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Expert with best answer

Denis

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7

Pay Cut to get in McKinsey?

This question could be broadly as "Is it worth it to get a pay cut to go in McKinsey expert track as an experienced hire?"

Specifically for me:

(1) 6 year working experience, I am 30. Got invited to apply as senior solution analyst (bencmarking for commercial banks) to McKinsey GCI Analytics (an expert role). They are looking for 2+ years experience.

(2) Pay cut ~30%. $120k vs $95k. At my current firm, 10% annual raises plus we get bonus for overtime.

Question: Would the exit options and salary increases be worth the leap?

FYI: If you are wondering about non-financial aspects, balancing out the excitement (good) and stress (bad) of McKinsey, it evens out for me.

This question could be broadly as "Is it worth it to get a pay cut to go in McKinsey expert track as an experienced hire?"

Specifically for me:

(1) 6 year working experience, I am 30. Got invited to apply as senior solution analyst (bencmarking for commercial banks) to McKinsey GCI Analytics (an expert role). They are looking for 2+ years experience.

(2) Pay cut ~30%. $120k vs $95k. At my current firm, 10% annual raises plus we get bonus for overtime.

Question: Would the exit options and salary increases be worth the leap?

FYI: If you are wondering about non-financial aspects, balancing out the excitement (good) and stress (bad) of McKinsey, it evens out for me.

(edited)

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Best Answer
Book a coaching with Denis

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Hi,

as others have said it depends on the question whether McK on the CV will help you in any way get closer to your goals since you will not be in a front-line consultant role. Would your potential post-McK employer value your experience higher than anywhere else? If yes, go ahead, accepting the pay cut.

If the answer is, however, no, I d not make the move. It comes down to you making the necessary diligence which most likely means calling a lot of people or finding them on linkedin or through your personal network - PL will not help at all.

Best,
Denis

Hi,

as others have said it depends on the question whether McK on the CV will help you in any way get closer to your goals since you will not be in a front-line consultant role. Would your potential post-McK employer value your experience higher than anywhere else? If yes, go ahead, accepting the pay cut.

If the answer is, however, no, I d not make the move. It comes down to you making the necessary diligence which most likely means calling a lot of people or finding them on linkedin or through your personal network - PL will not help at all.

Best,
Denis

Book a coaching with Francesco

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Hi Annabelle,

I would consider your long-term goals (assuming you don’t want to stay at McKinsey long term).

Can you reach them with your current job in the same time or less than if you join McKinsey? If so, no reason to switch.

If McKinsey is going to help you to open doors you could not reach now, or to save a few years down the line, it very likely makes sense to get the pay cut.

Hope this helps,

Francesco

Hi Annabelle,

I would consider your long-term goals (assuming you don’t want to stay at McKinsey long term).

Can you reach them with your current job in the same time or less than if you join McKinsey? If so, no reason to switch.

If McKinsey is going to help you to open doors you could not reach now, or to save a few years down the line, it very likely makes sense to get the pay cut.

Hope this helps,

Francesco

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Hi Annabelle,

i would say this is a similar equation to that which one uses when deciding to pursue an MBA.

You are going to have a bit of an upfront cost/loss, but the longer-term gains will be greater.

I agree with Francesco in his point regarding "figure out if you can just as easily/quickly get to where you want to be in your current firm/role". If the answer is yes, stay. If it's not, switch.

Good luck, and remember, you're looking good no matter which route you pick here :)

Hi Annabelle,

i would say this is a similar equation to that which one uses when deciding to pursue an MBA.

You are going to have a bit of an upfront cost/loss, but the longer-term gains will be greater.

I agree with Francesco in his point regarding "figure out if you can just as easily/quickly get to where you want to be in your current firm/role". If the answer is yes, stay. If it's not, switch.

Good luck, and remember, you're looking good no matter which route you pick here :)

Book a coaching with Gaurav

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Totally agree with Adi on that.

Neither of the options is bad, so it comes down to what you want to do in the future, what are your plans, how crucial the pay cut is for you, how big is the excitement of working for Mckinsey, etc.

Think about what YOU really want, not somebody else.

GB

Totally agree with Adi on that.

Neither of the options is bad, so it comes down to what you want to do in the future, what are your plans, how crucial the pay cut is for you, how big is the excitement of working for Mckinsey, etc.

Think about what YOU really want, not somebody else.

GB

Book a coaching with Udayan

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I would never recommend taking a pay cut for any role. On top of that an analyst role does not have the best exit opportunities and nothing compared to a traditional consulting role at Mck. You are better off in your current role with the regular pay hikes.

Udayan

I would never recommend taking a pay cut for any role. On top of that an analyst role does not have the best exit opportunities and nothing compared to a traditional consulting role at Mck. You are better off in your current role with the regular pay hikes.

Udayan

Book a coaching with Adi

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Hi Annabelle,

If you are approaching this from the lense of money/compensation & other non-financial factors you have mentioned, you will get it wrong or get frustrated very quickly. if McK expert track is a better fit with you career aspirations, values & risk apetite, there is a better chance you will enjoy it. Success & money will happen. Short-term dent wont be an issue.

All the best.

Hi Annabelle,

If you are approaching this from the lense of money/compensation & other non-financial factors you have mentioned, you will get it wrong or get frustrated very quickly. if McK expert track is a better fit with you career aspirations, values & risk apetite, there is a better chance you will enjoy it. Success & money will happen. Short-term dent wont be an issue.

All the best.

Book a coaching with Florian

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Hey there,

I tend to say yes. The impact on your lifetime earnings should outweigh the short-term pay cut. However, to have all information, I would need to know who your current employer is (maybe you can add this, still keeping the name confidential - feel free to PM).

Cheers,

Florian

Hey there,

I tend to say yes. The impact on your lifetime earnings should outweigh the short-term pay cut. However, to have all information, I would need to know who your current employer is (maybe you can add this, still keeping the name confidential - feel free to PM).

Cheers,

Florian

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