Not all consulting firms are the same. Knowing the three broad types helps you decide where to aim, and it tells you something reassuring about how to prepare.
Three tiers of consulting firm
| Type of firm | What they do, and how they recruit |
|---|---|
| MBB: McKinsey, BCG and Bain, the three large strategy firms | Strategy and large transformation work for the biggest companies and governments. Generalists across industries, especially early on. Highly structured recruiting, with case interviews in every round. |
| The Big Four (Deloitte, PwC, EY and KPMG) and other large advisory networks | Strategy next to implementation, technology, deals and accounting. Often a stronger industry or functional focus. Many projects run through to execution. Structured recruiting at scale. |
| Boutiques and specialty firms | Smaller firms focused on one industry, problem or client type. Smaller teams, closer client relationships. Recruiting is smaller, more personal and often rolling. |
MBB is short for McKinsey, BCG and Bain. Their teams are generalists who move across industries, especially early in the career.
The Big Four and other large advisory networks have strategy practices that sit alongside large implementation, technology, deals and accounting practices, so more projects run through to execution.
Boutiques and specialty firms go deep on one thing. That focus can be an industry, such as healthcare; a problem, such as pricing; or a kind of client, such as private equity funds that need due diligence.
These are types, not a ranking of where you should want to be. Each tier does different work, so each suits a different person.
Every firm interviews for two things: fit and the case
Whatever tier a firm sits in, its interview process stands on the same two pillars.
- Fit. Every firm, in every tier, wants to know who you are, why you want consulting, why this firm in particular, and how you have behaved in real situations: leading a team, handling a disagreement, recovering from a setback.
- The case interview. Nearly every firm, in every tier, has you work through a business problem live with an interviewer, who plays the client and hands you information as you go.
Some firms add extras on top:
- a group exercise, where several candidates solve a problem together while observers watch;
- a written case, where you read a pack of material and prepare a short recommendation;
- an online assessment before interviews begin (for the large strategy firms' tests, see How to Tackle the MBB Online Assessments);
- a short presentation.
The extras vary from firm to firm and year to year, and the weighting between fit and case shifts by firm. But for strategy roles, both pillars are almost always there, so you prepare for both. That is good news: the same case skills and the same stories carry across every firm on your list. (For what interviewers look for in the case itself, see What MBB Interviewers Are Actually Testing.)
How to think about where to aim
Choosing where to aim is less about prestige than about fit with the work you want to do. Four questions help.
- What do you want to work on? If broad strategy questions across many industries appeal to you, the large strategy firms are built for that. If you already know you want depth in healthcare, in pricing or in deals, a specialty firm gives you that from the first week.
- How do you like to work? Large structured programs with many moving parts, or small teams close to one client.
- Where do the firms recruit? The large firms run structured campus cycles with set dates. Boutiques are often found through research, alumni and direct outreach, and recruit on a more rolling basis. (For the outreach side, see How to Network Into MBB and Consulting.)
- Can you apply across tiers? If you can, do. The core skills are the same, the two interview pillars are the same, and every extra interview is both practice and another option. Applying across tiers costs you little extra preparation.
Where to go next
- The job itself: What Do Management Consultants Actually Do?
- What the career looks like once you are in: The Consulting Career Path
- Fit prep: Your Consulting Fit Interview Prep Should Start Before Your First Coffee Chat
- Case prep: Learn Level 1 is free: what a case interview is, how you are scored, and one full case walked through.
Whichever firms are on your list, the case is the same skill. Start practicing it: your first case is free at The Case Room.