McKinsey also offers a 50% refund for the second year, according to Management Consulta, while Bain includes profit sharing.
On the other hand, McKinsey divides more than 7.5% of the base into 401K, a figure that only increases as consultants move up the ladder.McKinsey was a little more generous with retirement assistance, setting aside 7.5% of the salary for an employee's $401,000. However, McKinsey does cover the costs of books and insurance, and it also allows you to keep your company's laptop, which is a good deal. According to Management Consulteed, MBAs can expect a base salary increase of 10 to 20% and, possibly, a performance bonus each year.
In terms of MBA and PhD hires, the salaries and bonuses of MBB firms remained unchanged, and Bain and BCG surpassed McKinsey in terms of total compensation for the second year in a row.
This doesn't account for the bigger salary jumps when MBAs move from being consultants to managers, directors, and partners.The COVID-19 pandemic caused a sharp freeze in salaries in the consulting sector, as participants reduced costs, putting an end to the generous wage increases of previous years. MBB consultancies aren't the only firms that will pay big money to MBA graduates who want to start a career in the consulting field. The big four companies, known primarily as accounting firms, but all have large consulting branches, also pay high MBA consulting salaries.
The general principle that they will pay for tuition and living expenses (to a certain extent), in addition to having to return to work at McKinsey for one or three years, is valid, but I have heard of specific offices that have slightly different rules (e.g.