Accounting

Are McKinsey, BCG and Bain really better than Big 4 or other consulting firms? We compete with them on so many RFPs, we even beat them at a few... it seems to me that we all do the same work.

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The “Big 3” consultancies typically focus more on strategy whereas the big 4 focus more in risk consulting. There has been greater overlap in recent years resulting in increased competition. I think overall from a strategy perspective they are considered “better”/more competitive. Their interviews last for hours and involve challenging cases. They are much more particular about the schools they recruit from (they avoid state schools), and their starting salaries are at least 30% higher. Most importantly they do zero audit work so you’ll rarely hear anything about scandals/lawsuits which are the greatest risk to the continuation of the Big 4

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I’ve seen their work product and the findings are often so high level as to be useless. They do put together very snazzy powerpoint presentations. I think MBB just have MUCH better relationships with senior level people and have a great alumni network. And they are great at promoting the veneer of quality work - even though you’ll find plenty of articles about their shady dealings and bad advice that causes companies to go bankrupt Bottom line: it is more about brand/perception and relationships than difference in work quality. And senior execs love using MBB because even if the advice is bad they can always fall back on the defense of “well we hired the best so we did all we could.” Ultimate CYA option If Big4 gives you bad advice someone can ask: “why didn’t you use McKinsey?”

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My seniors and managers put together white text on yellow background powerpoints that you have to squint to read so MBB already sounds like a step up.

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“Ivy League” education is the biggest scam/ripoff ever. Who cares? What a joke. Now that EY has Parthenon, we can compete with these over-entitled know it all’s. And, we’re winning in the marketplace !

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Didn’t apply knowing full well I would be accepted but wasn’t Interested in high levels of student loans. People here should think before posting!

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I ask this because, I was talking to a friend at a bank and he said that they had hired McKinsey for data governance and he also said that the engagement partner of the project from McKinsey walked in with the CEO of the bank. We do data governance too for banks, but our partners will probably at best walk with MDs at the bank. I think we do similar work, but our partners can’t or don’t network well.

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What we do is heavily based on relationships. In this instance, they could be neighbors, school friends, etc. I had a client who we had a hard time breaking into because of that very reason. CFO was best friends with a consulting partner

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So I have friends who got an MBA from the “target schools” - the ones best known for consulting jobs (Harvard, Stanford, Wharton, Dartmouth, NYU, Chicago, Kellogg, etc) they say that Parthenon is among the least favored firms because their year end bonuses are way below McKinsey, BCG, Bain, OW, ATK, LEK, Strategy&, etc...

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Too bad that article is wildly inaccurate. I noted several errors (e.g. we don’t pay O/T, we don’t have one base salary but Instead it’s based on geography, Parthenon gets the same 401k match as everyone else, etc. etc.)

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And he also said that they were paying McKinsey $800-850k while any of the big 4/other consulting firms would do it $350-400k

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OP are they so dense that the bonus matters more than total cash compensation? Sad!!

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The take home at the end of year one with signing bonus is $225k+ and with Parthenon it is $200k

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Haha. This is a great conversation. So hard to not participate. Ask yourself a question, would you leave your company if Bain gave you an offer? That is all. But again Why do we care about other firms? Enjoy your job and have fun!

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I guess we all are looking at what we make and what the guy was offered. Apples to apples: senior one makes 85-90k plus 16% bonus , and an esperienced associate makes $180k plus 50% bonus, I see a huge difference. I am sure they would have their own hierarchies and pay structure!

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I have family in management consulting at a couple of these firms. It seems to be all about the PowerPoint.

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Good

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I agree with PwC3, they know how to promote themselves.

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