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Wednesday, Dec 02, 2020

McKinsey & Co. keeps hiring data scientists. This is how much it pays them

McKinsey & Co. keeps hiring data scientists. This is how much it pays them

You want to work in analytics for a big consulting firm?
If you're a data scientist and you don't want to work for a technology company or in finance or for a random corporate, there's another alternative. The big strategy consulting firms (McKinsey & Co, Bain & Co, Boston Consulting Group) have discovered data science and are going for data scientists in a big way.

McKinsey in particular has been heavily hiring data scientists this year. The firm opened McKinsey Solutions, a data, technology and analytics unit, in early 2014. The business hires everything from data scientists, to software engineers, data engineers, agile coaches, and digital marketers - and these have been one of the firm's big recruitment areas in 2019.

The HIB visa database shows that McKinsey has hired over 80 data scientists, engineers and analytics professionals on H1B visas alone in the past six months. Many are spread across the firm's offices in the U.S., indicating that the firm is embedding data scientists alongside its consultants. The chart below reflects the salaries McKinsey is paying its H1B data scientists by job title, and indicates a whole new class of employee as the firm embraces 'fellows' in the same way as investment banks.

McKinsey isn't alone in hiring data scientists, although its use of H1B holders for data science applicants seem to far exceed its rivals. Boston Consulting has a data science and artificial intelligence arm called BCG Gamma and Bain & Co has something similar in the form of Bain Vector and Bain Analytics. Boston Consulting Group recently hired a lead data scientist on an H1B visa on a salary of $195k in Ilinois, plus a machine learning engineer in New York, and a business intelligence data architect on $130k in Massachusetts.

As we reported earlier this year, many analytics roles in consulting firms require candidates who are competent in R as well as Python.

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