Why is MBB so sought after vs. Deloitte, PwC, Accenture, S&?
I know this might be sacrilege but as a neophyte to the consulting world's nooks and crannies, I wanted to know why MBB is so highly regarded versus, say, Deloitte, PwC, Strategy&, Accenture, or any number of other "top" consulting firms. Sure, it looks like the salaries are slightly (though not always) higher at MBB but is that the sole reason? Is there something I'm not seeing or hearing? Is it advancement opportunities that aren't available at other firms? Although it seems to me that if MBB are hiring all the top people, the likelihood that you'll get into a senior role as a real smart cookie is lower than if you chose to go to one of the other firms and knocked it out of the park there.
My real question: is the love for MBB hype?
(Asking as a potential bschool student career changer looking for the best opportunities out there in consulting and trying to discern between the various options.)
Short answer - better exit opportunities.
Most people really don't plan to be career consultants. I guess you'll get the honor of dying with Marriott lifetime super mega platinum status.
I can't speak to the promotion and responsibilities aspect of it, but better "opportunities" in my opinion could be better cases. The types of work that people are willing to pay McKinsey prices for is often sexier.
There are multiple reasons why MBB is generally considered better than the other firms you listed. Of course, these differences vary from firm to firm, but as a generally rule the main pros of being at a top firm are:
I think the primary difference between MBB and Tier 2 Firms is the ability to recruit for PE/VC positions.
Everything else - whether it be a MBA business schools">M7 MBA, Startup roles, Corporate Strategy roles, other Industry positions, I've seen T2 candidates break in.
Can anyone comment on the reality of MBB to PE/VC? Or T2 to PE/VC? Are the majority on operating companies within PE? I'm mainly wondering about the post-MBA level.
Scrolling around linkedin and company teams, it looks like everyone in MF PE is coming from IB with an MBB alum few and far between.
You don't advance at a firm like Deloitte by being a "real smart cookie", you advance by grinding more / being willing to sacrifice more.
Talent is better across the board at MBB versus the others. Better talent means better managers when you're new, and better staff to manage when you're a manager.
Tech perspective:
I've worked at Accenture (8 years), McKinsey (3 years) and currently work at a start up (since 2017).
McKinsey gives you general consulting skills, and that's helpful, but the MBBs have been very slow to capitalise in a world that so strongly dominated by the progress we're seeing in tech (AI, Web3.0 etc.) and I believe ultimately, this will be their downfall. They are struggling to compete from a capability and pricing perspective (no CEO is willing to pay MBB premiums for data scientists as the quality across the Big4 and MBB for tech talent is the same) and are paying significant premiums on acquisitions hoping to break in.
Re. exit opportunities: If it's PE that you want, then work at MBB; If it's VC or startup, work at either Deloitte or Accenture. VCs that focus on tech companies (that's where the real money is) want to hire people who have either worked at start ups or worked in technology consulting so they can identify the real deal.
This x100. Poster knows whomst they are talking about.