A fast-paced job in consulting can expose you to a variety of markets, businesses, and individuals. Numerous companies in the US, big and small, can aid you at the beginning of your consulting career.
For good reason, it’s a common job choice for plenty of people. The Bureau of Labor Statistics (BLS) reported in May 2021 that the median annual salary for management analysts was $93,000 and that between 2021 and 2031, employment in this field is expected to increase by 11%.
But which of the best consulting firms should you think about joining? To find the top consulting firms in 2023 that cover a range of industries and styles of consulting, we looked at several “best of” lists. The world’s most respected consulting firms. Although strategy consulting typically forms the core of their services, many companies provide surprisingly many other services as well. The top 15 consulting firms are listed below to consider as you make career plans for 2023 and beyond.
- McKinsey
A well-known McKinsey is the most prestigious one on the list and constantly ranks as the most valuable brand in the consulting sector. The business now employs more than 38,000 people worldwide across more than 120 offices since it was founded in 1926. The business brings in a staggering $12.5B in revenue per year.
One of the toughest hiring processes in the world is at McKinsey. Candidates with Ivy League educations and/or illustrious professional histories are frequently hired by the firm. In addition, McKinsey is renowned for being the first to hire sophisticated specialists with degrees outside of business. Given their reputation for being among the toughest workers in the business, McKinsey consultants frequently have excellent exit chances.
The company’s annual revenue is $12,500,000,000
Affluence: Highest
Factors to consider for employees: High turnover for young adults, Great future career opportunities, Long Hours, and Constant Travel.
- Boston Consulting Group
In the consulting sector, The Boston Consulting Group (BCG) is renowned as a creative thinking leader with a heavy emphasis on strategy. The intellectual culture of BCG places a high value on scholarship and creativity. The company employs about 25,000 people worldwide in 90 offices. The business brings in about $11 billion a year.
Even though BCG requires its consultants to work long hours, it is frequently rated as one of the finest places to work. To reward its top achievers, the company offers special initiatives like the Strategy Lab and the BCG Fellows program. In addition, BCG provides several programs and internships that emphasize diversity, one of the firm’s guiding principles. When consultants go from BCG, they are offered excellent exit possibilities in practically every sector.
The company’s annual revenue is $11,000,000,000
Affluence: Highest
Factors to consider for employees: Long Hours, Demanding Culture, and High turnover for great exit opportunities.
- Bain & Company
Bain & Co. is the top three consulting firms in the world, Bain is the newest. Out of the Big 3, this business prioritizes friendship and has the “frattiest” culture. Over 13,000 individuals are currently employed by Bain across 50 offices across the world.
Even though “Bainees” foster close bonds within their teams, consultants are nonetheless expected to put in a lot of overtime in exchange for intriguing projects and great exit strategies. The company uses a local staffing strategy, which means that projects are located as close as possible to each local office. Bain has also distinguished itself by its proficiency in private equity through Bain Capital, which former president Mitt Romney further popularized. The Human Rights Campaign has given Bain an A+ rating for 12 years and called it the “Best Place to Work for LGBTQ Equality.”
The company’s annual revenue is $4,500,000,000
Affluence: Highest
Factors to consider for employees: Long Hours, Constant Travel, and Good Benefits.
- Accenture
Technology consulting company Accenture also has a strategy consulting division. The company has a huge global footprint, with an estimated 700,000 employees. For ambitious consultants who enjoy opportunities to learn about technology, Accenture is particularly fantastic.
It is well known that Accenture has a demanding workplace culture. Although working overtime is not required, many consultants allegedly feel compelled to. Accenture’s consultants claim that networking is crucial for success to secure the best teams and projects.
The company’s annual revenue is $61,500,000,000
Affluence: High
Factors to consider for employees: Optional overtime, and Good opportunities to learn about technology.
- Oliver Wyman
Oliver Wyman is a rapidly expanding strategy consulting company with strong ties to Asia Pacific and Europe. The company is noted for its fast career advancement; every 18 to 24 months, you’ll experience a new cycle of promotions. Each year, the company brings in about $2.5B in revenue.
Although spending long hours at a developing company can be difficult, Oliver Wyman consultants often appreciate the enjoyable work environment. According to Fortune, the business has a strong following among millennials and offers significant support for working mothers. In addition, Oliver Wyman does not demand postgraduate degrees, in contrast to many other prominent consulting firms.
The company’s annual revenue is $2,500,000,000
Affluence: High
Factors to consider for employees: Fun Atmosphere, Positive Feedback, and Growing Firm.
- Booz Allen Hamilton
Booz Allen Hamilton provides management and technology consulting services, with a focus on products and services for the U.S. Federal Government. In the past, the company separated from Booz & Co., which PwC bought. The company brings in about $8 billion in revenue each year.
The consultants at Booz Allen Hamilton are renowned for their intense work but limited travel. Employees give the company a 75% approval rating on Glassdoor. The company claims to have created the field of management consulting in 1914. Booz Allen Hamilton has also been involved in some intriguing projects, such as assisting the U.S. Navy in redefining itself as a force that was vital to the country’s success in World War 2.
The company’s annual revenue is $8,000,000,000
Affluence: Average (High in the Middle East)
Factors to consider for employees: Mid-range benefits, Hard Work, and
Less Travel.
- Deloitte
Deloitte Consulting has established a strong reputation in the consulting industry despite having its roots in accountancy. With $59 billion or more in annual sales, Deloitte leads the Big 4 firms in market share. With more than 415,000 employees globally, the company consistently ranks as the fourth most prestigious consulting business (behind MBB).
Core Business Operations, Customer & Marketing, Enterprise Technology & Performance, Human Capital, and Strategy & Analytics make up the five practice areas that makeup Deloitte’s consulting services. Consultants often find employment and grow in their careers within a single practice area. While its other practice areas have little to do with overall business strategy, Deloitte’s Strategy and Analytics arm, formerly known as Strategy and Operations, is essentially its management consulting arm.
The company’s annual revenue is $59,000,000,000
Affluence: High
Factors to consider for employees: Upward Mobilization, Lower morale than at the Top 3, Long Hours, and International Travel.
8. PricewaterhouseCoopers (PwC Consulting)
PwC helps clients address their most complex business issues and opportunities from strategy through execution by combining industry and functional expertise. PwC earns around $50 billion in revenue annually and advises a sizable portion of the Fortune 500.
For consultants at PwC, lengthy hours are typical, as they are at the majority of the top organizations. PwC is a terrific location to start a career, although promotions don’t occur there as frequently as they do at other companies. PwC collaborates with employees who have impairments and has a large diversity group network.
The company’s annual revenue is $50,000,000,000
Affluence: High
Factors to consider for employees: A good place to start a career, Valuable work experience, Frequent Travel, and Long Hours.
- Ernst & Young
The advice division of Ernst & Young is well renowned for offering services comparable to those of other consulting companies. Performance enhancement, risk, IT risk and assurance, and other cross-advisory teams are the firm’s four main areas of focus. EY is based in Boston, Massachusetts, and earns $45 billion in revenue annually. The company is ranked seventh among consulting firms in terms of esteem.
Compared to some of the other top consulting firms, EY is renowned for having a substantially better work-life balance. The company is renowned for its effective cross-hierarchical communication, and the majority of employees are regarded as having cooperative personalities. The company bases bonuses and raises on performance.
The company’s annual revenue is $45,000,000,000
Affluence: High
Factors to consider for employees:
Performance-based bonuses and raises, and Good work-life balance.
- KPMG
One of the Big Four accounting firms, KPMG, is well known. The business has seen tremendous expansion in China and Hong Kong and brings in over $35 billion in consultancy income yearly.
Work-life balance is KPMG’s key differentiation. The company has a laid-back culture, terrific perks, and flexible hours. KPMG consultants are well recognized for being incredibly helpful to one another, and the company places great value on supervisor feedback.
The company’s annual revenue is $35,000,000,000
Affluence: Average to High
Factors to consider for employees: Good Culture, Good Benefits, and Flexible work hours.
- LEK
James Lawrence, Iain Evans, and Richard Koch, three individual partners from Bain & Company, launched L.E.K. Consulting as a management consulting company in 1983. Corporate strategy, mergers & acquisitions, and operations make up the main service categories for the business. The company uses a generalist model across all significant industries, with significant presences in private equity, defense, aviation, life sciences, healthcare, energy, entertainment, transportation, retail, and consumer products (note: the firm’s expertise is primarily in life sciences and healthcare).
The business is very picky, and its consultants are recognized for putting in long hours, which occasionally gives the impression that there is not enough staff. L.E.K. provides enticing incentives and bonuses, including family-friendly benefits. For new associates, the typical employment period is two years. The company is renowned for its effective programs for LGBTQ, women, and minorities.
The company’s annual revenue is $750,000,000
Affluence: Average
Factors to consider for employees: Long work hours, Strong mentorship culture, Understaffed caseloads, and Bonus and incentive programs.
- Roland Berger
A strategic consulting company with 52 branches in 35 nations, Roland Berger has its headquarters in Munich. As a generalist strategy consultancy, Roland Berger provides clients with guidance on managerial issues spanning from strategy development to performance enhancement. Additionally, Roland Berger provides marketing and restructuring advice, concentrating on the capital goods and automotive industries.
The business has about 2,400 consultants working for it across the globe, and its yearly revenue is about $670 million. The company is renowned for its European heritage and culture as well as for having bonuses that make up a sizable component of employee compensation.
The company’s annual revenue is 670,000,000
Affluence: Average (High in Europe)
Factors to consider for employees: Major Bonuses, Sabbaticals Offered, Good Benefits, and Telecommuting.
13. Advancy
Advancy is a pure-play strategy consulting company that focuses exclusively on three economic sectors: consumer goods, life sciences, and chemicals. Its small, agile consulting project teams provide large, international clients with in-depth market knowledge. The 300-person company has a very European vibe because it was founded in France. An annual trip that the company organizes for the complete worldwide staff to a remote place is one of the defining features of the company culture. Who wouldn’t desire employment here?
The company’s annual revenue is $90,000,000
Affluence: Boutique
Factors to consider for employees: Low travel requirements, Laidback culture, and Above-average work-life balance.
14. Strategy&
Strategy& is a strategy consulting company that was once known as Booz & Company until being bought over by PwC in 2014. The projects you might find at McKinsey, Bain, and BCG are similar to those that Strategy& concentrates on at the senior level. Strategy&, which was founded by Edwin Booz, places a strong focus on foresight and inventive thinking to assist its clients compete.
The company’s annual revenue is $20,000,000,000
Affluence: High
Factors to consider for employees: Highly recommended and Great place to work.
- Kearney
An American company called Kearney (formerly known as A.T. Kearney) specializes in strategic and operational CEO-agenda challenges that organizations, governments, and enterprises face. More than 40 countries throughout the world have offices for Kearney. The business brings in about $1.4 billion in consultancy fees each year.
The business is well renowned for its ardent support of female executives, particularly in nations like India. Kearney provides many initiatives centered on inclusion and diversity.
The company’s annual revenue is $1,410,000,000
Affluence: High
Factors to consider for employees: Good Culture and Well Balanced.
