About Bain & Company
A Bainie never lets another Bainie fail, is a central philosophy followed by Bain & Company, which means that “work culture, people and amazing learning opportunities” are among the most important aspects of Bain & Company.
Bain & Company is a global management consulting firm and it has 63 offices spread across 38 countries. It advises clients on Strategy, Marketing, Operations, Organization, Information Technology (IT) transformation, Mergers and Acquisitions (M&A) across all industries. By taking a practical approach to client relationship management, Bain & Company transformed the consulting industry.
Founded in 1973 in Boston, Bain & Company has grown into one of the big three management consulting firms, along with McKinsey and Boston Consulting Group (BCG). Many Bain alumni have achieved success in other fields, including Mitt Romney, who founded the affiliated private equity firm Bain Capital and ran for the Republican Party presidential nomination in 2008.
The firm believes in the principle of ‘Results, not Reports,’ and they invest in their clients’ success through a success-fee structure they call “tied economics”. This enables Bain to better align its financial incentives with client outcomes.
History
William Bain Jr (right) with his protégé Mitt Romney at Bain & Co’s offices in 1990,
Figure 1- Source: Financial Times
1973
Bain & Company was founded in 1973 by ten employees of The Boston Consulting Group. The leaders were BCG VP William W. Bain, Jr., who had a 35% stake; BCG VP Pat Graham, who had a 25% stake; and BCG Case Manager George B. Bennett, who also had a 25% stake. The remainder was divided among seven younger former BCG employees who assisted in the formation of the firm.
1985
Despite the fact that business was slow and the company was overstaffed, Bain had to turn down business due to its one-client-per-industry rule. Competition grew as other firms adopted Bain’s implementation-focused strategy, and internal infighting among the senior partnership threatened to split the firm apart. In response, Bain & Co. was formally incorporated in 1985, and an Employee Stock Ownership Plan (ESOP) was established over the course of two years. Senior partners at Bain began borrowing against their equity for cash, leaving the firm with a large debt load.
1993
In 1993, the position of CEO was divided into two parts: an executive head (Worldwide Managing Director) and a non-executive head (Chairman of the Board). Orit Gadiesh, who became Bain’s first Chairman in 1993, was instrumental in preserving the company’s culture. Gadiesh attended Harvard Business School and graduated as a Baker Scholar after working in military intelligence for the Israeli army for two years and earning a degree in psychology from Hebrew University of Jerusalem..
She took the lead as a junior partner during the turnaround in preventing senior partners from leaving the firm; as chairman, she became the first woman to lead one of the major consulting firms. For several years, Gadiesh has been named in Forbes’ annual list of the 100 Most Powerful Women in Business, and she serves on the boards of several organizations, including the World Economic Forum.
| Website | http://www.bain.com |
| Founder’s Name | William W. Bain Jr. Patrick F. Graham |
| Founded | 1973 |
| Headquarters | Boston, Massachusetts, U.S. |
| Type | Incorporated partnership |
| Industry | Management consulting |
| Locations | 63 offices in 38 countries With a strong foothold in almost all continents:
|
| Key People | Manny Maceda (Worldwide Managing Partner as of 2021) Orit Gadiesh (Strategist and Chairperson as of 2021) |
| Number of Employees | 13,000 people (as of 2021) |
| Revenue | $4.1B (as of 2021) |
| Consulting Services | Strategy, Marketing, Organization, Operations, Technology, Transformation, Digital, Advanced Analytics, Corporate Finance, Mergers & Acquisitions and Sustainability |
| Industries | Bain advises clients in the following industries:
|
| Social Media |
Every Bain engagement is built on Bain’s unique Results Delivery basis. This method focuses on forecasting, monitoring, and managing risk associated with a change from the start, allowing customers to achieve more consistent and predictable results than their competitors.
The technique of “tied economics,” which Bain pioneered, provides more evidence of the firm’s confidence in its capacity to create results. Bain frequently takes equity in place of fees to assure congruence between a client’s aims and the firm’s work, which means that Bain is only successful if its clients are successful.
Diversity, Equity, and Inclusion: There are organizations at Bain that promote racial and social equity, such as
i) Asians at Bain,
ii) BGLAD – The LGBTQ+ Network at Bain & Bridgespan,
iii) Blacks at Bain (BABs),
iv) Latinx at Bain (LATBA),
v) Veterans at Bain (VABs), and
vi) Womxn (WAB).
These affinity clubs are active networks that contribute to Bain’s inclusive culture by connecting members and providing support through coaching, mentorship, and professional development. These networks include members of both Bain and the Bridgespan Group, Bain’s sister nonprofit consulting firm.
Since 2012, the firm has been a Certified 100 percent CarbonNeutral Company®, which has allowed it to lead the industry in ecologically responsible operations. Bain signed the Business Ambition for 1.5°C in 2020, pledging to reach net carbon neutral emissions by 2030. Bain is also a member of the United Nations Global Compact, a program that encourages businesses to adopt sustainable and socially responsible activities.
With a 10-year commitment to invest more than $1 billion in pro bono services, it brings its talent, expertise, and insight to organizations addressing today’s most pressing issues in:
- Education: to improve the futures of underserved children,
- Racial equity, social justice: to address structural racism and other systems of oppression,
- Economic development: foster inclusive economic growth by leveraging markets and enterprise models, and
- The environment: to accelerate market-oriented solutions for environmental sustainability
While the firm’s client list is closely guarded, Bain is known to have worked with such prestigious names as De Beers, Dell, Ford, Charles Schwab, Starbucks, Del Monte, KIPP, and the Bill & Melinda Gates Foundation.
Bain & Company, the “heart” of the Big Three, is known as much for its ambition and game-changing innovations as it is for its culture. Owing to the rich and deeply compassionate culture, Bain consistently strives to empower its employees, helping them deliver outstanding work on a global scale.
Across all industries and geographies, global leaders come to Bain to solve industry-defining challenges. Its Results360 approach to change management helps structure, choreograph, and facilitate long-term results.
Its performance is measured by the success of its clients, which include more than 60% of the Fortune Global 500, private equity firms accounting for 75% of global equity capital, prominent organizations, and cutting-edge startups.
The True North Philosophy: The true-north concept was inspired in part by Ms. Gadiesh’s husband—a keen sailor who has circumnavigated Cape Horn solo—and has since become ingrained in the firm’s culture. Bain’s logo is a compass pointing slightly to the right of vertical, and Bainies frequently use this phrase.
Bain’s True North Scholarship – This programme is designed to support and encourage exceptional female students to pursue careers in fields where women have historically been underrepresented. The goal is to inspire women through personal impact stories and to equip them with leadership skills, so that they can chart their own career paths.
Commitment & Enthusiasm: Consists of the three major components listed below:
- Results, not reports: Bain is driven by a desire to achieve results that are aligned with the success of their clients, as well as a commitment to the highest level of professionalism and ethical standards in everything Bain delivers.
- Putting our money where our mouth is: enables Bain to better align their financial incentives with the outcomes of their clients.
- Results360: a distinct approach to change management that aids in the structure, orchestration, and implementation of long-term results.
Sincerity and openness: Bain has a deep intellectual honesty as well as the courage to explain things simply. The company is also open to the possibility that its current assumptions or beliefs could be incorrect.
Practical: follows the mantra of bold thinking with a pragmatic approach that focuses on getting things done, turning decisions into action, and delivering results.
One Group/Team: Bain works as one global team, both with each other and with its clients, to direct their collective energy toward achieving the extraordinary.
What
distinguishes
Bain?
01A revolutionary
mindset
Bain works with forward-thinking clients who want to shape the future rather than hide from it. It defines a bold ambition and achieves extraordinary results that redefine industries when they work together.
02Innovation that is
integrated
Bain provides integrated solutions by combining its own capabilities with a carefully curated ecosystem of the world’s leading innovators to achieve better, faster, and more enduring results for clients.
03A culture of collaboration,
unlike any other
It feels unique to work at Bain because its people are unlike any other. Every client relationship benefits from their fresh perspective, mutual trust, and contagious energy.
Why work at Bain & Company?
94% of employees at Bain & Company, Inc. say it is a great place to work compared to 57% of employees at a typical U.S.-based company.
Wide experience
and network
At Bain, you will work on cases with offices from all over the world, which will expose you to a wide range of skills and perspectives, which will help you advance in your career.
Dynamic and
diverse culture
Building outstanding teams requires a commitment to diversity, inclusiveness, and cooperation. Bain & Company hires people with remarkable talents, abilities, and potential, and then provides an environment in which you can be yourself at work.
Create an
impact
To create better, faster, and more long-lasting outcomes, you’ll work in integrated teams and collaborate with a network of digital innovators. You’ll gain extensive experience in a variety of industries and business difficulties, allowing you to pursue other areas of interest as you go.
Individual global
training
Bain & Company provide in-depth, tailored training to ensure you have the skills you need to succeed at Bain and beyond. Every 18-24 months, you’ll attend a worldwide training session (take a look at Figure 4) with your peers, led by current Bain managers and partners who understand the capabilities you’ll need to succeed. These meetings take place all over the world, from Hong Kong to Los Angeles to Rome and beyond. You won’t be sitting in lecture halls at a global session; instead, you’ll be learning in small groups through a fun mix of presentations, exercises, role-playing, and experience sharing.
- The core and voluntary benefits plans include medical, dental, disability, life insurance, 401(k), flexible spending, vacation, legal, and an employee wellbeing program.
- Plans like stock purchase plan, vacation and paid time off, maternity and paternity leave, flexible spending accounts, and free lunches and snacks.
- Paid time off to volunteer, tuition assistance, diversity and job training programs, sabbatical and working from home options
| Career Path/Levels | Time |
|---|---|
| Associate Consultant (AC) | 3-6 Months |
| Consultant | 3-12 Months |
| Manager | 2-3 Years |
| Senior Manager | 2-3 Years |
| Associate Partner | 2-3 Years |
| Partner | 2-3 Years |
Compensation as per Position/Role
| Position | Location | ||
|---|---|---|---|
| New York (in $) | London (in £) | Mumbai (in ₹) | |
| Associate Consultant (AC) | $1,02,069/yr | £55,313/yr | ₹21,44,110/yr |
| Consultant | $1,88,123/yr | £1,10,216/yr | ₹42,36,871/yr |
| Manager | $2,12,926/yr | £1,30,519/yr | ₹57,08,296/yr |
| Associate Partner | $3,54,681/yr | £2,28,631/yr | ₹98L – ₹1Cr/yr |
| Partner | $4,62,155/yr | £4,20,271/yr | – |
Source: Glassdoor, 2022
Note: Salary figures are approximate, data from Glassdoor
Undergraduate/Masters’ Salary at Bain & Company
| Location | Base Salary | Bonus | Signing Bonus | Relocation Package |
|---|---|---|---|---|
| Bain & Company (General) | $100,000 | up to $25,000 | $5,000 | $5,000 |
| UK | £46400 | up to £11,000 | £3,000 | – |
| Dubai | $85,000 | – | $3,000 | – |
Source: ManagementConsulted 2022 Report
Note: Salary figures are approximate, data from Glassdoor
MBA/PhD level Salary at Bain & Company
| Location | Base Salary | Bonus | Signing Bonus | Relocation Package |
|---|---|---|---|---|
| Bain & Company (General) | $175,000 | up to $41,250 | $30,000 | $8,000-16,000 |
| UK | £90,000 | up to £20,000 | £15,000 | – |
| Switzerland | CHF 286,000 | – | CHF 35,000 | – |
Source: ManagementConsulted 2022 Report
Note: Salary figures are approximate, data from Glassdoor
| Experience Bain (videos) |
Bain & Company World Cup – Rome 2019
“Bain has a very strong and inspiring culture instilled into the system which is a guiding light for all employees. Every year since 1987 a different city has hosted the ‘Bain World Cup’ wherein employees from Bain offices from across the globe come together to participate in sporting events such as Touch Rugby, Volleyball, 6-a-side soccer and 11-a-side soccer. The event highlights the strong bond shared by Bain teams (even beyond work) and brings together ~25% of the entire company workforce to celebrate the true spirit of Bain. For sports enthusiasts, this is a top-notch experience” – by Glassdoor.
Bain Band
The Bain Band makes up its own lyrics to perform songs like Sweet Child O’ Mine and Brown Eyed Girl at corporate events.
Bain & Company has received numerous accolades around the world and is regarded as one of the best places to work. The following is a list of awards that Bain & Company has received in recent years.
Source: Great Place to Work
- In 2021, Glassdoor ranked the company as the #1 “Best Places to Work” (video) and has consistently ranked in the top four since the ranking’s inception.
- In 2020, Fortune named it one of the “Best Workplaces for Women” and one of the “Best Workplaces for Diversity” in 2019.
- The Human Rights Campaign Foundation named Bain & Company one of the “Best Places to Work for LGBTQ Equality” in 2021 after the firm received a perfect score on the organization’s annual Corporate Equality Index (CEI) for 15 years running.
- Among many other honors, Bain & Company was named one of the “Top 100 Best Places to Work for Generation Z in 2019” by Mogul.
- In 2021, it was ranked first in Vault’s “Best Consulting Firms to Work For” list.
- Greg Brenneman, Former CEO of PwC and Burger King and now Chairman of CCMP Capital
- Mitt Romney, Former CEO of Bain & Co, Founder of Bain Capital and 70th Governor of Massachusetts
- Meg Whitman, CEO of Hewlett Packard and former CEO of eBay
- John Donahoe, Former CEO of eBay
- Jane Mendillo, Former President & CEO of Harvard Management Company
- Kevin Rollins, Former CEO of Dell Inc
- Michael Murphy, Former Olympic Diver
- Jayne Hrdlicka, CEO of Jetstar
- Bernie Brookes, Former CEO of Myer and CEO at Edcon
- Scott Cook, Co-Founder of Intuit
Getting Hired at Bain & Company
The Process
The hiring process at Bain & Company involves the following broad steps:
- Shortlisting of candidates by CV and cover letter
- Math tests (for South American offices) and
- Two rounds of interview
When a candidate submits his/her application, the Bain HR team will review it and shortlist the applicant for further screening.
Bain & Co. requires a math test to evaluate a candidate’s quantitative skills for certain offices (such as those in South America). According to sources, there are two models of this test: one that is largely based on the GMAT model, and another that is similar to the McKinsey PST or BCG Potential Test.
Typically, there are then two rounds of interviews, but depending on the location and the requirement, it may take three rounds of interviews.
Often, the first round of interviews is with junior consultants, followed by a second round with partners.
The key tools used to evaluate during the interview round are
- Case studies
- Written tests and
- Personal Experience and Fit tests
The written test is not a standardized practice that is followed across the globe. This test is frequently taken by North American and European offices.
A typical interview round will include the first few personal fit questions, such as ‘Why Bain?’ or ‘Why management consulting?’, followed by case study questions.
To prepare for your interview, check this section: Interview Prep – Bain & Company
Some of the recent interview questions are:
- Why did you choose the 3 geographical locations you did?
- Guesstimate: Revenue of Cinema in New Delhi, India
- What is the annual market size of android smartphones in Japan?
- What is the required population density of the neighborhood for the convenience store to be profitable?
- What is the size of the US Burger market?
- Estimate the number of bandages sold in India in a year.
- Guesstimate the market size of Electric Vehicles.
- Tell me about a time when you had a disagreement with your manager. How did you handle it?
- BlissOttica, an Eyewear Manufacturer is looking to reach a 10% increase in profits. How would you help our client?
- Why do you want to work at Bain?
- Why consulting?
- Why Bain?
Once the candidate clears the second round, an offer is typically made in 2 weeks’ time. The overall process taken to complete the hiring process takes about 4-6 weeks.
Now that you have a basic understanding of Bain interviews, let’s look at some case questions. The following examples of case questions will give you a good idea of what to expect from a Bain case interview:
- Coffee Shop Co.
You’re having lunch with an old university friend who is looking for business advice. She is considering opening a coffee shop in Cambridge, England, a large university city about an hour and a half from London.
She sees potential in this business but would like your advice on whether opening a coffee shop is a good idea.
What are your thoughts?
- 2. FashionCo.
FashionCo, a player in the women’s fashion market, is our client. It has been in the industry for a long time, but its revenue has been declining year after year for the past five years.
FashionCo wants to know:
- What is causing this decline?
- What can the organization do to increase revenue?
FashionCo will hold a management meeting at the end of the week, and the CEO wants a recommendation from Bain on how to proceed.
What can they do to increase revenue?
For detailed case interview preparation check this section: Case Interview – Bain & Company
An ideal candidate for Bain is someone with problem-solving skills, the ability to lead, has passion, and focuses on outcomes.
During the interview round, Bain is looking for the following:
- The approach taken to solve a problem
- Analytical and creative thinking
- Usage of data in quantifying and making recommendations
- Communication skills in conveying ideas
- Suggestions in implementing the proposal
All candidates selected must have excellent academic records and extensive extracurricular activity, as well as significant and noteworthy experience in previous internships and positions.
Positive review
Negative review
Work-life balance
01It stands apart in so many ways, from the environment of the office to the very vibes it gives. They have the Bain way of doing things which I learned there and it does give you an edge wherever you go next as you have already developed an ethic so strong.
02Love the Bain culture. The company is dedicated to delivering a high-quality product and, above all, very keen on maintaining the work-life balance of every individual working in the firm.
Note: Reviews from Glassdoor, Indeed.com and Quora
Conclusion
For the second year in a row, Bain & Company is the only “premium three” management consulting firm to be named in Fortune’s 100 Best Companies to Work For® list. At Bain, there is great workplace culture and values, opportunities for development and growth, innovation, and the capacity to fulfill their full potential.
Bain & Company is always praised for upholding its “people first” image by cultivating a friendly and transparent workplace. Employees always praise the firm for encouraging open discussions about diversity, equity, and inclusion (DEI) and for the concrete steps it has made toward its DEI pledges over the years.