James McKinsey
Born 1889 · Age 136
American accountant, professor of accounting at the University of Chicago, management consultant and founder of McKinsey & Company. Prominent early proponent of budgeting and systematic managerial analysis.
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Life & Career Timeline
Born in Gamma, Missouri
James Oscar McKinsey born to James Madison McKinsey and Mary Elizabeth (Logan) McKinsey in Gamma (Montgomery County), Missouri.
Bachelor of Pedagogy, Warrensburg Teachers College
Completed teacher training (Bachelor of Pedagogy) at Warrensburg Teachers College (now University of Central Missouri).
Bachelor of Laws (LLB), University of Arkansas
Earned an LLB at the University of Arkansas.
Studied and taught bookkeeping at Saint Louis University
Studied bookkeeping and taught bookkeeping at Saint Louis University (St. Louis).
Bachelor of Philosophy (BPhil), University of Chicago
Received Bachelor of Philosophy in commerce from the University of Chicago.
Master of Arts (MA) in Commerce, University of Chicago
Completed MA in commerce at the University of Chicago (1917).
Drafted into U.S. Army (Ordnance Department)
Drafted during WWI; served in Ordnance Department and rose from private to lieutenant. Observed logistics inefficiencies that influenced later consulting thinking.
Instructor / Assistant Professor at University of Chicago (start)
Began role as instructor and assistant professor of accounting at the University of Chicago (position held 1917–1920).
Discharged from Army and became Illinois CPA
Discharged from the U.S. Army (1919) and became a certified public accountant in Illinois the same year.
Married Alice Louise Anderson
Married Alice Louise Anderson; the couple later had two children.
Wrote textbooks on accounting & taxes (general contribution)
Authored several textbooks in accounting and taxation early in career that established his academic reputation and practice orientation.
Published Principles of Accounting (co‑author) and Bookkeeping & Accounting Volumes
Co-authored Principles of Accounting (with Albert Claire Hodge) and published Bookkeeping and Accounting Vol. 1 & 2 — early textbooks establishing his reputation as an accounting scholar.
Ended University of Chicago instructor role
Concluded the 1917–1920 period as instructor/assistant professor of accounting at the University of Chicago (continued other academic and professional work).
Lecturer in Accounting, Columbia University (start)
Took a lecturer position in accounting at Columbia University (tenure 1920–1921).
Lecturer in Accounting, Columbia University (end)
Concluded one‑year lecturer post at Columbia University (1920–1921).
Published Budgetary Control
Published Budgetary Control (1922), regarded as the first definitive work on budgeting and advocated using budgets as a management control tool in private industry.
Contemporary recognition for scientific approach
Reviewers described his books as 'rigidly and boldly scientific' — an early recognition of his systematic, quantitative approach to management.
Published Managerial Accounting and Business Administration
Released Managerial Accounting and Business Administration (both 1924). Managerial Accounting showed how accounting data could reform business operations.
President, American Association of University Instructors in Accounting
Elected president of the American Association of University Instructors in Accounting and helped establish the journal The Accounting Review.
Helped establish The Accounting Review (journal)
Instrumental in founding the professional journal The Accounting Review (associated with AAUIA work).
Founded James O. McKinsey & Company
Founded his own management consulting firm in Chicago, James O. McKinsey & Company, to apply accounting principles to management and budgeting. (Some later accounts list 1926 as the founding year; primary sources and HBS list 1925.)
Served as Senior Partner, James O. McKinsey & Company (start)
Became senior partner of his newly formed consultancy upon founding and served as the firm's senior partner until 1935.
Promoted to Full Professor, University of Chicago
Promoted to full professor at the University of Chicago (continued to reduce teaching as business obligations grew).
Reduced teaching load at University of Chicago
Beginning in 1928 taught only two courses at the University of Chicago due to increasing business responsibilities with his firm.
Created the General Survey Outline (30‑page system)
Developed the 30‑page General Survey Outline (1931) — a systematic diagnostic tool for evaluating company finances, organization, and competitiveness.
General Survey Outline adopted in consulting practice
The 30‑page General Survey Outline became a core diagnostic tool used by his firm to evaluate companies — an early example of McKinsey's systematic consulting methodology.
Became board member — Kroger and Armour Institute (approx.)
While leading Marshall Field he also sat on the boards of Kroger, the Armour Institute of Technology, and other organizations (mid‑1930s).
Ended senior partner duties at James O. McKinsey & Company
Stepped back as senior partner of his consultancy (served as senior partner from founding until 1935).
Named Andrew T. Kearney managing partner of Chicago office
For his eponymous firm, McKinsey appointed Andrew Thomas Kearney managing partner of the Chicago office as he moved to Marshall Field leadership.
Marshall Field retained McKinsey & Co. to resolve losses
Marshall Field & Company retained McKinsey to analyze significant losses ($12M lost since 1930) and a loan repayment issue ($18M). McKinsey sent 12 consultants to review 752 stores across 32 states, factories and wholesalers.
Accepted Chair & CEO role at Marshall Field & Company
Marshall Field's board offered McKinsey the chair and chief executive positions; he accepted in October 1935 and began reorganizing the company (recommended focusing on retail, selling factories, ending wholesaling).
Elected Chairman, American Management Association
Elected chairman of the American Management Association (AMA) in 1936, reflecting leadership recognition in American management circles.
Legacy: McKinsey & Company continued after death
After McKinsey's death the firm survived and later grew into a global management consulting firm; Marvin Bower later became the key figure in transforming the firm (posthumous development relevant to McKinsey's legacy).
Died of pneumonia in Chicago
Died on November 30, 1937 in Chicago at age 48, reportedly from pneumonia after intense work transforming Marshall Field's finances.
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