2 – McKinsey & Company
McKinsey & Company. The name alone opens doors and gives its consultants opportunities that leave others salivating. Within the profession, it remains the preeminent firm that others measure themselves against.
"The smartest people you have ever worked with will be your colleagues, and you have exposure to extremely senior executives in most client situations," says a 31-year-old associate consultant in Seattle.
Client teams are small: Only three to five consultants work on teams led by an engagement manager on projects that usually last about four months. Mentoring remains a cornerstone of this 77-year-old firm's culture.
From when they walk in the door to when they are elected partner, the professionals at McKinsey are provided continuous training. About 96 percent of our McKinsey respondents are very satisfied or satisfied with the training opportunities offered by the firm.
The firm practices an up-or-out policy and has demanding qualitative performance standards. But professionals here are measured by their impact on their clients, rather than billable hours or the revenue they generate. They are also judged on the support they provide to their colleagues and to the firm's knowledge base and on their leadership abilities.
McKinsey is the land of the free. When serving clients, 100 percent of the respondents agree that McKinsey always or very frequently maintains the highest standards of objectivity and independence.
"McKinsey's firm values differentiate us from other professional services firms and are our source of distinction," a New York–based principal who joined the firm 10 years ago. "Given our standards, it is hard work and long hours, and consumes a significant portion of your life."
But compensation is commensurate with the effort required. The firm's business model requires its members to work side-by-side with its clients. As a result, McKinseyites travel a lot. About 47 percent of the McKinsey consultants we surveyed travel between three and five days per week.
There is some evidence that work/life balance exists at McKinsey, although it appears to require considerable effort to achieve. Nearly 90 percent of McKinsey respondents work more than 56 hours per week, but many work out of their home office on Fridays. Firm officials report that as of this year, 18 members of the firm have been elected partner while on a part-time program.
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