McKinsey & Company helps its clients in strategic management at every organizational level. It is headquartered in Indonesia, specializes in management consulting, and offers development related to skills and recruitment. It was founded in 1926 and is considered one of the three most prestigious firms around the world. Know about McKinsey acceptance rate.
The McKinsey hiring process is too hard but not impossible. The acceptance rate, too, is very low. The firm mostly hunts for MBA holders. Still, the candidates have a high scope if they work on various factors that affect the acceptance rate.
McKinsey Acceptance Rate
McKinsey is said to be too specific with its candidates. It selects only 1.1% out of a million candidates. This rigorous selection process is designed to check the maths solving ability, time management, leadership, problem-solving skills, usage of logic, and more related to the candidates. Less than 15% of the candidates who applied for a job get a call for an interview by the recruiters. Similarly, only 33% of the applied candidates get through the Problem Solving Test (PST).
- Factors Affecting The Acceptance Rate
The percentages mentioned above are not related to every position, as the firm must also look at other factors. The factors that affect the McKinsey acceptance rate are branch location, job role, university the candidate graduated from, vacancies, medium of recruitment, competitiveness, and business requirements.
Even after having such a low acceptance rate, McKinsey has been one of the top consulting employers for two years since 2016. The firm not only chooses the one in a million, but it also creates one. Such employees become capable of handling the position of a CEO in various multinational firms.
- The Rejected Candidates
The candidates that get rejected after the McKinsey interview must try again only after two years. The firm keeps the details of the rejected candidates to consider them for the future. So, whenever an employment opportunity arises, the firm uses these details for that period. The candidates, however, are free to stop the firm from using their information.
McKinsey Hiring Process
McKinsey conducts screening and selection processes in the name of hiring. The screening process consists of the CV screening, an HR interview, and a test, while the selection process consists of two rounds, each with three interviews. Accordingly, the candidates must understand the job requirements and get comfortable with a typical job process.
McKinsey sorts the applications using automated tools in most of the states. Also, a third-party conducts background screening of the selected candidates under the firm. However, while doing all this, the firm respects the privacy of the candidates.
- McKinsey Hiring Process For MBA Holders
The firm has increased the value of an MBA. It accepts many candidates from prestigious universities. Undergraduate candidates get hired as Business Analysts or at higher positions of Associates, and the firm offers them an MBA while working. The firm pays 50% of the MBA tuition. So, such employees must work for the firm for at least a specified period.
Having an MBA is not compulsory to get selected, but it helps progress up the employee hierarchy. Also, the salary offered for MBA holders is more than those with an advanced professional degree. MBA holders get paid around $165,000 per annum, while those with advanced professional degrees get around $90,000 per annum.
Why does McKinsey give preference towards MBA holders?
McKinsey is well-known for hiring MBA holders. The firm thinks that the MBA holders have already chosen their career in consulting and must have come across different strong personalities. These connections can act as a benefit for the firm. The MBA holders are a bit aware of the business requirements. So, the firm will not have to invest more resources in them.
Though the number of undergraduates selected by the firm is much less than the number of MBA holders hired, undergraduates can still try by having contacts with McKinsey employees or a strong dedication towards this field.
McKinsey Internships
Getting an internship in a consulting firm is a bit harder than getting a full-time job. McKinsey offers internships for both MBA and non-MBA holders. Interns get paid around $6,000 per month. The Internship for an Associate position lasts for 8 to 10 weeks, while the Business Analyst and the Sophomore Internship last up to 10 weeks.
Life At McKinsey
Working for such a famous firm is not a cakewalk. The employees start their days with early morning shifts and end their day with late-night shifts. So, they must work for long hours. They have a lot of work and traveling. However, the firm prepares the employees to work in various industries at higher positions. They can solve cross-functional issues and act as better clients and leaders.
The employees mostly end up advising others instead of experimenting with the ideas. Thus, people that like to perform everything practically might not like this job. They must use a unique framework for every issue, gather data, analyze, and prove it.
Conclusion
Though getting into McKinsey is too competitive, the candidates must not feel unmotivated. Instead, they must concentrate on sculpting their skills according to the firm. It offers competitive salaries and expects more from the candidates. The employees experience positive changes while working for McKinsey. This process is not very predictable, and the candidates must get ready according to the job requirements.
Frequently Asked Questions
- What Are The Competitors Of McKinsey?
Answer:
Some of the competitors of McKinsey are Ernst and Young (EY), Boston Consulting Group, Bain and Company, PricewaterhouseCoopers (PwC), Accenture, and Endava PLC.
- What Salary Does McKinsey Offer To Its Employees?
Answer:
The McKinsey salary range lies between $43,000 and $246,000 per annum as per the position. A top-level employee might get paid an annual salary of $5 million.
- Does McKinsey Call To Reject?
Answer:
The overall hiring process at McKinsey takes 5 to 8 weeks. The firm calls the passing candidates after every round. However, the rejected ones mostly end in receiving a rejection email.
- What Are The Clients Of McKinsey?
Answer:
It works for many real estates, leading businesses, retailers, governmental, non-governmental, and non-profit organizations.
Some of the clients of McKinsey are the US Department of Energy, General Motors, American Express, AT&T, Citibank, Coca-Cola, Microsoft, KKR, and more.
