Key Differences and Similarities Services: The Big 4 offer a full range of professional services, from tax to consulting, while the Big 3 focus solely on consulting services. The comparison between the top three consulting firms and the top four is an interesting comparison. The three main management consulting firms are McKinsey, Bain and BCG, known as MBB firms. They are not necessarily the largest firms, but they are the most prestigious firms that can charge high fees to their clients.
The big 4 refer to the top 4 accounting firms. These firms may have strategy branches that compete with MBB firms, but most of their business is related to accounting. Let's make a small comparison between the top 3 and the big 4 consulting firms and see what some of the differences are. If you're looking at what firms you can apply to, this should give you some interesting facts to consider.
MBB is an abbreviated way of referring to the “Big 3 Strategic Consulting Firms”: McKinsey% 26% Company, Boston Consulting Group and Bain% 26% Company. These firms are the most prestigious management consulting firms because they hire the best graduates of highly competitive undergraduate and master's programs, B, A., they solve the most difficult business problems (industry disruption, mergers, 26% acquisitions, new product development, launches, etc.) Once companies have helped craft a strategy, they can help implement it through the wide range of services they provide, such as technology consulting, implementation and transformation consulting, and transaction services. Now we've seen why MBB consulting firms are considered the big 3 in the consulting world compared to the “big 4”, and several boutique consulting firms play a vital role in driving strategic business decisions and creating global impact. These firms are collectively known as “MBB” and “the top three” management consulting firms (not as “the big three consulting firms”, a very common misconception).
Consultants in some offices may work fewer hours than MBB consultants and therefore enjoy a better work-life balance. As a result, each member of the Big Four, in addition to auditing and assurance services, also offers consulting services (management consulting). Technology consulting, a growing area for the four firms, involves taking advantage of technological solutions and innovations to help companies transform their business models, be more efficient, improve their services and take advantage of new opportunities. The Big 4 strategic consulting services are those that are most closely aligned with the services of McKinsey, BCG and Bain.
However, during the 1980s and 1990s, with the goal of creating new sources of revenue, the Big Four companies experienced a transition from providing traditional services to consulting and counseling, taking advantage of their financial and personnel capabilities. McKinsey & Company (McKinsey), Boston Consulting Group (BCG) and Bain & Company (Bain) are collectively known as the Big Three or MBB in the management consulting industry. Deloitte, EY, PwC and KPMG are collectively known as the big four accounting firms and, with their consulting divisions, play a fundamental role in driving global consulting projects, especially with regard to implementation and transformation. There are several similarities between the work that consultants do on the strategy teams of the Big Four and the work that management consultants do at McKinsey, BCG, and Bain.
Because they perform similar work and have a similar set of skills, consultants from both groups of companies can take advantage of a number of consulting exit opportunities. MBB consulting firms are the hardest to find jobs in the consulting industry, hiring less than 1% of the people who apply each year.