
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updated an answer on Dec 14, 2020
Accenture, Deloitte | Precision Case Prep | Experienced Interviewer & Career Coach | 15 years professional experience

Hey,

I get a feeling you are getting carried away. Glassdoor is a decent indication but dont take it like a gospel. If your new salary is double, I dont see any point to negotiate, specially if you are in early stages of your career. You have not mentioned the position they have offered you and what your background is. Feel free to share here to get more pointed advice.

But if you feel strongly, consider following:

  1. Do you have a clear idea of how much you want in the new company and role? MBB and big consulting firms have a standard pay ranges at levels which is consistent with market. So you may want to position yourself at the higher end of the range of the level (associate for example)
  2. Do you have clear value that you can bring and that justifies higher pay (than what they have offered) or are you very near making promotion to the next level
  3. Do you have other similar offers to compare against

There are plenty of open salary reports by company and geography...Google these.

One the best books on negotiation is Never Split the Difference by Chris Voss. Even if you dont end up negotiating in this scenario, you will be in similar situations in future. So get reading now :)

(edited)

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Ian
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replied on Dec 14, 2020
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

If you're looking to negotiate your best move is on sign-on bonus or relocation bonus.

These are the things they can justify most easily (i.e. non-permanent changes in your compensation structure).

When asking for a (or a higher) bonus, you have to justify it. Generally you can do so by flagging a higher salary in your current role (not possible), noting switching costs (do-able if you're moving locations), or referencing industry-standards (This is was I did to noegitate a doubling of my sign-on bonus with BCG)

For bonus references/benchmarking you can look around pretty easily. Here's one view: https://managementconsulted.com/consultant-salary/

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Francesco
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replied on Dec 15, 2020
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Hi there,

The base salary is normally non-negotiable. The things you can negotiate that have an impact on your total earnings are:

  1. Signing/relocation bonus, if present in your country
  2. Seniority

I agree with Adi that Never Split the Difference is a great book, but I am not sure you have much space to negotiate in your case unless you have other offers or similar solid arguments.

Best,

Francesco

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Anonymous A on Dec 15, 2020

Does negotiating a sign on bonus go the same way as negotiating seniority in terms of having solid arguments in terms of contribution or negotiating sign on bonus a bit looser?

Francesco on Dec 15, 2020

Hi there, unfortunately you need to have a solid argument for both. Hope this helps

Sidi
Expert
replied on Dec 14, 2020
McKinsey Senior EM & BCG Consultant | Interviewer at McK & BCG for 7 years | Coached 350+ candidates secure MBB offers

Hi!

Depends on your seniority. If it's a junior position, you can't really negotiate. However if it is an experienced position (at LEAST Senior Consultant or Project Leader), then there might be room.

From experience:

  • When I joined BCG after finishing my PhD, there was no room for negotiating
  • When I switched to McKinsey a couple of years later, I could negotiate on a couple of points, and in the end the Firm doubled my sign on bonus

Hope this helps!

Cheers, Sidi

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Anonymous A on Dec 15, 2020

HI there, could you share how u negotiated a higher sign on? what reasons u felt it should be higher?

Gaurav
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replied on Dec 14, 2020
Ex-Mckinsey|Certified Career Coach |Placed 500+ candidates at MBB & other consultancies

Hello there!

My advice is to think twice before starting such negotiations, especially when it's a junior position. You may start from the wrong leg and it may affect your reputation in the firm.

You have mentioned that it's almost double your salary, so probably there's no need to negotiate, provided that the room is so narrow?

Hope that helps.
Cheers,
GB

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Anonymous B replied on Dec 14, 2020

Never hurts to ask but assuming you have been offered an entry level role, there's really nothing to be negotiated. Additiinally, if your current salary is also lower, you don't have any leverage too.

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Vlad
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replied on Dec 14, 2020
McKinsey / Accenture Alum / Got all BIG3 offers / Harvard Business School

Hi,

The salaries are the same at the starting role. I think you totally misinterpret GlassDoor salaries since they combine the salaries of 1st, 2nd and 3rd-year consultants with a corresponding annual increase.

There is no way to negotiate the salary and I do not recommend even starting this conversation

Best

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Henning
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replied on Feb 26, 2021
Bain | passed >15 MBB interviews as a candidate

I would not expect this to be successful, for two reasons:

  • Salary at MBB is generally no negotiable.
  • Sing-on bonus might be, but they are likely to know that their current offer is a massive step-up for you, so I don't think they will feel the need. Unless you're coming right out of bschool and you're having multiple offers on hand, I would think the chances for that are rather low.

Still: Good luck!

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Raj
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replied on Feb 26, 2021
Strategy&| ex-interviewer | 170+ coached over career |95% success @ MBB, S&, RB, LEK, OW, Big4 [SUCCESS STORIES BELOW]

Consulting compensation is pretty well-established and the tranches at different grades are consistent across firms and across all individuals within the firm. For a senior role, yes there is bargaining power but generally otherwise lower, unless accompanied by a geographic move. You could push on sign-up bonus and accelerated promotion plan but I would be wary of negotiating base

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Clara
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replied on Dec 16, 2020
McKinsey | Awarded professor at Master in Management @ IE | MBA at MIT |+180 students coached | Integrated FIT Guide aut

Hello!

Congrats! :)

Usually, MBB firms are famous for not negotiating, since the salaries are pretty stablished.

However, it´s worth a shot, particularly on the bonuses:

  • Sign-in bonus
  • Relocation: this one is perhaps the easier to play with

Hope it helps!

Cheers,

Clara

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Anonymous replied on Dec 15, 2020

Hi,

MBB salary is standard across similar level. So your only space for negotiation are seniority, sign on bonus, relocation cost and office preference.

It is okay to negotiate on the items above.

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Adi gave the best answer

Adi

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