When it comes to the most prestigious management consulting firms, the top-tier consulting firms are collectively known as MBB, which stands for McKinsey, BCG and Bain. These three companies are renowned for hiring the smartest people, paying the highest compensation and offering the best exit opportunities. While many people aspire to join MBB, there are several other major consulting firms that can provide a great career boost. McKinsey is widely considered to be one of the best options for developing a high-level career.
It has an academic culture focused on continuous improvement and intellectual rigour. Factual analysis skills and a positive attitude with an optimistic approach are essential components of success. Comments are frequent and expected throughout the organization. Entrepreneurs who don't need concrete, strictly enforced rules tend to thrive in McKinsey.
Diversity at McKinsey is affected to some extent by the preference for candidates from target universities, such as Oxford, Harvard, Stanford or Yale. Many older candidates started at companies like Goldman Sachs or Procter & Gamble. Work-life balance at McKinsey is comparable to that of Boston Consulting Group or Bain. Schedules, while flexible, can be long, and traveling is a weekly reality.
The schedule and workload can be unpredictable according to the needs of individual commitments. Oliver Wyman is another major consulting firm that offers great learning and networking opportunities. It has a fun, college environment in the lower ranks that helps new staff quickly adapt to strenuous responsibilities right from the start. However, consultants must work hard to get noticed.
Employees praise Oliver Wyman's diversity policies. A global staffing model allows for geographical flexibility and great exposure to other cultures that don't stand out elsewhere. Oliver Wyman focuses growth on a performance-based model that weighs past experience and current performance largely against the time spent in a given position. Workflow mentoring and leadership positions are available as soon as two years after graduation.
An advanced degree is not required and the consulting firm lacks the typical “up or down” pressure. Work-life balance is relatively strong at Booz Allen Hamilton.Because of the focus on federal consulting, consultants don't have to travel as much as they do at other consulting firms. However, other factors, such as deadlines, billable hour targets and demanding customers, are similar to those of the competition. Employee satisfaction with Booz Allen Hamilton has varied over the years due to significant strategic moves and high-level decisions.
Around 75% of Glassdoor respondents recommend it, but some have complained that the salary is becoming less competitive with lower salaries at entry levels. Booz Allen Hamilton demonstrates a commitment to inclusion comparable to that of market leaders. This includes inclusive and non-traditional hiring, as well as the benefits afforded to domestic partners and adoptive parents, frequent information on diversity, achievement and affinity groups. When your supply chain is drowning and you need to transform but you don't know how, who are you going to call? For many business leaders, the answer is McKinsey & Company. The 96-year-old consulting firm was ranked number one in Forbes' inaugural ranking of the world's best management consulting firms. Headquartered in Dublin, Ireland, Accenture serves clients in more than 120 countries. It was derived from Arthur Andersen (an accounting firm) as a business and technology consulting firm.
The strategy and consulting divisions provide advice on business and technology strategy, operations strategy, technology consulting, and business and management consulting. Alvarez & Marsal was founded in 1983 and employs more than 6,000 people. While it provides consulting services in areas such as taxation and valuation, the firm is best known for its work in restructuring and renovation, as well as for improving corporate performance. Bain & Company is a management consulting firm (while Bain Capital is the investment firm). Founded in 1973, the company is now one of the three major management consultancies. The company provides services in the areas of customer experience, people and organization, and acquisitions, among many others. Also known as BCG, Boston Consulting Group was founded in 1963 (and is where Bain & Company was separated from) and has grown into a global consulting firm with more than 25,000 employees.
Some of the industries in which BCG advises are automotive, education, insurance and retail. Founded in 1845, Deloitte is one of the oldest firms on the market. The company employs more than 330,000 people and is one of the four major accounting firms. However, consulting accounts for more than 40% of the company's total revenues and includes services in areas such as customers and marketing, human capital and business technology consulting. EY (also known as Ernst & Young) is one of the Big Four accounting firms that also provides services such as assurance services (auditing), tax services (tax advice), transaction advisory services (mergers & acquisitions) and advisory services (strategy).In conclusion, there are several major consulting firms that can provide a great career boost depending on your goals and preferences. While McKinsey may be considered one of the most prestigious options due to its competitive environment with excellent learning opportunities; Oliver Wyman offers great exposure to other cultures; Booz Allen Hamilton focuses on federal consulting; Accenture provides business & technology consulting; Alvarez & Marsal specializes in restructuring & renovation; Bain & Company focuses on customer experience; BCG advises on automotive & education; Deloitte provides customers & marketing services; EY offers assurance & tax services; each of these top consulting firms has its own combination of size & prestige that can take you everywhere.