A 23 year old with zero work experience and a masters is simply not worth that amount of money. I work in a similar type of market (consulting with large companies) and no matter the grades, no matter the school, no matter the location, I have never heard of this kind of the money right out of the box. The highest I have ever seen in this situation would be between $60k to $80k with various incentives and adjustments for location.
I have nothing against the girl, but good grief! The co-workers will be resentful, the clients will be incredulous and the press will not be good. I don’t think anyone did her a favor here. McKinsey is a premium shop, but I can’t believe they think this is a good move, exploiting a “name”.
What “C” level executive would take a 23 year old’s business insights seriously? You don’t pay someone $100k to learn the business, that salary level is for someone who has seen a few things.
The only way this makes any sense is that the company really believes that they’re also buying a chunk of Bill and Hillary, who is as you recall, a sitting US Senator.
This is an extrmemly cushy gig for the child of an extreme VIP. Nothing more, nothing less.
McKinsey pays EVERYONE who starts there right out of grad school that amount of compensation. She’s not getting anything that 7,000 other McKinsey employees aren’t getting. It has zero to do with her last name. There’s nothing jaw-dropping about it. You guys who think her job and salary is unusual must know nothing about McKinsey or any other top-tier management consulting firm. They all pay about the same, and whether you agree with it or not, practically every Fortune 100 company in the world listens to what “inexperienced 23-year-olds” from McKinsey have to say.
Oh no, not on my account, as clearly people want to complain about this. You know how people are in the Pit, there will be complaints if you bump up the old thread too!
Your best bet is to add something new and interesting to the topic. I’ve noticed that certain people like to complain about those sex scandals though the acts are long since past, maybe if you can find something on Chelsea? I know I’d be more interested…
And you have many grads who can get into McKinsey choosing you instead?
Seriously, if this is an overpay, it’s only on the order of low-five-digits/year by your own numbers. Hardly scandelous. Access to mommy and daddy isn’t even needed to justify that. access to their rollodex is worth that.
missbunny, nitpick, last I heard, there are only 5,000 McKinsey employees in total worldwide.
She is going into McKinsey as a Grad, which pays a lot more, plus, it’s in London, right? Sorry folks, London is EXPENSIVE. I’d compare this to a $85k a year job in NY. A one-way metro (tube) trip costs over $2, a beer is close to $6, take-away curry- $8.50+. They rent apartments by the WEEK there! A 2 room apartment in a safe neighborhood will set her back an easy $1500/month, quite possibly much more if she is in need of privacy ($3000/month?).
As I said in the other thread, she might have gotten the job because of her name, but she is the one who has to keep it. I know a bunch of McKinsey consultants (my brother-in-law is one) and they are going to put her through a tough time. They will actively test her to see if it is her name or her ability. If it is her ability, she’ll be found out soon enough. Plus, c’mon, her parents are pretty bright, have any of you had the idea that maybe, just maybe she might be smart enough to have gotten into Oxford by herself? Maybe she is worth it. She could very well be smarter than her parents, and if so, she will develop into one heck of a professional.
Names carry one only so far. After a while one’s ability has to hold up to scrutiny. Give her time, it will tell.
Erm, actually the story around here is that she’s been partying instead of doing any work, and was pretty damn close to being “sent down” (expelled). Meanwhile, a brilliant German stakhanovite friend of mine who’ll have a Master’s in history and international law by the end of the year was turned down by the same company. (on the whole he doesn’t mind though, he got the impression the people he’d be working for were a right bunch of assholes, from what I understand)
No, I don’t have a cite for any of this, sorry. I do, however, know a guy who lives down the corridor from her boyfriend. He has funny stories to tell from the times she visits her boyfriend.
But anyway, things could be worse. As scandals go, there are others I can complain about instead.
Tomcat, it’s possible they are down to 5,000 - I know they have laid people off but when I left 4 years ago they were at 10,000; I would have thought they laid off so many, especially with having 25 more offices now than they did then. But it could be.
And Toffe, it is quite possible that your friend with similar credentials would be working for a bunch of assholes. Although I met some of the finest people I have ever known while working there (along with a whole bunch of assholes!). But trust me, whether you get an associate position at McK has everything to do with how you do at the interviews. You can be the most brilliant person on the planet but if you don’t interview well, or you don’t do well on the case analysis, then you haven’t got a prayer. Or it could be that your friend wanted a certain city’s office and they didn’t need people with his qualifications there. (They say that they don’t hire for specific offices, but they do. Some are MUCH harder to get into than others, because they are more desirable.)
And furthermore, McKinsey doesn’t need any more famous people. It has got plenty of them without Chelsea Clinton. And if she doesn’t generate revenue, she will be OUT before she knows what hit her. Stupid or lazy, consultants are asked to leave very quickly. So don’t anyone believe they took her for the media value or to get “in” with Bill, Hill, or whoever. They don’t need anyone’s help to get an “in.”
I just wanted to pop in and congratulate Toffe for being the first person I’ve ever encountered who has used a form of the word “Stakhanovism” in casual conversation. Three cheers for obscure words!
And as a soon to be college graduate, I’ll be disappointed if I’m making less than $75k. Sounds like someone is jealous that they picked the wrong major.
SpazCat, with all due respect, and believe me I do respect anyone who goes into teaching - you DO have a choice in what salary you make. Don’t become a teacher if you don’t think it’s enough money.
cheers for the search button