But how do you get the HR people at these firms to give you a look-in? What does one do to catch the eye of the recruiters at one of these dream career destinations?
Management Consultant Salary
And how can you get an interview call from MBB? We managed to gather a few tips for you. A recruiting official from a top consulting company says in Quora that applicants to MBB, or any other elite firms for that matter, should keep in mind that the hiring departments need to screen thousands of resumes looking for candidates who have some chance of making the cut.
These recruiters have limited time, and it is best to send a one-page resume with, if really necessary, a cover letter that elaborates points in the resume. However, most recruiters seem to ignore cover letters. They also need to be convinced that you are in the top one percent of their applicants. Of course, one good way to show that in your resume or cover letter is to have been a great student with top university grades. The selection process revolves around whether a candidate can be trained quickly and put on the job, writes an employee of a consultancy firm.
Consultancies hire people for their potential to learn fast and not for their knowledge. If you have this talent, your resume should indicate it. MBB expect their ideal candidates to be problem-solvers. Were you ever part of a team that came up with a solution that project managers implemented successfully?
Mention it briefly in your resume or cover letter, but expect to be quizzed for details at the interview and be prepared. Recruiters want to know the achievements of candidates, not just the job titles they held or the roles they played. Besides personal, leadership, problem-solving, and quantitative skills, consulting companies look for entrepreneurship skills and an overall orientation toward achievement.
The ideal resume touches upon these five main skills. A person experienced in consulting remarks in a Quora post that an MBA is no substitute to networking.
If you can manage a reference from a senior colleague who knows a decision-maker in your target company, well, nothing like it. A consultant at a top firm points out that it is quite difficult to get an interview at MBB as they depend on the top schools for their candidates. However, you may be considered if you have a water-tight case or great connections. According to employees of top consulting companies writing in Quora, MBB hire top performers from prestigious schools who have interest in many areas and have participated in a wide range of academic and co-curricular activities.
Diverse backgrounds and rich exposure are what these companies are looking for when they try to build their teams. Of course, current projects and expansion plans of these companies also have a say on the specific types of candidates that they hire.
There are many levels of entry into MBB. The first level is associate or business analyst, who holds an undergraduate degree. The next level is junior associate elevated from business analyst or senior associate from associatean MBA with two years of experience in consulting.
Ex-McKinsey Consultant Here Answering Questions
A project leader can become principal after 18 months and partner after an additional 18 months. What are the requirements at the associate level? An associate hired by MBB is typically a graduate of a top university who has shown merit in at least two or three areas, such as academics, cultural or social activities, or sports, and who possesses excellent communication skills.Welcome toand our annual management consulting salaries report!
The consulting industry has been evolving rapidly over the last few years. Big players in the consulting industry have expanded their capabilities through strategic acquisitions. Boutique players continue to enter the market, threatening the bigger players with their lower fee offerings. Additionally, large corporations have increased their reliance on in-house strategy houses. Amidst structural changes in the consulting industry, the industry has continued to grow.
Overall, the impact of these changes on consulting salaries has put upward pressure on U. The type of hiring consulting firms are conducting is also changing. This year, many consulting firms have increased their recruitment of specialists especially those with technological expertiseexperienced hires, and candidates from non-target schools.
Below are salary figures for those joining management consulting positions in All salary figures are in U. If you have any management consulting salary data you would like to share, we would love to hear from you. As always, your anonymity is guaranteed. Reach out to be included. Monthly internship salaries are typically prorated based on starting salaries for new hires. Here are the internship salaries:. What fun are full-time consulting offers when there is no bonus?
Full-time hires can receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Interns are less likely to receive bonuses, although some firms do offer relocation or signing bonuses. When analyzing these bonuses, there are 6 things you should keep in mind:. The salaries above are for full-time hires and interns coming straight from university.
Often, our interview prep clients will receive slightly higher job offers in tech than in consulting. However, the salary growth in management consulting outpaces many industry positions. Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay. Additionally, when promoted to the next level which usually happens every yearsthe increase in your income is substantially larger.
Note that most full-time recruits will not make it to Partner.Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. Our flagship business publication has been defining and informing the senior-management agenda since McKinsey offers you the opportunity to work with some of the leading companies in Australia and New Zealand, government agencies, and nonprofit organisations on their most important challenges.
Our work covers a range of industries, including mining, retail, telecommunications, travel and logistics, finance, energy, oil and gas, public sector, and health care. In the Australian office you can expect to be staffed in locations throughout Australia and New Zealand. Most teams agree to work at the client's offices Monday through Thursday, and then return to their home offices each Friday. This typically limits time away from home to three nights a week for an out-of-town project.
It also means that most people are back in the office on Fridays, creating a social atmosphere and a chance to connect across the office. We take lifestyle very seriously in the Australian and New Zealand office and proactively help our teams to find the right balance. Our staffing coordinator will try to incorporate your personal needs and requests into staffing decisions.
Featured Coronavirus: Leading through the crisis Insights on how organizations can respond, and what happens next. McKinsey Global Institute Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. McKinsey Quarterly Our flagship business publication has been defining and informing the senior-management agenda since Featured Change that Matters Learn what it means for you, and meet the people who create it. Press enter to select and open the results on a new page.
Email Subscriptions Sign In. Role Descriptions We offer a variety of roles depending on your level of education and experience.MBA Salaries: How Much Do Consultants With An MBA Make?
We have positions for undergraduates, graduate Upcoming Events January 22, — We offer a variety of events in different settings so you can get to know us; talk to different McKinsey people, and we can learnLeft "The Firm" a little over a year ago.
I've been meaning to do this and just never got around to it; no time like the present! Got the DTA direct to associate promotion in 2.
A wide variety of reasons. Part of it was that my young age was making my life in consulting harder than it needed to be. I also wanted to get out and try something else out for a change. I actually left because I had achieved DTA a big objective for me and I'd finally come up with a fantastic idea for a business. I started that business summer last year and I've been running it since. Definitely not in terms of raw intelligence.
Excel prowess never caught up and PPT work was slow to do so. Of course, Associates are less relied upon for that type of work than BAs are anyway.
As you would expect, Associates are generally better with clients. They're older yes, this matters and simply know how to handle themselves and others better.
They were also just generally more interesting people. There's a wider variety of candidate profiles entering the firm at the post-MBA level. This translates into more interesting personalities and life stories. My first inclination was to say that Associates are less douche-baggy. I don't miss the days of sitting down at a new associate training and asking someone where they went to school, just to get the faux-modest "in Boston" response.
Definitely not most. There's plenty of info out there on common exit routes, but some of them include: business school, joining a client, private equity, venture capital, entrepreneurship, banking, etc. The first thing I focused on after leaving was de-McKinsey-ifying myself. Consultants tend to wrap themselves in what looks like a layer of bullshit to people outside the industry. Jargon, false structuring, a way of carrying oneself.
That kind of thing. I made sure to remove as much of that as possible so I could appear "normal" to people out in the world.Determining the management consultant salary you can expect to receive, or more narrowly, a strategy consultant salary, is probably one of the defining factors in deciding which firms you will apply to. This — to the best of our knowledge — is the only firsthand report in the industry containing current numbers obtained directly from offer letters for an entry level McKinsey salary, Boston Consulting Group salary, and stats from over 60 additional consulting firms.
All firms are categorized by size to make benchmarking as simple as possible. This is a big year: Tokyo hosts the Summer Olympics, we have a new Mission to Mars, and Jupiter and Saturn will end the year in special alignment. This last year brought us lots of mergers and acquisitions, as some consulting players consolidated their core business offerings while others looked to expand into other verticals.
The overall theme? Everyone wants a piece of the digital solutions pie, as even traditional strategy consulting powers like McKinsey, BCG, and Bain made large investments in digital and implementation practices. Overall, the impact of this activity has put upward pressure on U.
For example, top boutique L. This not only reflects increased intensity in the war for talent within management consulting, but the war for talent the industry is waging more broadly versus tech. Not everything is changing, however. Continuing a trend from last year, consulting firms have continued to increase their hiring of specialists bonus points if you have technical expertiseexperienced hires, and candidates from non-target schools.
Below are salary figures for those joining management consulting positions in All salary figures are in U. As far as we know, this is the only originally sourced data available in the industry — everyone else copies from us, or uses potentially outdated data from Glassdoor, PayScale, or Indeed.
If you have any management consulting salary data you would like to share, we would love to hear from you. As always, your anonymity is guaranteed. However, we recommend considering other factors as well, including exit opportunities, firm culture, travel, and more. Outside of finance, post-MBA compensation packages are the highest in consulting out of any industry. While Big Tech continues to compete with consulting for top talent, consulting continues to offer faster promotion cycles, broader industry exposure, and a better path to business leadership.
Monthly internship salaries are typically prorated based on starting salaries for new hires. Here are the internship salaries:. Full-time consulting offers are nice, but bonuses have the potential to take your comp from good to great.
How to get an interview at McKinsey, Bain, BCG
Generally, consulting full-time hires receive signing bonuses, relocation bonuses, end-of-year performance bonuses, and more. Consulting interns are less likely to receive bonuses, although some firms do offer relocation or signing bonuses.
More firms are starting to offer returning interns a larger signing bonus than full-time counterparts who interned somewhere else. The salaries above are for full-time hires and interns coming straight from an educational program. Before deciding on a final offer, consider how your salary will grow across time. Often, our interview prep clients will receive slightly higher job offers in tech than in consulting.
However, the salary growth in management consulting outpaces many industry positions. Because of that, the net income after a few years in consulting can exceed those in other industries, despite an initially lower base pay. Additionally, when promoted to the next level usually every yearsthe increase in your income is substantially larger.
Keep in mind that most full-time hires will not make it to Partner. Those who perform exceptionally are given the chance to be promoted, while poor performers are encouraged to seek employment elsewhere.
Because of the up-or-out structure and the attractive exit opportunities, only a small percentage of consulting recruits make it all the way to Senior Partner. Regardless, salary growth is substantial for each promotion you receive at a consulting firm.Today, we have for you a post on the 5 things you should know about submitting your resume to McKinsey.
Now, there are the standard set of rules for your consulting resume that apply for any firm — a results-oriented resume, formatting consistency, using proactive language, quantifying competitive accomplishments, providing context for key activities, etc. Ready to land an offer at McKinsey? Read on, and reach out to our expert resume editing team led by a former McKinsey consultant!
Here are the 5 things you should know about submitting your resume to McKinsey. Without prestigious leadership experience on your resume — e.
Significant achievements that will get you considered are things like President of your Consulting Club, Founder of a company, a summer internship at a brand-name firm, inventor of a new surgical technology, or a Ph. Does this sound like the type of experience you have? If not, either start obtaining it or consider back-up options. Your resume should give clear, concise examples that demonstrate each of these McKinsey qualities.
Structure — Weave a story that presents a problem you faced, the structured approach you took to solving it — including breaking the problem into its component parts, and the positive results you achieved. On the job, you will rely on best practice work i. Credibility — An internship with McKinsey is going to be the best credibility you can offerhowever, internships or work experience at Fortune firms will work in your favor too.
Basically, anything you can include on your resume that shows you went through a rigorous selection process and came out on top is going to win you points with a McKinsey recruiter. Your credentials must be seriously impressive to be considered McKinsey-worthy, so include the most prestigious scholarships, merit awards, and industry accolades that you can on your resume.
What does this mean for your resume? I started my first consulting firm while I was living in South Africa, and it was focused on Corporate Social Responsibility. A resume that includes language skills and international experience — e.
Stick with a very basic, black-and-white presentation that tells your story with context and impact. Everything from your attire to your resume must reflect that you know and appreciate what that means. McKinsey wants you to be highly intelligent, yet predictable. Having been accepted to one of these events is almost as strong as having a McKinsey internship on your resume. Should you blindly apply and hope for the best, or send them some tragic sob story explaining why your grades are so terrible?
Should you give up completely? Get some. Go back to school. Get creative in your free time. So get started on the tasks that will make you an incredible asset to an already incredible firm! Need help getting there? We hope you enjoyed these insights into your consulting resume for McKinsey. Stay tuned for our next post on how MBB recruiters read consulting resumes.
Best of luck! No spam. Just the best consulting information around.An undergraduate I am mentoring sent me a link to an AMA from this site from someone in business school.
I was reminded that I was using this site 9 years ago in Back then I still hadn't accomplished much. Through focus. I am now at the point where I have amazing options and the hardest part is determining where and how to spend my time to stay focused on my life goals in the future.
Back as a senior in college, I applied to over consulting firms and ultimately got rejected from every single one. I wish I knew what I know now.
I really had no chance. This opened up so many doors and really has shaped my career. Mod Note Andy - this AMA originally went up last December but consultantguy12 " wrote and said he could still answer questions. What were you doing before you landed an offer at McK? Were they also part of the where you applied previously when you were a senior?
Can you tell us how you got to McKinsey? Did you have a back-office role at McKinsey as opposed to a consulting role?
Also do you have examples of the type of work you do now. Surprisingly this is not as big of a deal as you would expect. Firms like McKinsey have grown a ton over the past 15 years. There are certainly a disproportionate number of people with Harvard degrees probably like versus the 5 from my school, but people assume everyone that works there is top notch. Also, it was quite international and nobody really knows all the schools from across the world that are supposed to be seen as "elite.
This is crazy, but I applied on Monster. I think the equivalent today would be Linkedin. I knew this wasn't a front line consulting role, but I just wanted to be in consulting because it seemed like such a great fit for what I liked doing problem solving and also the type of people I liked being around high performers, no BS people. I didn't plan to go to Boston Consulting Group. After business school, I joined a startup consulting firm that was staffing independent consultants on client projects that was founded by ex- McKinsey Directors.
They had some leadership shakeups and was left uninspired by the new head of the US. At this time, a recruiter called saying they were looking for someone at BCG doing similar stuff that I did at McKinsey - basically organizational change. This was still in the knowledge network but it was a senior role working with a Senior Partner helping to shape a new practice area.
It was a great role and I loved it. I was able to develop a lot of the same skills and work with the same people, I just knew I would burn out too fast working the hours and travel. Top ? Top 50? Top 25? It doesn't seem that bad since you were able to get GE at your school, but nonetheless still a non-target for MBB. How common are Big 4 Consulting alum at Sloan? And what career paths have you seen them take? Do many try to "trade up" to MBB?