How much does McKinsey charge?

Mckinsey Consulting

Going from being a salaried employee to working as a professional consultant can be exhilarating, but also overwhelming. Along with investing in equipment and marketing for your business, you must take the time to calculate how much you will charge your clients. Choosing the fee schedule for your business requires you to take into account factors such as mathematical calculations, competition, experience and type of work. Learning how to set your fees also involves avoiding some common mistakes among beginning consultants. For example, many new contractors tend to set fees too low, making it difficult for them to increase them in the future. Learn how to set consulting fees.

Salary mckinsey madrid

The average price to hire a consulting service is 40 €/h. This value can vary between 20 €/ and 80 €/h, depending generally on the type of consultancy, the reputation of the consultants or the scope of the project, among other variables.

Consultants are professionals who advise individuals or companies to achieve personal or business success. They generally do so by increasing profitability, adapting to trends, reducing costs, maximizing production, optimizing processes or improving their personal or business positioning, among other actions.

If you have a company that develops video games, for example, you will need to hire an IT consulting service to help you in your business. The average price of an IT consultant is 55 €/h.

The goals and strategies established with the consultants define the dimension of the service, a variable that also influences the pricing. Many companies tend to resort to mixed fees, especially when several professional consulting profiles are involved. For example, a fixed cost for establishing the analysis and strategy of the action, and subsequently, a variable cost for the duration of the implementation.

Read more  How much does it cost to start a nonprofit organization?

Positions at mckinsey

By clicking on Subscribe you will choose the content you want to receive in your mailbox and you will be subscribed to our newsletter which you can cancel at any time; don’t forget to check your Spam folder.

The book, by Duff McDonald, chronicles the rise of McKinsey but also poses an important question about it that is applicable to the entire underworld of consultants, advisors and corporate hangers-on: “Are they worth it or not?”

The answer represents hundreds of billions of dollars annually. In reality, the army of consultants whispering in Verizon and Vodafone’s ear (their CEO is a former McKinsey partner) over the weekend when they forged the $130 billion deal is going to pocket more than $200 million. And, perhaps most importantly, they don’t have to return the money if the deal falls through.

McDonald suggested that sometimes hiring McKinsey could be the cover-up needed to make an unpopular decision. “If, as a CEO, you felt you needed to cut 10% of costs, but didn’t feel you were getting buy-in from your employees, hiring McKinsey usually communicated the goal pretty clearly,” he wrote.

How much does a junior at mckinsey earn?

Note also that these are just averages: at the higher end of the spectrum, Glassdoor reveals that some McKinsey associates can get more than a million in base salary, plus more than two million in bonuses.

“At McKinsey … just like being a lawyer, you have to demonstrate incredible aptitude, focus and determination (long hours, delivering everything you need to) to get to the partner level,” Stokes said. “And just like being a lawyer, becoming a partner shows you have what it takes. That means … the ability to drive projects in a highly competitive marketplace. Associates who aspire to the partner level must demonstrate incredible energy, analytical problem solving and executive presence. That’s why large corporations hire McKinsey, after all. They are the crème de la crème.

Read more  Is Portsmouth Grammar a good school?

Tarki’s first line of advice for those aspiring to become partners is: don’t forget the basics, which start with excelling in your work and in your deliverables to clients.

How much does McKinsey charge?
Scroll to top