At some Big 4 companies there is a Partner / Principal group that has equity and are part owners of the business and an equivalent Managing Director group that does not have equity and are essentially employees.

How does it work at McKinsey / Bain ? Do those same distinctions exist across partner types, owner vs non owner?

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I think that exists as ‘expert parter / partner track’ vs ‘partner’

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There are no “non equity” partners in McKinsey or Bain. Nor are there in Big 4, thus the Managing Director rank. Career paths, especially into partnership, between Big 4 and McKinsey/Bain are not comparable.

There are non equity partners in the big 4

Not sure about US, but Canada and a number of other territories have non-equity partners. And these are different destination from MD designation.

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