James O.McKinsey (1889- 1937), a professor at the University of Chicago, was the first scholar to publish a budget monograph and a management accounting textbook. The establishment of McKinsey & Company, the first consulting company known as the father of growth strategy, opened a new era of modern management consulting.

Before 1930s, he played a very important role in the development of American accounting education. 1924 at the age of 35, he was the chairman of the American Association of University Accounting Teachers, which was the predecessor of the National Accounting Association. One of his achievements during his presidency was that his opinions on the American Institute of Accountants allowed accounting teachers to join the association. Previously, the membership of the association was limited to accountants engaged in practical work.

Although he played many roles in the development of accounting education, his time in education was short. After serving as the president of the American Association of University Accounting Teachers, his focus shifted from accounting to management. 1925, he founded his own firm, McKinsey & Company, focusing on consulting. 1936 was elected president of American Management Association. 1935, he completed his studies in marshall field &; Management consulting contract of the company. His consulting activities were very successful, and the company's board of directors hired him as general manager and chairman. His last three years (1935- 1937) were spent in marshall field company, and he died at the age of 48.