The comparison between the top 3 and the big 4 consulting firms is an interesting comparison. The three main management consulting firms are McKinsey, Bain and BCG, known as MBB firms. They are not necessarily the biggest firms, but rather the ones that have the most prestige and can charge high commissions to their clients. The Big 4 refer to the top 4 accounting firms.
These firms may have strategy branches that compete with MBB firms, but most of their business is related to accounting. So let's do a little comparison between the top 3 and the top 4 consulting firms and see what some of the differences are. If you're looking for what firms to apply to, this should provide you with some useful facts to consider. McKinsey is widely regarded as one of the best options for developing a high-level professional career.
Due to their competitive environment, there is sometimes a high turnover among young consultants. However, those who persevere are rewarded with great opportunities. To avoid becoming spectators of the race for digitalization, companies of all sizes are hiring consultants to help them with technological and business transformations. Business skills, the best talent, a wide geographical reach, together with technological capabilities, are attractive qualities of large consulting firms, and it is known that major companies have both characteristics, which means that companies often treat them as the usual first stop for new projects.
This consulting firm is located in New York City and has an extensive network of business connections in Europe and the Asia-Pacific region. However, the market share of the four major companies in the consulting market is nowhere close to their dominant position in the auditing sector, where in some countries they have more than 80% of the business in the upper segment. Consultants typically dedicate two to three years to each position, with a career spanning six positions, from business analyst to partner. Both have successfully harnessed their traditional reputation to land important work in the digital transformation market, as companies from various sectors seek to integrate new business models to address industry-specific disruptions.
Its engineering services portfolio is one of the strongest of all consulting firms, and it is also known for its lines of business in the public and nonprofit sectors. For example, a project may involve the implementation of a new process or technology in multiple areas of the client's business or a reorganization of business units.