Guide: Choosing the Right Management

Consulting Firm for Your Career

As candidates seeking to embark on a promising career in management consulting, you may be
contemplating which top firms align with your aspirations. This guide will provide a comprehensive
overview of three prominent consulting firms – Oliver Wyman, Bain & Company, and Boston
Consulting Group (BCG). Each firm has its unique characteristics, history, strengths, culture, and
interview expectations.

I. Oliver Wyman: A Global Leader with a Diverse Portfolio

Background:

● Oliver Wyman's roots date back to 1984 when it was founded in New York as Oliver,
Wyman & Company. Over the years, the firm underwent mergers and acquisitions, evolving into the
organization it is today.
● Oliver Wyman is renowned for its specialization in the financial services sector, serving over
80% of the world's largest financial institutions. However, it has expanded its reach into technology,
public sector, consumer goods, and aviation.

Work Culture:
1. High Trust and Responsibility:

● Consultants are trusted implicitly and given significant responsibility from the beginning,
including interactions with senior stakeholders.
● The firm adopts a non-hierarchical approach, valuing input from all consultants equally.

2. Flexibility and Rapid Development:

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 ● Consultants have flexibility in prioritizing their work, focusing on meeting deadlines while
choosing their approach.
● High responsibility accelerates consultants’ development. Demonstrated abilities can lead
to higher-level tasks, enhancing skillsets and paving the way for promotion.

3. Substance Over Style:

● Oliver Wyman emphasizes fact-based recommendations over polished presentations.

● Consultants focus on delivering robust proposals, even if time constraints limit the
presentation’s polish.

4. Multi-Dimensional Support:

● Consultants have access to extensive resources, including internal knowledge databases,

insights from experts, and vast data sources.
● The Knowledge Services team assists in locating specific data, ensuring consultants have
the necessary information.
● New joiners receive formal support from advisors and informal mentorship from
experienced colleagues.

5. Emphasis on Fun and Friendship:

● The firm fosters a sociable and supportive environment, attracting diverse, like-minded
individuals.
● Annual office retreats, weekend social activities, practice offsites, regional events, and
sports tournaments promote team bonding and celebration.
● Consultants often socialize on weekends and even vacation together, forging enduring
friendships during their tenure.

Oliver Wyman’s culture promotes trust, growth, substance, and camaraderie, making it an engaging
and rewarding workplace for consultants.

Interview Insight

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 ● When getting ready for an interview with Oliver Wyman, it is crucial to effectively convey
your motivations for choosing this firm.
● To achieve this, precision is key. Avoid generic statements and strive to offer concrete
examples of how your strengths, objectives, or values harmonize with Oliver Wyman. This
alignment may pertain to the firm's work portfolio, the clientele it serves, or its corporate
culture.
● Additionally, demonstrating your familiarity with the company's environment through
thorough research can reinforce your positive impression.

II. Bain & Company: The Collaborative and Fast-Growing

Consultancy

Background

● Bain & Company is one of the world’s top-3 management consulting firms, together with
McKinsey and BCG. It is also one of the most selective employers in the world. With only
15,000 employees, Bain is smaller than both McKinsey and BCG.
● However, all three firms are of a similar pedigree and are considered to be in a league apart
from other consulting firms.
● Bain & Company was founded in 1973 in Boston by Bill Bain. It has a legacy of innovation
and has remained independent from Bain Capital since 1984.
● Bain is celebrated for its work in private equity and consumer goods. It introduced the Net
Promoter Score (NPS) and continues to drive innovation in these sectors.

Work Culture
Working at Bain is marked by a unique and attractive culture shaped by several key factors:
1.“Bainie never lets another Bainie fail”:
This motto embodies Bain's philosophy of collaboration and support. Team members invest
time and effort in coaching and assisting one another, fostering professional development.

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 2. Rapid Career Progression:
Unlike McKinsey and BCG, Bain allows high-performing consultants to ascend multiple
hierarchy levels simultaneously, enabling faster career advancement. Managers at Bain also
gain oversight responsibility earlier in their careers, distinguishing it from its competitors.

3. Emphasis on Feedback:
Feedback at Bain is a two-way street. It flows not only from managers to team members but
also upwards and sideways among peers. This feedback-intensive culture promotes continual
development and swift learning.

4. Results-Focused:
Prioritizing action and tangible outcomes, Bain consultants are expected to create results in
every strategy case, regardless of complexity. The firm's mission, rooted in the concept of
"True North," underscores its unwavering commitment to benefiting clients, people, and
communities.

5. Fun and Flexibility:

Bain's culture is known for its high energy and a commitment to enjoying work. Team
events, social gatherings, office parties, and the annual Bain World Cup sports competition
provide opportunities to build relationships and have fun. Additionally, career flexibility is
integral, allowing consultants to take extended leaves without affecting their careers.

Bain's culture thrives on collaboration, swift progress, feedback, delivering results, and
maintaining a fun and flexible work environment.

Interview Insight
● The inquiry "why Bain?" holds significant weight in Bain's fit interview process,
serving as a formal evaluation of a candidate's motivation for applying to the firm.
For prospective applicants, dedicating thoughtful consideration to formulating a
compelling response is crucial.

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 ● To craft a compelling answer, specificity is key; candidates should avoid vague
statements. Providing concrete examples of how one's strengths, objectives, or
values align with Bain's ethos can be highly impactful. This alignment can be
demonstrated in various aspects, such as Bain's work portfolio, the diverse range of
clients it serves, or the distinctive organizational culture it fosters.

● Additionally, showcasing the depth of research conducted about life at Bain is

invaluable. Illustrating why a positive impression has been formed, rooted in a
profound understanding of the firm's operations, can enhance the candidate's
credibility and suitability for joining Bain.

III. BCG: A Purpose-Driven Consultancy on the Rise

Background:

● Boston Consulting Group was established in 1963 and has grown to cover various industries
and geographies. It has invested significantly in digital and AI capabilities in recent years.

● BCG is known for pioneering concepts like the Growth Share Matrix and time-based
competition. It has an impressive alumni network and is gaining momentum in the industry.

● More recently, BCG has focused on expanding its environmental expertise, launching a
dedicated Climate Change and Sustainability practice in 2021. The firm served COP27 the
following year as the climate change conference’s exclusive consulting partner.

Work Culture:

BCG's organizational culture centers around five core "purpose pillars" that form the
foundation of the firm's operations. These pillars play a significant role in shaping the
experience of BCG consultants, emphasizing a sense of purpose and commitment:

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 1.Five ‘purpose pillars’ are fundamental to the firm’s culture

● Illuminating Insights: BCG actively challenges conventional thinking and operational

methods. It strives to bring fresh perspectives to tackle the most challenging problems.

● Inspiring Impact: The firm's focus extends beyond immediate deadlines, aiming to
collaborate closely with clients for long-term impact. BCG fosters a collaborative approach
to jointly develop optimal solutions.

● Mastering Complexity: BCG is dedicated to uncovering distinctive sources of competitive

advantage and hidden truths within intricate, dynamic systems. Consultants are encouraged
to adopt an entrepreneurial mindset, taking ownership of projects and seeking innovative
solutions.

● Leading with Integrity: BCG is committed to addressing tough issues candidly and
forthrightly while adhering to its core values.

● Fostering Growth: The firm's objective is to enable the success and full potential of clients,
colleagues, and the broader community. BCG values collaboration at all levels, with even
Senior Partners dedicating time to provide clear and comprehensive explanations.

These purpose pillars serve as a compass guiding BCG’s action and reflecting its dedication
to making a meaningful impact within the organization and the broader community.

2. Encouragement of Individuality

● BCG promotes individuality, valuing diverse perspectives within teams. Consultants are
encouraged to share their unique viewpoints, fostering a culture where personal insights are
highly regarded.
● BCG's recruitment process focuses on candidates' cultural fit and their potential to
positively impact the company, emphasizing individual qualities over mere qualifications.

3. PTO Program: Emphasizing Collaboration and Balance

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 ● BCG's global program, 'PTO' (Predictability, Teaming, and Open Communication),
underscores the importance of collaboration while allowing individuals protected time.
● This initiative optimizes teamwork and ensures individuals can contribute meaningfully
while maintaining work-life balance.
● It reflects BCG's commitment to constantly improving work practices and fostering a
supportive work environment.

4. Strengths-Based Feedback Approach

● BCG shifted its feedback approach to focus on individuals' strengths rather than
weaknesses. This change, initiated in 2016, aimed to create a more positive and supportive
atmosphere.
● Managers use training and tools to develop strengths inventories, linking each strength to
specific areas for improvement.
● This approach encourages consultants to leverage their strengths to address weaknesses,
leading to a more constructive approach to personal and professional development.

5. Promotion of Collaboration and Enjoyment

● BCG emphasizes an open and collaborative atmosphere, breaking down barriers between
different cohorts, seniority levels, and consulting/non-consulting staff.
● The firm provides various opportunities for colleagues to connect, ranging from regular
social events like monthly gatherings to special activities such as annual ski trips.
● Collaboration and enjoyment are integral to BCG's culture, fostering a sense of camaraderie
and teamwork among its members.

Interview Insight

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 ● The query, "Why choose BCG?" is a formal component of the firm's fit interview, allowing
interviewers to gauge a candidate's motivation for seeking employment with BCG. For those
in the process of applying to BCG, it is imperative to dedicate time to crafting a well-
considered response to this question as part of interview preparation.

● To effectively address this question, strive for specificity in your answer and steer clear of
generic statements. Providing an illustrative example of how your distinct strengths,
objectives, or values align with the firm can be particularly impactful. This alignment can
pertain to the nature of BCG's work, the clientele it serves, or its cultural aspects.

● Furthermore, it is advantageous to emphasize the research you have conducted regarding life
at BCG and to elucidate why you have formed a favorable impression of the company

Conclusion
In your quest to choose the right management consulting firm for your career, consider your
personal values, career goals, and compatibility with the firm's culture and expertise. These
overviews serve as a starting point for your decision-making process. Tailor your application
and interview preparation to reflect your genuine interest and alignment with the firm of
your choice. Remember, a well-informed decision will set you on a path towards a successful
and fulfilling consulting career.

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