McKinsey may sit at the top of the consulting world, but the firm is actually much more than a consulting firm. McKinsey has spent decades working with top clients on strategy and management consulting projects, and is now expanding its services to differentiate itself in the market against other competitors. One such way is the McKinsey Global Institute.
What is the McKinsey Global Institute?
The McKinsey Global Institute (MGI) is the business and economics research arm of McKinsey. The division was founded in 1990 in order to develop a deeper understanding of the evolving global economy. It has grown into a formidable research center ever since. Interestingly, McKinsey partners directly fund MGI’s research. This means the organization can retain its independence as opposed to being commissioned by any business, government, or other institution.
At the heart of the McKinsey Global Institute is still a desire to help clients. MGI’s mission is to provide leaders in the commercial, public, and social sectors with the insights on which to base management and policy decisions.
You can think of the McKinsey Global Institute as a place where some of the world’s smartest people combine the disciplines of economics and management. MGI employees utilize what McKinsey calls its “micro-to-macro” methodology. It examines microeconomic industry trends to better understand the broader macroeconomic forces that affect business strategy and public policy.
MGI has a stellar and prestigious reputation. The organization was ranked number one for four years straight in the 2018 Global Go to Think Tank Index Report. The report is published by the Think Tank and Civil Society Program at the Lauder Institute, University of Pennsylvania.
McKinsey Global Institute Reports
Just like most research-centered organizations, the McKinsey Global Institute’s main work product are thoughtful and data-driven research reports. MGI’s reports cover more than 20 countries over 30 industries and focus on the following six themes:
- Productivity and growth
- Natural resources
- Labor markets
- The evolution of global financial markets
- The economic impact of technology and innovation
As you can see, the McKinsey Global Institute focuses on some of the hot topics of our time. Here are a few examples of recent reports MGI has published:
- The future of women at work: Transitions in the age of automation
- China and the world: Inside the dynamics of a changing relationship
- Inequality: A persisting challenge and its implications
- A new look at the declining labor share of income in the United States
- ‘Tech for Good’: Using technology to smooth disruption and improve well-being
- Tackling bias in artificial intelligence (and in humans)
- What every CEO needs to know about ‘superstar’ companies
- Digital identification: A key to inclusive growth
McKinsey Global Institute Leadership and Structure
The McKinsey Global Institute Leadership is led by three McKinsey & Company senior partners: Jacques Bughin, Jonathan Woetzel, and James Manyika, who also serves as the chairman of MGI.
The organization also receives input from what’s known as the MGI Council, which is comprised of McKinsey directors. The Council helps shape the research agenda, conduct high-impact research, and distribute findings to business leaders around the world.
MGI project teams consist of partners, senior fellows, and consultants from various McKinsey offices. The organization also draws aid from leading economics, Nobel laureates, and other advisors.
In short, the MGI draws upon McKinsey’s global network to maximize its research capabilities and outreach efforts.
McKinsey Global Institute Careers
The McKinsey Global Institute is one of the leading think tanks in the world. So as you can imagine, breaking into the organization is not easy. To participate in one of the project teams, you have to work as a consultant at McKinsey, distinguish yourself as a top performer, and request an assignment at MGI.
The McKinsey Global Institute is one of the many ways McKinsey sets itself apart from its consulting peers. The organization provides clients and the rest of the world valuable research from a group of highly trained strategy consultants. The McKinsey Global Institute is yet another reason you may want to work at McKinsey if you are thinking about pursuing a career with the firm.