I am wondering as I am working in a boutique consulting firm and the pay rise for me last time was 5% but I had worked about more than half a year that time. What would be a standard one in the industry ?
Hi!
Having worked for several years at both McKinsey and BCG I can comment on these two firms.
It differs a little bit across regions. But as a general observation, at McKinsey, contrary to BCG, there is a historic structure of giving pay raises within a certain seniority level, based on performance rating. At BCG however, the salary is flat throughout a specific seniority level. So as a consequence, McKinsey pay starts a little bit lower, and then rises beyond the level of BCG. It also means that the jumps from one career level to the other are bigger at BCG. On the more senior career levels (AP/Principal and upwards), McKinsey pay structurally rises beyond BCG pay in most markets (especially driven by the part that depends on Firm performance, which was amazingly high over the last 10 years or so).
Cheers, Sidi
Hey there,
It really depends on the firm and the region/country.
Like Sidi mentioned, BCG used to have this same pay per level structure, e.g. 1st year consultant and 2nd year consultant are paid the same salary, and only get salary increase when consultant gets promoted to Project Leader. Same for PL to Principal. During my time there, I got the same pay within the 2-year windows. However, recently BCG SEA has changed that to a year-on-year pay increase. Although the year-on-year increase in the role would be much smaller compared to the increase when you get the promotion. I know that Bain SEA has been giving year on year increments as well nowadays.
When you get promoted, in the previous pay scheme, it would be almost 50% from Associate to Senior Associate, 33% from Senior Associate to Consultant, 25% from consultant to PL, 20% from PL to Principal. The % is higher for junior roles because the base is smaller.
Best
Emily
Hi there,
Rise year-on-year isn't really there (unless they adjust everyone's salary as an explicit decision).
Salary increase is dependent on promotions (which occur every 2-4 years). Promotions generally result in a 30-60k increase (depending on role jump as well as country).
Also, not to be forgotten are yearly bonuses, which are around 15-35% of base salary - note, these are mostly gone this year due to COVID.
Hi there,
Consulting firms don't give yearly salary increase - Consultants get a raise whenever they get a promotion. Different companies have very different career ladders and every region has different salary ranges.
In Dubai, the jump from one level to another (below project manager level) is around USD 20-30k per year. Once you hit PM, the pay raise is around 30-50k per year.
I hope this helps.
Best,
Khaled
Hi!
15% to 25% increase in base, depending on how fast you are progressing, and your seniority (tends to slow down a bit going forward, also because progression become slightly slower in terms of pure notches).
Bonus also depend on your performance, but usually is calibrated so as, given the advancement (say 1 notch), it stays relatively constant as a % of your base. Tends to be a bit higher when you change label (e.g. analyst to associate, to manager etc.) but it really depends on company and geography beyonf these general info I have provided.
Hope it helps!
best
cesare
Hello
Based on my experience and assuming that gross salary for a junior consultant (e.g. BCG associate) is 100€ (excluding bonus)
So for MBB, the gross salary of a Principal can be ~3x the gross salary of an associate. Gaps for bonuses are bigger depending on performance, tenure, ...
Hope it helps.
David
(edited)
Hey!
In terms of annual salary increases, it's not a consistent year-on-year rise.
Salary bumps are typically tied to promotions, and these promotions tend to happen every 1-2 years. The increase associated with promotions can vary, falling in the range of 20-40k, depending on the specific role change and the country you're based in.
Warm regards,
Frederic
Hi,
Sharing a perspective from both my experience at T2 and MBB
Hope this helps to clarify!
Hello!
Totally disagree with previous answer.
MBB give a yearly salary increase.
For instance, as a BA, the bonus you get in your 1st year is added in the basis salary for your 2nd year, as Senior BA.
Best,
Clara
(edited)
Yes, this is mostly true for McKinsey. But interestingly not for BCG. This was a very pleasing surprise for me when I switched from BCG to McKinsey. :)
Hi,
There is a slight annual increase for a 2nd and a 3rd year in each role at least at McKinsey. However, that's less important.
What's more important is how fast you get promoted. Usually, you spend 1-3 years in each role and then you get promoted, which gives you a 1.5-2x increase in salary depending on the role.
Best
(edited)
Your bonus changes a lot (and quickly) throughout the ranks. Where analysts tend to receive a ±10% bonus, as a post-MBA you are more likely to get 20-40%. The salary growth itself is steep as you get promoted.
