Company Review: McKinsey and Company
JARUSHUB “WORKING IN” SERIES (J-WIS)
(J-WIS is a platform by JarusHub to enlighten prospective job seekers about companies in Nigeria with a view to aiding them in making informed career decisions. The information is drawn from basic research. While we did our best to ensure the information is accurate, we are not guarantee the accuracy.)
FEATURED COMPANY
MCKINSEY AND COMPANY
A global management consulting firm. McKinsey, as it is fondly called, conducts quantitative and qualitative analysis to evaluate management decisions in both private and public sectors. The biggest of the MBBs (prestigious management consulting firms). Others are: Boston Consulting Group and Bain and Company.
Present in more 120 cities in 60+ countries.
Nigerian Location
1 Murtala Mohammed Drive, 1st floor Ikoyi, Lagos.
Contact Details: Voice: +234 1 4633500. Fax: +234 1 4633570
The firm has been in Nigeria since 2002.
We once profiled the senior partner who assisted in setting up the Nigerian office here.
WORKING HOURS
This depends on the location of client, duration and type of project. However, McKinsey and Co according to its Global Managing Partner, Dominic Barton, ensures its staff are at the firm’s office on Fridays.
CAREER OPPORTUNITIES
McKinsey and Co offers career opportunities in management consulting in various industries. Some of which are: Oil and Gas, Public Sector, Financial Services, Consumer Packaged Goods, Capital Projects and Infrastructure, Retail and Social Sector. And also across Business Functional Lines: Marketing and Sales, Operations, Sustainability and Resource Productivity, McKinsey Analytics and Digital McKinsey etc. (See McKinsey’s lines of operations).
MAJOR BENEFITS OF WORKING IN MCKINSEY AND COMPANY
Top global brand
Networking opportunities are enormous.
Top class career advancement (A study conducted by USA Today showed that the odds of becoming a CEO of a public company as a McK consultant are the best globally, at 1 in 690.).
WHAT IT TAKES TO GET A JOB IN MCKINSEY AND COMPANY
Entry Level
Minimum of 2.1 (From research on LinkedIn, the 2.1s were “strong”. i.e. Above 4.0/5.0).
4 – 6 stages comprising of personal questionnaire and case study interviews.
Experienced
Like other consultancies, quality of experience plays a vital role. Experience in other top consulting firms, MBA/PhD/M.Sc. from a top school, excellent communication skills, business environment awareness, deep understanding of government policies etc. These might be helpful in securing experienced level job with McKinsey and Co.
REMUNERATION
Business analysts (fresh out of undergrad hire) earn a $75,000 salary + $5,000 signing bonus + $5,000 relocation allowance. Associates (fresh MBA hire) earn a $125,000 salary + $20,000 signing bonus + performance bonus of up to $40,000 + 12% of bonus/salary contributed to retirement fund.
(Source: Victor Cheng’s website)
JOB SECURITY
High, subject to exceptional performance. Company not known for indiscriminate laying off. In fact, it is often joked in business world that McKinsey and other top management consultancies are quick to advise other companies to lay off their employees during crisis, but they hardly lay off their own employees.
Generally, downturn in the economy hardly affects the firm. You need to be a top performer and never compromise your integrity amongst other values they revere. However, firm has a “shape in or ship out” policy usually. Where your performance is reviewed after a period. So performance is key. Due to the very rigorous recruitment process, they end up getting performers.
JOB TEST
The test applicants are invited for is the Problem Solving Test, conducted by the firm. PST comprises of 26 questions and is slated for an hour. Test assesses one’s quantitative, deductive, logical and inductive reasoning skills. Difficulty of test depends on the individual’s ability, with reports of the company extending time for applicants due to its difficulty. PST, according to the McKinesy reflects what exactly is done at the company – solving problems.
INTERVIEW PROCESS
Entry Level
McKinsey conducts one of the world’s most rigorous interviews. A recruiter contacts you based on their analysis of your CV/transcripts and answers to the questionnaire. You get scheduled for a case interview, which are interviewer-led. Interviews compromises of a business case study and leadership skill analysis. Cases could be on a firm’s profit decline and how to stop it; a firm’s high cost of operations, and how to reduce it; how to provide care for motherless babies and delivering treatments nationally; upgrading a country’s education system etc.
Business cases are usually 2 – 4, held at few days interval. You get to be interviewed by associates, engagement managers and possibly with a partner. Scale these and get an offer.
A columnist at JarusHub took us through his unsuccessful sojourn to McKinsey. Read here.
Experienced Hire
Not much information is out there on experienced hire recruitment process in McKinsey, but generally, they tend to prefer candidates from other top firms like Bain and BCG or from top brands in the industry.
We strongly recommend that you follow Victor Cheng, ex-McKinsey, who is a global authority in McKinsey career.
HOW TO APPLY
McKinsey does not necessarily publicise their openings. Expect for the novel program – Young Leaders’ Program. You can throw in your CV and relevant documents and get contacted if it meets the firm’s criteria.
| FIRST CONDITION | YES | NO |
| I made a minimum of a 2.1, preferably strong. | Go to second condition | Try other firms that accept 2.2 for experience. Participate in high intensive NGO/volunteering activities. Get an MBA from a top school, and re-apply after 3 – 5 years working experience. |
| SECOND CONDITION | Honestly score yourself or have a friend score you | ||
| Excellent (5) | Average (3) | Below Average (1) | |
| Verbal reasoning test skills | |||
| Quantitative reasoning test skills | |||
| I speak good English with clear diction | |||
| I’m familiar with workings of business and government | |||
| I attended a top school and can defend it | |||
| I dress well and look or can look good | |||
| I am confident | |||
| I can discuss issues ex tempore | |||
Score (over 40):
35 – 40 = Good chance
25 – 34 = Decent chance
Below 25 = No chance
EDITOR’S NOTE: This is designed by us for anyone desirous of working in McKinsey and Company to assess his/her chances and is purely our informed thought. This is not the official assessment template of McKinsey and Company, and it is solely our initiative to assist students and job seekers in self-assessment, as is done in other parts of the world.
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