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McKinsey and Company, generally referred to as McKinsey, is a high-profile consultancy firm, often regarded as the best in the business. It caters for clients across 18 different sectors, ranging from energy to telecommunications and healthcare. These include private, public and not-for-profit organisations.
McKinsey is called in to tackle an equally broad range of issues. In the past, clients have asked them to explore international expansion opportunities, address company structure, and recommend cost efficiency measures. Projects tend to affect whole organisations and involve senior management.
The firm provides consultancy services across eight different business functions:
The consultancy produces a number of publications, including McKinsey Quarterly, which is written by McKinsey consultants with the aim of generating discussion about better management practices.
It also runs four McKinsey Knowledge Centres, in China, India, the Americas and now in Europe, with the recent creation of a new base in Wroclaw, Poland. These are central hubs that provide information to help consultants. The knowledge centre research teams focus on issues such as market and sector trends and geographical and national traits, and produce financial models for colleagues to use as they work on their projects.
Knowledge centres feed consultants with information.
The knowledge centres underpin the culture of expert knowledge across the breadth of the organisation. The idea is to draw together understanding of best practice and innovative strategies, and making this available to consultants so they can provide clients with the best possible solutions.
McKinsey does not reveal details of its clients, but a number of organisations have acknowledged its involvement. McKinsey is known to have done consultancy work for:
McKinsey has predicted that:
Reports suggest that applicants could earn anywhere between £32,000 and £38,000 on entry to a business analyst position. This could progress into the £40,000 to £50,000 bracket within the next couple of years. Candidates should be aware, however, that they will be expected to put in long hours. Reports would have it that 12 to 14 hour working days are not uncommon.
McKinsey has a very strong reputation and its employees are aware that they have to maintain an image of professionalism and dynamism. The dress code is formal and it is considered important to look smart at all times.
The rigorous recruitment process is said to give employees a sense of their worth to the firm from the outset, as they have already had to prove themselves in order to get in. Working hours can be long, which is typical of the consultancy field. Flexible working arrangements are available, but are usually for more senior staff.
Consultants have to be prepared to challenge clients’ views.
Employees are likely to find that the working culture demands a great deal of effort and some personal sacrifices. Some manage the work/life balance, but others may struggle with the extensive travel and long hours required for some projects.
McKinsey’s approach tends to be strongly focused on the end goal. In essence, the consultant’s role is seen as getting to grips with the issues involved in the project and identifying how to resolve them. It is essential to appreciate the client’s position, but not to pander to it. Consultants at McKinsey have to be prepared to challenge clients’ views and present solutions that may, at times, be unpopular with them.
Similarly, employees are expected to have the confidence to disagree with senior members of their team – only, however, if the suggestion is of practical benefit to the client or the work of the unit.
McKinsey is privy to a large amount of confidential information and works for clients who may be in competition with each other. In order to avoid conflicts of interest, information about projects is not discussed beyond individuals who need to be in the know.
The ‘up or out’ approach means that many new recruits have fairly short life spans at the company, often two or three years on average. The basic principle is that if candidates are not promoted, it may be time for them to explore options outside the company. This is not to say that the employee has failed in any way; rather, it means that they have gone as far as they can at McKinsey, and should now move on to excel elsewhere.
Many new recruits have fairly short life spans at the company.
This policy has provided McKinsey with a vast and influential alumni network, as many of their former employees go on to have successful careers in other fields. It results in frequent changes in personnel, with only a very limited number progressing through the ranks to the highest levels. Indeed, it is extremely rare for someone joining as a business analyst to reach the point of becoming a director in the firm.
McKinsey’s alumni network includes many company executives and successful entrepreneurs, giving the organisation close ties with a number of high-profile businesses in a variety of different sectors. The alumni network is a resource that helps McKinsey to generate new business, and develop existing consultancy relationships.
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