Working in the consulting division of a Big 4 Accounting firm differs from working at one of the MBB (McKinsey, Bain, or Boston Consulting Group) firms. This article summarizes the key differences in work and lifestyle.
Strategy vs. Implementation
The MBB consulting firms focus on doing strategy work while the consultants at the Big 4 do a lot more implementation. Strategy consulting projects include advising clients on entering new markets (geographies, new product categories, new customer segments), developing new distribution channels (selling via a salesforce, via resellers, via e-commerce), and entering new product categories.
Strategy projects tend to be higher-stakes decisions that often get visibility at the highest levels of a company and to the Board of Directors. Strategy focuses on “what” we should do and “when” we should do it.
Implementation projects focus more on the “how.” After a company decides to enter a new geographic market, there’s a lot of work to be done to make that happen. There are people to be hired, staff to be trained, and technologies to be modified to support the new strategic decision.
Seniority Level of Client
The typical client for an MBB firm would be the CEO of the company or the President of a division of a large Global 500 company. The typical client for the consulting division of a Big 4 Accounting firm would be a senior executive in a particular functional area such as Supply Chain, Human Resources, or Technology.
The partner at a consulting firm is the primary contact with the “client” (I’m referring to the client in this context as a human being as opposed to a corporate entity). As a consultant, you would be working with junior clients that are typically one to three levels “lower” in the corporate hierarchy than the person with whom the partner interacts.
Client Interaction
This has several implications as to which individuals within a client organization you’ll be working with. At an MBB, the partner will be working with the CEO, and you would likely be working with the Vice President of a functional area day-to-day with occasional presentations to the CEO.
At a Big 4 firm, you’ll be working with Managers and Directors of various functional areas within the client organization. You’ll occasionally be involved with presentations that are seen by the Vice President of a functional area.
Breadth vs. Depth of Experience
As a result of the differing seniority levels of the client, the breadth and depth of the business problems you’ll gain exposure to will vary between the two types of firms. At MBB, because “the” client is the CEO, you will be forced to work on the cross-functional issues that the CEO is concerned about. At a Big 4, your client runs a functional area so you’ll be working more on issues within a single functional area.
At MBB, you’ll experience far more breadth and cross-functional perspective. At a Big 4, you’re going to get much more depth in a functional area because of the concerns of the client contact.
Degree of Supervision
At a Big 4, your work will be tightly supervised with your manager being involved in the deliverables that you work. At MBB, in the first 6 to 12 months (depending on your experience level), your manager will be tightly supervising your work. However, the goal at an MBB is for you to be able to work more independently.
Much of the work at MBB is more customized (as opposed to template oriented) and requires a lot of problem-solving and “figuring things out” as opposed to following a predefined project protocol that has been done several dozen times previously.
Hours Worked
Another major difference between working at a Big 4 vs. working at an MBB will be the hours worked. You’ll be working much longer hours at an MBB than a Big 4 – typically 10 to 25 hours a week more. This will be more in the 10 to 15 hours-a-week range in a city with a less intense work culture (like Denver), as opposed to 15 to 25 hours a week more in a city with a more intense work culture (like New York City).
When Is a Big 4 vs. MBB the Better Fit?
Big 4 is a better fit for you if you want a much better work-life balance and if you know you want to work in a specific functional area at the execution/implementation level. MBB is a better fit if you don’t mind the longer hours, want to work with more senior-level clients, and want to work on projects that are more strategic and cross-functional in nature.