MBB is an abbreviated way of referring to the “Big 3 Strategic Consulting Firms”, McKinsey & Company, Boston Consulting Group and Bain & Company. These firms are the most prestigious management consulting firms because they hire the best highly competitive undergraduate and MBA graduates. The Big Three or MBB refers to the colloquial name given to the three big strategic consulting firms. They are considered to be the most prestigious firms in the management consulting industry.
In terms of employees, McKinsey (26%) is the largest company and leads by revenue, followed by Boston Consulting Group and Bain (26%). McKinsey & Company is an association and is widely recognized as the most prestigious consulting firm. It was founded in 1926 by James O. McKinsey, however, experienced a significant transition through the leadership of Marvin Bower, who established the McKinsey principles for which it is known today.
While it sometimes seems like everyone wants to get into the top three strategic consulting firms McKinsey, Boston Consulting Group (BCG) and Bain & Company (Bain), also known as MBB, it's worth noting that there are several other major consulting firms that can give a real boost to a professional career. While McKinsey, Bain, or BCG probably offer the most powerful resume augmentation, each of the top consulting firms has a combination of size and prestige that can take you places. McKinsey employees have excellent learning and networking opportunities. However, they tend to have an intense lifestyle, with lots of traveling, face-to-face commitments, and long hours as a result.
If you're interested in a career with a lot of traveling, this might be a good place for you. McKinsey is widely considered to be one of the best options for building a high-level career. Due to their competitive environment, there is sometimes a high turnover among young consultants. However, those who persevere are rewarded with great opportunities.
McKinsey is the definition of competitive. It has an academic culture focused on continuous improvement. Intellectual rigour and factual analysis skills are vital components of success, as is a positive attitude with an optimistic approach. Feedback is frequent and expected throughout the organization.
Entrepreneurs who don't need specific, rigorously enforced rules tend to thrive at 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 is comparable to that of Boston Consulting Group or McKinsey.
Schedules, while flexible, can be long, and travel is a weekly reality. The schedule and workload can be unpredictable depending on the needs of individual commitments. With many exciting global perspectives, Oliver Wyman continues to grow. Work-life balance may be affected as a result of the consultancy's success.
Your focus on financial services can make for an intense work environment. More than 90% of employees surveyed on Glassdoor would recommend Oliver Wyman to friends; 98% approve of the CEO. Consultants praise the “smart”, realistic and “genuine” workforce, leading to a collaborative and supportive atmosphere. Oliver Wyman is considered to have a fun, collegial environment in the lower categories, helping new staff to adapt quickly to the arduous responsibilities right from the start.
However, consultants must work hard to get noticed. Employees praise Oliver Wyman's diversity policies. A global workforce 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 largely weighs past experience and current performance against time spent in a given position.
Mentoring and leadership roles in the workflow are available as soon as two years after graduation. An advanced degree is not required and the consultant 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 objectives and demanding customers are similar to those of the competition. Employee satisfaction with Booz Allen Hamilton has varied over the years due to major strategic moves and C-level decisions. Around 75% of Glassdoor respondents recommend it but some have complained that salary is becoming less competitive as salaries are lower at initial 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 benefits that extend to domestic partners and adoptive parents frequent reporting on achieving diversity and affinity groups. And this year, the firm will hire its largest summer associate program and its promotion of full-time consultants both comprised mainly of MBAs. This can be a challenge for those without experience in a consulting firm but opportunities are rewarding. Kristin also adds that although focus on technology increases every year not everyone is technology-focused consultant.
This consultancy firm has become known for its new private equity practice which has achieved exceptional results for many clients. The top-down hierarchical structure of this consultancy leads to consistent results but may seem stifling to some consultants. Keith says he's looking for candidates who understand when it's appropriate to use advanced analytics and who can perform and execute an analysis on their own or with an expert good news for STEM MBA candidates seeking career in consulting. Bain & Company is regularly ranked among best consulting firms to work for and firm offers sky-high consulting salaries and opportunity to test your skills at highest business level Roland Berger one few major consulting firms that offer many part-time positions although career advancement may be affected its interdisciplinary teams multisector projects allow consultants quickly achieve large amount valuable exposure.