McKinsey and Co
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| Incorporated partnership | |
| Industry | Management consulting |
| Founded | 1926 |
| Founders |
James O. McKinsey Marvin Bower |
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Number of locations
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120 offices |
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Area served
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Worldwide |
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Key people
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Dominic Barton (Managing Director) |
| Revenue | $8.4 billion (2015) |
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Number of employees
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20,000+ (2017) |
| Website | www |
McKinsey & Company is a worldwide management consulting firm. It conducts qualitative and quantitative analysis to evaluate management decisions across the public and private sectors. McKinsey publishes the McKinsey Quarterly since 1964, funds the McKinsey Global Institute research organization, publishes reports on management topics, and has authored many influential books on management. Its practices of confidentiality, influence on business practices, and corporate culture have experienced a polarizing reception.
McKinsey was founded in 1926 by James O. McKinsey in order to apply accounting principles to management. McKinsey died in 1937, and the firm was restructured several times, with the modern-day McKinsey & Company emerging in 1939. Marvin Bower is credited with establishing McKinsey's culture and practices in the 1930s based on the principles he experienced as a lawyer. The firm developed an "up or out" policy, where consultants who are not promoted are asked to leave. McKinsey was the first management consultancy to hire recent college graduates, rather than experienced managers.
In the 1980s and 1990s, the firm expanded internationally and established new practice areas. It had 88 staff in 1951 and 7,700 by the early 2000s. McKinsey's consulting has helped to establish many of the norms in business and contributed to many of the major successes and failures in business in the modern era.
McKinsey & Company was founded in Chicago under the name James O. McKinsey & Company in 1926 by James McKinsey, a professor of accounting at the University of Chicago. He conceived the idea after witnessing inefficiencies in military suppliers while working for the U.S. Army Ordnance Department. The firm called itself an "accounting and management firm" and started out giving consulting on using accounting principles as a management tool. Mr. McKinsey's first partners were Tom Kearney, hired in 1929, and Marvin Bower, hired in 1933. In its first few years, the firm grew quickly and began developing rapport among corporations; its second office was opened in New York City in 1932. In 1935, Mr. McKinsey left the firm temporarily to serve as the Chairman and CEO of client Marshall Field's as it implemented the restructuring plan created by his firm.
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Wikipedia