Why Taxpayers Pay McKinsey $3M a Year for a Recent College Graduate Contractor

Re:Why Taxpayers Pay McKinsey $3M a Year for a Recent Colleg... by crazygringo on Thursday December 05, 2019 @04:37PM (#21716845)

If you look at entry-level consultant salaries at McKinsey and then divide by the fact that they're often working 7-day, 100-hour workweeks... you'll quickly discover that your "23 year old snot" is actually making around minimum wage on an hourly basis. They could be flipping burgers instead with a lot less stress.

The consultants aren't the ones taking the money home, the firm is. So don't blame the 23 year old. He or she is honestly just doing their insane best to pay off their huge student loans.

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Re:Why Taxpayers Pay McKinsey $3M a Year for a Recent Colleg... by opencl on Thursday December 05, 2019 @04:58PM (#21717067)

100 hours a week at federal minimum wage is less than $38k. These people are not making anything remotely close to minimum wage.

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Re:Why Taxpayers Pay McKinsey $3M a Year for a Recent Colleg... by solveit on Thursday December 05, 2019 @07:23PM (#21718208)

But federal minimum wage ($7.25) is a lot smaller than, say, the NYC minimum wage ($15), which is more relevant. At the NYC minimum wage, 100-hour work weeks get you about 80k a year, which is about the base pay for an undergraduate new hire at McKinsey.

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Re:Why Taxpayers Pay McKinsey $3M a Year for a Recent Colleg... by dctoedt on Thursday December 05, 2019 @10:00PM (#21718914)

The 23 year old is hoping to become a partner someday and then really rake in the bucks by leveraging successive new crops of 23 year olds.

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