BAIN VS. BCG (Vs. McKINSEY)

In this corner, wearing red, is the world champion. They have three successful title defenses under their belt. They are the fun-loving, results-driven crew who live for feedback and subscribe to the growth-mindset. Introducing Bain & Company!

In the opposite corner, wearing green, is the #1 contender and perennial runner-up. They’re the wildly creative bunch who bring personalized solutions. They’re brainy. They’re bold. And maybe the nicest people you’ll ever meet. Give it up for the Boston Consulting Company!

PRESTIGE: ADVANTAGE BCG

Yeah, Michael Buffer could have a field day kicking off the Vault Consulting 50. Last year, just .141 of a point separated Bain from BCG. This year? Well, there won’t be any split decisions. Bain more than doubled the difference with BCG – besting the Green Machine by .307 of a point. It also represented the widest distance between the two firms in six years, minimum.

Technically, Bain & Company lost ground in 2024, with its total index falling by .070 of a point. Problem is, BCG fell by .236 of a point. In fact, BCG’s score was technically lower than #3 McKinsey from the previous year.

So what happened? On the plus side, BCG’s Prestige score again beat out Bain, to the tune of a 30% weight. Still, the difference was just .033 of a point – far thinner than the .139 of a point gap from 2019.  A potential reason? One BCGer surveyed by Vault points to the firm’s expectations, which quickly elevates consultants.

“BCG is a unique opportunity to gain a variety of business experiences in a short timeframe.  It is a wonderful career experience for those that enjoy working in teams, moving at a fast pace, and being able to operate at a level above their current position.”

HIGHER SATISFACTION AT BAIN

Beyond Prestige? Well, let’s just say BCG got crushed by Bain. After all, 70% of the Vault Consulting 50 weight is predicated on Quality of Work and Life measures. Among those 19 measures, BCG only posted a higher score than Bain in two of them. Problem is, neither of them – Innovation and International Opportunities – carried any weight in the ranking.

Firm Culture, long known as a Bain specialty with a 15% weight, was again commanded by Bain – this time by a 9.765 vs. 9.205 margin. In one Vault survey, a Bain consultant described the culture as “committed to people and teams…and focused on continuing to reinforce teamwork and collaboration and culture and fun.” Keith Bevans, a Bain partner and executive vice president who heads up global consulting and talent acquisition, believes ‘Baines’ stand out by “always seeking out opportunities to improve themselves – and those around them.” More than that, they are willing to forego spotlight and ego to win as a team.

“What you’ll find is that the people who are really thriving here tend to look for the positives in situations,” Bevans explains in a June interview with P&Q. “What I often tell people here is that trust is a choice. Trust in an organization that says it lives by its operating principles, where we are one team, where diversity is a strength, and where we focus on results and our True North is powerful. When you truly buy into that, you start to realize that this is actually how we do things. You spend less of your time worried about that not being the case and more of your time experiencing what it is like.”

Satisfaction – which counts for a 15% weight – is another area where Bain overwhelmed BCG – by a 9.508 vs. 8.978 of a point difference. In this area, BCG lost .238 of a point in the past year alone. When Vault surveyed BCG consultants, there weren’t a large number of satisfaction issues cropping up, however. One respondent noted that it was hard to use their unlimited sick days, while another wished the firm was “more innovative” in relation to remote and hybrid working practices. Although a handful of BCG consultants mentioned that 2023 was a rough year, they were optimistic about their leadership’s ability to guide them through the turmoil.

“BCG did not pull back,” explains one survey-taker. “We kept our target operating model intact which positions us to grow in the future very well. Decision to maintain our operating model came at a personal cost for partners.  I have not heard a single partner complain. That fills me with pride.”

BAIN’S MISSION: TRAINING FUTURE LEADERS IN BUSINESS

With Satisfaction and Firm Culture combining to match Prestige, Bain simply outscored BCG across the remaining weighted variables. Compensation (9.456 vs. 9.276), Work Life Balance (9.084 vs. 8.389), and Level of Challenge (9.408 vs. 9.092) – each worth a 10% weight – all went to Bain on the judge’ cards. The same was true of Promotion Policy (9.521 vs. 9.297) and Business Outlook, where Bain scored a 9.322 and BCG didn’t average a Top 25 score.

This doesn’t even include Formal and Informal Training, where Bain continues to set the standard for the industry. “Bain & Company is the best company on the planet for talent development,” according to one Vault survey respondent. “There is ample investment put into personal coaching opportunities, both formally and in the day-to-day work built on our model of apprenticeship, which is embedded in the company’s DNA.”

Another Bain survey respondent added that the firm was a “great place to learn and make a difference” – whether or not they intended to stay long-term or move on. That’s exactly the point of Bain according to Bevans.

“We want to inspire people because that multiplier effect that they have on their organizations and their stakeholders – that’s where the difference gets made,” Bevans tells P&Q. “I like to think we’re training that generation of business leaders who multiply their impact through the people they work with. In pro sports, you can talk about these legendary coaches and their coaching lineages. Where do their assistant coaches go and how many championships have they won because they learned from one person at the top? I like to think that the people who are working at Bain are training to win championships in the places they go after – and also training the next generation of leaders to do the same.”

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