2020 Vault Rankings
At a Glance
“Opportunities to make a difference.”
“Strong, collaborative relationships and compelling work.”
“People, learning, advancement, compensation, and peer-like relationships with leadership.”
“Depending on the project, hours can be difficult.”
“Pace and pressure to perform can be challenging.”
“Clients are demanding.”
“Best-in-class management consulting.”
“Cutting edge thought leadership.”
“Large and renowned strategy consultancy.”
About McKinsey & Company
During this uncertain time, McKinsey is taking a through cycle approach, meaning we continue recruiting and don’t foresee major changes to our hiring approach. We are honoring the extended offers we’ve made, including for our graduate hires and summer interns.
The health and safety of our people is obviously our top concern so some internships and onboarding may need to be virtual. We are fortunate to have the technology and flexibility to move recruiting events and other aspects to a virtual format as needed. In addition, many of our people have worked from home occasionally or regularly in the past so we have not been interrupted by stay at home rules around the world. All colleagues have access to support, including a free, confidential 24/7 Colleague Support Center, CoachNow, to get coaching sessions by phone or VC, our Mind Matters intranet site to help colleagues and their families with mental health support, and all Firm colleagues have free Headspace Plus accounts.
In terms of client work, it’s fair to say our clients have never needed us more and we’re having important conversations with our senior-most clients about how they protect their people, their customers and their business. This means McKinsey can provide our people with the same incredible career and networking opportunities we’re known for.
McKinsey & Company is a privately owned management consulting firm. Roundly considered the most prestigious company of its kind, it has achieved a near-universal level of renown, despite a decades-long commitment to confidentiality that shrouds details of McKinsey’s work-and its client list-in secrecy. In its practice areas, it addresses strategic, organizational, operational and technological issues, always with a focus of doing what is right for the client's business, not what is best for McKinsey's bottom line.
The range of those specialties encompasses everything from commodities and natural resources to media, entertainment, and high tech. While it doesn't share the names of its clients, the firm does claim to serve roughly 90 of the top-100 corporations worldwide and more than 80 of the 100 largest U.S.-based companies. On the public/social sector side, McKinsey has completed almost 4,000 projects for social-sector organizations (foundations and nonprofits), local, regional, national, and international governments and public-sector bodies over the last five years.
The early days
In 1926, James O. McKinsey, founded the business to give local companies financial and accounting advice. Before long, he realized that clients' financial data could be interpreted to help make better management decisions. Thanks to this innovation, McKinsey is credited with the idea of using consultants, or "management engineers", for the first time. Although the firm is his namesake, it was one of his protégés, Marvin Bower, who is most remembered for shaping the direction of the firm.
Most notably, Bower is known for molding the McKinsey culture, mainly through a three-part code of conduct outlining certain ideals consultants were to uphold—something that remains in place today. Among these values are putting client interests ahead of those of the firm, giving superior service and maintaining the highest ethical standards. Bower, who joined the firm in 1933 and later served as managing director, first articulated the consultant's obligation to advocate for what he or she believes to be true.
Degrees of success
McKinsey’s historic reputation for concentrating hiring efforts on recent MBAs from top schools—becoming the MBA employer of choice—still persists, though it does not reflect the realities of the firm's modern composition. Not because MBA students no longer want to work for the firm, but because McKinsey seeks exceptional people, regardless of where that talent may be. JDs, MDs and PhDs are just as likely to be found wandering McKinsey’s halls as B-school grads or undergrads. As McKinsey's client needs have evolved, it also hires more specialized and experienced profiles such as people with change management expertise or digital design and development experience.
Those who choose to move beyond the firm—regardless of their tenure when they depart—tend to have a better-than-average chance of finding success. More than a quarter of the firm's former consultants have gone on to found their own businesses, while 450+ ex-McKinseyites are leading $1 billion enterprises worldwide, including almost 50 leaders in equivalent public and social sector organizations.
As a single, global entity, McKinsey has no headquarters office. Instead, the firm operates what it calls a "one-firm" partnership model, with offices across the world sharing values and cultural norms. This allows the firm to assemble teams of experts in ways that best serve their clients. Consultants are attached to a particular office and quickly build a local community, and they also work with colleagues from other locations. Individuals may choose to transfer to other offices for engagements or for the long term.
The firm is committed to social impact and uses its intellectual, financial and convening power to help address issues such as disease, poverty, climate change, and natural disasters. The firm invests its resources in research on topics such as education, and in extensive pro bono and volunteer work. It recently published its Social Responsibility Report, to capture in one place some of the ways it strives to have a broader impact on society.
The firm also invests to advance an understanding of and resource productivity issues, including carbon abatement. Also, as of 2018, McKinsey is carbon neutral and achieved Climate Neutral Company status, certified by South Pole.
Through McKinsey Global Institute (MGI), the firm publishes research on pressing socio-economic issues which it hopes helps to build a better society by providing business and political leaders with the insights they need to make good decisions.
In the News
The Rise of A.I. Threatens to Leave Women Behind: Broadsheet
McKinsey’s Liz Hilton Segel and Lareina Yee share the results of a McKinsey Global Institute study that finds that an estimated 40 million to 160 million women will need to transition occupations or learn new skills to stay in the workforce by 2030. And while men will also be impacted, the authors say male workers are generally better positioned to deal with the technological shift. One big reason why: Women do three times more unpaid “care work” than men, leaving them with less time for and access to the training programs where vital new skills are being taught.
Introducing Kedro: The open source library for production-ready Machine Learning code
Kedro is the result of two years of work by a multi-disciplinary team of QuantumBlack colleagues. During this time, it has revolutionised our workflows and, following a fantastic response from clients, we made the decision to convert it into an open source tool. This was supported by the recent formation of QuantumBlack Labs, our technical innovation group which aims to produce an ecosystem of products facilitating advanced analytics at scale.
We have deployed Kedro internally in QuantumBlack and McKinsey & Company across more than 50 projects to date. Experienced Kedro users assert that the library has set a best practice standard for how teams should collaborate when writing code which is meant to be production-ready from the beginning, by delivering a disciplined starting point and workflow for analytics projects.
The job interview of the future is already here
Companies are drastically reshaping the way they measure people’s abilities.
Over the past four months, 2,000 people trying to get hired by McKinsey have been plonked in front of a computer screen showing a picture of an island and these words: “You are the caretaker of an island where plants and animals live in a variety of diverse ecosystems.”
This is the start of a computer game the consultancy is testing as it tries to lure clever, tech-savvy people from beyond its traditional Ivy League business school hunting grounds.
McKinsey’s island game was built for the firm by a US start-up called Imbellus whose 20-something founder, Rebecca Kantar, wants to drastically reshape the way we measure people’s abilities.
With the Launch of McKinsey Design, the Consulting Group Confirms the Importance of Design to Business
IBM’s T. J. Watson Jr. said so half a century ago. But quantifying the difference that design makes has largely been the stuff of guesswork—until now. McKinsey & Company, one of the world’s most influential and secretive (and, at times, controversial) management consulting firms, has released “The Business Value of Design,” a new report based on a five-year study of 300 public companies. It comes at the same time that the firm is introducing McKinsey Design, its dedicated design wing, which encompasses teams focusing on product design, experience design, and service design. With some 350 designers already spread across ten global studios, “we’re the biggest design firm you’ve never heard of,” says Hugo Sarrazin, senior partner at McKinsey Design in Silicon Valley.
McKinsey’s latest AI research predicts it could create trillions worth of value ... someday
McKinsey Global Institute’s latest research on artificial intelligence focuses on how AI will affect business, analyzing 400 use cases — from airlines avoiding flight cancellations to online retailers recommending items — across 19 industries.
In aggregate, McKinsey projects that AI could eventually drive between $3.5 trillion and $5.8 trillion of annual economic value in those industries — a wide range, and with no timeline on that forecast.
More Evidence That Company Diversity Leads To Better Profits – Forbes
That a company with more diverse representation in senior management will likely achieve greater profits is not breaking news. Those realities came to light in a 2015 report from McKinsey & Company, and in another, a year later, from the Peterson Institute for International Economics. Compounding these findings is another report from McKinsey, a management consulting firm, titled “Delivering Through Diversity,” released last week, which shows that gender diversity in management positions actually increases profitability more than previously thought.
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