Consulting Firm Hierarchy + Questions
Was wondering where I can find more information on the following:
What's the Consultancy Hierarchy like? (I am aware of IBD hierarchy but not sure how it compares).
Leading back to the above, I'm confused what the Business Analyst does. I did look into some grad schemes to try understand but these shed no light on structure. Remain unsure if the analyst just supports (and then progresses to a more responsible, lead role i.e. Analyst -> Associate in IBD) or if it's different than aforementioned.
What is available in terms of career progression internally in the consulting field (And how long between roles), & externally, what exit opportunities are there? I've seen it is just in-house consulting but was wondering if people tend to even move over to PE/HF from Consulting - or if it's more popular from PE/HF -> Consulting.
Very simple one to end things off but - is entry-level consulting, management consulting, or is this varied between firms i.e. MBB it is, but perhaps at Big 4 not always the case. Would love some light shed on this please.
If there are any websites ideally would be great if you can share for some further reading.
McKinsey: Business Analyst > Associate > Engagement Manager > Associate Principal (or Associate Partner, can't recall) > Partner
BCG: Associate or Senior Associate [for experienced hires] > Consultant > Project Leader > Principal > Partner
Bain: Associate Consultant > Senior Associate Consultant > Consultant > Manager > Senior Manager > Associate Partner > Partner
We have a more granular trajectory, but note that for example McKinsey has Senior and Junior versions of many roles above
BA = A = AC (most junior role, post UG or little work experience)
A = C = C (classic consultant role, post-MBA or 8+ y of exp. in the UK)
EM = PL = SM (for confirmed project managers overseeing entire teams)
Business Analyst / Associate / Associate Consultant role
Basically you are in charge of a lot of data collecting, data cleaning, researching, modelling, and occasionally (depending on experience, steer, and PD opportunities) slide/output production and insight generation
Generally, your supervisor will do most of the "thinking" in addition to supervising you and also doing a lot of the work themselves, but as you learn on the job, you'll be entrusted with more and more significant bits of work
Career progression + Exits
Here the progression looks like:
AC (1-2y, depending on geo) > SAC (1y) > C (2y) > M (1y) > SM (2-3y) > AP (2-3y) > Partner
Exits tend to be to corporate roles in Corp Dev / Corp Strategy, etc., many leave for PE or startups too, and finally some people choose to become entrepreneurs or go the non-profit route
Don't think anyone does PE / HF full-time and then comes to us. I don't think it's impossible, but it would be a massive step down in income
At MBB we (almost) only do strategy consulting, although we also now started doing some implementation / follow-on work, but that segment is dominated by the Big 4
Other strat consulting firms (esp. good at the PE stuff) are LEK, EYP, Monitor, S&, or in Europe the likes of Roland Berger, Simon Kucher, OC&C in the UK
Wow, smashed my question out the park.
Thanks for the help man.
If you don't mind me asking what sort of comp ranges are there between each range? Not for each MBB you just mentioned of course, rather just generally to get an understanding.
I have been compiling those figures quite actively because I hate the "hide & seek" approach to salaries, especially since you can find out within 3 months of joining.
From your post history, I'll wager you are in the UK (otherwise let me know, I have the US figures too), in that case here is the below for London. Confidence level in % in [xx%] and figures are in GBP for 2023.
BTW, if my BCG and McKinsey current counterparts want to chime in to correct their figures, please do so. I genuinely believe this should all be public information to begin with.
And for folks from the US already preparing to "lament" at the "low" salaries in the UK, remember that (i) the exchange rate would add ~20-25% to the below, (ii) we have a more heavily subsidised healthcare system here, and (iii) this does not account for the pension contributions made by firms on our behalf, which is ~9%. Doesn't fully balance it out, but I just want to point out that this is a very different system.
BCG in the US doesnt have a senior associate role for promo unless you come in as experienced hire - its Associate -> Consultant (2 years) and on ward
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