Consulting is one of the most influential industries globally.
It shapes business strategies and drives growth on a global scale, making it a game-changer for companies worldwide.
The MBB firms—McKinsey & Company, Boston Consulting Group, and Bain & Company—stand at the top of the consulting world.
These names are synonymous with excellence in strategy consulting, setting the benchmark for anyone aiming for a career in management consulting.
Here is the first article in a series designed to help you break into the world of MBB.
We’ll share practical tips and winning strategies to boost your chances of landing that dream job.
Differences between consulting and MBB careers
The Big Three, or MBB, are the world’s leading strategic consulting firms: McKinsey & Company, Boston Consulting Group, and Bain & Company.
Recognized as the most prestigious names in management consulting, they deliver top-tier services to clients across various industries. These firms play a pivotal role in the consulting sector as trusted partners to some of the world’s most influential institutions.
Their expertise lies in optimizing business processes, reducing costs, and crafting state-of-the-art strategies to help companies scale in competitive markets.
Strategy consulting is key in providing strategic and operational support to businesses, governments, and non-profit associations.
Consultants tackle intricate problems by identifying core issues, developing strategies, and crafting tailored solutions to optimize processes and maximize results.
With their ability to anticipate market shifts and identify possibilities, the consulting industry is a cornerstone of economic and business development.
The MBB firms - widely regarded as the pinnacle of international management consulting - set the gold standard for excellence in the industry.
Drawing on top talent, they design cutting-edge innovations and market strategies to create a lasting impact.
What sets the MBB apart?
- Collaboration with internationally prestigious companies, government institutions, and entities.
- Unique opportunities for professional growth and access to high-profile projects.
- A data-driven, analytical approach combined with deep industry expertise.
Beyond the three consulting giants, the market is home to other categories of firms offering different expertise and highly specialized services.
These include Tier 2, Boutique Consulting Firm, and the Big Four (that dominate the global auditing market, providing services to large multinational corporations, governments, and prominent companies), each with specific characteristics and a significant impact on the consulting industry.
While they provide services similar to the MBB, these firms often do so at more accessible price points. Some focus on affordability, others cater to specific niches—such as healthcare, private equity, or sustainability—and others stand out through tailor-made solutions, excelling in personalization.
This diversity enriches the consulting ecosystem, offering clients a range of options to meet their strategic and operational needs.
An overview of MBB firms
The MBB firms deliver high-level strategy consulting, leaving a lasting impact on businesses and organizations worldwide. They excel in various domains, including:
- Customer experience: enhancing and optimizing every touchpoint between a company and its customers.
- Long-term strategies: crafting comprehensive plans for business growth and market positioning.
- Risk management: identifying, mitigating, and managing risks to build corporate resilience.
- Sustainability and ESG initiatives: driving eco-friendly transformations and supporting Environmental, Social, and Governance efforts.
- Digital transformation: assisting in adopting technologies to enhance and sustain competitiveness.
- Process optimization: streamlining operations to maximize efficiency and minimize costs.
These tailored solutions enable MBB firms to help major organizations, such as Fortune 500 companies, organizations effectively achieve their goals and address complex challenges.
The key industries are:
- Chemicals: shaping growth strategies, driving process innovation, and enhancing supply chain resilience.
- Government: advising on policy development, driving public sector reform, and supporting large-scale digital transformation initiatives.
- Consumer goods: driving brand growth through market entry strategy, pricing optimization, and consumer insights.
- Financial services: advising on strategic growth, risk management, digital transformation, and regulatory compliance. Real estate: formulating expansion strategies, optimizing asset portfolios, and guiding sustainable development initiatives.
- Industrials: enhancing operational efficiency, spearheading cost transformation, and fostering innovation in production and engineering.
McKinsey & Company
Founded in 1926 by James O. McKinsey, it has become a cornerstone of worldwide strategic consulting. With its headquarters in New York and more than 100 offices worldwide, McKinsey has been a pioneer in modern business management, introducing concepts like activity-based budgeting and data-driven decision-making.
The most prestigious of the MBB firms, McKinsey refers to itself as "the Firm" highlighting its dominant presence in the consulting industry. Its distinctive staffing model ensures consultants are not confined to their local office but are assigned to international projects.
This directly gives them a comprehensive perspective and the chance to address challenges across international markets.
McKinsey excels in three core areas of expertise:
- Crafting long-term strategies to help companies define objectives, identify growth opportunities, and develop targeted, data-driven plans to navigate market challenges.
- Optimizing business structures to enhance productivity, efficiency, and collaboration within companies, with a particular attention to change management.
- Improving operational processes and delivering tangible results through detailed analyses and practical solutions designed to maximize efficiency and reduce costs.
A role at McKinsey is often seen as a springboard to leadership positions. Former consultants, known as "alumni," frequently go on to become CEOs, startup founders, senior executives, and public sector leaders. McKinsey’s network is one of the most renowned and well-connected in the world.
Boston Consulting Company (BCG)
Boston Consulting Group (BCG) is a strategic consulting firm founded in 1963 by Bruce D. Henderson in Boston, Massachusetts. Renowned for its methods in business management, BCG consistently pushes the boundaries of conventional thinking.
It currently operates in more than 90 offices across 50 countries, delivering consultancy services to clients in various industries and assisting them in navigating the complexities of a dynamic and complex economic landscape.
A forward-thinking and multidisciplinary perspective is a hallmark of BCG, which boasts strong expertise in:
- Digital transformation: BCG is a recognized leader in digital transformation, helping companies integrate advanced technologies such as artificial intelligence, big data, and automation into their processes.
- Government and public bodies: with a strong presence in regions like the Middle East, it works closely with governments and public institutions to enhance governance, optimize resources, and develop strategies for sustainable growth.
- Scientific and academic methodology: the company combines a solid analytical foundation with academic rigor to tackle complex problems. Their solutions are grounded in deep data analysis, advanced models, and methodologies, making them ideal partners for projects requiring precision and strategic vision.
Bain & Company
Founded in 1973 in Boston by Bill Bain, a former vice president of Boston Consulting Group, Bain & Company is a strategic consulting firm. From the outset, its pioneering vision has been rooted in a method that enabled the company to grow and expand. Today, Bain operates in more than 65 cities across 40 countries.
Bain & Company is a leader in the Private Equity sector, offering critical support to investment funds in identifying potential areas for growth, conducting due diligence, maximizing deal value, and improving the performance of portfolio companies. This expertise has positioned it as a trusted partner in an industry known for its exclusivity and competitive entry barriers.
A career with the firm provides unparalleled avenues for high-level roles in Private Equity, making it an ideal choice for ambitious professionals.
Renowned for its strong office culture, the organization fosters a collaborative and supportive environment. Teamwork is highly valued, with close-knit groups working together to solve complex challenges. The culture emphasizes trust, mutual respect, and the importance of building meaningful relationships throughout the company.
Operating on a meritocratic system, career progression and prospects are closely linked to individual performance and contributions. High achievers are regularly rewarded and provided with development avenues, making it an attractive workplace for ambitious professionals. Employees are encouraged to adopt a results-oriented mindset while benefiting from extensive support and development resources to help them reach their goals.
This blend of a collaborative culture and a merit-based system makes the company a standout choice for those seeking a dynamic and fulfilling work environment.
How to prepare for a career in MBB firms when still at college
Securing a position at one of these prestigious firms demands thoughtful planning and commitment, beginning as early as your college years.
By taking a few strategic steps, you can lay a strong foundation for a successful career in consulting.
Here are our tips:
- Staying informed: gaining a deep understanding of the consulting industry is crucial, as it constantly evolves. We recommend reading articles, attending webinars, and keeping up with market trends. Official publications from the MBB firms offer valuable insights into the issues they address and the solutions they propose.
- Maximize your potential: MBB firms look for candidates with specific skills, so it's essential to direct attention to developing your analytical and problem-solving abilities. Practice breaking down complex problems, participate in case studies, and refine your communication and interpersonal skills. Take leadership roles in student associations or university projects to showcase your ability to lead and collaborate effectively.
- Explore key areas of interest: prioritize topics that align with MBB's strengths, such as strategy, sustainability, or digital transformation. Gaining knowledge in these fields can give you a competitive edge. Additionally, establishing a strong academic foundation, as performance is a core requirement for consideration.
Now is the time to direct your efforts on the pre-application phase, which includes networking, securing referrals, internships, and consulting-related activities.
In our upcoming article, we’ll delve into these strategies to help you take your preparation to the next level.
