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Consultancy Career Advice
McKinsey: The Company
McKinsey & Company is an international management consulting firm that specialises in executive and senior management. It is one of the MBB firms, the three most prestigious consulting companies in the world, along with Bain & Company and The Boston Consulting Group. In Australia and New Zealand, McKinsey has offices in Auckland, Melbourne and Sydney and serves clients across all industry sectors.
Consulting jobs at McKinsey
McKinsey & Company has been called one of the top employers for MBA graduates for at least 15 years. In Australia, the company's lines of service include Strategy, Leadership & Governance, Performance Leadership & Organisation, Operations, Marketing and Business Technology.
Graduate hires with a Bachelor's or Master's Degree typically join the company as Business Analysts or Associates, then progress to Engagement Managers, Associate Principals, and possibly Partners oand Directors. Graduates with an MBA and experienced hires join at Associate Principal level, a position described as team leader or 'partner in training.'
High performing Business Analysts are offered to become part of McKinsey's Fellowship Program in their second or third year. The program allows them to take on postgraduate studies, funded by the company, and try their hand at a different industry before they return to McKinsey as associates.
All McKinsey consultants are offered a variety of training opportunities, among them the Basic Consultant Readiness program, Business Analyst Training and, for associates, the Initial Leadship Workshop. The company also offers part-time opportunities to its employees, as well as global mobility opportunities and extended periods of leave over time between assignments.
McKinsey accepts job applications from consultants who are not Australian citizens and helps those who get formal offers obtain a visa.
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McKinsey was established in 1926 by James O. McKinsey, an accounting professor at the University of Chicago Booth School of Business. Today, McKinsey is considered to be the father of managerial accounting.
The company was originally named James O. McKinsey and Company. Initially, McKinsey had left his academic career behind to provide finance and budgeting services, but his firm's growing reputation for providing advice on management and organisation issues took his plans in a slightly different direction.
In 1933, Marvin Bower joined the firm. With both a JD and an MBA from Harvard University, Bower began to shape the company into what it is today.
In the mid-1930s, McKinsey merged with Scovell, Wellington & Company to become McKinsey, Wellington & Company. The new firm had both an accounting arm and a management engineering division. The term 'management engineering' was replaced by 'management consulting' toward the end of the decade.
McKinsey died of pneumonia in 1937 and the company was split two years later. C. Oliver Wellington took over Scovell, Wellington & Company once again and took the accounting arm with him, while the company's management engineering arm was split into two new firms: McKinsey & Company, led by Marvin Bower, Dick Fletcher and Guy Crockett, and McKinsey, Kearney & Company, led by Andrew Thomas Kearney. The companies formally parted in 1952, with Marvin Bower keeping the McKinsey name and Kearney's firm becoming A.T. Kearney & Company, another management consulting giant in the making.
McKinsey continued to grow its base of clients and open new offices over the following decades. By the 1990s, the company employed more than 5,000 consultants globally and founded the McKinsey Global Institute to provide their consultants with knowledge of economic issues of consequence to their clients.
Today, McKinsey employs about 9,000 consultants globally, has over 100 offices in more than 45 countries, and serves two-thirds of the Fortune 1000.
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