Case Interview
A structured problem-solving interview where you diagnose a business problem aloud in real time. Required at MBB and most strategy firms — the highest recruiting bar in professional services.
MBB
McKinsey, BCG, and Bain — the three elite strategy consulting firms. Most competitive entry point; strongest career launchpad into PE, corporate strategy, and startup leadership.
Big 4
Deloitte, PwC, EY, and KPMG. Strategy arms (EY-Parthenon, Deloitte S&O, PwC Strategy&) compete directly with MBB on transformation, M&A advisory, and financial consulting work.
Engagement
A consulting project — typically 4–16 weeks with a defined scope, deliverable, and staffed team. Consultants often manage multiple engagements simultaneously.
Workstream
A sub-project within a larger engagement, owned by one consultant or team. Multiple workstreams converge into the final client deliverable at the end of the project.
Business Analyst (BA)
The entry-level consulting title at MBB for undergrad hires. The 2-year BA program is one of the most coveted roles in professional services and a major career differentiator.
Up-or-Out
The promotion model at most consulting firms — advance within a defined timeline or leave. Creates tight alumni networks that drive career optionality long after departure.
Exit Opportunities
Post-consulting roles: PE/VC, corporate strategy, startup leadership, investment banking, or government. Consulting is explicitly positioned as a 2–3 year career launchpad.
Due Diligence (DD)
The analysis process before an M&A deal closes — validating financials, customer quality, market position, and operations. Heavy Big 4 TAS, boutique strategy, and advisory firm work.
Operating Model
How a company is structured to deliver value: org design, processes, technology, and governance. Designing or redesigning an operating model is one of the most common consulting deliverables.
Utilization Rate
The % of a consultant’s time billed to clients vs. total hours. At MBB it runs ~70–80%. Drives firm profitability and creates staffing pressure on analysts throughout the year.
The Deck
The PowerPoint slide deck — the primary consulting deliverable. Deck reviews with senior partners are a daily consulting ritual. Clear deck skills signal clear thinking and structured communication.