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It's a convoluted query with no straight answer. The reason behind complication boils down to the way both sides are structured and individual sub-practices (for ACN more variation may be expected by practice vs MBB).
ACN strat's CEO-ES and CFO-EV practices probably are the closest competitors to MBB for the kind of work you are imagining.
Having said that, it is not far fetched to say that MBB will not have their own pitfalls. It comes down to the person being mouldable and then getting shaped by the opportunities and industries they work in. For instance, people in McKinsey case team also specialise in tech strategy (which is not necessarily the classic consulting work you may think).
Please note the I am not bringing in McK periscope or BCG Gamma etc.
Where MBB truly differs in is the brand image, and by extension switches (along with some degree of package growth, but partner level is a question mark as some big 4 partners can beat MBB partners also). This also means managing higher client expectations and getting preferential pricing and treatment.
ACN strat on the other hand will have more diverse project types, potential specialisations, and by extension more flexibility. Not to mention that the autocratic partnership power is obviously significantly diluted (with next to no dilution in talent pool) which is better for holistic development and growing managers and leadership bench. Additionally, one Accenture means you will learn to work and manage people of all calibre and motivations (something which you will not face in MBB as nearly all are focused to be high performers due to up or out mechanism).
1. Depends (Mostly Tech related)
2. Difference starts to kick in a few years down the line. Gap only increases
3. MBB will suck. Especially McKinsey & BCG. ACN is supposed to have better work-life balance compared to even it's Indian counterpart.
4. It's better to work for Indian strategy and consulting teams. Only McKinsey and BCG do proper Strategy consulting in my opinion in India. Rest all companies get a small piece in a large project or cater to particular industries.
What level and team are you joining?
1) Projects very wildly. I've been part of data strategy, M&A and spend analytics till now, low WLB but fun work
2) I joined as a consultant from my T1 MBA, got offered 45 LPA which was ~7-8 Lakhs more than all the MBB offers (MBB's usually force everyone to join at the same JA/A level. Some outliers that joined MBB's as consultants earn slightly more). However, the gaps shorten considerably as you level up
3) Varies, if you're on a non-travel project WLB is decent (~50-60 hrs and WFH). If travelling then similar to MBB's
4) Exit opps: Have seen colleagues and ex colleagues go for startups and internal strategy groups of companies. To nobody's surprise, Tech or tech aligned exits are pretty common