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
It’s starting to feel like the “up or out” culture is back
Maybe both of you read that same group 😜 And that was posted by a coaster employee
What does a mckinsey consultant earn? Coulf someone give a range?
Linkin to helpful resource: https://tinyurl.com/mrwxv98a
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
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
McK about to report a baller earnings report soon ig 😂
Gotta fund the office spaces somehow
Can anyone please tell the ammount so rest of us can relate to the tragedy.
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
How much is this bonus generally ? Is this additional to their CTC ?
Looks like they hired consultants from BCG for cost cutting