Posting as : works at. Once matched with a client, consultants are tasked with solving issues dealing with digital disruption, competitive agility, operations, and more. In implementing the “McKinsey way” in effectively solving problems, they often seem to project an image of smart efficiency rather than an informal disposition. Thanks ex big 4. Happy to update the table, if we can find an authentic source. McKinsey looks for personal impact, entrepreneurial drive, problem-solving skills, and leadership qualities in its candidates. But I also have a doubt – A consulting aspirant with a law or medical or another advanced degree better knock on McKinsey’s doors first. References: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, Start here | Success stories | Reality check | Knowledgebase | Scholarships | Services, “While McKinsey prefers a candidate-led approach, BCG and Bain take an interviewer-led approach”. I worked in a Big 4 consulting job before my MBA, and wasn’t too thrilled when folks I met asked me if I worked in audit. Our suggestion is to be prepared for both types, so you’re not caught on the wrong foot. The firm has offices in more than 40 countries, advising some of the world’s biggest organizations. “MBB” have a similar type of clients and provide similar services. Its annual revenue in 2018 was over $10 billion. BCG vs. McKinsey | MetroMBA, Highlights of The Princeton Review’s 2021 Top Online MBA Ranking, Imperial College Business School: Delivering a Meaningful MBA Program During the Pandemic, Syracuse University’s Whitman School Makes Firm Commitment to Lead Business Schools in Diversity, Equity and Inclusion Efforts. If one takes into account only the annual salary, MBB do a little better. Last Updated Feb 12, 2019 by Max PulciniFacebookTwitterLinkedinemail. Bain also conducts a pressure test to bring the candidate’s integrity under its microscope. An undergrad may earn $85,000 base salary and an MBA full-timer $165,000. Current MBA job opportunities include: You can learn more about landing a job at Accenture here. At MBB, consultants get to work with top executives on a daily basis, while at the Big 4, the most frequent interactions are with middle-management representatives of clients, and meetings with the top bosses are rare and confined to important presentations. Deloitte is among the top MBA recruiters for consulting jobs, competing with MBB. Bcg isn’t part of the big 4… Consultants of the same seniority living in New York, for instance, may draw almost the same salaries. Max Pulcini is a Philadelphia-based writer and reporter. McKinsey is the biggest of these with an annual revenue of +$10bn (2018) followed by Boston Consulting Group ($8.5bn revenue; 2019) and then Bain & Company (+$4… But in private equity, Bain offers more. The big four consulting firms that account for nearly 40% of the industry are Deloitte, EY, PwC, and KPMG. Considered one of the most prestigious management consulting firms outside of the the Big Four, BCG ranks fourth in Fortune’s “100 Best Companies to Work For” last year. McKinsey is the biggest among the three Big 3s. Even the consultants’ conduct and style of attire appear to reflect this. Salaries start at $53,000 for an audit associate and top out at $5,000,000+ for a senior executive partner. It is difficult to do it directly, which is where the advantages of a ‘Big Four’ background come in. Exit opportunities are numerous for MBB alumni, including top leadership positions such as CEO or vice president at Fortune 500 companies. The launch of the digital group makes McKinsey’s services even more important than before and signals a step forward for the firm, too, as it can provide not only strategic recommendations but implement them in the digital era. Eugene W. 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AT Kearney does on campus MBA recruiting at a number of top business schools, such as Columbia Business School, Kellogg School of Management, and London Business School, among others . The Ultimate Guide to Knowing Exactly What You'll Make at Each of the Big 4 Accounting Firms. Source: Me, I work at Deloitte! Of course, because MBB have bigger budgets for everything, they have better perks, more lavish company events, and more money for travel. BCG consultants are mainly based locally, though because of the firm’s global reach they may travel more than Bain counterparts. McKinsey’s education and technology practices are much stronger than those of BCG or Bain. Current MBA job opportunities at AT Kearney include: Senior Manufacturing Analyst, Consumer & Retail Practice Manager, and of course, enrollment in the Summer Associate Program. Anyone moved from Big 4 Accounting to Big 4 of Consulting (BCG etc) without MBA? Wolters Kluwer provides professional consulting services and software solutions for clinicians, nurses, accountants, lawyers, tax specialists, and more. But with all the public domain references to being ‘audit firms’ that have piled up over the decades, it might be a while before they can fully shake off that label. The complete pay guide for Bain, McKinsey, BCG and the Big Four It should come as no surprise that management consultants who work at McKinsey, Bain and Boston Consulting Group (BCG) – the MBB … Infographic of Big 4 Salaries. Read: How I got a consulting job without an MBA degree. But the culture of each of the three firms, which aspire to adopt and maintain global standards, may vary depending on the location of an office and the employees working there. Good One!! MBB start their recruitment cycle in the fall, targeting MBAs and undergrads at top schools, for their new batch of recruits for the next fall. Unfortunately, I don’t think there will be any public article about this internal change, but I’m sure you can check the signatures of Senior Managers at Deloitte India now, you’ll see that it is now Associate Director, or maybe check with some of those you might know :). For candidates for consultant positions, it is a multiple-choice test of 26 questions to test for analytical skills. The Big Three or MBB refers to the name colloquially given to the world's three largest strategy consulting firms by revenue.They are considered to be the most prestigious firms in the management consulting industry. Source: mconsultingprep.com. Amazing article ! Based in the Netherlands, Wolters Kluwer has offices in over 40 countries across Europe, North America, Asia, and Latin America, employing more than 19,000 people. Match with reputable MBA/MS programs in minutes by completing your applicant profile with MetroMBA. Can Chartered Accountants from India apply for jobs in MBB ? There is probably no consulting aspirant who doesn’t wish to work for one of the “Big Three.”. Bain also looks to assessing problem-solving skills, leadership skills, results delivery in previous positions, and passion and entrepreneurial drive. Paytm - CEO's Office Role - Big 4/Consulting Background (5-10 yrs), Noida, Strategy Consulting,Big4,Project Management,Transformation, iim mba jobs - iimjobs.com Secondly, Senior Managers in Deloitte are called “Associate Directors” now. Two rounds of interviews are conducted. While McKinsey prefers an interviewer-led approach, BCG and Bain take a candidate-led approach (see our blog: How to prepare for case interviews). Although McKinsey is said to be going for the interviewer-led approach, this may be only for the earlier rounds, and generally, the more senior the interviewer, the less the proportion of interviewer-led interviews. While the Big 4 have become major players in the consulting field, the classification of "Big 4" actually comes from the accounting world. Read about our services and pricing. McKinsey, which has a hoarier vintage, has always been the undisputed market leader, but Bain, the youngest of the three, has consistently made its mark with its market differentiation and risk-taking talent. Current MBA jobs opportunities at BCG include this listing for a Principal in Summit, NJ. Turning back to the best schools for big 4 recruitment, we’ve put together the list below based on LinkedIn recommendations. But not every MBA can land a job at Deloitte, PwC, KPMG, and E&Y. MBAs can get their foot in the door through LEK’s Summer Associate program. McKinsey Digital’s support helps client companies survive in the new world and do better in a technology-intensive market and derive its full potential. You can find a detailed look at MBA life at AT Kearney here, including information on other full-time roles, salaries, benefits, and more. Consulting salary grows at 5 percent annually on average. In all three, consultants are each allotted one project at a time, for better focus, and they can expect to travel at least four days a week for most of their tenures and to work long hours when they are their home office. Some of them might require very specialised qualifications and experience. The big four accounting firms, most commonly referred to as “The Big 4,” are the world’s largest and most prestigious audit, tax, and professional service companies. Management consulting is a highly competitive industry — with highly competitive pay. Do you think that, if you enter in corporate finance environment you have to work all life in BIG 4 or IB? The McKinsey Knowledge Network comprises 2,000 knowledge professionals working at the company’s Knowledge Centers. How does the selection process vary between these three firms? As an M7 MBA who just successfully recruited MBB for the summer, McK is “command and control” which is highly-interviewer led, while the other two are candidate-led. See what our pool of experts has to say about Mr. Big 4 Tax's MBA application and assess the odds yourself! McKinsey sets great store by its fit interviews, two or three of which candidates may face, and which tend to be more intense that similar interviews at BCG and Bain. If you haven’t worked in the consulting industry before your MBA, a career change can be a big challenge. Last year, the company reported net revenues of $39.6 billion, with more than 460,000 employees serving clients in 120 countries. By Seb Murray Tue Mar 10 2015 MBA … Required fields are marked *. Bain, meanwhile, comes across as more seasoned by balancing accumulated expertise and bold creativity. The best consulting jobs on the campus go to MBA graduates from the top ranked business schools. Your email address will not be published. Can you share any official page on the Deloitte site where they mention the designation hierarchy? In the middle, BCG is flatter and thrives on camaraderie and a collaborative work style among its consultants. BCG holds on-campus recruiting events at schools like Harvard, Stanford, the University of Pennsylvania’s Wharton School, Northwestern Kellogg, University of Michigan’s Ross School, Duke Fuqua, and the University of Texas. Besides experience interview and case interview, Bain also conducts an in-depth written case interview, for which the candidate is given some time to prepare. That is factually not true. 6 Comments Share. The Big Four audit firms, through a record-level investment of billions into AI technology, are drastically changing the way they have traditionally operated. The big four professional services firms are expanding beyond their audit roots and hiring more, as the consultancy market experiences robust growth. They will also have the confidence to launch and ensure the success of a new business venture. Summer Consultants may receive mentoring by a full-time consultant, providing guidance and coaching throughout the summer. When it comes to getting a hang of new trends in the economy, BCG comes out on top. Masters in Accounting, Finance, MBA, etc. Nature of the work - The Big 4 are traditionally accounting firms, which now provide a wide range of professional services including audit, financial advisory, tax, legal and consulting. That’s great! It is nearly impossible for a consulting aspirant to try to break into any of these three firms during their off cycle. Company sonsultants work closely with Associates, Managers and Partners, breaking down client strategic issues and developing recommendations. McKinsey’s offerings were slowly becoming irrelevant as most CEOs now wanted “data driven decision making” and McKinsey’s knowledge of using big data and analytics to solve business problems were non existent (key reason why 90% of McKinsey Digital or Analytics Parters are ex-Accenture and Deloitte Senior Managers/Managing Directors). McKinsey consultants are more likely to have to travel more frequently: many of them visit about eight countries during their tenure, according to one estimate. Deloitte claims acceptance rates for employees applying to top business schools are three times the … So also the working lives/hours of their employees. Send us an email: info [at] mbacrystalball [dot] com. MBB are a much tougher taskmaster than the Big 4 for consultants, and they work long hours, which affects their family and social relationships. This field is for validation purposes and should be left unchanged. Will I be placed at the same level as MBA grads without prior consulting experience? These are followed by BCG and McKinsey & Company. Typical progression ‘ladder’ (though the position names will vary by firm). As for me personally, I saw the steadily dropping revenue numbers and decided to join tech (Google) as that’s where the future lies. Once an associate earns an MBA, they are often promoted as consultants. How has this impacted consulting salary trends? The atmosphere in a big office in a European capital may vary from that in a smaller office located in a city in a developing country. The difference in the selection process is mainly in the type of case interviews that the firms conduct for job applicants. Read about our, How I got a consulting job without an MBA degree, How I got into BCG and what I did in my consulting job, how to get an interview at McKinsey, Bain, BCG, https://www.mckinsey.com/careers/students, https://www.mckinsey.com/careers/experienced-professionals, How to get into the best MBA programs in the world, Associate Director (formerly Senior Manager). Their clients include Fortune 50, Fortune 100, Fortune 500 companies, private equities, and hedge funds, and may charge them $500,000 for a team of six for six months. Founded in London in 1983, LEK Consulting advises companies ranging from some of the largest private and public sector organizations, to private equity firms, and emerging entrepreneurial businesses. one of the most prestigious management consulting firms, Northwestern’s Kellogg School of Management, Where Should I Work? If so what are the basic requirements ? You can learn more about Wolters Kluwer as an MBA destination here. However, while the Big 4’s methodology involves giving specific, formulaic solutions, examining each client problem individually, MBB detect problems, find out the best solutions to address them, and then provide customized solutions for their clients as a whole. All three are equally prestigious management and strategy consulting companies with global standards and integrated approaches to solving their clients’ issues. – From an Ivy League MBA to McKinsey The Knowledge Network deploys researchers, analysts, economists, and even historians and meteorologists. They are as follows : Price Waterhouse … They offer a wide range … Get even more information on LEK Consulting MBA careers here. They are also said to have a networking advantage, because of the firm’s global spread but also because of its alumni association activity. Additionally, McKinsey consultants, more than those of the other two firms, are likely to find themselves part of the staff at offices of client organizations around the world. These four firms handle the vast majority of audits for publicly … Notify me of follow-up comments by email. Learn how your comment data is processed. MBB may be where the big money is, but the Big 4 firms are where some work/life balance exists. Boston Consulting Group, also known as BCG, is a management consulting firm with more than 90 offices in 50 countries. Overall, the impact of this activity has put upward pressure on U.S. MBA & PhD salaries this year, specifically at the Big 4 and Boutique levels.In the middle of 2019, MBB increased MBA & PhD base salaries to $165,000, and other firms have now increased MBA … Other similarities include their wealth of Fortune 500 clients, intense training and development programs for employees, and excellent exit opportunities. Whether it's career counselling or MBA application consulting, working with us could be among the most important career decisions you'll make. This is particularly so with BCG and Bain, as their intake is smaller than McKinsey’s. View John Hutchison - MBA, Big 4 CPA (inactive)’s profile on LinkedIn, the world’s largest professional community. @MBB: Thanks for pointing it out. This guide will show you exactly where you fit into the Big 4 … MBB’s are usually brought in when the management team already have a point of view and want it validated by an external consultant so they don’t get blamed by the Board. Posting as : a Senior Consultant 1 . Ideal candidates must have an MBA, 2-4 years of consulting experience, or 5-7 years of line management experience. I plan to move upmarket to MBB post-MBA. 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