Back in March 2024, The Economist posed a sharp question:
“Have McKinsey and its consulting rivals got too big?”
At the time, it struck a chord.
Now, with the Financial Times reporting that McKinsey has cut 10% of its workforce, it lands even harder.
What did The Economist get right?
- Clients are more sceptical. Prestige no longer justifies the fee.
- Decks are out. Impact is in. Big firms must prove their worth again.
- And yet, McKinsey still sits at the table. So do BCG and Bain.
Why?
Here’s what I hear repeatedly from my network of ex-MBB consultants:
- Cover
When executives don’t know the right move, MBB gives them cover.
If it works, they take the credit. If not, they shift the blame.
- Validation
Sometimes, leaders already know the answer.
They just need Bain, BCG, or McKinsey to say it out loud—so they can push it through.
- Insider Insight
Clients want intelligence—on competitors, regulators, suppliers.
They want it filtered. Discreet. Without a data trail.
- Permission to Act
Politics can freeze internal decisions.
An external team gives leaders the permission—and confidence—to move.
- Narrative Power
As one former client put it:
“The consultants? Hit and miss. The partners? World-class storytellers. I’ve seen rooms of senior leaders hang on every word.”
So what does this mean for candidates?
- The bar isn’t just high—it’s shifting.
- Promotion is less about time served, more about trust earned: storytelling, influence, IP, and relevance.
- Senior hiring is more deliberate—but still active. Especially where growth or reinvention is in play.
McKinsey is still winning work.
So are BCG and Bain.
They’re just doing it with a narrower, sharper pitch.
Strategy consulting was never just about answers.
It’s about helping leaders move—especially when the answers are hard.
That part hasn’t changed.
The bar has just moved higher.
This post comments on Financial Times, “McKinsey cuts 10% of roles amid client pressure” – 30-May 2025 🔗 Read original article
Ben Appleton is the founder of Strat-Bridge, a specialist executive search partner to the strategy consulting industry. He works with global consulting firms and senior leaders across the UK, Germany, Switzerland, and beyond — helping them build capability at the Partner and Director level.
