Strategy
Courtesy of McKinsey & Company
McKinsey at developers conference in Brazil.
- The latest salaries report from Management Consulted, a consulting careers resource website, showed that McKinsey's hires with MBAs and PhDs make a base salary of $165,000.
- The consulting firm is working to diversify their applicant pool and bring in more hires from non-Ivy League schools.
- Business Insider spoke with two McKinsey recruitment directors on how to nail the interview and score a spot at the company.
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Top management consulting firm McKinsey & Company offers some of the highest-paying salaries for recent grads. But it's hard to land a coveted six-figure role at the firm.
According to the latest salaries report from Management Consulted, a careers resource website catered to job seekers in the consulting field, McKinsey's MBA and PhD hires make a base salary of $165,000 - and that's not including the $35,000 performance bonus for all employees, and the 50% MBA tuition reimbursement for returning interns.
It's no surprise that management consultants are getting paid six figures from get-go. It's been that way for years. However, the report noted an emerging trend that serves as good news for those who might not have an Ivy League degree: Consulting firms are increasing recruitment from non-target schools - this means they're steering away from relying on Ivy League universities like Harvard for hires. In fact, these companies are holding up to 20% of their recruitment slots for those with non-target backgrounds, according to the report.
McKinsey, for example, hired about 8,000 people out of an applicant pool of 800,000 in 2018. Those employees were recruited from 325 different schools around the world, the company shared.
Business Insider recently spoke with Kerry Casey, McKinsey's director of recruitment in the North American region and Caitlin Storhaug, McKinsey's global director of recruitment marketing and communications.
The two experts shared insights on how to nail an interview with the company.