The 18-year old rose to prominence last season and McCarthy is confident he will improve further in 2015/16.
He grabbed his first senior goal in a 2-2 draw with Bournemouth and his progress was recognised with a call up for the England under-19 squad in March.
“He’s handled it really well, he’s a top player in the making is Bish," said McCarthy.
“It’s probably been tougher for him because we play 4-4-2 predominantly and he’s in there in a two and he might be playing against a three.
Many young players can struggle to adapt to the blood and thunder nature of the Championship if they are thrown in too early or over-utilised and the Ipswich boss has been careful to avoid this fate.
“I’ve had to manage him, look after him and not play him in every game but he’s done great.”
“You know physically it’s been tough for him but he’s got better as the season has gone on and he’s a real talent.”
Blues fans will be hoping the same considered approach is taken next season as Bishop looks to progress further. His performances at Portman Road have garnered attention and more of the same is required if The Tractor Boys are to push for promotion again after the play-off disappointment of last year.