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Welcome To Mckinsey

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Fanny Kung

on 21 October 2014

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Transcript of Welcome To Mckinsey

Welcome To Mckinsey
How would a global consulting firm assist a government client?
Bretton Woods: Past & End
Before Bretton Woods

Before WW1, due to British influence and power the world reserve currency was Pound Sterling.

British £ was tied to Gold with a fixed exchange rate

-£4.247=1 Oz. of Gold =$20.67

Exchange rate between US $ and British £

$20.67/ £4.247 =$4.867 to £1

How does the business of management consultant illustrate the link between business, governments and global institutions?
Factors to Success

• Expertise and knowledge

• Reputation

• Discretion and long-term perspective

• Culture
REDD + Program

Reducing Emissions in Deforestation and Forest Degradation

UN supported program launched in 2008

Reducing greenhouse gases

Conservation & sustainable management
And we will leave you with this question:

"What does the future look like for global consulting firms?"

1. In light of Hofstede's dimension
power distance
, discuss how you think that dimension looks in McKinsey and why it would contribute to the success (or failure) of McKinsey as a leading firm in the consulting industry.

2. In light of Hofstede's dimension
, discuss how you think that dimension looks in McKinsey and why it would contribute to the success (or failure) of McKinsey as a leading firm in the consulting industry.


McKinsey & Company is a global management consulting firm.

Trusted advisor to the world's leading businesses, governments, and institutions.

It was founded in 1926 in Chicago by James McKinsey as James O. McKinsey & Company.

Headquartered in New York City.


Operate as one firm, bringing the best experts from around McKinsey and from external network to each engagement.

Hire as many MDs, PhDs, MAs and JDs as they do MBAs, giving McKinsey the range of expertise to tackle the clients' most complex problems.
McKinsey's Involvement

Marginal abatement cost curve

Leaving out important costs to consider in policy decisions

"One-Size-Fits all" approach

Confidential information means unable to scrutinize

The Firm
by journalist Duff McDonald.

"If you understand the story of McKinsey, you understand the story of American Business itself."

Opt/ Out VS Rank/ Yank, McKinsey-ian Bibles for Enron Employees.

Enron: strategy undisputedly McKinsey-ian and undisputedly a failure.
Enron: vision over execution,ruthless HR policy, prosaic issues like off-balance-sheet financing and securitization of mortgage assets.

GM VS Toyota: Organize around markets, not technologies, destroying institutional knowledge and informal networks of people.

Success in China via innovation through commercialization

We have learned in the presentation thus far, even elite consulting firms make mistakes.

Given the unpredictable nature of international affairs, should private firms such as McKinsey be able to participate in public affairs when they have not been delegated this privilege by the voters?

Envisioned as an institution that would oversees the international monetary system, exchange rates, and international payments.

Ensure exchange rate stability and encourage member countries to eliminate exchange restrictions that hinder trade.

Also provides technical assistance to create and implement effective policies, particularly economic, monetary and banking policy and regulations.

187 countries are members today.
World Bank

Formal name is International Bank for Reconstruction and Development (IBRD)

One Central Purpose: to promote economic and social progress in developing countries by helping raise productivity so that their people may live a better and fuller life.

First loans were extended during the late 1940s to finance reconstruction of the war-ravaged economies of Western Europe. When these nations recovered, the World Bank turned its attention to assisting the world's poorer nations.
Bretton Woods

In 1944 members from 44 countries meet in Bretton Woods, New Hampshire to form an agreement.

Eventually, the agreement collapsed and in 1976 the Jamaica Agreement established a managed system where currencies float against each other.

In Sept. 1985, G5 met for the first time and has grown to G20.

Two lasting institutions from Bretton Woods are the IMF and the World Bank
Current World Bank Primary Focus

Six Strategic Themes:

The Poorest Countries

Post Conflict and Fragile States

Middle-income countries

Global public goods

The Arab World

Knowledge and Learning

Serve more than 80% of Fortune magazine's list of the Most Admired Companies

2/3 of Fortune 1000

A global organization, with more than 90 offices in more than 50 countries.

Speak over 120 languages and represent over 100 nationalities.
Company Culture
Public & Private Critiques
Full transcript