Management consulting is an industry that provides professional advice to organizations to help them improve their overall performance. The three most prestigious management consulting firms are McKinsey, BCG and Bain (the big three), but there are several other major consulting firms that can give a real boost to a professional career. McKinsey is widely considered to be one of the best options for building a high-level career. It has an academic culture focused on continuous improvement, and intellectual rigour and factual analysis skills are essential for success. Feedback is frequent and expected throughout the organization, and diversity is affected to some extent by the preference for candidates from target universities.
Boston Consulting Group has a bottom-up approach to customer and employee engagement, which appeals to those who enjoy collaboration. This consultancy's culture focuses more on creative and innovative thinking than many of its main rivals. Post-merger integration, project management offices, and transformation are areas of specialization. While Boston Consulting Group has a harmonious and positive work environment, consultants have little to say in hours. Bain & Company has five main affinity groups, and it earned a perfect score in the Human Rights Campaign for 12 years.
Work-life balance is comparable to that of Boston Consulting Group or McKinsey, but the schedule and workload can be unpredictable depending on the needs of individual commitments. Accenture Strategy has a strong presence in the United States, India and the Philippines. Work-life balance is a challenge for Accenture, but employees appreciate its phenomenal opportunities to develop key skills, especially in areas with a lot of technology. Flexible hours and remote work options are increasingly popular, but they haven't yet become widespread in culture. Oliver Wyman continues to grow with many exciting global perspectives.
Work-life balance may be affected as a result of the consultancy's success, but consultants benefit from strengthening its brand, especially in Europe. Strong training programs and a fun social life in the company lighten up hard work and long hours. Career progression is linear at Oliver Wyman, with a focus on developing young talent. Many former employees report great exit opportunities and limited internal growth, leading to higher turnover. Promotions are sometimes influenced by politics, so networking is essential. At Booz Allen Hamilton, work-life balance is relatively strong due to the focus on federal consulting.
Consultants don't have to travel as much as they do at other consulting firms, but 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.