McKinsey Associate Salary

Jobs at McKinsey & Company are some of the most coveted jobs among MBA graduates. McKinsey reported over 200,000 applicants last year. That’s just shy of 500 applicants a day and only 2,000 of those 200,000 get hired. This is one of the most competitive consulting firms in the world to work for.

With that much competition, you’re probably wondering how much they pay and why it’s so competitive.

We synthesized data from Levels, Indeed, Payscale, and Glassdoor salaries and then verified those numbers with actual people working at McKinsey currently. These are the best salary numbers you can come up with.

What is an Associate at McKinsey

Before we dive into the numbers, it’s important to clear up a common misconception that Associates at McKinsey are entry-level. They are not. In fact, they are often the third level within the company and people who hold this title usually have an MBA.

Many people start as business analyst interns and move their way from consulting roles into managing engagements and then to McKinsey partners. An Associate at McKinsey is the most tenured consultant who doesn’t manage engagements.

As we explore salaries, keep in mind that Associates are 3 to 5-year employees. Entry-level analysts and interns can make anywhere between $50,000 and $100,000 per year, much lower than the associate salaries you’ll see in a few minutes.

McKinsey Career Path

Business Analyst (1-2 Years)

Senior Business Analyst (3-4 Years)

Associate (3-5 Years)

Engagement Manager (6-7 Years)

Associate Partner

Partner

Senior Partner

Average McKinsey Associate Salary Nationwide (US)

McKinsey’s own career site gives an estimated starting salary of $192,000 per year in base salary. They are very transparent about this number. The numbers below include averages for all associates, not just starting salary.

Total compensation includes base salary and performance bonus.

McKinsey Associate Median Annual Total Compensation Range: $196,000 to $256,000

McKinsey Associate Median Annual Total Compensation: $222,000

McKinsey Associate Median Annual Base Salary: $200,000

McKinsey Associate Median Annual Bonus: $22,000

McKinsey Associate Highest Annual Performance Bonus (we could find): $40,000

McKinsey Associate Highest Signing Bonus (we could find): $30,000

McKinsey Associate Salary, New York

Median New York Total Compensation: $213,000

Median New York Base Salary: $200,000

Median New York Bonus: $15,000

McKinsey Associate Salary, San Francisco

Median San Francisco Total Compensation: $219,000

Median San Francisco Base Salary: $197,000

Median San Francisco Bonus: $21,000

McKinsey Associate Salary, Washington D.C.

Median Washington D.C. Total Compensation: $225,000

Median Washington D.C. Base Salary: $210,000

Median Washington D.C. Bonus: $25,000

McKinsey Associate Salary, Boston

Median Boston Total Compensation: $220,000

Median Boston Base Salary: $204,000

Median Boston Bonus: $22,000

McKinsey Associate Salary, Houston

Median Houston Total Compensation: $229,000

Median Houston Base Salary: $193,000

Median Houston Bonus: $36,000

McKinsey Associate Salary, Chicago

Median Chicago Total Compensation: $222,000

Median Chicago Base Salary: $200,000

Median Chicago Bonus: $30,000

McKinsey Associate Salary, Atlanta

Median Atlanta Total Compensation: $212,000

Median Atlanta Base Salary: $193,000

Median Atlanta Bonus: $23,000

McKinsey Associate Salary, Seattle

Median Seattle Total Compensation: $209,000

Median Seattle Base Salary: $193,000

Median Seattle Bonus: $21,000

McKinsey Associate Salary, Los Angeles

Median Los Angeles Total Compensation: $225,000

Median Los Angeles Base Salary: $193,000

Median Los Angeles Bonus: $38,000

McKinsey Associate Salary Growth

Salaries and bonuses combined at McKinsey have grown between 10% and 20% annually which makes them one of the few places that still outpaces the growth of inflation.

McKinsey Associate Benefits

It’s not just the base salary and bonus that is competitive at McKinsey. They have some of the best benefits as well. Here’s a look at some of the benefits offered to Associates at McKinsey.

Health Insurance

The employees say that the health insurance at McKinsey is very affordable and very comprehensive.

Retirement Savings

In the US, they offer several 401(k) plans with no required contribution and they’ll match 100% of employee contributions up to 7.5% of base salary and bonus. That’s a pretty good retirement plan.

Maternity Leave

Some companies talk big, but McKinsey acts big. They offer 20 weeks for maternity leave.

Vacation

In addition to other PTO, McKinsey typically offers 3 weeks of vacation.

Other PTO

They also offer PTO for sabbaticals and extended leaves for both personal and professional development reasons.

Training

McKinsey has many training options for associates with many of them telling me that it was better than some of the other Big4 firms they had worked at previously.

Travel

For those associates working at client locations, McKinsey covers all the travel and expenses associated and from what I’ve heard, the accommodations aren’t bad.

Health and Wellness

The company also has subsidized gym memberships, wellness programs, and several other employee assistance programs.

Profit Sharing

McKinsey also offers profit-sharing options.

Apply for an Associate Job at McKinsey

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Cole Sperry has been a recruiter and resume writer since 2015, working with tens of thousands of job seekers, and hundreds of employers. Today Cole runs a boutique advisory firm consulting with dozens of recruiting firms and is the Managing Editor at OptimCareers.com.