McKinsey & Company (informally McKinsey or McK) is an American multinational strategy and management consulting firm that offers professional services to corporations, governments, and other organizations. Founded in 1926 by James O. McKinsey, McKinsey is the oldest and largest of the "MBB" strategy consultancy firms. The firm mainly focuses on the finances and operations of their clients.
Under the direction of Marvin Bower, McKinsey expanded into Europe during the 1940s and 1950s. In the 1960s, McKinsey's Fred Gluck—along with Boston Consulting Group's Bruce Henderson, Bill Bain at Bain & Company, and Harvard Business School's Michael Porter—initiated a program designed to transform corporate culture. A 1975 publication by McKinsey's John L. Neuman introduced the business practice of "overhead value analysis" that contributed to a downsizing trend that eliminated many jobs in middle management. The criminal investigation by the US Justice Department, with a grand jury to determine charges, is into its role in the opioid crisis and obstruction of justice related to its activities in the sector. and is widely seen as one of the most selective employers in the world. McKinsey recruits primarily from top-ranked business schools, and was one of the first management consultancies to recruit a limited number of candidates with advanced academic degrees (e.g., PhD) as well as deep field expertise, particularly those who have demonstrated business acumen and analytical skills. McKinsey publishes a business magazine, the McKinsey Quarterly.
History
Early history
thumb|James O. McKinsey (1889–1937), founder of the company
McKinsey & Company was founded in Chicago under the name James O. McKinsey & Company in 1926 by James O. McKinsey, a professor of accounting at the University of Chicago. He conceived the idea after he had witnessed inefficiencies in military suppliers while he was working for the United States Army Ordnance Department. and Marvin Bower, hired in 1933.