Which MBB for Private Equity

Hey there, 

This one may be a bit contentious.... and I'm sharing an answer from my subjective experience as I was in McKinsey PEPI practice, and had (and still do have) close friends in BCG's PIPE Practice and Bain's PE practice. 

Based on volume of projects alone across Europe and Middle East and discussions with my colleagues in the other firms, It felt like Bain had almost 1.5-2x (if not slightly more) the amount of Private equity engagements and due diligences than McKinsey and BCG. I couldn't really distinguish a notable difference between McKinsey and BCG. 

This is also highly region dependent, and can vary in different seasons and times. There was a time (about 3+ years back) that McKinsey's private equity practice was booming and they couldn't find enough consultants to staff projects there. 

Again, disclaimer - this was from my subjective experience. To get the true answer, we'd need to round up all the partners in these practices and see how much work they are doing and tally it up :-) 

All the best

Hi!

Based on my experience (more US-focused) and based on conversations with friends in PE, Bain would likely rank #1 in terms of PE practice (much more standardized product and process for PE, thus more consistent quality vs. McK/BCG) and exits to PE (e.g., to Bain Capital given the connection with Bain, as well as to other consultant-friendly PE firms). However, all 3 MBBs are viable paths to PE.

Not sure whether McKinsey or BCG would rank higher after Bain in terms of general PE work. In the McKinsey NYC PE team we worked with most of the largest PE firms globally, so that would make me subjectively lean more towards McK. It could also be that these big PE firms have relationships with all 3 MBBs and hire them as needed (or the MBB firms have relationships with different teams within the same PE company). 

In any case, if a PE firm is looking at a niche industry in which either of the MBBs has more expertise, they would choose the respective firm to do the work in order to leverage that expertise. If they are looking at an industry they are more familiar with and need a standardized product, Bain would likely have the edge.

Best,

Maria

hey! 

I would argue that Bain is widely regarded as the leader in Private Equity (PE) consulting, particularly for its depth of expertise in due diligence, portfolio management, and deal sourcing. The firm has long-standing relationships with top-tier PE firms and is known for its focus on high-impact, results-oriented work in the PE space. McKinsey and BCG, while highly respected, tend to have a broader focus and may not be as specialized in PE as Bain, though both have strong PE practices. McKinsey's PE work is more closely tied to its broader corporate strategy and transformation practices, while BCG offers strategic insights into growth and innovation for PE clients. The type of projects in all three firms will overlap in areas like market analysis, financial modeling, and growth strategy, but Bain often leads with a more hands-on approach to operational improvements post-deal. That said, McKinsey and BCG also work with top-tier PE firms, and they might offer opportunities in different areas like corporate restructuring or digital transformation for portfolio companies. Ultimately, while Bain has a strong edge in PE, McKinsey and BCG still provide significant value in this space.

Best, Alessa

Hello,

Congrats on the interviews with all three! Here's a quick rundown:

• Bain is definitely the leader in Private Equity, especially for commercial due diligence. Their Private Equity Group (PEG) is all about fast-paced, deal-oriented work and has deep ties with the largest PE firms across Europe.
• McKinsey focuses more on post-deal transformations and operational improvements. They work on big, complex projects to help portfolio companies grow, so if you’re into long-term strategic impact, McKinsey is great for that.
• BCG is growing in PE and offers a more balanced mix of pre and post-deal work. They’re known for creative, data-driven strategies, especially around identifying growth opportunities.

Bain is the go-to for PE, but McKinsey and BCG have their strengths too—just depends on the type of work and client relationships you’re after. Best of luck with your interviews! 

Hi there,

First of all, congratulations on the invitations from McKinsey, BCG and Bain!

I would be happy to share my thoughts on your questions:

• First of all, Bain seems to have and continue to have the largest and most sought-after private equity practice of the three firms. So both in terms of exposure to different types of DDs/projects and exit opportunities, you would most likely have the best experience at Bain.
• Moreover, no one can seriously answer how far behind McKinsey and/or BCG are, especially as almost all coaches are ex-consultants. While both have built significant private equity practices over the years, there may still be a difference in terms of recognition by leading private equity firms.
• Lastly, however, I would highly advise you to consider not just the firms' private equity market positions but also the cultural fit and the specific teams you would be working with, guaranteeing a higher chance that you will still be happy with your decision years later.

You can find more on this topic here: How to succeed in the final interview round.

If you would like a more detailed discussion on how to best prepare for your upcoming interviews, please don't hesitate to contact me directly.

Best,

Hagen