McKinsey Salaries & Benefits 2023 by Position & Location

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. 

Those six-digit salaries are a major point of attraction for the best and brightest candidates out there, and also the reason you are reading this article, so let’s find out how much McKinsey pays its consultants in different countries.

mckinsey phd associate salary

Source: Glassdoor. Figures in this chart represent the highest available data points.

Read more: Salary of Top Consulting Firms 2023

Disclaimer: 

(1) Unless stated otherwise, salaries in this article are based on US figures. The precise numbers vary from place to place, and we will provide additional insights where possible. “Total Annual Salary” includes Base Salary, Performance Bonus, and Others (including Profit Sharings, Stock, Commission), scaled up to one year (for example, if an Intern works for ten weeks, we will scale up the income of ten weeks to one year for presentation purposes). 

(2) One-time sums, such as Relocation or Signing Bonus, are not counted. Business allowance is also not presented here. The figures in this article are rounded to the closest 1000. Actual figures may vary, depending on location, position, experience, performance, and report time. 

(3) Our primary source of information is Glassdoor . However, it's worth noting that Glassdoor is known to be a platform where users can anonymously share their salary and compensation information. As such, it can be difficult to verify the accuracy of the data presented. Furthermore, consulting firms do not openly disclose their salary information. Therefore, the below data should only be used for reference purposes.

McKinsey Consultant Analyst salary 2023 (Intern-level)

McKinsey Consultant Analysts in the US may earn up to $82,000 annually. Meanwhile, McKinsey Consultant Analyst salary in other developed countries fluctuates around $20,000-40,000. McKinsey Consultant Analyst salary in developing countries like China and India is roughly $3,000-$10,000.

Base: $34,000-69,000 (China: ¥45,000-126,000, Germany: €25,000-27,000, India: ₹212,000-615,000, UK: £12,000-43,000)

Performance Bonus: up to $7,000

Others: up to $6,000

Total Annual Salary: up to $82,000

McKinsey Business Analyst salary 2023 (Undergraduate, Junior-level)

McKinsey Business Analysts in the US may earn up to $148,000 annually. Meanwhile, McKinsey Business Analyst salary in other developed countries fluctuates around $70,000-100,000. McKinsey Business Analyst salary in developing countries like China and India is roughly $20,000-$50,000.

Base: $83,000-122,000 (Canada: CA$93,000-144,000, China: ¥300,000-510,000, Germany: €63,000-80,000, UK: £48,000-71,000)

Performance Bonus: up to $16,000

Others: up to $10,000

Retirement: Minimum 7.5% of annual base and bonus to 401(k) plan, no contribution required (US only)

Signing Bonus: $5,000

Relocation: $2,000-10,000

Total Annual Salary: up to $148,000 (Canada: CA$180,000, China: ¥563,000, Germany: €88,000, India: ₹2,652,000, UK: £80,000)

mckinsey phd associate salary

Source: Glassdoor. Figures in this chart represent the highest available data points in each location.

McKinsey Associate salary 2023 (MBA/Experienced, Senior-level)

McKinsey Associates in the US may earn up to $200,000 per year in salary, with a $153,000 base and a $34,000 performance bonus. Meanwhile, McKinsey Associate salary in other developed countries fluctuates between $120,000 to $180,000. McKinsey Associate salary in India is roughly $50,000 to $60,000.

Base: $96,000-153,000 (Canada: CA$185,000-207,000, Germany: €83,000-118,000, India: ₹3,000,000-4,000,000, UK: £55,000-104,000)

Performance Bonus: up to $34,000

Others: up to $20,000

Retirement: Minimum 7.5% of annual base and bonus to 401(k), no contribution required (US only)

Signing Bonus: $30,000

Total Annual Salary: up to $207,000 (Canada: CA$243,000, Germany: €139,000, India: ₹5,000,000, UK: £129,000)

mckinsey phd associate salary

Source: Glassdoor. Figures in this chart represent the highest available data points in each location

McKinsey Engagement Manager salary 2023 (Manager-level)

McKinsey Engagement Managers in the US may earn up to $420,000 annually. Meanwhile, McKinsey Engagement Manager salary in other developed countries fluctuates between $180,000 to $240,000. McKinsey Engagement Manager salary in developing countries like China and India is roughly $90,000 to $180,000.

Base: $140,000-211,000 (Canada: CA$209,000-231,000, Germany: €150,000-163,000, India: ₹4,000,000-6,000,000, UK: £120,000-135,000)

Performance Bonus: up to $53,000

Others: up to $158,000

Total Annual Salary: up to $422,000 (Canada: CA$334,000, Germany: €212,000, India: ₹11,000,000, UK: £220,000) - potential for much more based on individual sales and profit sharing

mckinsey phd associate salary

McKinsey Associate Partner/Partner/Senior Partner salary  2023 (Partner-level)

McKinsey Partners in the US may earn up to $777,000 annually. However, the below data should only be used for reference, as a Partner-level person at McKinsey in the US will likely make more than $1,000,000 annually. 

Base: $171,000-321,000 (Germany: €153,000-444,000, India: ₹5,000,000-14,000,000, UK: £139,000-250,000)

Performance Bonus: up to $131,000

Others: up to $325,000

Total Annual Salary: up to $777,000 (Germany: €901,000, India: ₹53,000,000, UK: £650,000) - potential for much more based on individual sales and profit sharing)

mckinsey phd associate salary

Fringe benefits of a McKinsey consultant

Common fringe benefits include health insurance, life insurance, tuition assistance, childcare reimbursement, employee discounts, employee stock options, and the privilege of using a company-owned vehicle for personal use. 

The fringe benefits offered by McKinsey are generally more comprehensive and generous than those offered by other firms in the industry.

Health Insurance

McKinsey provides fully comprehensive health insurance plans with a broad range of coverage options, which results in employees paying less for better health services. 

Retirement Benefits 

In the United States, MBB consulting firms provide strong retirement savings 401(k) plans, with no contributions required. This makes their 401(k) plans better than what other consulting firms offer. 

McKinsey has the reputation of having the best 401(k) plans in the industry that match 100% of the employee's contributions up to 7.5% of a consultant's base and bonus salary.

Paid Time Off

McKinsey offers generous vacation and paid time-off policies that can be extended to 20 weeks for maternity leaves and around three weeks for vacation . The firm also has options for sabbaticals and extended leaves for personal or professional development. 

Professional Support

McKinsey invests heavily in training its consultants, with extensive training programs that outmatch the quality of Big 4 and Tier 2 firms training programs.

Travel and Expense Policies

McKinsey covers all travel expenses when consultants work onsite at client locations , ensuring its consultants have the most comfortable accommodations available at the site.

Non-Monetary Perks

McKinsey offers many additional perks, such as subsidized gym memberships, wellness programs, on-site fitness centers, employee assistance programs, etc. The quality and range of services for McKinsey consultants are generally better than their counterparts at Big 4 and Tier 2 firms. 

How to get into McKinsey?

To enter McKinsey, candidates must go through a three-stage process, which includes resume screening , Problem-Solving Game (PSG) , and case interview . With over 200,000 candidates applying each year, the acceptance rate is only 1.1%, making McKinsey one of the most competitive consulting firms to apply for. 

To increase your battle power, have a look at our guide to consulting resumes to craft the resume that helps you stand out. Also, check out our ultimate introduction to McKinsey Problem-Solving Game .

Finally, we strongly advise reading our McKinsey Case Interview article, which provides insight into the most critical and challenging part of the hiring process. 

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At Bain & Company, entry-level consultants may earn up to $120,000/year, while senior ones have salaries up to $230,000 (bonuses and profit sharing included)

At BCG, Entry-level consultants can earn up to $112,500/year, while senior consultants can make up to $215,500. Project Leaders may earn up to of $266,000

At top consulting firms, entry-level management consultants may earn $100,000/year (bonuses & profit), while senior consultants may earn up to $200,000.

mckinsey phd associate salary

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Mckinsey consultant salary | what could you earn at mckinsey & company.

McKinsey consultant salary | Find out how much McKinsey MBA and Master's-level hires earn ©McKinsey-Facebook

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Want a consultant job at McKinsey & Company? Find out what salary you'll earn at McKinsey after an MBA or master’s degree

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McKinsey recruits from many of the top US business schools , such as Columbia Business School and Chicago Booth, as well as European business schools, including the likes of INSEAD and London Business School.

The firm is popular among b-school grads, offering some of the largest salaries in the consulting industry. That's despite McKinsey freezing starting salaries in 2024 , along with the other Big Three management consulting firms, Bain & Company and Boston Consulting Group. 

So what do you stand to earn at McKinsey after leaving business school? 

Considering A Career In Consulting? 

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McKinsey Consultant Salary & Bonuses

McKinsey consultant salary prospects are particularly strong for MBA graduates, who can expect a base salary of $192,000. Master’s graduate salaries at McKinsey aren’t quite as strong, but still come in at an impressive $112,000. 

Compensation doesn’t end at salary. MBA graduates at McKinsey can earn performance bonuses up to $40,000, and a signing bonus of $30,000. For master’s graduates, performance bonuses cap at $18,000, with a signing bonus of $5,000. 

These numbers are just starting salaries. McKinsey consultant salaries and bonuses tend to grow by 10-to-20% each year, according to ManagementConsulted. Each promotion to a higher level will also coincide with a salary leap. 

Master’s-level hires tend to come in at the McKinsey business analyst salary level while MBA hires come in at the McKinsey associate salary level. 

Two-to-three years out of an MBA program, McKinsey manager salary prospects are around $220-to-$240,000 in base salary and $100-to-$140,000 in bonuses.

A McKinsey associate principal salary sits at around $275-to-$350,000, while McKinsey partner salary prospects start between $375,000 and $450,000 at junior level, going up to $500-to-$700,000 for a senior partner with potential bonuses of over $500,000.

You’ll find similar colossal consultant salaries across all the Big Three consulting firms: Bain, Boston Consulting Group, and McKinsey.

McKinsey Careers

The perks of working at McKinsey don't stop at the hefty salary and bonuses. The firm has ranked among Glassdoor's top companies to work for in the past, a strong indicator of its appeal to MBAs, and McKinsey offers a variety of jobs for MBA graduates .

Both MBA and master’s-level hires at McKinsey get PTO vacation of 19 days per year. Master’s grads can also receive up to $10,000 for relocation—this recently increased from $5,000—while it’s $10,100 for MBAs. 

One big differentiator is for returning MBA interns, for whom McKinsey will pay 50% of MBA tuition fees. McKinsey also makes a 401(k) retirement contribution of 7.5% for master's and MBA consultants.

If your head has been turned for a role at McKinsey, make sure you do your research and think about your personal fit. Business school students turned McKinsey consultants interviewed by BusinessBecause say the learning doesn't stop once you've landed a job at McKinsey.  

Juan Sanchez, HEC Paris MBA :

“Be super prepared for the process. You need to talk to people who did it before, practice cases, and be at the top of your game for the interviews. Every consulting company has its own fit, so you need to know if your profile and skills are right for the company you are pursuing.”

Anna Navratil, Emory Goizueta MBA:

“You’re using the summer to really build those relationships. Bring your full self—a lot of people see the internship as the company deciding if you’re right for them, but it works the other way too. The big things to focus on are coming in prepared to learn and grow; having the humility to know you don’t understand everything; and tapping into the broader network of the firm.”

How to get hired by McKinsey

We asked Sydney Streets , senior manager of North America recruitment for McKinsey, what the firm looks for in potential consultant hires.

“We’re excited about candidates with a wide variety of experiences, not just experience related to business. This includes internships, research, volunteer work, part-time jobs, and military service,” Sydney explains. 

McKinsey remains committed to inclusive leadership and is looking for people who value and practice it. Key to the firm’s hiring plans are individuals who bring and respect diverse thinking and different approaches.

“We’re excited to hire stellar talent to all of our global offices. Across our campus recruiting efforts, we’re focused on ensuring we’re reaching and recruiting exceptional talent no matter their school or prior experiences,” she says. 

With the ever-advancing march of technology across all sectors, digital skills are vital in consulting and McKinsey is seeing increasing numbers of candidates with programming and coding skills. 

“Digitization is changing the consulting industry and therefore technology and digital skills are more necessary at McKinsey.” 

For more info about what it's like to work in consulting, the perks and salaries you could gain, and tips on how to successfully become a management consultant,   download our BusinessBecause Consulting Guide

The data in this article was sourced from  Management Consulted’s 2024 Consulting Salary Report.   The salary figures in this article are for those joining management consulting positions in 2024. This article is updated annually. 

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mckinsey phd associate salary

McKinsey salary for PhD new grad in Bay

Anybody knows how much McKinsey pays to new hire consultant with PhD in Bay area? Also what is the entry point with PHD or MBA? #consulting

mckinsey phd associate salary

Is it a generalist consultant position? If yes, pay depends on the level you are hired - fresh grad PhDs usually are hired as Jr. Associates and all JAs hired get paid exactly the same regardless of PhD or Industry hire. I think base is ~100-110k and TC of around 140-150k (Including 401k contribution) New MBAs are hired as Associates with base pay ~170k

mckinsey phd associate salary

That is not true, For generalist: Fresh PhD and MBA are hired at the same level at MBB in USA. ~150k base

mckinsey phd associate salary

Maybe the US hires PhDs as Associates directly - I could be wrong there. But in 2019, associates were given a base of $165k with a signing bonus of $30k https://poetsandquantsforundergrads.com/2020/01/21/consulting-pay-what-undergrads-and-mbas-earned-in-2019/

mckinsey phd associate salary

Why would you do phd just to wear a suit and make shitty powerpoints

You realize rather late that you care more about TC than knowledge for its sake.

mckinsey phd associate salary

1. The PhD gives you credibility when working with Pharma clients 2. The career track kicked off by joining a management consulting firm is much better than the one kicked off by getting on the post doc treadmill imho

mckinsey phd associate salary

All consultants (MBA, JD, MD, PhD, experienced) come in around the same rate: Base: $165k Sign on bonus: $30k Annual bonus: $35k If you're coming in as something different like a data scientist, software engineer, expert of some sort, etc, it might be different, but that's where associates usually land. *The location doesn't matter. The consultants in Detroit/Cleveland get paid the same as the ones in SF/NYC

mckinsey phd associate salary

What’s the travel and wlb like for SWEs

mckinsey phd associate salary

Travel is non-existent according to my friend who joined a month ago, due to covid reasons. But otherwise you would spend a lot of time traveling, meeting clients etc. WLB sux if you don’t enjoy that lifestyle. If you do, then perfect fit for you.

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McKinsey Salary & Job Ladder (& how you can crack the interviews!)

McKinsey Roles & Salary: Upon joining McKinsey, your compensation will vary significantly based on your position, your performance and the firm’s performance. The following roles constitute the traditional, generalist strategy consulting positions. (All salaries are for roles in USA)

>> MBB Screening tests (Free McKinsey Red Rock Game!)

McKinsey Business Analyst Salary : Individuals with the designation Business Analyst, typically new hires with an Undergraduate or non-MBA degrees. They typically do analysis and build communication documents like power point presentations, etc.

Average base salary ~$115,000

McKinsey Associate Salary : Those holding the title Associate, generally have an MBA or PhD and in some cases a non-MBA Master’s Degree with significant experience. They typically do research, analysis and build insightful presentations. They are expected to have more skills and are expected to ramp up faster than Business Analysts, hence the higher compensation.

Average base salary of ~$195,000 per annum.

>> Advice from Ex-McKinsey Engagement Manager

McKinsey Engagement Manager Salary : These are more experienced employees and have generally been promoted from Associate level. They manage teams on projects.

Average salary of ~$275,000 per year.

McKinsey Partner Salary : Partners build and maintain client relationships and this is generally a “sales” role. Partners lead client engagements with the help of Engagement Managers who manage the day to day operations and delivery.

Average salary of ~$800,000 - 1,000,000 per year.

McKinsey Senior Partner Salary : Senior Partners build and maintain key stakeholder relationships and are involved in setting the direction for the firm. Senior Partners are supported by Partners and other teams.

Average salary of ~$5,000,000 per year.

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  • proper noun Seventh largest city in Russia , centre of Omsk oblast .

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Drug Resistance of Different Mycobacterium tuberculosis Genotypes in the Omsk Oblast of Russia

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  • Volume 93 , pages 240–242, ( 2024 )

Cite this article

mckinsey phd associate salary

  • A. A. Vyazovaya 1 ,
  • I. V. Kostyukova 2 ,
  • A. A. Gerasimova 1 ,
  • D. R. Terentieva 1 ,
  • O. A. Pasechnik 3 &
  • I. V. Mokrousov 1  

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A total of 397 strains of Mycobacterium tuberculosis isolated from newly diagnosed patients with pulmonary tuberculosis in the Omsk oblast in 2019–2020 were genotyped. The prevalence of the Beijing genotype strains (70.8%), in particular, of two modern sublineage clusters: Central Asian/Russian (46.1%) and B0/W148 (19.1%), was established. Strains of the ancient sublineage of the Beijing genotype were represented by clusters 1071-32 and 14717-15, totaling 4.8%. Compared with other genotypes, the strains of B0/W148-cluster and the ancient Beijing sublineage were more often characterized by multidrug resistance (MDR): 93.4 and 94.7%, respectively ( P < 0.0001). Among members of other genetic families (LAM, Ural, T, Haarlem), drug-sensitive strains predominated (75.0%). The circulation of MDR Beijing strains requires molecular epidemiological surveillance in view of their possible wider spread.

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A Snapshot of Drug-Resistant M. tuberculosis Strains in Croatia

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Associations between Mycobacterium tuberculosis Beijing genotype and drug resistance to four first-line drugs: a survey in China

Trends in molecular epidemiology of drug-resistant tuberculosis in republic of karelia, russian federation.

Kostyukova, I., Pasechnik, O., and Mokrousov, I., Epidemiology and drug resistance patterns of Mycobacterium tuberculosis in high-burden area in Western Siberia, Russia, Microorganisms , 2023, vol. 11, no. 2, p. 425. https://doi.org/10.3390/microorganisms11020425

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Mokrousov, I., Vyazovaya, A., Sinkov, V., Gerasimova, A., Ioannidis, P., Jiao, W., Khromova, P., Papaventsis, D., Pasechnik, O., Perdigão, J., Rastogi, N., Shen, A., Skiba, Y., Solovieva, N., Suffys, P., et al., Practical approach to detection and surveillance of emerging highly resistant Mycobacterium tuberculosis Beijing 1071-32-cluster, Sci. Rep ., 2021, vol. 11, no. 1, pp. 21392. https://doi.org/10.1038/s41598-021-00890-7

Pasechnik, O., Vyazovaya, A., Vitriv, S., Tatarintseva, M., Blokh, A., Stasenko, V., and Mokrousov, I., Major genotype families and epidemic clones of Mycobacterium tuberculosis in Omsk region, Western Siberia, Russia, marked by a high burden of tuberculosis–HIVcoinfection, Tuberculosis (Edinburgh), 2018, vol. 108, pp. 163–168. https://doi.org/10.1016/j.tube.2017.12.003

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This study was supported by the Russian Science Foundation, project no. 19-14-00013.

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Vyazovaya, A.A., Kostyukova, I.V., Gerasimova, A.A. et al. Drug Resistance of Different Mycobacterium tuberculosis Genotypes in the Omsk Oblast of Russia. Microbiology 93 , 240–242 (2024). https://doi.org/10.1134/S002626172360444X

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Received : 09 October 2023

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Published : 02 April 2024

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DOI : https://doi.org/10.1134/S002626172360444X

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