Do all BCG associates (out of undergrad) get promoted to consultant after two years?
Does the salary of these promoted consultants (2 years after undergrad) get paid the same base salary as post-MBA consultants (~160K) in USA?
Same with Bain: Do Associate Consultants get promoted to Consultant after 2 years, and do they get paid the post-MBA salary?
On LinkedIn, it seems like BCG and Bain go through a 2 year (associate/associate consultant), 2 year (consultant), before becoming a Project Leader or Case Team Leader respectively. In contrast, on LinkedIn, McK does not have a fixed timeline. It seems like undergrad hires are in the Business Analyst role for between 1.5 years to 4 years, with no associate role, before making EM directly. Consequently, would the salary for a Business Analyst after two years (if one does not make EM), be 40% lower than BCG and Bain?
No, not quite all associates get promoted at the two year mark. It is a promotion point and some people don’t get promoted. Having said that, the majority definitely do.
And yes, in the US, after 2 years as an associate you’re making the same as post-MBA pay (~160 base, ~200k all in — one of the faster ways to make that kind of money).
That's a sweet deal - in contrast to McK, for next year salary is: your previous year base salary + your performance bonus used to be +5 or +10 or +15 but now I think it has been bumped to +15 +20 +30 for the 2020 analyst class.
That said - only a few people get the +15 (or +30 since the changes) as a bonus as that was for the "distinctive" performers. So the chances are, an avg performers comp would be much lower than at BCG.
No the majority definitely don't get promoted. Across most firms it's only a small percent who make the direct promotion from associate leap
This is not true
From my observations, it seems like in the UK the progression is comparatively slower.
It seems like the norm here is 2 years Associate -> 1 year Senior Associate -> 1 year Secondment/temp. transfer -> Consultant.
If this is true, then it takes twice as long to promote to C in the UK compared to the US? Can someone confirm this?
Some bad answers on here. Yes, at BCG you get promoted direct from Associate to Consultant after 2 years with full MBA salary. At Bain most get the Senior Associate Consultant role before post-MBA role, so there’s a 3rd year bridge to post-MBA but could be some exceptions. McKinsey is a bit of a mixed bag.
If BCG-McK cross offers knew this going in, I think a lot would pick the former over the latter.
unless one intends to leave before the 2 year mark.
Agree. The Senior BA / AC role pays very well, but you’d be looking at around a $40k premium for a BCG third year vs a Mck / Bain third year.
McK has always been perceived as the most "high risk, high reward" among the MBBs. If you are a superstar, Mck can gave you the fastest promotion path. However, the strict up or out and hyper-competitive culture is also less forgiving at Mck compared to the BBs. Bain especially advertises its collaborative culture and less cut-throat promotion system to sway many prospective MBB cross offers. They each self select for a particular type of person in my opinion.
I work at McK, and yes ~3/4 of people leave before the 2 year mark (imagine would be similar at other firms)
Also total comp for 3rd year can definetely reach ~200k all in also
I think one thing that’s important to note is that while McK allows high performers to make EM earlier than BCG and Bain, the salary bump depends on the date one is “designated”.
McK salary only increases at the end of each calendar year. that means a BA who makes EM early in the year, is stuck with “BA-salary” while doing EM work. This is believe is why some ppl do not see the need to push for EM, and cruise through their 3rd year as a Senior BA.
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