Rumours that McKinsey year end bonus cut by 50%, can anyone confirm?
Did McKinsey hire McKinsey to figure out how McKinsey should do cost cutting in a negative macro environment?
This seems to be true
Read on another group
Itās starting to feel like the āup or outā culture is back
Maybe both of you read that same group š
And that was posted by a coaster employee
Enolagay
Student
9 months ago
What does a mckinsey consultant earn? Coulf someone give a range?
redWiper
Student
9 months ago
Undergrad folks join at 20+2. 1 yr into the role they become equivalent to MBA hires.
MBA folks join at 26+5. This becomes ~45+10 in yr 2, 60+15 yr 4-5 etc.
You make partner at around 8-10 yrs post MBA. New partners make 1.5cr or so base, and then bonus which depends a lot on the market scene. Folks made 3cr+ as new partners in the COVID bull run. This year, unlikely that new partners will make more than 2cr (also note that partner promotions have also taken a hit).
Sr partners make the real $$$, they are the ones who bring in business, own relationships etc. Needless to say, there is significant variance in their earning - but think 7-10 cr and upwards
The attrition is very high. Any MBB would have hired around 150+ college students per year over the last 2-3 years. There are less than 100 partners across all the batches
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It's highly possible. Most global clients are in a major cost cutting mode, especially ones from Europe. Slower than anticipated recovery in economy and inflation from external factors is really eating into account renewals at consulting most firms moving into next year. US is doing better than anticipated, but caution is the word across every major clients
RightPatch
Stealth
9 months ago
Ha, surprisingly I just saw John Oliver vent about Mckinsey couple of hours ago.
How much is this bonus generally ? Is this additional to their CTC ?
Yea, this is true. My Mckinsey friend was ranting about this last night.
Can anyone please tell the ammount so rest of us can relate to the tragedy.
redWiper
Student
9 months ago
Bonus is generally 20-30% of the fixed. MBA hires are around 25-28LPA fixed and 5 variable. After first promotion (generally 2 yr mark), fixed is around 45-50 and bonus ~10.
This the average rating bonus (i.e. 100% bonus). If you get rated hire (around 10% of batch) you get 150% of the bonus and if you get the highest rating (1-5% of batch) you get 200% of the bonus
Demon
Stealth
9 months ago
Can confirm. Know one person whose bonus was cut.
