Why 'MBB' with a 200 Million KRW Starting Salary Is Considered Laughable... 99% Rejected Even with 1 Million Applicants

McKinsey (McKinsey & Company), Bain (Bain & Company), and BCG (Boston Consulting Group) are the world's top three consulting firms. They are collectively referred to as ‘MBB’ by taking the first letters of each name. For business majors or those holding a Master of Business Administration (MBA) degree, these are the most desirable workplaces. MBA or PhD holders earn over 200 million KRW in their first year alone. Despite appearances, the competition to get hired is fierce, with an acceptance rate of less than 1%. This means that out of 100 applicants, 99 are rejected. Even after joining, the high salary brings only brief happiness, as an intense workload awaits.

Companies commonly referred to as 'MBB.' For business majors or those holding a Master of Business Administration (MBA) degree, these are the most desirable workplaces. MBA or doctoral degree holders receive an annual salary of over 200 million KRW in their first year of employment. Photo by Getty Images

On the 29th of last month, the American publication Business Insider ran a feature report on how difficult it is to get into MBB. According to the report, MBB offers higher salaries than other consulting firms while demanding high-intensity, highly skilled work. However, they provide successful career paths, enabling employees to move on to senior positions at Fortune 500 companies, startups, hedge funds, private equity firms, or to start their own businesses. The Big 3 are sometimes confused with the Big 4, which refers to Deloitte, EY, KPMG, and PwC. These Big 4 firms are the largest accounting companies globally but also provide consulting and other services.

◆McKinsey, historic low acceptance rate of 0.6%... famous for excessive workload

McKinsey is generally the most famous among the Big 3 and boasts the longest history, having been founded in 1926. Headquartered in New York, McKinsey is the largest among MBB, with over 45,000 employees across 130 offices worldwide. In 2023, McKinsey generated approximately $16 billion (22.3 trillion KRW) in revenue, led by Bob Sternfels, the company’s Global Managing Partner and Chairman of the Board. McKinsey told Business Insider, "We receive over one million job applications annually and plan to hire about 6,000 people in 2024, similar to the previous year." This means McKinsey hires only about 0.6% of applicants. The average base salary for new hires with a bachelor’s degree at McKinsey is $112,000 (156 million KRW), and for those with an MBA, it is $192,000 (270 million KRW). McKinsey is notorious for its grueling workload, with even junior analysts working 12 to 15 hours a day.

◆BCG also has an acceptance rate of about 1%... MBA graduates start with mid-200 million KRW salary

Boston Consulting Group, or BCG, was founded in Boston in 1963, where its headquarters remain. As of 2023, the company employs 32,000 people and operates 128 offices worldwide. BCG’s global revenue in 2023 was approximately $12 billion (17 trillion KRW). BCG is led by CEO Christoph Schweizer, who has been in the role since 2021, and the company’s Global Chairman, Rich Lesser. Amber Griewal, BCG’s head of talent, told Business Insider that over one million people apply annually, but only about 1% are accepted. The average base salary for new hires with a bachelor’s degree at BCG in 2023 was $110,000 (150 million KRW), while those with an MBA or PhD earned about $190,000 (265 million KRW).

◆Bain, notorious for long working hours despite motto "Work hard, play hard"

Bain & Company, or Bain, was founded in 1973 and is also headquartered in Boston. The smallest of the Big 3, Bain has offices in 65 cities worldwide and employs about 19,000 people. According to the Financial Times, Bain’s revenue in 2023 reached $6 billion (8.37 trillion KRW). In the U.S., the starting salary for bachelor’s degree graduates is about $90,000 (125 million KRW), and for new hires with an MBA or PhD, it is about $165,000 (230 million KRW). (Business Insider reported $166,000, but industry sources say $190,000 is more accurate.) Despite long working hours and high expectations, Bain is known for its collaborative culture. The motto is that ‘one Bainie never lets another Bainie fail.’ Among the Big 3, Bain’s corporate culture is considered the most close-knit, often described as the ‘most brotherly company,’ and is famous for its culture of "work hard, play hard."