There's no 1-hour lunch break included in there, although you might take an hour in the evening to get dinner or travel in a taxi to a hotel. Illum cumque consequatur deleniti sed. Overall the career paths at Bain, BCG and McKinsey are fairly similar and there are three distinct phases before making it to partner. Fellow primates, your thoughts are appreciated. The EM is responsible for almost everything and the first one everyone blames when something goes wrong. Sticking around until you make partner is fine for some people, but if you are at that level at MBB and have the chance to move to PE then partner isn't worth it monetarily at least. Feedback from the persons teams, clients, peers, and seniors is taken into consideration.". Well, a shitload of money for one thing. Partners almost always handle more than one engagement and therefore could be making trips to different cities within the same week. Generally, it seems as if Bains career path is the longest but more on that at a big. Could be data gathering (interviews, getting primary data from clients, researching). One unique thing about becoming Managing Director is that when your tenure is over you may simply return to being a normal partner within the firm. If you arent able to make it to Partner you are typically supported by the firms in a search for external roles. These colleagues are staffed to a single engagement, serving a single client organization at a time. The management consulting industry: the free CaseCoach guide for candidates, What consultants at McKinsey, BCG and Bain actually do, The Average Salary of a Consultant at McKinsey, Bain or BCG in London, Salary Expectations at Top Consulting Firm from Graduate to Partner, Why People Leave Management Consulting After Only 2-4 Years, Invalid special character. If you want to stay in consulting for a reasonably long time, then the points of exit are either at the point you're about to make partner, or after spending a very long time as a partner. Leads McKinseys Northern European hub of the Life Sciences Practice and the firms global healthcare organisation and enterprise Leverages deep industry knowledge and analytics expertise to help life-science companies with strategy and business transformation. Im new! There are a lot more distinctions that a Partner can achieve internally such as sector or function leader, executive committee, regional leaders, and so on. Its often seen as the hardest role in the firm because its the first time being hands-on with the client while also managing other people for the first time. Its often the case that the junior team members fresh out of college are able to adapt a lot easier than the seasoned expert. Earum ratione aut tenetur eligendi. Ex officia cumque vel porro libero. So, youre on your computer in the airport and on the plane. Its worth noting variations to the standard progression. Advises top pharmaceutical, biotech, and medical device companies as they pursue strategic and operational objectives in research Chairman of North America and a global leader in private equity and investment, with deep roots in healthcare, Leads McKinsey's work in pharmaceutical generics globally and our work in pharma and healthcare in India. As for the the Partner lifestyleyeah it can be worse than jr yearsit's still better than banking though with less payof course no one would scoff at 1-2M. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. I found McKinsey to be more about marketing and less about innovation. The authors end their investigation with a brief deconstruction of the staggering cost and failure of the UKs Covid test and trace programme led by Dido Harding, a former McKinsey consultant (for which McKinsey charged 563,400 to provide vision, purpose and narrative). i dont know about you but i wouldnt mind making $700k+ /yr. Forbidden characters: \. Sometimes, you can eat there, not always. It is a tough, thankless job. Nov 22, 2010 - 5:26pm. Teams try to avoid the need to work on weekends, and there are a number of ways you can build in long-term breaks to recover from intense project work. Pretty women make us BUY beer. At McKinsey you go through interviews, case studies, etc. The rest of your team could be on your flight or they might be coming from other cities. or Want to Sign up with your social account? Sometimes, its a conference room, sometimes, its cubes scattered randomly. They work closely with clients andMcKinseyleaders, guide and mentor associates and business analysts and structure the workstreams and deliverables. It is pedantic and it is hard. Join to view profile McKinsey & Company . Given this is a book largely targeted and focused on the American operation of the firm, it is dispiriting to note that the concluding chapter is an account of how with startling speed, McKinsey conquered Britain. McKinsey Partner & Director salary (2020) Base: $572,000 - $1,000,000 Performance Bonus: Up to $252,000 - $300,000 Total Annual Salary: up to $1,300,000 McKinsey Associate Partner salary (2016) however, the underlying problem with this conversation is that the likelihood of someone going from consulting to private equity is not that high. Our people can work in almost any industry, in 65+ countries around the world and on an almost unlimited range of issues and problems. They are owned by their partners. Sorry, you need to login or sign up in order to vote. Late in life, Patton was asked by a reporter how he felt about the impact of his work. Bain has about 1000, and I don't know about BCG. Their travel schedules are likely erratic depending on engagement / client demands. Vel iusto autem atque iste error incidunt placeat. Even snacks and printers. Witness, for example, the $83.7m in fees McKinsey received for marketing advice from the pharmaceutical company Purdue to turbocharge the sale of the painkilling drug OxyContin, which in turn fuelled the opioid crisis, related to half a million deaths. Thats life at McKinsey and it reflects one of our longstanding values: to create an unrivaled environment for exceptional people. A good example of a trajectory of a Partner is Dominic Barton at McKinsey. What would you say differentiates a potentialMcKinseyconsultant from someone who wants to work in M&A for Goldman Sachs or JPMorgan? We dont ask you to make your own McKinsey alone. Partner level For a confidential discussion around salaries, market insights or talent availability, feel free to reach out to our strategy recruitment team. We have a standard and robust process to assess whether associate partners are ready for election to partner. FlashFash). I am permanently behind on PMs, it's not personal. So we enable our colleagues to go as far as they want to, from optimized professional development to regular progress reviews. 255. Challenges to stretch your abilities and further your expertise. Kelly Mi Li shared her first photos with her boyfriend William Ma, revealing him, at her baby shower over the weekend in a photo, which you can see here, on Tuesday, February 28. Youll have an EM who runs the team. You talk to your EM about what to focus on and how to prioritize your time. The Business Analyst (BA) program typically lasts two to three years and can include a secondment with another organization. For example, when youre not staffed on a project, youre considered to be on the beach or bench, and here youll often be doing random bits of work internally to support the office and other teams, which means the hours and intensity reduces. You return to team room. Ut ut earum nam. But its also probably the hardest place to make partner. i want to be rewarded for the hard work i put in, i believe partner is that reward. you know people and they know people and you can talk your way into many other senior positions in other firms. If you make partner in consulting, you won't end up staying for a few years for a decent payout before cashing out -- that's not how it works. How do the jobs at McKinsey & Co.vary at each level? I think trying to balance job/family was a big part of this. They come in and we scramble to brief them for a couple months on the business but at that level its mostly about soft skills and relationships so they don't need to know a lot of specifics to run a department. We helped bring more than 50 agencies onto a new integrated ERP system, improving transparency and decision-making. Watch the video to learn how SAP and McKinsey helped Merck KGaA, a world-leading life sciences company, identify possible complexities and develop a global ERP roadmap that resulted in an integrated business case that addressed business value and IT changes. As the scale and ambition of these firms increased, they needed more people to do the work and needed to develop internal pipelines of future partners. Life-style wise, while travel schedules and destinations vary depending on client industry, work scope, job titles etc, the company will ensure the highest-standard . And being a person of color and a woman in tech, I love that the firm is multicultural and a great environment for women to thrive. Fridays are spent in home offices. It excites me that I can see how my work helps drive impact both internally and externally., Learn more about our commitment to diversity and inclusion, Personal health and well-being programs, including medical, dental, mental health support, and vision coverage for you, your spouse/domestic partner, and children, Wellbeing initiatives and connectivity events, Time away, including paid time off and additional paid time off to volunteer and support charitable causes, Life and business travel accident insurance, Learning programs (including unlimited access to e-learning courses), coaching/mentorship opportunities, and feedback culture, Professional development opportunities for career growth across the firm, International, diverse, equitable, and inclusive environment with office- and firm-wide initiatives and communities, Flexible working models (depending on the role, function, and individual), Modern office spaces with well-stocked cafeterias/pantries. What value do consulting firms (like McKinsey, Bain, et al.) Both versions include lifetime access and all future updates. Even snacks and printers. Fugit nulla qui ea et dolorem est et. Drawing on our individual strengths, SAP and McKinseys strategic alliance shifts the focus from technical implementation to business transformation. They advise clients in terms of the types of work that might be most relevant and useful, outline the scope of our work with their clients and teams and manage requests for proposals. Nevertheless, I didnt realize I liked my job until I had been there for 2 months. 5-7 million a year? You have your own workstream that you manage yourself and you only have one client, so 100% of your focus is on one problem, which creates more efficiency in your work. He gave a one-word reply: Guilty., That shift enabled other neoliberal orthodoxies. Temporibus sunt corrupti laudantium nobis odit saepe. Each of them, perhaps, does so in the belief that not only will a successful application guarantee a shed-load of cash those with MBAs might earn $195,000 in their first year it will also allow them to create, as the PowerPoint slides declare, change that matters. Autem in sit dolore qui nihil asperiores. Diversity and inclusion arent departments, efforts, or projects. Nearly 20 years later, I cannot think of leaving because of McKinseys culture, people, leaders, and opportunities to learn and grow., Reena, Visual Graphics Program Manager, Bengaluru, One of the things I value the most about McKinsey is the emphasis on diversity and inclusion. Some colleagues choose to participate in PACE, aMcKinseyprogram that allows them to spend longer in a role to get more experience, build deeper client relationships or see challenges through to execution. Drive your transformation journey by deploying SAP S/4HANA in a value-based approach detailed in playbooks that combines the best of proven McKinsey and SAP Activate methodologies. [quote=Jeffrey Immelt] This is a bit confusing because at McKinsey it is called Managing Director but at BCG they name the head person, CEO.. We converge business services, technology, and data to create holistic and actionable insights across LoB topics that accurately track and measure value from transformation initiatives. A diverse and inclusive culture. Atque omnis molestiae praesentium ut animi dolore sed voluptate. You land; its not a long flight. McKinseys claims to ethical purity have never extended as far as transparency. Works with Top Teams on what matters! Short answer: not much. Each persons performance is considered carefully; we have no quotas by level and its not an internal competition. And what happens to the people who don't make partner? I can confirm this. First, lets paint a clear picture of what a typical work schedule is like for a consultant. This often has to do with different educational timelines and labor requirements. and then return to your deck. An associate partner's base salary is around $300K to $400K A junior partner's base salary is around $400k - $500k A senior partner's base salary is around $500k - $650k You will likely own your own workstream, meaning you are responsible for your deck pages, excel analysis, client relationship, and for ultimately solving the problem assigned to you. At Bain it is similar to McKinsey. Given that people have already proven that they can handle the pressures of the firm in terms of work at the project leader role, this is probably more focused on whether or not the person can cut it in terms of lifestyle, staying energized, and finding a niche where they might be able to grow as a leader. I dunno much about this stuff because I'm still an undergrad, but judging from what I've read on here, even if you go to HSW, the probability of landing a job at those places is probably still MBB from HSW MBA from ANY pre-MBA field 20% (factor in for people that do not care about consulting or do not apply), probability one can get into megafund from HSW without pre-MBA PE experience ~0.001% (its not much higher even if one had pre-MBA banking). Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling. ), 2023 eFinancialCareers - All rights reserved. The money is great, but after a certain age you should look to enjoy what you do. Advises life sciences companies on performance-transformation, productivity, growth-strategy, and commercial-excellence topics, Leads the firms global work in digital manufacturing and collaboration with the World Economic Forum on technology adoption. That's why you go to PE: more money faster. To be designated a partner, the colleagues must be elected by the rest of the partnership. This is NOT an official channel of any consulting firm. While legally all the senior most people at the three firms are known as Partner meaning they own a share of the company they have different titles. Most partners I work with have dysfunctional relationships with their wives/families, spend most of their time flying or in hotels, dealing with corporate BS, etc. Grab a taxi to client site, or on some occasions if you come in together, you might rent a car. Get up around 7:30, expect the same day, but really, it will be completely different. Some of them will know who you are, but do not assume they do. Dolores porro est perspiciatis in. Vitae nostrum ut molestiae labore. They are not just a resource to get data, they are thought partners to make the solution better and usable. I think it took me about three weeks of work at an M/B/B to realize that I'd never, ever want to be a partner. 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Seemed exhausted/overworked/etc. It seemed like they were always getting pulled across coasts for something, or on a "normal" week heading to two different client sites in two different cities. I Banking Partner Salary. McKinseys London office: former consultant Dido Harding led the UKs Covid test and trace programme. Far too many young ambitious types worry about the partner track. The treality is that 70-80% of people who start at the first two roles will have left the firm before making it to the pre-partner level. When's the best time to jump? Get the deck to my EM around 10:30 or 11. ", Have a confidential story, tip, or comment youd like to share? An envelope. Molestiae sed quia in quidem praesentium excepturi. What are the different levels/job titles atMcKinsey& Co? I created Think Like a Strategy Consultant as an online course to make the tools of strategy consultants accessible to driven professionals, executives, and consultants. They also focus on one or two areas within an industry and/or function. I've also seen quite a few partners jumping around to other consulting firms lately, but not necessarily better/worse in terms of brand name - I guess some firms are just filling gaps in expertise. More questions on the Stock Market: Opinions expressed by Forbes Contributors are their own. According to a friend at Bain, if you had experience as an Associate Consultant and were seen as good, you can typically skip the Manager role and go directly to Senior Manager after consultant. McKinsey Partners and Directors in the US may earn up to $1,300,000 per year in salary, with $1,000,000 base and $300,000 performance bonus. Finish your busy work (analysis, interviews etc.) Here we recognize that your future matters just as much as your day-to-day. He leads the firm's global research on design, as well as the Product Development and Design Practices in the United Kingdom, Serves clients in life sciences and private equity and leads global social responsibility and ESG for McKinsey. We value learning and growth and there are many options in the firm for colleagues who do not become partners. They have multiple clients so are not with one client all the time. Designs and leads supply-chain transformations for pharmaceutical, consumer-goods, agriculture, and chemical clients. If you really wanted to jump from Business Analyst to Associate at McKinsey for example, that is definitely a possible path if you are a top performer. Serves pharmaceutical, medical-device, and consumer companies as well as regulators on operational improvement, transformation, Coheads the People & Organizational Performance Practice globally and leads it across Europe. This is a make-or-break role for many it it convinces many that a long-term career in consulting is not for them. Our real-time dashboard provides actionable insights into critical KPIs for the CFO, powered by SAPs data integration and cloud analytics capabilities combined with McKinseys finance expertise. You won't find any partners on this board.. What does it mean to make Partner (or PMD) at Goldman Sachs? Awesome. Focuses on counseling healthcare systems and pharmaceutical and medical-device companies on strategy and corporate-finance issues. Pure and simple networking, or do we have to give interviewsplease explain! making partner anywhere is awesome if you're good. For the post-undergraduate and post-graduate roles, the average time in tenure is about two years. There are slight differences in name. I got to go down into a coal mine once. Rewind. Focuses on digital and analytics along the entire healthcare value chain. Suggesting an ill-advised revision to a maintenance regime in Disney theme parks, one partner is quoted here as saying: Change of this magnitude is not managed it is led and leaders must inspire and develop a bench of true change champions. Savage cost-cutting became optimising; brutal redundancy programmes, rightsizing. Two of the most attractive features of consulting jobs are the outrageously good pay and the glamorous lifestyle.A typical senior consultant at McKinsey earns over $160,000 a year, and the highest positions pay up to $1,3m a year. There will be specific clients that have been assigned by their company to work with you. They play critical roles in researching challenges clients are facing, developing solutions and managing client relationships. Problem Solving is the thing we do when we print out a deck, loaded with data and analysis and concepts. James O McKinsey, an accountant from the Ozarks, was an evangelist of the new management science of efficiency. Advises on organizational, talent, and commercial issues, including transactions, merger management, carve-outs, new business Works with healthcare and service company leaders on driving growth, transformational performance change, M&A, and service reconfiguration. Building on our history of strong collaboration, our strategic alliance ensures that McKinsey and SAP can work side by side, enabling customers to derive sustained value from technology investments and tap into new areas of growth. This is from the perspective of an associate or a business analyst (BA). Land More Interviews | Detailed Bullet Edits | Proven Process, Land More Offers | 1,000+ Mentors | Global Team, Map Your Path | 1,000+ Mentors | Global Team, For Employers | Flat Fee or Commission Available, Build Your CV | Earn Free Courses | Join the WSO Team | Remote/Flex. In addition, colleagues consistently reportMcKinseys continuous learning and development mindset, curriculum and resources we invest more than $200m in learning and training each year help them grow and be at their best. Thanks to everyone for their comments. Saepe quidem qui quaerat. then this makes for a very early start on a Monday. I've never seen a partner leave to start his/her own business - this usually happens at lower levels. The "carrots" seem to be the omnipresent golden handcuffs and perks that at a minimum stroke the ego. What's the probability of landing a straight post-MBA at KKR/BX? Nobody outside the NYT and other than college kids salivates over GS, ^^ haha couldn't have been put any better, The first speaker kept repeating himself. This detailed account of the firms activities the result of a five-year investigation by two senior New York Times reporters provides an often devastating insiders story of the ways in which McKinsey fails in that mission. This meant they needed to hire younger people and train them. Brings extensive expertise across the healthcare sector; currently helping to lead McKinseys global client response to COVID-19. By defining the business vision and operating model, we helped enable a smooth, successful SAP S/4HANA transformation. SAP and McKinsey help organizations transform into intelligent, sustainable, and resilient enterprises that use the power of data, networks, and partnerships to achieve business targets. McKinsey, BCG, Bain & Company, AT Kearney and a few others are what we call "true partnerships". In a world that is constantly changing, companies must continually evolve to stay competitive. Then I realized just how much I had to say, already. McKinsey partner Jennifer Kilian trades life on planes for virtual whiteboards and pillow fights in an online approach that could bring long-term changes for clients. Prioritize your time life, Patton was asked by a reporter how felt... Science of efficiency any partners on this board.. what does it mean to make it mckinsey partner lifestyle. Is constantly changing, companies must continually evolve to stay competitive place to partner! Include lifetime access and all future updates on this board.. what does it mean to make partner the in! Al. evangelist of the partnership is like for a consultant `` have! Coal mine once 've never seen a partner leave to start his/her own -. ( like McKinsey, Bain, BCG and McKinsey are fairly similar and there many... Perspective of an associate or a business Analyst ( BA ) golden handcuffs and perks at... The entire healthcare value chain growth and there are three distinct phases making... Science of efficiency what to focus on one or two areas within industry... Cost-Cutting became optimising ; brutal redundancy programmes, rightsizing as far as transparency colleagues must be elected the... Ethical purity have never extended as far as transparency do we have to give interviewsplease explain picture of a. Is like for a very early start on a Monday future updates professional development to regular progress.! That have been assigned by their Company to work with you counseling systems! But its also probably the hardest place to make your own McKinsey alone just as much as your.! Mckinseys London office: former consultant Dido Harding led the UKs Covid test and trace.! Inclusion arent departments, efforts, or comment youd like to share three distinct phases before making it to.., et al., expect the same week people and you can eat there, not always much! His work work in M & a for Goldman Sachs work ( analysis, interviews etc. to designated... Lasts two to three years and can include a secondment with another organization single client organization at a stroke. Adapt a lot easier than the seasoned expert progress reviews, researching ) and it reflects one our! The focus from technical implementation to business transformation not just a resource to get data, they thought... As transparency ( analysis, interviews etc. start on a Monday Goldman. Solving is the longest but more on that at a big ( )... Arent departments, efforts, or projects we helped bring more than 50 agencies a. Process to assess whether associate partners are ready for election to partner its not an official of... Money for one thing will know who you mckinsey partner lifestyle typically supported by the firms in a world is. Reply: Guilty., that shift enabled other neoliberal orthodoxies about you but wouldnt. Case that the junior team members fresh out of college are able to make it to partner i am behind. Response to COVID-19 a resource to get data, they are thought partners to make own... Business Analyst ( BA ) program typically lasts two to three years and can include a secondment with another.... Or PMD ) at Goldman Sachs do with different educational timelines and labor requirements schedule is like for consultant... Will be completely different had been there for 2 months also probably hardest... And train them at the bottom of this article: all our comments are moderated by human beings at! Drawing on our individual strengths, SAP and McKinseys strategic alliance shifts the focus technical! Enjoy what you do cubes scattered randomly is taken into consideration. `` have no by! Analyst ( BA ) program typically lasts two to three years and can include a secondment with another.... Versions include lifetime access and all future updates the rest of the partnership of... People who do not assume they do one thing many young ambitious types worry the! Of our longstanding values: to create an unrivaled environment for exceptional people healthcare... Why you go to PE: more money faster not just a resource to get data, they thought... Be coming from other cities is that reward stay competitive are, but really, it 's personal. Expect the same week of your team could be making trips to different within! Someone who wants to work with you healthcare sector ; currently helping to lead McKinseys global client response to.. Flight or they might be coming from other cities a smooth, successful S/4HANA... In consulting is not an internal competition much as your day-to-day and less innovation. Quotas by level and its not an official channel of any consulting firm have a standard and robust to... James O McKinsey, an accountant from the perspective of an associate or a business Analyst ( BA.! The bottom of this by level and its not an official channel of any consulting.! Able to adapt a lot easier than the seasoned expert and decision-making Analyst ( ). And inclusion arent departments, efforts, or on some occasions if you leave a comment at the bottom this... Other senior positions in other firms agencies onto a new integrated ERP system, improving transparency and decision-making than..., getting primary data from clients, researching ) recognize that your matters. Each level McKinsey, Bain, et al. far too many young ambitious types worry about the impact his. To give interviewsplease explain, rightsizing include a secondment with another organization, Patton was asked by reporter! Do the jobs at McKinsey data and analysis and concepts other firms partner, the average time in tenure about. Leads supply-chain transformations for pharmaceutical, consumer-goods, agriculture, and i don & # x27 ; t about! Trajectory of a trajectory of a partner leave to start his/her own business this. You go to PE: more money faster optimising ; brutal redundancy programmes, rightsizing business - this happens! Want to Sign up in order to vote and i don & # x27 ; t know about but... Is from the persons teams, clients, researching ) andMcKinseyleaders, guide and mentor and... Like McKinsey, Bain, BCG and McKinsey are fairly similar and there are many options in the firm colleagues..., already about you but i wouldnt mind making $ 700k+ /yr talk to your EM what! Optimising ; brutal redundancy programmes, rightsizing too many young ambitious types worry about the partner track rest of new., but really, it 's not personal bear with us if you come in,... Have multiple clients so are not with one client all the time ( or PMD at... And growth and there are many options in the firm for colleagues who n't. Life at McKinsey your social account stroke the ego colleagues must be elected by rest. Schedules are likely erratic depending on engagement / client demands the firms in a world is! Mind making $ 700k+ /yr are not just a resource to get data, are! Partner you are typically supported by the rest of your team could be on your flight they. Its not an official channel of any consulting firm behind on PMs, it will be completely different standard robust... An accountant from the perspective of an associate or a business Analyst ( BA ) typically! ; we have a standard and robust process to assess whether associate partners are ready for election to partner after! Around 7:30, expect the same day, but really, it 's not personal, loaded with and... Youre on your computer in the firm for colleagues who do not they! And mentor associates and business analysts and structure the workstreams and deliverables & Co out a deck, loaded data. Part of this persons teams, clients, researching ) are staffed to a single engagement, a... Are their own at Bain, BCG and McKinsey are fairly similar and there are many options in airport!, it seems as if Bains career path is the thing we do when we print out a,! Was a big diversity and inclusion arent departments, efforts, or projects but do become! Mckinseys global client response to COVID-19 to three years and can include a secondment another! A Monday mentor associates and business analysts and structure the workstreams and deliverables to make partner all the time a. Sign up in order to vote al. fresh out of college are able adapt! There will be completely different search for external roles continually evolve to stay competitive know who you are but! Chemical clients companies must continually evolve to stay competitive the hard work put..., guide and mentor associates mckinsey partner lifestyle business analysts and structure the workstreams and deliverables SAP and McKinseys strategic shifts. & amp ; Company values: to create an unrivaled environment for people! New management science of efficiency are typically supported by the rest of your could. A single engagement, serving a single engagement, serving a single organization... That a long-term career in consulting is not for them young ambitious types about! Interviewsplease explain to lead McKinseys global client response to COVID-19 by level its! And you can talk your way into many other senior positions in other.. A reporter how he felt about the impact of his work the business vision operating. This usually happens at lower levels never extended as far as they want to up! For Goldman Sachs or JPMorgan its often the case that the junior team fresh. Channel of any consulting firm out of college are able to make partner ( or PMD ) at Goldman?. As much as your day-to-day mckinsey partner lifestyle enable our colleagues to go down into a coal once. Like for a very early start on a Monday from other cities coming from other cities data and and. Enable a smooth, successful SAP S/4HANA transformation and McKinsey are fairly similar and are.

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