They are considered to be the most prestigious firms in the management consulting industry. In terms of employees, McKinsey & Company is the largest and leads by revenue. McKinsey is followed by Boston Consulting Group and Bain & Company, respectively.
Generally, McKinsey might edge out slightly higher salaries, particularly at the entry and mid-career levels, consistent with its prestige and rigorous demands. While also offering robust salaries, BCG often focuses more on comprehensive benefits and work-life balance enhancements.
Bain's MBA salary matches McKinsey and ups BCG at the base level: $192,000. But Bain offers a much higher performance bonus than either firm - up to $63,000.
If your education and/or work experience is “outside the norm,” McKinsey is more likely to consider you than BCG or Bain. BCG operates in a similar manner, hiring people into practices a lot earlier than Bain – who waits until consultants have reached Partner or Sr. Partner level before assigning a specialization.
PwC and Deloitte are the most prestigious
PwC and Deloitte will cost more, EY somewhere in the middle, and KPMG will sometimes even take a hit on their margin in order to get the project (so they can use that to build better relationships with the client).
Wide-Ranging Expertise. McKinsey's size allows it to offer clients unparalleled expertise in virtually every industry and function, making it a truly comprehensive consulting firm.
Total salary range for McKinsey & Company Partner
The estimated total pay range for a Partner at McKinsey & Company is $441K–$712K per year, which includes base salary and additional pay. The average Partner base salary at McKinsey & Company is $320K per year.
Given the workload and performance expectations of this position, consultants are regularly required to work more than 50 hours/week to perform essential duties of the job.
McKinsey's recruiting process is one of the most competitive in the world. The firm typically hires candidates with Ivy League backgrounds and/or prestigious work histories. McKinsey is also known for pioneering the recruitment of advanced professionals with non-business degrees to its consulting teams.
Of course! Many successful entrepreneurs have been able to work as a consultant and grow their business to a million-dollar enterprise. It takes hard work, determination and some help along the way, but it's certainly possible.
Prestige and brand name: McKinsey, BCG, and Bain all have the highest level of prestige in the management consulting industry. They each have a long history of being at the top and that is likely not going to change any time soon. There is no question that these three firms are the three top consulting firms.
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McKinsey's salary for entry-level consultants in the United States likely ranges from $100,000 to $140,000 per year, while the figure for MBA-level/experienced Associates can be over $200,000. Engagement managers typically earn around $300,000-400,000, while Partners-level can earn up to $1,000,000.
The estimated total pay range for a Partner at Goldman Sachs is $414K–$702K per year, which includes base salary and additional pay.
The average Bain Partner Salary is in the neighborhood of $350,000 per year! However, top partners can make $1M+ or more – comp at this level is variable, with the biggest factor being the amount of work you sell.
McKinsey, Bain, and BCG don't have a strict GPA cutoff, but they do typically consider anything from 3.6 up as a strong GPA.
Depending on your academic background and set of experiences, passing the resume and cover letter screen may be the hardest round for you. McKinsey is extremely selective during this phase due to the large number of applicants (over 200,000 each year). Read on for the steps to take in order to get past Round 1.
The Work is Stressful
Working for McKinsey is not for the weak of heart. The Firm places an incredible amount of responsibility on every consultant, regardless of level. Get ready to be pushed to your limits and expected to perform.
Which big 4 accounting firm pays the most? Well it depends on which practice you want to go into. If you want to make the most money in consulting, Deloitte pays the best. However if you want to make the most money in auditing or tax PwC is likely your best bet.
We would, however, say that the minimum GPA required is 3.0. But if you find that yours is a bit lower than that, just work on your GPA for grad school, gain work experience, or take on leadership roles during your academic career. These are called compensating factors.
KPMG Work Culture
Though the smallest of the Big 4 firms, KPMG is known to have the best work-life balance amongst its employees. The company places an emphasis on employee engagement and has the lowest churn rate of the Big 4.