The McKinsey Fellow program will finance your PHD. Therefore it can also be considered as the McKinsey PHD program. This program is similar to the Bain PHD program and the BCG PHD program. The McKinsey Fellow program is widely adopted and popular in Europe, lesser so in the US and Asia.
Not quite so. Although it is possible to do an MBA under the McKinsey fellowship program, it is rather seldom. Only the highest performers will get the option and financing for an MBA program. It is way more common to do a PHd during the McKinsey leave. Nevertheless, one or two year MBAs can be done in the McKinsey Fellowship program (McKinsey MBA program), although it is way less popular.
Bachelors start as McKinsey Junior Fellows. After one year they get promoted to McKinsey Fellows, followed by the McKinsey Fellow Associate promotion. Once you qualify for the McKinsey Fellow Senior Associate role, you become eligible for the McKinsey Leave where you can do the paid leave to do your PHd. So consider it the McKinsey PHd program. McKinsey Fellow Promotions are relatively quick: Gabriel Goldbrain will also provide details on the tenure by role of the McKinsey fellowship program.
Join Goldbrain as he discusses the McKinsey Junior Fellow salary, the McKinsey Fellow salary, and the other perks and benefits in the compensation structure associated with this exceptional program. Consider the McKinsey fellow program a synonym for the McKinsey PHD program / McKinsey MBA program. It is considered one of the most attractive in the industry as it comes with little catches and even McKinsey one-year and two-year MBA programs are possible. Learn about the McKinsey Paid Leave and the McKinsey Leave, and gain insights into eligibility criteria.
Goldbrain will touch upon McKinsey's commitment to giving back to the community by actively supporting social projects with the McKinsey Social Leave initiatives. While focusing primarily on McKinsey, we will also briefly explore the leave policies of other top-tier consulting firms, such as BCG Leave and Bain Leave. Understanding the offerings of these firms can provide a comprehensive view for potential fellows. If you're considering pursuing a business school program, discover the opportunities and support available at McKinsey MBA program, BCG MBA program, and Bain MBA program. Join Goldbrain in uncovering the multitude of opportunities, experiences, and support systems offered by the McKinsey Fellow program, empowering individuals to evolve professionally and personally. Don't miss this chance to gain a comprehensive understanding of the McKinsey fellowship that could redefine your career trajectory and enhance your professional journey. Use the McKinsey fellowship as your personal McKinsey PHD program.
Video transcript:
Wouldn't it be nice if someone else paid for your PhD or MBA. Exactly that is what can happen if you join the McKinsey fellow program. For those of you who don't know McKinsey. It's one of these top management consulting firms where graduates can earn six figure salaries easily after a couple of years down their career path.
I'm Gabriel Goldbrain and my mission is to bring you into these consulting firms. I want that you take a job with these firms. Get my training from my website www.gabrielgoldbrain.com.
So what's the deal of the fellowship program? It's easy you work two years as a consultant in the firm and the third year you get paid without working. Which is called the leave year. And in this leave year you can do your PhD you can do an MBA or or you can do a social project. And once you have completed your PhD, MBA or the project you can return to McKinsey as a senior associate. One year to do a PhD sounds a bit short yes maybe you need 2 years or 3 years. It's also possible to do that with McKinsey. They're flexible so the only thing is the third year salary you have to deal with that over the period of 3 years. But McKinsey is relatively flexible how long you take unless it's not more than 3 years. But this should be doable.
The other good thing about the fellowship program is that you can use McKinsey's office infrastructure. So for printing, socializing with colleagues, it's a great way to keep connected with a company and be up to date on the recent developments in the office you belong to.
What about the availability? The fellowship program is not available in all regions. It's predominantly found in Europe where people tend to do Master degrees as a standard. Whereas in the US, people do Bachelor degrees and for them it's more attractive to get some support for doing a master of science or an MBA.
If you're in a more exotic office in McKinsey, which means not North America not Europe, let us know down in the comments how things work in your region, in your office. How does McKinsey support you? Because the community, they will be curious. So put it down below in the comments! There are two entry points for the fellowship program. The first is straight out of college with a bachelor degree then you join as a junior fellow. You spend one year in the junior fellow role and then you become eligible for the fellowship program if you're good enough and if the company likes to support you. The second entry point is after University, when you have the Master's Degree.
A junior fellow Will Make about 45,000 to 60,000 per year. Whereas a fellow is expected to bring home around 70,000 to 80,000 a year. For sure depending on the office and Country which he will be joining the program.
Once you become a fellow you stay in that role for about 9 months before you get promoted to the fellow associate role. In the fellow associate role you remain for about 6 to 9 months and then you get promoted to fellow senior associate. With this promotion you become eligible for the leave. So when you take the leave the company pays your salary for one more year. In that year you can do your PhD or an MBA or you can do a social project.
If you need more time to do your PhD or if you decide to do a 2-year MBA instead of a one-year MBA or if you need more time for your social project, it's not a big deal for McKinsey. They will usually Grant you a grace period of up to 3 years to get your things done. But one thing worthwhile mentioning is if you need financing beyond that one year salary, which must sustain for this three year period like for doing an MBA, in that case they can do it. But usually they only do it with the best candidates so make sure that you have good performance reviews and that you're a candidate they really like. Goldbrain expects that about 25% would be eligible for such an MBA financing. And you also may need to make a deal that you at least return to the firm for one more year of working to get rid of the loan. Otherwise if you later on decide to join another firm you may need to pay it back. For that reason by far the most taking the leave in Europe they go for a PhD. It's very popular! the MBA in Europe, it's only a small portion of people who do it. It looks quite different in other regions like in the US or other places which are more focused on MBAs.
I summarized the content of today's video on a slide for you. You can download it from my website www.gabrielgoldbrain.com. Make sure you watch my video on which qualification brings you into which role at McKinsey and also that you watch the second video which is about career steps and salary levels. Don't forget to like my video and to subscribe to my channel!
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