In deciding between MBB, would you guys offer any insights about differences between the three firms or things to think about while making a decision? All three offers are from the same city.
McKinsey vs Bain vs BCG
If you've worked hard enough to secure an offer at all three firms then congratulations. These firms are the most prestigious in consulting. All of these firms offer great exit opportunities and pay. However these firms still have their individual strengths and weaknesses.
Lets take a look at each firm in terms of pay at the first year associate level. The following figures are being pulled from the 2017 Wall Street Oasis Consulting Industry Report. Compensation figures are calculated by adding average salary to average bonus.
- Average base: 126.4k
- Average bonus: 25.5k
- All in compensation: 151.9k
Boston Consulting Group (BCG) Salary
- Average base: 81.4k
- Average bonus: 15k
- All in compensation: 96.4k
- Average base: 74.4k
- Average bonus: 16.5k
- All in compensation: 90.9k
On the whole, Mckinsey and Company pays its first year associates the best by a large degree.
MBB: Management Consulting Lifestyle
Next, lets see how these firms compare in terms of lifestyle. Each firm will is given a percentage based on time off, hours worked and overall work life balance. Each metric is designed to answer each of the the following questions.
- Time off: Management support for needed time off?
- Work life balance: Employer support in balancing between work life and personal life?
- Average hours worked: How many hours do you work an average?
Working at Mckinsey
- Time Off: 94.4%
- Work life balance: 86.7%
- Average hours worked: 69.1
Working at Bain
- Time Off: 89.9%
- Work life balance: 91.1%
- Average hours worked: 64.9
Working at Boston Consulting Group (BCG)
- Time Off: 87.8%
- Work life balance: 81.1%
- Average hours worked: 63.7
In terms of pay and time off Mckinsey & Co. leads the group. Bain comes in first for best work life balance and second in pay. Finally, BCG comes in first place with the least amount of average hours worked.
In summary, all of these are fantastic places to begin a career in management consulting. All three firms are top tier for almost every metric used in the consulting industry report. After all, they have their own acronym for a reason.
Curious about how your firm stacks up against MBB and other elite firms? Check out the 2017 Consulting Industry Report for more compensation data and the most up to date information. Click the link below to get started.