Management consulting is an industry that provides professional advice to organizations to help them improve their performance. The three most prestigious management consulting firms are McKinsey, BCG and Bain (the big three), also known as MBB. These firms are the largest and most prestigious strategic consulting firms, and they are considered to be the most prestigious in the industry. McKinsey is the largest company in terms of employees, leading by revenue, followed by Boston Consulting Group and Bain.
McKinsey employees have excellent learning and networking opportunities, but they tend to have an intense lifestyle with lots of traveling, face-to-face commitments, and long hours. McKinsey is widely considered to be one of the best options for building a high-level career due to their competitive environment. Boston Consulting Group (BCG) has a combination of size and prestige that can take you places. They have a preference for candidates from target universities such as Oxford, Harvard, Stanford or Yale.
Work-life balance is comparable to that of McKinsey. Schedules, while flexible, can be long, and travel is a weekly reality. Bain & Company (Bain) has many exciting global perspectives and 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. Feedback is frequent and expected throughout the organization. Diversity at Bain is affected to some extent by the preference for candidates from target universities. Oliver Wyman is another major consulting firm that can give a real boost to a professional career.
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. Booz Allen Hamilton 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.
Work-life balance is relatively strong at Booz Allen Hamilton due to the focus on federal consulting; consultants don't have to travel as much as they do at other consulting firms. Employees praise Booz Allen Hamilton's diversity policies. Deloitte has some turnover and moral issues due to its challenging work culture, but it is also touted as one of the top consulting firms for rapid professional growth. Deloitte stands out for an unconventional environment with a young and vibrant community.
The emphasis is on teamwork rather than internal competition. Deloitte was recently named one of the best workplaces for women due to their commitment to inclusion comparable to that of market leaders. Roland Berger is one of the few major consulting firms that offer many part-time positions, although career advancement may be affected. This consulting firm is located in New York City and has a deep network of business connections in Europe and the Asia Pacific region.