Senior Business Analyst Salary Mckinsey
Senior Business Analyst Salary Mckinsey – Consulting organizations (especially management consulting firms) are some of the top employers of MBA graduates. You need look no further than the latest MBA employment reports to confirm this. Nearly a third of the class of top MBA programs chose consulting as a post-MBA career in 2020. However, as the war for MBA talent heats up, top consulting firms are now not only battling each other, but also other industries such as finance. and technology for MBA graduates. As a result, consulting salaries offered to MBAs in 2019-2020 are at record levels.
2-3 years after graduation, when MBAs become project leaders and directors, they can expect a base salary of $220,000. At 4-5 years, when MBAs become senior project leaders and associate directors, they can earn up to $250,000 – $320,000. At the junior partner level, the base salary increases further to $350,000 – $420,000. And that’s not all.
Senior Business Analyst Salary Mckinsey
At the Senior Partner level, earn over $1 million annually with base salaries of $450,000-$650,000 and bonuses of $500,000 or more.
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In this article, we take a detailed look at the consulting salaries earned by MBAs in 2020 and what they can expect in 2020 and beyond.
Base salary is one of the largest components of the total compensation package that consultants receive annually. In mid-2019, due to increasing competition for MBA talent from other industries such as Finance and Technology, McKinsey, Bain and BCG (the MBB firms) increased their base salaries to US$165,000 for hiring MBAs. This is an increase of more than $12,500 compared to the 2018 base salary in consulting.
Signing bonuses are a one-time thing offered to consultants when they sign the contract. In 2020, consulting firms such as McKinsey and PwC and Strategy& have increased signing bonuses by $5,000 compared to 2018. Similarly, firms such as Accenture Strategy and KPMG have increased their singing bonus by $10,000.
This salary component is used to lure prospective graduates away from the MBB by rival companies. Non-MBB companies use higher salary and other perks to attract prospective MBA graduates. For example A.T. Kearney matches MBB in pay and signing bonuses of up to $44,100 in performance bonuses. Deloitte’s Strategy and Operations practice goes even further, offering full second-year tuition reimbursement to returning fellows.
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Deloitte’s Strategy and Operations practice goes even further by offering a performance bonus of up to $40,000 along with full second-year tuition reimbursement for returning interns. This is in addition to the $185,000. Strategy and go up to $55,400 in terms of performance bonuses.
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It is important to note that these bonuses are heavily taxed and more importantly, the maximum performance bonus figure advertised above is only for top consultants.
At best, average performing consultants earn only half of the maximum amount. Another thing to keep in mind is that higher wages are often due to higher costs of living. Thus, you can optimize your net salary by choosing an office in a city with a lower cost of living.
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With strict “up or out” policies at MBB and other firms, not many management consultants make it to partner level. However, in the US, you also get a 12% to 20% salary increase along with an increased lifestyle when you leave your consulting job and a better work-life balance.
Management consultants who choose to enter financial services can receive a 30% or more increase in compensation. However, this is often accompanied by a worse work-life balance.
Base salaries are subject to a 10-20% increase each year, outpacing compensation growth compared to other industries, a major draw for consulting careers. These numbers grow steeper with each step in a consultant’s post-MBA career.
The average base salary for an MBA in 2020 at top consulting firms is $157,364. Among MBBs, the difference in total salary offered ranges from $12,500 to $21,250. All three offer a $200,000 paycheck in the first year itself.
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Notably, Strategy& offered the highest total salary as well as the second largest increase in total compensation. Booz Allen Hamilton delivered the highest growth in total pay: $33,250.
Compared to college students, top consulting MBA graduates earn 55,000 to 78,000 more in base salaries. Here are the data:
According to PayScale, the average salary for a management consultant in India is ₹1,149,770. Some of the top employers are Deloitte Consulting LLP, KPMG, Accenture and EY.
A Consulting Senior Product Manager can earn an average of R$2,254,402, while an IT Management Consultant earns an average of R$1,504,283.
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Similarly, according to Glassdoor, an entry-level consultant can earn an average of ₹413,000, while an associate consultant can earn an average of ₹6,50,000. The national average salary of a consultant is ₹9.50,000 in India. Here are the data:
Internship pay, on the other hand, did not increase in 2020. MBB companies offered $32,500 for 10-week internships as standard. Boutique firms offered performance and signing bonuses to attract intern talent. Accenture Strategy offered tuition reimbursement of up to $50,000 for returning interns. This is in addition to the $30,000 he was offering interns as a base salary.
Based on the data below, only three companies reimbursed returning interns: Accenture, Deloitte S&O, and E.K.
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Mckinsey Salary (2020) By Positions & Locations
The big four consulting firms that account for almost 40% of the industry are Deloitte, EY, PwC and KPMG. They are followed by BCG and McKinsey & Company. Check out the 50 best consulting firms to work for in 2020. At McKinsey, the salary for entry-level consultants (analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level associates / with experience can go up to $233,000. Engagement managers typically earn around $250,000, while partners and directors can earn up to $1,300,000.
These six-figure salaries are a major draw 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.
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 ranges around $80,000, while in developing nations like India, the figure is approximately $25,000-30,000 (not including profit sharing).
(Profit sharing is not counted in this table due to inconsistent data; one-time/irregular payments such as signing bonus and relocation are not included)
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McKinsey Associates in the United States can earn up to $200,000 a year in salary, with a base $168,000 and a $35,000 performance bonus. In other developed countries, the salary ranges from $110,000 to $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 per year in salary, with a base $175,000 and a performance bonus of $77,000. In other developed countries, the salary ranges from $170,000 to $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 in annual salary, with a base $1,000,000 and a $300,000 performance bonus. six-figure salary figures are quite tempting; So in this article, we explore and compare the salary of management consultants at 12 leading consulting firms, including McKinsey, BCG, Bain (Big 3), the Big 4 and Accenture.
At top consulting firms, entry-level management consultants can earn $100,000 each year (including bonuses and profit sharing), while senior consultants can earn up to $200,000. Project leaders/managers typically earn between $200,000 and $250,000. . Partner-level managers (Partners, Directors, Directors) can earn up to $1,000,000-$1,300,000.
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McKinsey’s 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 $233,000. Partners and Directors can earn up to $1,300,000.
At BCG, junior associates earn between $90,000 and $110,000 a year, while senior consultants can earn up to $215,000. Partners top the ladder with $1,150,000.
Bain consultant salary ranges from a maximum of $122,500
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