If I understand correctly, through PIPE you're referring to the private equity practice at MBBs. As far as I know, it's PIPE in BCG, PEPI in McK. If that's it, here are my thoughts below:
- type of work done
Basically expect to be doing mostly due diligence (DD) projects (2-4 weeks engagements), quite intense, across various industries.
- hours on the job
The longest. Doing DDs is notoriously hard and consultants generally run away from them as much as possible unless they are generally interested in private equity and potentially working in that field post-consulting
- career progression
PEPI is a good place to learn. The good part of constantly being put under pressure is that your skills are growing on steroids and you'll get better faster than any one else. You'll also get exposure to many many people in the firm because of the short duration of engagements which will force you to change teams often.
If you're in a practice (at least in McK), you're basically a generalist consultant with a % dedicated to work that practice is focusing on. So you could be doing 50% PEPI and the rest other types of projects. That rarely influences remuneration so I would expect it to stay about the same
Hope this helps! Good luck with the application!