McKinsey Internship – Salary, Requirements & How to Get One in 2024
Updated December 14, 2023
Internships are an excellent way of building experience within a sector while you are still training or completing qualifications.
If you are considering a career as a management consultant, an internship at McKinsey is one of the most sought-after options within the industry.
With many thousands of applicants for each intake, ensuring you are fully prepared and able to stand out from the crowd is vital.
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What Is the McKinsey Internship?
Formed in 1926, McKinsey is one of the world’s top management consulting firms, offering their services to corporations, governments, and other organizations globally.
As part of McKinsey’s recruitment process, they offer a paid, 10-week internship to new and upcoming management consultants. The internship allows individuals to experience life at the very top of the industry, building knowledge and experience.
Understandably, the McKinsey internship is highly regarded and sought-after by those looking to grow their understanding of management consultancy.
As a result, the process of applying and being accepted for an internship is highly competitive. Out of all of the applications each year, just 1% will make it through the selection process and be offered an internship.
The McKinsey and Co internship application process is made up of six key stages:
- Build skills and qualifications
- Build networks
- Pass resume and letter screening
- Pass the McKinsey PST test
- Pass the McKinsey PEI interview
- Pass the McKinsey case interview
It is important to fully understand each of these stages and work on any areas of weakness to perform to the best of your ability and enhance your chances of being offered a place in the internship program.
What Is the Pay for a McKinsey and Company Internship?
This largely depends on which internship you are applying for. There are two options to choose from:
Undergraduate Internship
For individuals who have not yet completed their degree courses. Applicants must be in their junior or second year of a non-business Master's program.
Other requirements include having less than two years of experience in the management consultancy industry and maintaining outstanding academic performance.
The 10-week McKinsey internship salary pays approximately $17,000 to successful applicants.
MBA Internship
For individuals who have completed their undergraduate studies. Applicants must currently be enrolled in an MBA or PhD course and be able to show outstanding academic performance throughout their studies.
Successful applicants will receive $32,000 throughout the 10-week internship.
Why Apply for an McKinsey & Company Internship?
As one of the top three management consultancy firms worldwide, McKinsey internships are always highly sought-after as an opportunity to gain knowledge and experience while still completing qualifications.
Individuals completing the 10-week program can work alongside experienced employees, learning from their expertise and gaining insight into the world of top-tier management consultancy.
As well as learning the ins and outs of life at a large management consultancy firm, applicants can network with those already working within the industry, potentially increasing their chances of finding permanent employment after completing their studies.
Successful interns will also be able to enjoy a comprehensive compensation package that includes pay at approximately 12% above the standard rate of other comparable internships.
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How to Apply for the McKinsey Internship
There are six key steps you will need to take as a McKinsey internship applicant.
If you are considering applying, it is important to make sure that you fully understand the processes involved. This will mean that you can be as prepared as possible and could potentially improve your chances of standing out from the crowd.
Step 1. Build Up Skills and Qualifications
To have the best chance of securing your place in the McKinsey internship program, you must show you have what it takes.
This includes proving that you have the knowledge and key skills necessary to work at the top of the industry.
McKinsey recruiters will prioritize applications from those with top-tier qualifications, such as those from Ivy League colleges.
They will also look for individuals who have gone out of their way to gain further knowledge, taking experience opportunities. At the same time, they study and focus on additional courses which will benefit their future career aspirations.
Step 2. Build Networks Early On
Networking is important in many industries, and management consultancy is no different.
Building relationships with those already working within your chosen industry can help your name stand out from the crowd.
It’s not unheard of for recruiters to ask associates whether they have heard of potential candidates. Opinions and word-of-mouth recommendations have value.
It’s never too early to start networking.
Networking Tips
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Start with professionals you already know. These could be individuals you have studied with, family friends, or anyone else who already works within the industry you’re aiming for. These people can help to introduce you to others.
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Networking events are another helpful tool. Most people at these events will be strangers, but you will all be there for a defined purpose, which is to meet like-minded individuals and build connections.
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Don’t forget that there are a range of online networking options available to you that can make connecting with people a quick and simple process. Websites like LinkedIn are an excellent way of networking with others and building a presence within your chosen industry.
Step 3. Pass Resume and Cover Letter Screening
Once you have gained your qualifications and begun building your network, you’re ready to apply for a McKinsey internship.
The first step is passing the resume screening process. You must submit a resume and cover letter as part of your application. Ensuring you highlight your key skills and experiences can help you progress to the next stage of the recruitment process.
What to Include in Your McKinsey Internship Resume
Your resume will often be the first thing recruiters will know about you, so it’s also your first chance to make a good impression.
Out of the thousands of applications made each year, approximately 1% will successfully be offered an internship with McKinsey.
You will need to show that you have the drive, determination, and expertise to perform well within this industry.
Your resume should provide the reader with verifiable evidence of your strengths in a way that leaves no doubt about your suitability for the job.
When deciding what to include on your resume, make sure to include three key areas:
- Leadership and communication skills
- Provable results
- Evidence that you’re the best person for the job
How to Format Your McKinsey Internship Resume
While it might be tempting to make your resume look pretty with fancy fonts and bold colors, simple really is better.
Basic black and white resumes in an easy-to-read font are the standard format for consulting industries and other similar professional businesses.
Step 4. Pass the McKinsey PST Test
If your resume passes the selection process, you will move on to the McKinsey Problem Solving Test, often called the McKinsey PST test.
This paper-based assessment assesses verbal, numerical, and logical reasoning skills, data interpretation, and your ability to perform mental calculations.
To prepare for the McKinsey PST Test, you should complete as many mock assessments as possible.
Several websites offer sample questions and tests that can help you identify areas of strength or weakness. You can then use this information to work on areas in need of improvement and ensure that you’re feeling confident ahead of the actual test.
Step 5. Pass the McKinsey PEI Interview
The McKinsey interview process is split into two sections: the Personal Experience Interview and the Case Interview.
During the PEI interview, you will be given 10 minutes to answer a question and tell a story about an experience you have had.
The story you choose to tell should highlight the personality traits and soft skills that make you an excellent candidate for an internship.
Think carefully about how you answer, and make sure you have a range of stories prepared in order to answer a range of potential questions.
Some of the common questions asked during the PEI interview include:
- Tell me about a time when you were able to resolve conflict with others
- Tell me about a time when you were able to provide extraordinary results
- Tell me about a time when you were able to overcome significant challenges
Step 6. Pass the McKinsey Case Interview
The final step in the McKinsey internship selection process is the McKinsey Case interviews.
This is a longer interview process that aims to see how well you can resolve problems within the workplace. Over the course of 30 to 45 minutes, you will be asked to solve issues that could theoretically be found while working for McKinsey.
Interviewers will be looking to assess your data analysis skills, problem solving abilities, and ability to look at issues calmly and professionally.
You may be asked additional questions about the problem, so it is important to brush up on your knowledge ahead of time so that you can respond to any questions you are asked.
What are the Requirements for the McKinsey Internship?
Every internship will have requirements for candidates. In order to apply, you will need to make sure you fit the criteria.
The exact criteria will vary depending on whether you’re applying for the undergraduate or MBA internship, but can broadly fit into two categories:
Academic Qualifications
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Candidates applying for the undergraduate internship are required to be in their junior year of an undergraduate degree. If an individual plans to enter a master's program, they can also apply for an internship during their final year of undergraduate studies.
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Individuals applying for the MBA internship must complete their undergraduate studies and be enrolled in a master's or PhD program.
Job Specific Qualifications
All McKinsey internship candidates need to be able to meet the following criteria:
- An ability to work collaboratively as part of a team in a way that is inclusive of all members
- The ability to comfortably adapt and work in an ever-changing environment
- Problem solving skills, which include analytical skills and quantitative thinking
- Excellent communication skills
Frequently Asked Questions
It can be. Although McKinsey offers internships to around 800 people yearly, there can be thousands of applicants. This is why ensuring you’re as prepared as possible before applying is important.
Applications for roles within McKinsey are highly competitive. Thousands of individuals will apply for each position, and only a small percentage will be successful. Internship programs can help to increase the success of full-time applications in the future.
The lowest paid permanent position at McKinsey is the McKinsey Business Analyst position. This entry-level position pays approximately $114,000 per year, including bonuses.
Yes, typically, the McKinsey summer internship is structured as a summer internship. Summer internships, such as the McKinsey and Company summer internship, are a common practice in many industries, including consulting, and they usually last for a few months during the summer break.
Final Thoughts
If you are hoping for a career within the business consultancy sector, McKinsey is the pick of the crop. As one of the best firms in the world within this industry, internships are in high demand, with thousands of applicants for each intake.
Successful applicants will find that their 10-week internship with McKinsey offers them opportunities and experiences that will allow them to outshine the competition when it comes to applying for permanent positions after completing their studies.
Before applying for an internship with McKinsey, you should make sure that you research and prepare as much as possible. This will mean you can perform to the best of your ability and make a good impression with interviewers.
