James McKinsey founded McKinsey & Company in Chicago in 1926 as James O. McKinsey & Company. He was a professor at the University of Chicago’s Booth School of Business. He is considered the father of managerial accounting.
In the beginning, the firm had an accounting practice and a management practice, which were separated in 1937.
In 1953 McKinsey began hiring consultants straight out of business school, preferring to train young graduates instead of hiring mature executives as was the norm at this time.
In 1954 McKinsey became a private company, with shares owned only by employees. Retiring partners began to sell their shares to younger employees to give them a sense of ownership in the firm.
In 1990 the firm established a think tank on globalization, corporate strategy, and governance called the McKinsey Global Institute.
Since 2000 McKinsey has focused on expansion to Asia and developing practices focused on the public and social sectors.
McKinsey is #47 on the Forbes list of America’s Largest Private Companies, has 17,000 worldwide employees in 100 offices in 50 countries, and had $7 billion in revenue in 2011.
McKinsey & CompanyJames McKinsey founded McKinsey & Company in Chicago in 1926 as James O. McKinsey & Company. He was a professor at the University of Chicago’s Booth School of Business. He is considered the father of managerial accounting.
In the beginning, the firm had an accounting practice and a management practice, which were separated in 1937.
In 1953 McKinsey began hiring consultants straight out of business school, preferring to train young graduates instead of hiring mature executives as was the norm at this time.
History
In 1954 McKinsey became a private company, with shares owned only by employees. Retiring partners began to sell their shares to younger employees to give them a sense of ownership in the firm.
In 1990 the firm established a think tank on globalization, corporate strategy, and governance called the McKinsey Global Institute.
Since 2000 McKinsey has focused on expansion to Asia and developing practices focused on the public and social sectors.
McKinsey is #47 on the Forbes list of America’s Largest Private Companies, has 17,000 worldwide employees in 100 offices in 50 countries, and had $7 billion in revenue in 2011.