Receiving an offer from any of the Big Three or Big Four consulting firms is something to celebrate and a great achievement as the graduate application process for all of these consulting firms is equally tough. Still, some candidates will receive offers from more than one organization, so, if you had the choice of one of these firms, then which one should you choose?
Perhaps unsurprisingly, there is little difference in the Glassdoor ratings of each firm, and this most likely reflects the similarity in the work they do and the constant movement of employees between them.
All the firms are ranked in the top graduate employer lists consistently year on year and are deemed to be great places to work.
The salary structure within the Big Three consulting firms (McKinsey, BCG, and Bain) and the Big Four consulting firms (Deloitte, PwC, EY and KPMG) can vary based on several factors, including location, level of seniority, performance, and the specific service line or practice area. Here are some general considerations regarding salary differences:
For entry level positions, the Big Three consulting firms tend to offer higher base salaries compared to the Big Four. This discrepancy can be attributed to the highly competitive nature of securing a position at McKinsey, BCG, and Bain and the specialized focus on strategy consulting, which often attracts top-tier talent.
At the Big Three, the base salary for an Undergraduate and Master’s Consultant in the US varies between 110,000 USD (BCG) and 112,000 USD (McKinsey, Bain). On top, a performance bonus of up to 30,000 USD (McKinsey) is possible and you may be supported with housing allowance, relocation services and retirement benefits. Moreover, the Big Three usually offer a signing bonus of roughly 5,000 USD.
Looking across the Big Four firms, there are differences in salary between the four and also between the professional service practices. For example, the strategy consulting practice of PwC, Strategy&, pays roughly 50% more in starting salary than they do for audit graduates.
For entry-level positions, Deloitte pays the most with a base salary of about 88,000 USD to 95,000 USD. It is followed by PwC and EY with roughly 85,000 USD. KPMG has the broadest range for entry-level positions with base salaries ranging from 78,000 USD to 90,000 USD. Just as the Big Three, the Big Four also offer performance bonuses, but usually on a smaller scale. You can most likely expect to get up to 15,000 USD on top of your base salary but note that the regulations for these bonuses are quite different between the firms. A signing bonus is also quite common among the Big Four, so you can look forward to about 5,000 USD that sweeten the start into your career in consulting.
Compensation packages also include benefits and perks, such as health insurance, retirement plans, vacation time, and professional development opportunities. While the general benefits packages offered by the Big Three and the Big Four are competitive, there may be variations in specific benefits based on firm policies and practices.
The work environment in the Big Three firms is often described as fast-paced, intense, and very demanding. The nature of their strategic engagements and high-profile clients may lead to longer working hours and more extensive travel activities than you may encounter when working for the Big Four.
The Big Four consulting firms, while still demanding, often provide a more balanced work environment due to their broader service lines and varied projects. However, the workload can still be demanding during peak periods as in the professional services world, it is very common to work 12+ hours days, 5 days a week.
A career in either the Big Three or the Big Four consulting firms is already an achievement, so if you have made it this far, you can already be very proud of yourself. Nevertheless, there are some differences between the groups, so let’s take a look at them:
The Big Three consulting firms are the most prestigious firms in the consulting industry, so career opportunities could not be better. Many alumni of McKinsey, BCG, or Bain now work in industry leadership positions and executive roles, such as CEOs, CFOs, or other C-suite positions. Consultants often move into corporate strategy or business development roles of former clients and leverage their expertise in strategy formulation, market analysis, and organizational design. The analytical and strategic skills gained at one of the Big Three consulting firms also make alumni attractive candidates for private equity and venture capital firms and their entrepreneurial drive often results in the launch of their own startups, or ventures.
The Big Four consulting firms are a little less prestigious than MBB, but still offer great career opportunities. Their alumni may not be as widely represented in C-suite positions as the colleagues from McKinsey, BCG, or Bain, are, but taking on a leadership role in an SMU or startup is still a very common career path for former consultants at the Big Four. Due to the global network of these firms, there are also opportunities for international projects, or secondments.
The Big Four firms also offer diverse internal corporate roles, enabling professionals to contribute to the firm's operations, strategy, marketing, human resources, technology, and other functional areas. These roles support the overall functioning of the firms and provide opportunities for individuals who prefer working in internal-facing positions, which usually require less traveling and offer a better work-life-balance than client-facing roles.