McKinsey & Company

McKinsey & Company
Company typePrivate
IndustryManagement consulting
Founded1926 (1926)
FounderJames O. McKinsey
Headquarters
New York City[1]
Area served
Worldwide
Key people
Bob Sternfels,
Global Managing Partner[2]
Revenue $16 billion (2023)[3]
Number of employees
45,100 (2023)[4]
Websitemckinsey.com

McKinsey & Company (informally McKinsey or McK) is an American multinational strategy and management consulting firm that offers professional services to corporations, governments, and other organizations. Founded in 1926 by James O. McKinsey, McKinsey is the oldest and largest of the "MBB" management consultancies. The firm mainly focuses on the finances and operations of their clients.

Under the direction of Marvin Bower, McKinsey expanded into Europe during the 1940s and 1950s. In the 1960s, McKinsey's Fred Gluck—along with Boston Consulting Group's Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School's Michael Porter—initiated a program designed to transform corporate culture.[5][6] A 1975 publication by McKinsey's John L. Neuman introduced the business practice of "overhead value analysis" that contributed to a downsizing trend that eliminated many jobs in middle management.[7][8]

McKinsey has been the subject of significant controversy and is the subject of multiple criminal investigations into its business practices. The company has been criticized for its role promoting OxyContin use during the opioid crisis in North America, its work with Enron, and its work for authoritarian regimes like Saudi Arabia and Russia.[9][10][11][12] The criminal investigation by the US Justice Department, with a grand jury to determine charges, is into its role in the opioid crisis and obstruction of justice related to its activities in the sector.[13] McKinsey works with some of the largest fossil fuel producing governments and companies, including to increase fossil fuel demand.[14][15]

McKinsey has a notoriously competitive hiring process,[16][17] and is widely seen as one of the most selective employers in the world.[18] McKinsey recruits primarily from top-ranked business schools,[19][20][21] and was one of the first management consultancies to recruit a limited number of candidates with advanced academic degrees (e.g., PhD) as well as deep field expertise, particularly those who have demonstrated business acumen and analytical skills.[22][23] McKinsey publishes a business magazine, the McKinsey Quarterly.

  1. ^ "McKinsey Fact Sheet" (PDF). July 1, 2021. Archived from the original on June 4, 2021. Retrieved June 21, 2023.
  2. ^ "Four McKinsey & Company partners relocate to Paris office". consultancy.eu. June 30, 2021. Archived from the original on July 9, 2021. Retrieved June 30, 2021.
  3. ^ Foley, Stephen (January 14, 2024). "McKinsey's revenue from prime US government contracts falls to 9-year low". Financial Times.
  4. ^ "McKinsey & Company 2023 ESG Report" (PDF). McKinsey. Retrieved January 19, 2024.
  5. ^ Cite error: The named reference Kiechel2010 was invoked but never defined (see the help page).
  6. ^ "Synopsis of The Lords of Strategy by Walter Kiechel". Financial Times. Archived from the original on August 3, 2020. Retrieved June 16, 2020.
  7. ^ Cite error: The named reference Deal_CorporateCulture_1999 was invoked but never defined (see the help page).
  8. ^ Cite error: The named reference theatlantic_Markovits_20200203 was invoked but never defined (see the help page).
  9. ^ Gladwell, Malcolm (July 14, 2002). "The Talent Myth". The New Yorker. ISSN 0028-792X. Retrieved September 19, 2024.
  10. ^ Oliver, John (October 24, 2023). "McKinsey". Last Week Tonight. Season 10. Episode 14. HBO – via YouTube.
  11. ^ Kirchgaessner, Stephanie (February 6, 2024). "Top US consultancies face scrutiny over role in Saudi Arabia's sports push | Saudi Arabia | The Guardian". amp.theguardian.com. Retrieved September 19, 2024.
  12. ^ Bogdanich, Walt; Forsythe, Michael (December 8, 2020). "McKinsey Issues a Rare Apology for Its Role in OxyContin Sales". The New York Times. Retrieved September 19, 2024.
  13. ^ Cite error: The named reference FoBaPa24 was invoked but never defined (see the help page).
  14. ^ Cite error: The named reference :6 was invoked but never defined (see the help page).
  15. ^ Cite error: The named reference :7 was invoked but never defined (see the help page).
  16. ^ "McKinsey is the Most Difficult Company to Interview with". Business Insider. Archived from the original on April 13, 2021. Retrieved April 13, 2021.
  17. ^ "The 25 Companies That Give the Most Difficult Job Interviews". Forbes. Archived from the original on April 30, 2021. Retrieved April 8, 2021.
  18. ^ "Rethinking McKinsey". The Economist. November 21, 2019. Archived from the original on November 28, 2019. Retrieved November 28, 2019.
  19. ^ "How to land a job at McKinsey". CNBC. June 6, 2018. Archived from the original on April 21, 2021. Retrieved April 9, 2021.
  20. ^ Nugent, Thomas (February 16, 2021). "Bain, BCG, McKinsey Announce 2021 MBA Hiring Plans". mba.com. Archived from the original on September 29, 2021. Retrieved February 11, 2022.
  21. ^ "The top MBA programs for getting a job at McKinsey, Bain and BCG". November 28, 2018. Archived from the original on May 7, 2021. Retrieved April 9, 2021.
  22. ^ "How Goldman Sachs and McKinsey keep a steady flow of Ivy League recruits". September 2, 2014. Archived from the original on March 3, 2021. Retrieved April 8, 2021.
  23. ^ "MAKING IT AT MCKINSEY: Your guide to getting hired, promoted, and paid at consulting giant McKinsey & Company". Business Insider. Archived from the original on February 3, 2021. Retrieved April 8, 2021.
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