Negotiating McKinsey offer as an experienced hire

McKinsey McKinsey offer
New answer on Jun 27, 2021
5 Answers
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Anonymous A asked on Jun 20, 2021

Hello.

is there space to negotiate a McKinsey offer, I.e. higher salary? How can I negotiate being promoted earlier than usual?

I'm an experienced hire with 5 years experience (part industry and part consulting). I was made an offer at McKinsey for a Junior Associate role in the EEMA region. While the offer is good, the total package is only a 15% improvement on my current salary. I anticipate I'll be working at least 30% more at McKinsey due to the nature of the work relative to work in industry.

(edited)

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Florian
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replied on Jun 21, 2021
#1 rated McKinsey Case and PEI Coach | 5 years at McKinsey | Mentorship Approach | 120+ McK offers in 18 months

Hey there,

Unfortunately, you cannot negotiate your salary in McK.

The base is fixed and the bonus depends on your yearly rating. Regarding being promoted earlier, this purely depends on your performance. Around 5-10% of consultants are usually 'early', meaning they will be promoted before their promotion window.

You can discuss certain elements around your offer regarding 

  • signing bonus
  • relocation package (if needed)

Other than that, while the salary at the moment might only be 15% more for 30% more of the work, consider two aspects

  • Salary progression in McK is much quicker and with the next step on the ladder your salary will increase significantly
  • Overall lifetime earnings of someone with McKinsey on their resume are on average significantly higher than for someone without due to the different levels of opportunities that come afterward or if you decide to and manage to stay with the firm to make partner. Long time horizon pays off here

Cheers,

Florian

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Ian
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updated an answer on Jun 20, 2021
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

My strong advice is to negotiate on signing/relocation bonus - for example, I was able to double my signing bonus by leveraging some fundamental negotiating tactics.

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

(edited)

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Francesco
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replied on Jun 21, 2021
#1 Coach for Sessions (4.000+) | 1.400+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 9Y+ Coaching

Hi there,

Congratulations on the offer. The base salary is normally non-negotiable. However, you may be able to negotiate the signing/relocation bonuses or the seniority you join if you have valid reasons (eg an offer from a competitor better for those variables).

Best,

Francesco

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Ken
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replied on Jun 20, 2021
Ex-McKinsey London final round interviewer

Unfortunately not. It's an entry-level role where salaries are rarely negotiated in the first and it's already higher than what you earn today. Your salary will increase each year by a meaingful margin and so I really wouldn't worry too much about it.

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Henning
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replied on Jun 27, 2021
Bain | passed >15 MBB interviews as a candidate

It is possible to negotiated the offer with McK, but I don't think it is after you have received it. During my last discussion with a partner at the end of my second round I did bring up my working experience which was longer than typical MBA hires and convinced him to give me an offer as a Senior Associate (vs typical MBA offers at Associate level). 

However, once you're locked in into a tier, the base salary and bonus is fixed. The one thing you might still try to negotatie is the sign on bonus and/or relocation allowance. 

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Florian gave the best answer

Florian

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#1 rated McKinsey Case and PEI Coach | 5 years at McKinsey | Mentorship Approach | 120+ McK offers in 18 months
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