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.

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)

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

• Relocation: $2,000-10,000

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

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

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

• 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

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

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)

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

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. 

Read more: Salary of Top Consulting Firms 2023

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.