Relocation Assistance

benefits MBB
New answer on Apr 30, 2021
5 Answers
1.2 k Views
Anonymous A asked on Apr 23, 2021

Hi all,

This might be a silly question, but I'm definitely curious.

1) What are some costs you can make with your relocation assistance? Can you buy furniture, use as down payment? Or is it only for the actual move (travel etc.)

2) Are you suppose to supply an itemized receipt to HR for the purchases made during your relocation?

3) What happens if you have a surplus of funds from the relocation assistance? Can you keep it, or do you have to pay it back?

I'd like to get an idea for these answers as it relates to MBB.

(edited)

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Ian
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replied on Apr 23, 2021
MBB | 100% personal interview success rate (8/8) and 95% candidate success rate | Personalized interview prep

Hi there,

You need to read the contract!

The stipulations change by company. For example, when I moved with Appian to Australia, they paid for just my housing (i.e. I had to pay, then provide a receipt).

However, with BCG, the relocation bonus was built into the signing bonus and was just a lump sump.

More often than not, relocation bonuses are lump sums are you can spend it (or not) on whatever you choose. However, again, please be sure to check all these details in the contract. If you're unsure, just ask HR!

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Francesco
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replied on Apr 24, 2021
#1 Coach for Sessions (4.000+) | 1.500+ 5-Star Reviews | Proven Success (➡ InterviewOffers.com) | Ex BCG | 9Y+ Coaching

Hi there,

Normally the relocation bonus is a lump sum that you can spend as you want. However, some companies may have specific norms that apply to that. In any case, it will be clearly specified in your contract and if needed you can always clarify it with HR, thus I would not worry about it.

Best,

Francesco

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Anonymous B replied on Apr 23, 2021

My McKinsey offer did not require any stipulations on what the money can be spent on, no receipts, and no problem keeping the surplus.

For example, I already live in the city of my office. But I still received the relocation amount based on the distance of my school/university, and not my current location.

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Henning
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replied on Apr 23, 2021
Bain | passed >15 MBB interviews as a candidate

This depends on company, office location and local tax regulation. In my case I got a tax-free lump sum and could spend or not spend it on anything I wanted. But again: highly dependent on detailed circumstances, so you should check with the HR person that informed you about the relocation assistance.

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Raj
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replied on Apr 30, 2021
Strategy&| ex-interviewer | 170+ coached over career |95% success @ MBB, S&, RB, LEK, OW, Big4 [SUCCESS STORIES BELOW]

Usually this is a lump sum paid upfront to assist you with any costs you incur during the process e.g. transport, temporary accommodation etc.

You can always negotiate this and it should be well laid out in your offer letter

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Ian gave the best answer

Ian

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