Overview

Introduction

 

What can we say about McKinsey that hasn’t been said about the reigning titan of the industry? Widely considered the first and last word in consulting, this global juggernaut lives the mantra, “Different Worlds, One McKinsey,” through agile and impactful delivery of solutions across a mind-boggling diversity of practices and clients—all centered on the singular standards that earned the firm its international renown.

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Firsthand Findings

 

What can we say about the world’s most prestigious consulting firm that hasn’t already been said? McKinsey & Company is a global juggernaut—an international powerhouse that continues to serve as the gold standard for the consulting industry. As you’d expect, it is that global footprint—and the wide variety of clients, a myriad of non-client facing roles, and the access to worldwide experts of industry—that makes McKinsey such an incredibly rich learning and development opportunity for any consultant.

Surely, a tenure at McKinsey paves the way for you to write your own ticket. But it’s not just the name; of particular note this year are the incredible professional development opportunities—an annual investment of $200+ million that...

About the Company

 

McKinsey & Company is a privately owned management consulting firm. Roundly considered the most prestigious company of its kind, it has achieved a near-universal level of renown, despite a decades-long commitment to confidentiality that shrouds details of McKinsey’s work-and its client list-in secrecy. In its practice areas, it addresses strategic, organizational, operational and technological issues, always with a focus of doing what is right for the client's business, not what is best for McKinsey's bottom line.

The range of those specialties encompasses everything from commodities and natural resources to media, entertainment, and high tech. While it doesn't share the names of its clients, the firm does claim to serve roughly 90 of the top-100 corporations worldwide and more than 80 o...

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2021 Vault Rankings

#3

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#1

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#1

Best Consulting Firms for Economic Consulting

Employee Reviews

  • “An innovative, inclusive, customer-focused team at the forefront of every industry, committed to working with clients to maximize impact.”
  • “Our company culture allows for everyone to thrive and be a leader in their own right. We do not have a "clique-y" culture and people are down to earth, extremely hard workers, and everyone I have come across is authentic and genuine.”
  • “We focus on Making your own McKinsey – the ability for individual passion to guide our paths. This is supported and enabled by  an obligation to dissent and a non-hierarchical structure, a commitment to helping each other and our communities, and a deep commitment to our firm values.”
  • “The people I work with became some of my best friends and trusted colleagues. The culture is incredibly collaborative and inspiring.”
  • “Unique culture that puts client impact and development of colleagues before anything else, and that supports meritocracy.”
  • “Candid and transparent culture and how truly invested the leadership is in our people!”
  • “The job is demanding in terms of hours and travel requirements, but nothing above the industry average (which is a common misconception about McKinsey). Our lifestyles are often defined by our clients' needs vs. our internal culture. It is very easy to take time off and push back based on personal needs. Many folks decide to serve local clients only to be at home every day, and that is very possible, particularly if you are based out of a major city.”
  • “The Firm has increasingly invested in improving the client and team experience. This includes utilizing mindful travel, reducing the 'page output' to only essential needs, and finding time to bond with your colleagues. It's been an great step forward in creating work/life balance. They've also added benefits like concierge services and have massively invested in supporting families. The trend is up and to the right.”
  • “Best: incredible emphasis on you owning your work and doing what you need to bring your best self. Worst: that emphasis has little backup support. If you feel like you need to work 90 hours, there is very little to stop you, which means early tenured folks can struggle with self-imposed pressure.”
  • “The amount of vacation time is very generous and exceeds most other entry-level jobs that I am aware of. Furthermore, the Firm is very respectful of your vacation time and encourages you to use it, allowing you to take it in a way that makes most sense for you, as long as you are proactive with planning and give a few weeks’ notice. Work can intrude on the vacation time if you let it, but there is rarely an expectation for working during PTO, so it is more about being self-disciplined and putting work aside for that time.”
  • “We have a ton of resources around health and wellness, and our health insurance is absolutely incredible.  There's been a movement in the last few years to find how to make this job more sustainable and my sense is we truly believe in that push and are trying to find ways to make it happen.”
  • “Like many consulting firms, the hours are longer than an average job. However, the opportunity to shape your path is there so you can push for what you need whether that is short/more flexible hours, vacation time, flexible travel, etc.”
  • “Incredibly competitive compensation package, with a huge upward trajectory.”
  • “Salary progression is very competitive compared to other firms, with a huge variations based on performance…”
  • “We make a ton of money, before the yearly bonus. Benefits are outrageous. Doctors and dentists always comment when they see it.”
  • “For my age and skillset, I feel I am very well compensated. The trajectory at which my compensation has grown, and is likely to continue to grow, is unbelievable. McKinsey asks a lot out of their colleagues, but it compensates them extremely well in return.”
  • “Best aspect is 100% paid medical coverage. As an LGBTQ person who is family planning, we are covered at 100% for all procedures related to testing, IUI, etc. That is something no other company has, and my provider was even shocked to see our plan, saying they had never come across such inclusive coverage. Another aspect is our 401K. The firm puts 12% of your salary into your retirement each year automatically -- that is an additional 12% in your retirement without having to contribute a cent. Another perk that is really unheard of.”
  • “Compensation is very transparent and includes regular increases.”
  • “The best aspects of McKinsey's development opportunities are the exit opportunities and the mentorship / informal training that you receive daily. From the very start of my career at McKinsey, there were informal exit opportunities made available to me through LinkedIn and other sources. Even more promising are the formal exit opportunities available to you, with firms across all sectors seeking former McKinsey analysts to join their company. Furthermore, the daily mentoring and informal training has been extensive and extremely helpful. I have gained a lot of technical knowledge (Excel, Alteryx, Tableau) just through daily iteration with my manager. Also, the attitude toward feedback makes improvement much easier; you are always aware of your strengths and areas for improvement. The worst aspect of the Firm's career development opportunities is the speed with which you are progressing. For a recent college graduate, this pace can be intimidating, but I very much feel like I have the support needed to make decisions at this pace.”
  • “Best promotion trajectory of any consulting firm. The norm in North America is now that if you start as a BA out of undergrad, you go directly to Engagement Manager after two to three years (unless you decide to go back to school or do an externship). This skips [several] levels that analysts/associates at other firms would have to go through to get to the manager level (and associated compensation). Training, particularly through informal mentorship and coaching, is unparalleled. Colleagues from all levels are truly invested in your development, and because you're not competing against peers for promotions/raises, they too are deeply supportive and collaborative. This aspect of the culture is immensely valuable. Being surrounded by an incredibly diverse set of skills and backgrounds makes one's development both fast and varied. The skills I've learned from others on my teams and in my office have made me a much better consultant and professional.”
  • “The quality and quantity of training provided at McKinsey is truly unparalleled. Between other firms I've worked at, as well as many "boot camps" during college, I feel like none could hold a candle to the quality of trainings I've had at McKinsey. The formal McKinsey trainings are expertly crafted based on exactly where you are in your tenure, and they help build incredibly relationships with other colleagues during the trainings. Outside of formal trainings, the emphasis placed on feedback during typical projects encourages a rapid pace of growth. Most people have feedback every two weeks with their managers and about every month with the Partner on their project. In addition to super in depth semi-annual reviews, I'd be pretty surprised if there was another firm out there that encouraged growth more than they do at McKinsey.”
  • “McKinsey is a quick learning curve, which is both a blessing and a curse. You…are always operating a level further than you think you are capable of.  Overall, the focus on development at McKinsey is extremely high. Everything we do is related to growing in our roles in consulting and we build our careers around this notion.”
  • “There is an incredible culture of mentorship and support. I've never been in an environment that prioritizes development and growth as much as McKinsey, with leaders and colleagues constantly going out of their way to support your growth. People make an active effort to find time to support each other's development journeys, combined with a great feedback culture; it makes for a phenomenal environment.”
  • “McKinsey invests more than $200M a year on training - every year I spend at least one week (if not more) at a training session with other consultants of my tenure. These trainings and experience are unparalleled from anything I have seen and I think are extremely valuable especially as someone beginning my career.”
  • “We are a firm striving for diversity as a business necessity. We've done the original research showing that businesses that are more diverse in gender, race, and ethnicity outperform their peers in almost every way. Thus, we understand the fundamental need for diversity and actively pursue it, cultivate it, and support it on every level. It's part of what makes this firm so special.”
  • “The Firm really pushes to foster diversity.  This is true in both recruiting and staffing.  It is a part of pride for the Firm and for individual Client Service Teams to be multi-ethnic, gender, and sexual orientation.”
  • “Many programs around identifying / hiring diverse talent, ensuring mentorship, and tailoring training to diverse groups’ needs (e.g., woman specific trainings).
  • I think that McKinsey is doing a lot to proactively mitigate equity issues typically faced in the workplace. They truly make it a priority as much as they can.”
  • “The firm does everything it can to eliminate bias in the promotion/pay process - pay is based solely on formulas based on ratings, and ratings are a large group decision with a separate advocate that does not work with you. That said, there will always be some unconscious bias that does sneak its way in to decision meetings/in the way colleagues describe and advocate for those they work with.”
  • “Between the work McKinsey has done publicly with LeanIn, the Wall Street Journal, and other organizations, I am very confident McKinsey gives every effort to make sure diversity and inclusion is highly valued.”
  • “We are adaptable in times of change and have excellent leadership to help us weather any storm.”
  • “Even though the world and economic situations are tumultuous and uncertain right now, I'm positive about McKinsey's future. First, not being a public company is great and it feels like we are sheltered. I trust the leadership of the firm to monitor and understand what's happening and how that will affect us and clients. I see leaders acting in responsible, positive, and thoughtful ways with colleagues and with our clients, so I'm encouraged for the long term.”
  • “We are diversified and incredibly strong from a business position. I think some of the NYT reporting on us has taken a hit to morale, but many people have been inspired to see the response internally as we look to address those characterizations.”
  • “We're in a good position overall. Growth has been high, and leadership is investing in a huge number of new capabilities (AI, new data sources, and new modalities to work with clients). At times, it feels disorganized with the huge volume of new things being developed, but it usually gets figured out as it passes through the filter of what is actually getting traction with clients.”
  • “Very strongly positioned for the expected downturn. Strong emphasis on growth strategies in a recession economy.”
  • “We are extremely well-positioned to help companies respond to the COVID crisis, and we do not see any slowdown in the overall volume of work.”

Why Work Here

At McKinsey, you’ll put your skills, experience, and knowledge to work tackling challenges that matter – like digital transformations, new product/service development, diversity & inclusion, sustainability, global public health, supply chain management, leadership development, mental health and more – across industries, functions, sectors and geographies. You’ll be part of some of the best, most diverse, inclusive, and supportive teams, surrounded by colleagues who care about your growth and will help you to succeed. You’ll have the flexibility you need to create a career that evolves with you over time. If you are looking for a way to contribute to positive, lasting change; continually learn new things; and expand your network, consider McKinsey. Regardless of your background or years of experience, there’s a role for you.

Getting Hired Here

  • “We have a standard interview process with two parts, a case study and a personal experience interview. The personal experience interview lets people demonstrate their communication skills, leadership, and team building experience. The interview process is the same no matter where you interview and has no trick questions. A cool thing we added is the McKinsey Problem Solving Game, which is an online game in a virtual environment. It's actually cool and kind of fun.”
  • “Interviews are highly standardized in two rounds, with multiple interviews in each round; call-backs typically occur quite quickly. Ideal candidate has strong quantitative / qualitative analytical skills, excellent critical thinking skills, strong verbal presentation and ability to quickly synthesize a variety of sources.”
  • “We focus on making sure our candidates are prepared and believe their experience with us is positive, regardless if they receive an offer. We spend extensive time preparing (and make available resources) for first rounds as well as provide feedback and coaching between the first and second rounds.”
  • “We typically have a two round interview process. In addition to the interviews, we often have candidates speak to colleagues who maybe went to their school or are in a similar role so we give candidates a really good feel for the firm, our people, the opportunities and the work we do. There's no one model of a person who is successful at McKinsey but there are main areas where we all excel. Problem solving and collaboration/teamwork are the two biggest things we look for in candidates. Analytical skills and leadership potential are big too. If you can show these you have a good shot at joining and being successful at McKinsey.”
  • “Our ideal candidate is someone who is overall well-rounded, but has distinctive strengths in certain areas (i.e. conceptual or analytical problem solving). There are typically two rounds of interviews.”
  • “We look for collaborative individuals who are excited to tackle complex issues, work with others, and ultimately serve clients.”
  • “Our interviews include a personal experience interview and a case interview. Both sections are very important and assess problem solving rigorousness, leadership, impact-driven and entrepreneurship mindsets.”
  • “It is always a combination of personal experience questions (e.g., tell me about a time) and a business case. They questions are extremely varied and private.”
  • “Personal experience interview questions (tell me about a time you led a team to accomplish a challenging objective) and a case question (you are working for a client in the media industry, and they are considering entering a new country-- what would you look at?).”
  • “Typical case studies e.g. profit cases, market sizing. Behavioral interview questions tend to go deeper than other interviews.”
  • “Solving business problems, helping a hypothetical client leader define the strategy for their company, market sizing, etc.”
  • “McKinsey’s process hasn't changed. You all know it well!”

Perks & Benefits