If you are considering a career in consulting, you might ask yourself which top consulting firms are the best fit for you?
But with the hundreds of large consulting companies and boutique consulting firms out there, you might feel confused about which ones are right for you.
And surprisingly, there are many great consulting firms beyond the MBB and the Big 4 that offer an amazing work environment, a competitive salary package, and excellent exit opportunities.
That’s why this article will list the top consulting firms and the criteria to consider when choosing which one is the best fit for you.
Let’s start right now!
Table of Contents
Top Consulting Firms Ranked By Prestige
Prestige is an important criterion when it comes to deciding whether or not to join a consulting firm.
Because you want to join a consulting firm that has been working with prominent businesses in their industry, and that has a reputation for excellent work.
So which consulting firms are the most prestigious in 2021?
To answer this question, I checked vault.com which surveyed more than 17,000 consultants to determine which firms were considered the most prestigious by those in the industry.
2021 Most Prestigious Consulting firms In North America
2021 Most Prestigious Consulting firms In Europe
Top Consulting Firms Ranked By Compensation
While prestige is key, there is another big metric that all candidates care about.
Compensation.
The compensation is defined as the salary received by Consultants.
So, which consulting firms are offering the highest compensation in 2021?
For this information, I looked at the data from vault.com again.
2021 Best Consulting Firms For Compensation In North America
2021 Best Consulting Firms For Compensation In Europe
Important: if you are looking for precise information about salaries in consulting, check this article. In this article, you’ll find the salaries by hierarchical level and by consulting company.
Top Consulting Firms Ranked By Work-Life Balance
When it comes to a satisfying work experience, the work-life balance is an important factor to consider.
And let’s face it: Consulting is not known for offering a good work-life balance.
But the number of hours spent at the office and the time spent traveling each week must be known before selecting a firm to work for.
So what are the consulting companies having the best work-life balance?
2021 Best Consulting Firms For Work-Life Balance In North America
2021 Best Consulting Firms For Work-Life Balance In Europe
An Overview Of Some Consulting Firms
There are hundreds of management consulting firms worldwide, serving numerous industries and offering many services.
Here are some facts and figures about the best consulting firms in the world.
McKinsey & Company
McKinsey was founded in Chicago in 1926 by James O. McKinsey, an accounting professor from the University of Chicago.
Marvin Bower, hired in the late 1930s as a partner, ran the company for 30 years and crafted the firm into what it is today.
He believed that consultancies should adhere to the same high standards as lawyers and doctors.
Thus McKinsey, under Brower, is generally considered as the first Management Consulting firm.
Some key figures:
- Annual revenue: $10.5Bn (2020)
- Consultants: 9,000
- Offices: 120
About the McKinsey culture:
McKinsey focuses on knowledge management and invests more than $600 million of the firm’s resources annually in capability building and knowledge development.
Also, they established their in-house think tank, McKinsey Global Institute, in 1990, to develop research on major challenges and trends changing the world.
Important: if you want to learn more about the hiring process at McKinsey, click here. For salaries in consulting, it’s here.
Boston Consulting Group (BCG)
The company was founded by Bruce D. Henderson, a Harvard Business School alumnus.
After many years in the purchasing department of Westinghouse in Pittsburgh, he joined Arthur D. Little in Cambridge, Massachusetts.
In 1963, he was recruited by The Boston Safe Deposit and Trust Company to form an internal consulting arm for the organization.
He founded a one-man unit called the Management and Consulting Division.
Some key figures:
- Annual revenue: $8.6Bn (2020)
- Consultants: 6,200
- Offices: 90
About BCG culture:
In my opinion, what makes BCG so unique is its focus on diversity, one of the firm’s core values.
BCG recruits candidates from various backgrounds (Ph.D., MBA, etc.)
Important: if you want to learn more about the hiring process at BCG, click here. For salaries in consulting, it’s here.
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Bain & Company
In 1973, Bill Bain left the BCG to create Bain & Company.
Bain & Company set an early focus on the concept of shareholder wealth, which set it apart from other firms and has become the model used frequently across the industry today.
Also, Bain has also developed its Private Equity business. Its Private Equity arm has been wildly successful and is considered a leader in the space.
Some key figures:
- Annual revenue: $4.5Bn (2019)
- Consultants: 3,500
- Offices: 58
About Bain & Company culture:
Bain has been named ‘best place to work’ for many years, which shows the strong camaraderie culture illustrated with the motto ‘a Bainee never lets another Bainee fail’.
Important: if you want to learn more about the hiring process at Bain & Company, click here. For salaries in consulting, it’s here.
Kearney
It should be noted that Andrew T. Kearney was McKinsey’s first partner, and he left the firm to found A.T. Kearney in 1937 (now Kearney since 2020).
Kearney addresses CEO agenda-based concerns, including mergers and acquisitions, digital transformation, IT, innovation, and supply chain management.
Also, Kearney is historically known for doing a lot of sourcing, supply chain, and cost reduction projects, which, in my humble opinion, are not the most interesting types of projects 🙂
Some key figures:
- Annual revenue: $1.4Bn (2019)
- Consultants: 2,300
- Offices: 61
About Kearney culture:
Kearney consultants are well known for their collaborative mindset.
You will find great mentors there and probably grow personally and professionally quickly.
Also, Kearney is known for its entrepreneurial spirit and hardworking culture, which means long hours at the office.
Roland Berger
Company founder Roland Berger established the firm in 1967, after four years of working for Gennaro Boston Associati in Boston and Milan, Italy.
By 1987 the firm became the largest consultancy in Germany.
Today, Roland Berger is one of the most renowned European strategy consulting firms.
Also, Roland Berger has a strong reputation in the fields of restructuring and marketing, with a focus on the Automobile Industry and the capital goods sector.
Some key figures:
- Annual revenue: $0.8Bn (2019)
- Consultants: 1,800
- Offices: 52
About Roland Berger culture:
Roland Berger’s three fundamental values are entrepreneurship, excellence, and empathy.
On Fridays, they host get-togethers to discuss business developments and exchange news.
Monitor Deloitte
Deloitte is one of the Big-4 accounting firms providing services in audit, tax, risk, and financial advising.
Monitor is the strategy consulting arm of Deloitte that is best known for serving clients within the healthcare and consumer goods space.
Some key figures:
- Annual revenue: $13.5Bn (Deloitte)
- Consultants: 3,500 (Monitor)
- Offices: 22
About Monitor Deloitte culture:
Monitor Deloitte invests a lot in their Consultants’ professional development.
EY-Parthenon
EY-Parthenon has been founded in 2014 through the merger of EY and The Parthenon Group.
It is the global strategy consulting arm of EY, one of the famous Big 4.
This move was viewed as part of the continued efforts by the Big 4 to move up the value chain from their traditional audit services into more lucrative areas of business, as well as to provide new points of entry to clients.
The firm advises top management on strategic issues across a broad range of industries including Private Equity, Consumer Products, Education, Financial Services, Healthcare, Information & Media, Advanced Manufacturing, Life Sciences, Oil & Gas, and Technology.
Some key figures:
- Annual revenue: not disclosed
- Consultants: 6,000 (estimation)
- Offices: 45
Strategy&
Strategy& is a strategy consulting firm previously known as Booz & Company, which was acquired by PwC in 2014
Also, Strategy& has historically a strong presence in the middle east region.
Besides, according to Glassdoor, it is the second highest-paying company for employees in the United States as of April 2017.
Some key figures:
- Annual revenue: $1.3Bn
- Consultants: 2,500 (estimation)
- Offices: 80
About Strategy& culture:
Strategy& core values include teamwork and drive for excellence.
Oliver Wyman
Oliver Wyman is a fast-growing consulting firm with historically strong expertise in Financial Services.
They serve more than 80% of the world’s largest 100 financial institutions.
Also, their presence in other industries such as Technology, Public Sector, and Consumer Goods is growing as well.
Some key figures:
- Annual revenue: $2.0Bn
- Consultants: 4,000
- Offices: 60
About Oliver Wyman culture:
Oliver Wyman’s culture is friendly and supportive.
Besides, the staffing model is global, which means that the opportunities to travel are big.
Finally, the Oliver Wyman Group also includes NERA Economic Consulting and the brand and identity consultancy Lippincott.
Eight Criteria To Consider When Selecting The Best Consulting Firms For You
Surprisingly, there are many great consulting firms beyond McKinsey, BCG, Bain & Company (also called MBB), or beyond E&Y, PWC, Deloitte, and KPMG (also called the Big4).
And you can find in these less-known consulting companies a great work environment, a competitive salary package, and excellent exit opportunities.
So let’s discuss now which criteria you should consider when selecting a firm to work for.
#1: The reputation of the company
Of course, if you go to an MBB, you can’t be wrong.
And the reputation of these firms goes well beyond the consulting industry.
But it’s important to know that some boutique consulting firms can be perceived as prestigious as the MBB in some areas.
For instance, some boutique consulting firms are specialized in a specific area such as the Automotive industry, or Pricing issues.
And if you join such a specialized boutique firm, then the salary package, types of projects, and exit opportunities can be competitive with those in MBB.
Therefore, if you already know that after some years in Consulting, you want to pursue a career in a specific area, you might want to consider joining a boutique consulting firm specializing in this area.
#2: The areas of expertise
Most consulting firms have some areas of expertise.
For instance:
Bain Dubai is specialized in Oil & Gas, Public Sector, and Private Equity.
BCG London is specialized in Financial Services.
McKinsey NYC is specialized in Media, Healthcare, and Public Sector.
BCG San Francisco is probably specialized in the Technology sector.
Therefore, you must understand what are those areas of expertise when you apply to a specific office.
Because you’ll have to work (a lot) on projects from those areas of expertise (and it’s better if you have some interests in them).
#3: The compensation
How to know the level of compensation by consulting firm?
First, you can read this article.
Otherwise, you can check a website such as Glassdoor.
#4: The Work-life balance
As discussed in one of the sections above, if the work-life balance is a critical factor for you, then you should consider joining a firm that offers decent working conditions.
How can you determine the work-life balance of a firm?
First, you can check the comments on websites like Glassdoor.
Secondly, you can talk to Consultants working in this firm.
#5: The cultural fit
I believe that cultural fit is a critical factor.
Because you are going to spend a lot of time working with your new colleagues.
And you prefer to work in a flourishing environment where you feel good!
How to determine the culture of an office?
First, you can read again the section above that gives an overview of some consulting firms.
Secondly, talk to Consultants! You will quickly see the cultural differences between a McKinsey Consultant and a BCG Consultant, or a Bainee.
#6: The size of the office (or company)
The pros of joining a big consultancy name are obvious.
For instance: the opportunity to work on big projects, or to add a strong brand to your CV.
But there are several pros to join a boutique consulting firm as well.
For instance, here are 3 reasons:
First, more responsibilities come sooner in your career. When big consulting firms can be hierarchical, a (Junior) Consultant in a Boutique can work closely with Partners and lead meetings with clients during his/her first year.
Secondly, joining a growing boutique consultancy can be a great entrepreneurial experience. Imagine that you can be part of opening an office in a new country!
Lastly, the frequency of promotions can be better in small consultancies and the opportunity to become a Director or a Partner can come faster than in larger firms.
#7: The exit opportunities
As mentioned in the ‘Reputation’ section, the exit opportunities can be as good in a boutique consulting firm as in a large consulting firm.
Therefore, check the reputation of your target firm in the industry/area you are interested in.
#8: The geography
You must realize that all the above factors can differ from one geography to another (for the same consulting firm).
For instance, the reputation of the Bain Paris office can be different from the reputation of Bain Dubai. Bain Paris can be seen as a challenger behind McKinsey and BCG, whereas Bain Dubai can be seen as a market leader in this region.
Top Consulting Firms: A Conclusion
Choosing the management consulting firm that best matches your profile and career aspiration can be hard.
There are many criteria to consider: prestige, compensation, work-life balance, culture, etc.
And sometimes the localization can change everything!
The culture at Bain Brussels can be different from the culture at Bain NYC!
Now it’s your turn!
First, check the database built by vault.com: https://www.vault.com/best-companies-to-work-for/consulting
You can find the right consulting firm based on your criteria.
Then, leave a comment below to tell me which criteria are the most important for you when choosing the management consulting firms you want to work for.
To your success,
Sébastien
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I find this to be a very good post because it provides helpful information on consulting companies. The point about salaries being competitive is important. I also appreciate the mention of exit opportunities, as that’s something that many people don’t think about when they’re looking for an employer. All in all, I’m glad you are sharing your expertise with us!
Thanks. I’m glad you liked this article
Great post! Thanks for sharing this information.