Founded in 1926 by James O. McKinsey, McKinsey & Company was the first management consulting firm to hire recent college graduates instead of experienced professionals.
In the early developments of the company in the 1930s, the firm developed an “up and out policy” which involved firing consultants who were not promoted.
Currently, the McKinsey & Company has offices in over 120 cities, more than 14,000 consultants worldwide, and over 90 years of experience in management consulting.
McKinsey & Company currently provides their services in 23 diverse industries, including but not limited to advanced electronics, chemicals, media and entertainment, pharmaceuticals, social sectors and telecommunications.
Part of the MBB or the Big Three consulting companies in entire world. The other companies are The Boston Consulting Group and Bain & Company.
Since 1964, McKInsey & Company has published the McKinsey Quarterly which funds The McKinsey Global research organization, publishes management reports, and includes articles on management and strategy.
Anyone in the firm can participate in their internal New Ventures Competition, where through a simple application, winning applicants can pitch their ideas to secure the funding to make their ideas about technology a reality. McKinsey & Company allows the start-up built of employees from within their company to get a prototype to customers within three months.
In April of 2018, McKinsey & Company helped the United Kingdom’s government locate $800 million worth of savings in their spending budget.
Although the consulting firm is credited with major successes from big-scale clients, the company has faced criticism regarding their internal work culture after involvement in multiple scandals. For example, McKinsey & Company has been accused of playing a major role in the 2008 financial crisis as well as dealing with several insider trading scandals.
Despite criticism and their involvement in several scandals, McKinsey and Company is considered one of the most prestigious and expensive consulting companies in the world.