Financial Business Partner Salary
Financial Business Partner Salary – At McKinsey, the salary for entry-level consultants (analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced associates can reach up to $233,000. Engagement managers typically earn around $250. 000, while partners and directors can earn up to $1,300,000.
Those six-figure salaries are the main point of attraction for the best and brightest candidates out there, and also the reason you’re reading this article; so let’s find out how much McKinsey pays its consultants in 12 different countries.
Financial Business Partner Salary
McKinsey analysts in the US can earn up to $100,000 a year in salary, with a base of $88,000 and a performance bonus of $15,000. In other developed countries, the salary varies around $80,000, while in developing countries such as India, the figure is approximately $25,000-30,000 (not including profit sharing).
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(Profit sharing is not considered in this table due to inconsistent data; one-off/irregular payments such as signing bonus and relocation are not included)
McKinsey Associates in the US can earn up to $200,000 a year in salary, with a base of $168,000 and a performance bonus of $35,000. In other developed countries, the salary varies between $110,000 and $140,000, while in developing countries, the figure is approximately $40,000-$50,000 (not including profit sharing).
McKinsey engagement managers in the US can earn up to $250,000 a year in salary, with a base of $175,000 and a performance bonus of $77,000. In other developed countries, the salary varies between $170,000 and $200,000, while in developing countries, the figure is approximately $80,000 to $100,000 (not including profit sharing).
McKinsey US partners and directors can earn up to $1,300,000 per year in salary, with a base of $1,000,000 and a performance bonus of $300,000. The Chief Financial Officer (CFO) is a key position in the company. The CFO is responsible for managing the accounting and finance departments, as well as overseeing the financial operations of the business. This role also ensures that the company complies with all applicable laws and business policies. In addition to working with the company’s finance department, the CFO works closely with the company’s CEO to make wise investments and cut costs where necessary.
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Managing a company’s financial portfolio is no simple task, which is why CFOs typically take a career path that includes advanced degrees. The majority of CFO candidates tend to have a master’s degree in finance or accounting. Of course, an extensive education is not the only requirement to become a leading CFO. Experience is another necessary requirement. To become a CFO, candidates typically start in entry-level accounting roles and gradually work their way up over several years to leadership positions. Most CFOs have 10 or more years of work experience before reaching the senior executive role of CFO.
Given the experience required of the role, as well as the extensive work responsibilities, compensation for this position should be competitive. The average salary of a CFO depends on a number of factors. Geographic location and experience, for example, are two significant factors that will affect your CFO’s total salary. Perks, benefits, and other forms of compensation are other important elements to keep in mind when determining an appropriate salary.
Cowen Partners is a national CFO search firm driven to create value for our clients, and we have a long track record of placing exceptionally qualified Chief Financial Officers across all industries.
Our President and Founding Partner, Sean Cole, is a thought leader on the “modern CFO” and one of the few executive recruiters to contribute to national publications including Forbes, CFO.com, IPOHub and CFO Dive.
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One very important factor is the CFO’s salary versus the CFO’s total compensation. Total compensation includes things like bonuses and stock options.
The average salary for private company CFOs varies depending on the company’s annual revenue, as the chart below shows. Note: Private company CFO salaries tend to be about 45% lower than public company CFO salaries.
According to Salary.com, the average base salary for a CFO in the United States is $362,030, and the average total compensation package (including bonus, health care, and retirement) is $506,386. CFO salary according to revenue
Salary ranges vary widely by location. For example, a CFO in Keya Paha, Nebraska, near the South Dakota border, will expect the lowest salary in the country at $284,250 and a compensation package totaling $354,259. The average CFO in San Francisco, however, will command nearly double that salary at $451,070 and total compensation of $724,006.
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As a frame of reference, that median US CFO base salary of $362,030 would be $174/hour. How long will it take to find a CFO?
A 2015 Jobvite survey shows that while the average job takes 43 days to fill, it takes an average of 71 days to fill a C-level position and 76 days for a position with “director” or “VP” in the title.
Many companies take their time with the recruitment process and opt for temporary financial services to avoid rushing into a bad decision.
We are an equal opportunity employer and all qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, disability status, protected veteran status, or any other characteristic protected by law.
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Cowen Partners is a national executive search firm specializing in CFO searches. We’ve collected 100+ of the best CFO interview questions so you can be confident in your hiring decision.
Management roles vary by organization, depending on the company’s history, the characteristics of its industry, and the demands of investors. And while placing CFOs in a clear typology may seem artificial, we found it useful to understand how companies fill the role to get a clearer picture of how it is changing. Based on our research, we categorize CFOs into four general profiles.
The nationally renowned CFOREcruiters at Cowen Partner have deep experience working with private, public, pre-IPO and nonprofit organizations. Fortune 1000 clients typically have revenues of $50 million or have assets between $500 billion and $15 billion.
Through our proven executive search process, Cowen Partners delivers 3X more qualified candidates than the competition. In fact, we find, screen and deliver the top 1% of CFO candidates across all industries, including financial services, credit unions, tax and accounting services, private equity, technology, healthcare, manufacturing, retail, real estate and more more.
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Cowen Partners is proud to be the nation’s premier financial asset search firm, driven to create maximum value for our clients.
Read more of our industry-leading retained search resources to see why Cowen Partners is the top CFO search firm in Anchorage, Boston, New York City, Chicago, Seattle, Atlanta, St. Louis, Milwaukee, Dallas, Los Angeles and beyond:
Accounting, Advertising, Aerospace & Defense, Biotechnology, Banking, Credit Unions, Board & CEO Services, Computer Hardware, Construction, Consulting, Consumer Products, Computer Software & Hardware, Education, Energy & Utilities, Entertainment & Sports, Finance , financial services, Food products, government, human resources, healthcare, hospitality and tourism, insurance, industrial, Internet and new media, legal, tax, crypto, bitcoin, private equity, journalism and publishing, marketing, manufacturing, medical devices, non-profit, pharmaceutical, private equity, real estate, retail and apparel, sales, technology, telecommunications and transportation. Whether you’re a student or recent graduate looking for your first consulting job, or you’ve already gained some experience and are looking for career advancement, there are certain aspects of management consulting that you should be aware of.
With so many consulting firms offering different remuneration and career packages, your decision becomes much more difficult.
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Turning to Google may seem like the logical step to take, but expect to be overwhelmed by the amount of arbitrary information presented to you.
That’s why I’ve put together a comprehensive guide comparing management consultant salaries at some of the world’s most prestigious consulting firms.
Maybe you don’t know where to start or you want to optimize your preparation time with an efficient plan.
That’s why I created this free course (4+ hours of videos and 10+ downloadable templates) to help you get a consulting job offer.
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So the chart below illustrates the management consulting career path you can expect to take on your journey from entry-level analyst all the way to partner at five of the most respected management consulting firms.
For example, if you are a rock star, you can make it from analyst to partner in less than 8 years.
On the other hand, if you’re on the other side of the spectrum, you may be faced with the “up or out” policy. This means that if the firm is not ready to promote you to the next level at the end of the generally accepted time frame, they will ask you to leave the firm.
But these are extreme situations. Here’s a table summarizing the average number of years you should expect per role.
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The responsibilities below are broad strokes and will give you a basic sense of what type of activities you would be primarily responsible for at each level.
The role involves extensive research and data gathering of customer issues along with proposed solutions. This information is organized and presented to internal senior consultants in an engaging format, such as a slide or PowerPoint presentation.
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