HISTORICAL COMPARISON: BAIN, MCKINSEY, AND BCG

In the Vault 50 Consulting Ranking, McKinsey’s absence opened the door to a head-to-head comparison between Bain & Company and the Boston Consulting Group in the Quality of Work and Life measures. Sure enough, this change revealed just how dominant that Bain has grown in the MBB space.

Last year, Bain topped its rivals across 11 of the 20 Work-Life dimensions (while tying in a 12th). BCG bested its peers in 7 dimensions (not counting a tie) followed by McKinsey at 1. The year before, McKinsey led the pack with 8 highest scores, followed by BCG (6) and Bain (6). Fall back to 2019, when Vault surveyed 21 dimensions, and McKinsey produced the highest averages in 18 of them.

BAIN VS. BCG: HEAD-TO-HEAD

This year, Bain & Company has emerged as the new McKinsey, outscoring BCG in 18 of 20 dimensions. As usual, Bain dominated in Informal (9.911) and Formal (9.812) Training, where it scored its highest marks. It also produced high satisfaction when it comes to “people” measures like Relationships with Supervisors (9.788), Interactions with Clients (9.780), and Selectivity (9.795). In addition, the firm performed well in Benefits – with a 9.779 score topping all comers. In fact, Bain & Company ranked #1 in three Work-Life Dimensions overall (Benefits, Formal Training, Informal Training). The firm also posted the 2nd-highest scores across nine other dimensions:  Compensation, Firm Culture, Health & Wellness, Interaction with Clients, Internal Mobility, Level of Challenge, Promotion Policies, Relationships with Supervisors, and Selectivity. On top of that, Bain scored in the Top 5 except in two dimensions: Hours In the Office (#8) and Overall Business Outlook (#13).

The Boston Consulting Group bested Ban in Innovation and International Opportunities. However, neither dimension is where the firm shined according to employee surveys. Instead, BCG excelled in Benefits (9.736) and Interaction with Clients (9.411). In contrast, the firm’s lowest scores came in Work-Life Balance (8.389), Interaction with Clients (8.373), and Hours in the Office (Lower than the 25th-highest score, which was 8.148). Overall, BCG ranked among the top three consulting firms in 5 Work-Life Dimensions and top five across 4 others.

HISTORICAL TRENDS

Going back to the 2019 Vault Consulting 50 Ranking, you’ll also find some intriguing trend lines with Bain and BCG. Notably, Bain has reaped markedly high average scores in several Work-Life dimensions including Benefits (9.779 vs. 9.436), Formal Training (9.82 vs. 8.42), and Informal Training (9.911 vs. 9.025). By the same token, Bain has experienced substantive score drops in various dimensions over the past five years: Innovation (9.174 vs. 9.705), Internal Mobility (8.850 vs. 9.443), International Opportunities (9.117 vs. 9.801), and Overall Satisfaction (9.508 vs. 9.835).

BCG’s Overall Satisfaction has plummeted even further over the past five years (8.978 vs. 9.835). And the decline is equally striking across seven other dimensions: Promotion Policies (9.227 vs 9.667), Business Outlook (Not Ranked vs. 9.50), International Opportunities (9.125 vs. 9.816), Internal Mobility (8.373 vs. 9.596), Innovation (9.236 vs. 9.615), Firm Leadership (9.205 vs. 9.692), and Firm Culture (9.205 vs. 9.592). Despite these numbers, BCG ranked 3rd and 4th for Innovation and International Experience in 2024 respectively.

In terms of Diversity, Bain also averaged higher scores than BCG in every dimension. However, the tables turn when it comes to Industry scores. Last year, McKinsey consented to be evaluated in one dimension: Management Consulting – which it naturally produced the highest score. This year, McKinsey came back – and it steamrolled Bain and BCG. In a category where competing consultants listed the best firms (besides themselves). McKinsey compiled higher percentages than Bain and BCG in every industry – 17 in all.

Notably, 70,56% of survey respondents associated McKinsey among the very best in Management Consulting. McKinsey accumulated its highest percentages in Strategic Consulting (76.87%), Retail (51.11%), Pricing, Sales and Marketing (47.36%), Operations (43.65%), and Energy (41.30%). As a whole, McKinsey earned the highest percentages in 11 of 17 practice areas. Neither of their MBB counterparts achieved a #1 percentage – though BCG finished 2nd or 3rd overall across 11 Practice Areas (something Bain did 8 times). Both BCG and Bain racked up their highest percentages in Management Consulting and Strategic Consulting. Head-to-head, BCG outpaced Bain in  15 of 17 Practice Areas – almost a complete reversal of the Work-Life Dimensions.

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