McKinsey has more than 500 open positions and some pay $192,000 in starting salaries

 

McKinsey has more than 500 open positions and some pay $192,000 in starting salaries. A senior recruiter explains how to stand out in the firm's rigorous interview process.

• McKinsey is looking for candidates who want to create positive change and solve complex problems.
• Candidates should prepare for a case or technical interview and a personal experience interview.
• Interviewers like candidates who ask questions and share what's on their minds during the interview.

While other industries like tech and finance have pulled back on hiring, some consulting firms are still going strong with recruiting.

McKinsey, one of the prestigious Big Three consulting companies, has more than 500 positions open on its website. MBA and Ph.D. grads who get a job at McKinsey can expect $30,000 signing bonuses, according to Management Consulted's 2022 data. Additionally, the firm just increased the base pay for MBA graduates — raising the salary from $175,000 to between $190,000 and $192,000, according to the Financial Times.

Top performers can earn more than $250,000 in their first year when performance-related and signing bonuses are added. What's more, interns who return to McKinsey get a 50% reimbursement of their second-year tuition.

Kristen Altenberg, associate director of US campus recruiting at McKinsey, said the firm is looking for a wide variety of experiences, including internships, research, volunteer work, part-time jobs, and military service. She said the firm is hiring from more than 400 schools globally to build diverse teams globally. 

"We continually look for people who want to dig into intricate challenges, continuously learn, and collaborate with others," Altenberg told Insider. 

Amy Ross, a senior expert on the firm's global assessment team, said candidates, regardless of their desired role, should prepare to prove their problem-solving skills in a case interview and a personal experience interview. Candidates for technical roles may do a technical or expertise interview instead of a case interview. 

Ross walked Insider through each interview and shared how candidates can stand out during the rigorous process.

The case interview

The case interview at McKinsey revolves around a client-like problem that makes candidates think the way consultants do at McKinsey.

Ross said the topic of the case interview can range from how to reduce carbon footprint, how to make a workforce more diverse, or how to make better use of technology in the workplace. 

Each scenario is different, Ross says, but candidates can expect three questions: First, they will be asked to evaluate a problem. Then, they should perform basic calculations and analyses. Finally, the candidate should come up with a solution to the problem.

"Think of the interview as a two-way discussion," she said, "meaning you are encouraged to ask clarifying questions if you're unsure about something, and to share ideas that may need to be tested."

The case interview takes 20 to 30 minutes, and Ross says it's a good chance for a candidate to discover whether they would like the type of problem-solving consultants do at McKinsey. 

In terms of preparation, Ross' advice is to practice former interview cases with a friend. She also recommends candidates listen to the company's recruiting podcast to get even more familiar with the process. 

The personal experience interview

After the company's had a chance to gauge your problem solving skills, Ross says McKinsey likes to learn a bit more about your background. The personal interview is your chance to share your accomplishments and challenges.

"Come prepared to discuss some important experiences in a detailed way, focusing on your specific role, and describing the actions you took that were critical to success," Ross said. 

For example, you may be given a prompt like, "Explain a challenging situation you encountered when working with someone who had an opposing opinion." To prepare, Ross said to think of an example that most resonates with the prompt, and then spend time reflecting on the experience in detail. 

Candidates should also prepare two personal examples that demonstrate their problem solving, personal impact, leadership, and entrepreneurship skills. 

"You should be able to speak at length about these examples and don't be afraid to say 'I' instead of 'we,' Ross said. "We do want to know what you did, how you led, and the actions you took to create change."

Preparing for the technical interview

For roles at McKinsey in data science, programming, cloud engineering, software development, and design, Ross said the assessment process for these roles may include an expertise interview or technical interview, instead of a case interview.

Each role involves its own expertise, so interviews are tailored to best evaluate a candidate's mastery of their expertise.

The interview for these roles could include coding tests and project discussions with product engineers, portfolio reviews with other designers, or discussions about coaching and agile methodologies with McKinsey's agile coaches, Ross said. 

Online assessment game

At the end of 2018, McKinsey started using an online assessment game, Solve, that puts candidates in a simulated world where they can demonstrate problem-solving skills.

The assessment is 60 minutes long, and candidates complete tasks where they make choices that inform interviewers of the way they think.

What makes a candidate stand out?

Ross said interviewers are grateful when candidates let them know when they need more clarity, or need something repeated.

Many of McKinsey's interviews are still being conducted virtually, which can make it more challenging to pick up on a candidate's non-verbal cues. Ross said it's really helpful when candidates speak up. 

Interviewers also try to reserve time at the end of the interview for candidates to ask questions about McKinsey, the role, and the interviewer, which every candidate should take advantage of.

"We love hearing what's on our candidates' minds — what they're interested in, what concerns they have, what they'd like to understand better about the role or McKinsey," Ross said. "That is what matters most."

This article has been updated from an original piece on February 10, 2022