I'm an MD with offers to join BCG's and McK's healthcare / life-sci practice in NYC. What are the pros and cons of each, and what's ultimately the better choice? What other factors should I consider? I'm not set on the end goal yet, but I'm strongly considering VC/HF exits, partner track, or pharma.
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There really is not much difference in the prestige or the type of projects you will do at either, neither will it affect exits much if at all. The primary difference will be the staffing model -- McKinsey is global, which means travel pretty much every week (at least once travel is back to normal). BCG is more flexible and regional - you can find local projects requiring little travel or international projects (though the former is probably more likely considering the East Coast has a ton of LS/Pharma companies). The second major difference is the vibe and connections you made to people at both firms - I've found BCG to be more nerdy/academic and McKinsey to be the hustlers who are proud of being at the no.1 firm, but that's just my impression. The third difference is that BCG has historically paid their consultants more. McKinsey and Bain usually follow suit but the compensation can still be significantly different at higher levels, though Partners likely have a higher max range at McKinsey. I would consider these factors while making the decision, but you can't really go wrong with either.
Two things:
Yes, the staffing model is different, but can confirm Mck is trending regional, and "global" is not the right word - I'm not sure how the world has blown up that "global" idea, but even on their own website Staffing at McK:
"Staffing begins by exploring local or regional opportunities, and then national opportunities. International opportunities may be options if you’re interested in them. Working outside of your home office/region is usually the result of your desire to pursue work in other locations or in industries not served by your home office/region."
So I would advise to not over-index on this. I think the difference there is that both are regional, but you have more flexibility to work on the west coast or abroad if you really really wanted it at M.
Either way I would suggest just picking off people you enjoyed talking to more. Both are just a job, mck maybe a bit better for VC/HF exits off perceived "pedigree" for some HF
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