McKinsey VS BCG VS Bain (London)

Question

Hi, some people seem to say that there are a lot of differences between these three firms while some say they don't, so I just wanted to get as many opinions as I could.

I wanted to know how the three firms differ in:

1) Working culture (within the company & BAs)

More formal? More casual?
Supportive VS Competitive?

2) Staffing

How much say do I really have?

3) Industry groups

Which industry groups do each of these firms specialise in/are better at?

4) Up or Out

Which one has the strictest up or out policy?

5) MBA

Which one's more willing to sponsor MBA? Is it possible for the London office at any of these three firms to sponsor MBA in the US (provided I return to work in the London office afterwards)?

6) Exit opportunity

I guess this question relates to the industry group question but would any of the three banks give me a better standing in terms of certain exits?

7) work-life

Will I work longer hours/travel more in any of the three firms?

8) Compensation/benefit

I'm assuming this is pretty levelled, but are the compensations or employee benefits vastly different between the three firms?

Thank you!

Answer 1

Hi there,

Firstly, you need to network! These are the types of questions you will get a much better understanding of through phone calls/conversations.

Secondly, there is a level of office/country specificity that you need to be aware of.

1) Working culture (within the company & BAs)

Office/country dependent

Mckinsey probably more formal

I think each MBBer will defend their own as more supportive, but the general sentiment is Bain=most supportive, McK = most competitive

2) Staffing

How much say do I really have?

This is so dependent on you/office (what prior experience you have and if you'll be pigeon-holed, how much networking you do, what the office needs)

I'd say you have less say than they make it out to be, but more say than most people “resign” themselves to.

3) Industry groups

Which industry groups do each of these firms specialise in/are better at?

Immensely varies by office/country. That said Bain is more PE/DD. BCG is growing immensely in the digital/tech space.

4) Up or Out

Which one has the strictest up or out policy?

Counting pennies here. They're all tough.

5) MBA

Which one's more willing to sponsor MBA? Is it possible for the London office at any of these three firms to sponsor MBA in the US (provided I return to work in the London office afterwards)?

My understanding is all of them. (again, office/country variation)

6) Exit opportunity

I guess this question relates to the industry group question but would any of the three banks give me a better standing in terms of certain exits?

Yes. But I could write an essay on these differents. That said, again, your country/office changes a lot as well as the projects you get put on

7) work-life

Will I work longer hours/travel more in any of the three firms?

Again, variation across countries is higher than across companies. Also huge variation across projects/bosses. These numbers change over the years as well, but, ultimately, you're working a LOT at all 3 (what's the difference between 73 and 71 average per week?)

8) Compensation/benefit

I'm assuming this is pretty levelled, but are the compensations or employee benefits vastly different between the three firms?

No major differences.

Answer 2

Hi there,

I'd mostly agree with Ian's points.

Wanted to add one additional perspective on how to choose what's the right firm FOR YOU.

It's nice & interesting to do a long and thorough analysis and comparison across all the dimensions you just provided. When it comes to what's the right fit though, i'd always suggest you simplify and boil it down to where you resonate most with the people you already know, e.g.

Friends you have at the firm
Consultants you've met at work / networking
Folks you interacted with during recruiting / events

From my experience, the people fit is the single most important determinant to your satisfaction & well-being in the firm as well as your career success within the firm.

Let's be honest, ALL 3 firms have a cool, fun & interesting culture, in their own ways. All of them pay competitively and roughly the same (don't choose, based on a 5-10k delta for an entry-level position). They ALL have great reputation, exit opportunities across most industries and sponsor MBAs. Working hours will be long and up or out pressure will be on among ALL 3. In short, they are all great firms that have a lot to offer and for a reason are considered some of the world's best places to work for.

Where they do differ is the type of people they attract (which forms the company culture) - an MBB firm is a surprisingly homogenous bunch (not saying there are no overlaps with the other 2 of course). The better you bond with the people, the easier it will become to collaborate & build genuine relationships, the less painful the long hours will be, the more supported you will feel, and the more FUN you will have throughout the journey.

On the other hand, when you don't click, an MBB firm can be a quite sad and frustrating place, where it's hard to unlock your full potential. When you spend 60-70h+ a week in a project war room, it's just a massive waste of time, if you don't genuinely connect. Also, very frequently, the people i've seen leave early in BCG, have been struggling with the fit, which typically also results in poor performance.

So if you (and everyone reading this) are or will get into a privileged position to choose between 2 or even 3 of them, suggest you don't overcomplicate with a complex eval framework - pick, based on the people.

Hope this helps.

Answer 3

Beyond comp (McK pays the least at entry levels) and general culture (Bain is most collegial and local), they are broadly the same. MBB offices in London are big enough that your experience will largely depend on the people you work with and less about the specific firm.

Answer 4

Hello!

The ideal think would be to speak with someone who has been in both firms, since if not, you will constantly get one side of the story. Linkedin is super useful in these cases!

Hope it helps!

Cheers,

Clara

Answer 5

Hi there,

I agree with the answers given previously, in that there is not much real difference among the firms, judging from the conversations I've had with colleagues switching to BCG, mainly from McK. If I were you, I would base my decision on my personal industry interests and target the company that is the strongest in that space in London (as Ian said, industry focus among MBBs varies from city to city). Thus, in my case, I knew I wanted to work in healthcare, so BCG was always my top choice, and they are the market leader in HC in my city by a huge margin. All other differences are truly minor.

Hope this helps,

Best,