Hi there,

There is a big difference between the two. 

While both engage in management consulting, McKinsey is among the top-3 (MBB), which comes with significantly 

• higher prestige
• higher impact in client work (larger clients, more impactful projects)
• higher remuneration (especially as you progress up the ranks)
• better exit opportunities
• better support systems for consultants
• …

There are, of course, downsides as well. McKinsey has 

• a worse work-life balance (client expectations, leadership expectations, travel logistics, work hours)
• more stringent, albeit not crazy, up-or-out policy

For your research, you should look into all MBBs and Tier-2 firms when applying for consulting, not just 2 at the opposite end of the spectrum. A few years ago, PwC bought Strategy&, another consulting firm that ranks in the tier-2 segment. You could also look further into this company.

All the best,

Florian

I see you received a few great answers below. 

One tip though - make this question a conversation starter for networking coffee chats. 

So practically approach consultants currently working at the two firms and ask them for their perspective and their thoughts on it. Based on how the conversation goes, you might even get a referral from it. 

Here's how to lead these conversations:

• Expert Guide: How To Handle Networking Calls and Get Referrals

Best,

Cristian

McKinsey, much higher prestige, better training, more analytically challenging projects, faster career progression, better pay, better brand, better exit opportunities, but more demanding (in terms of performance, rigour / tolerance to errors, and hours). PwC more likely to do process improvement or implementation work.