Strategic Excellence: The 7 Most Prestigious Strategy Consulting Firms to Headstart Your Career
A strategy consultant reads the business news
Introduction
Strategy consulting firms are known for their ability to shape the future of businesses and drive transformative change. These prestigious firms are at the forefront of solving the world’s most challenging problems, often working directly with the planet’s most powerful CEOs and world leaders.
To propel your career and position yourself for success, strategy consulting is an exceptional choice. It presents numerous exit opportunities and guarantees at least an upper middle-class income throughout your lifetime. Ideally, spending 2-4 years in a firm sets you up for a smooth transition. During this period, you will still be in your formative years, allowing your new employer to shape your professional growth. Furthermore, while your salary will be considerably high for your age, it remains within a range that aligns with the existing salary structure of your prospective employer, ensuring your employability.
In this article, we will delve into the seven most prestigious strategy consulting firms in the world that can significantly boost your career.
1. McKinsey & Company
McKinsey & Company, founded in 1926, is widely recognized as a leader and gold standard in the strategy consulting space. Its revenues are between $10b and $15b and it employs ~38,000 people. Renowned for its analytical rigor, strategic thinking, and “grey hair” industry expertise, McKinsey offers consultants an unparalleled platform to work on complex and high-impact projects. The firm has more than 70 Fortune 500 CEOs among its alumni, including Sundar Pichai from Google. Famous companies / start-ups founded by McKinsey alumni include Aurora Innovation, Faire, and ThirdLove.
2. Boston Consulting Group (BCG)
Boston Consulting Group, established in 1963, has solidified its position as the second largest and most prestigious strategy consulting firm globally. Its global sales hit ~$11.7b for 2022 and it employs ~25,000 people. BCG's focus on innovative approaches to strategy has birthed inventions such as the growth-share matrix and ensured sustainable growth for its clients. In recent years, BCG has been fast and aggressively growing, hiring many people with a strong emphasis on the up-or-out principle: if you are not ready for a promotion you will be counseled out. Famous companies / start-ups founded by BCG alumni include Bain & Company, FlixBus, and Boston Beer Co.
3. Bain & Company
Bain & Company, founded in 1973, has built a stellar reputation as a top-tier strategy consulting firm and completes the group of firms known as the Big Three: McKinsey, BCG, Bain (MBB). Its revenues are between $5b and $6b and it employs ~15,000 people. Known for its client-centric approach that emphasizes long-term collaboration, the firm is particularly strong in the private equity industry. It is also the inventor of the Net Promoter Score, a market research metric that is used to determine the likelihood that respondents would recommend a company, product, or a service. Famous companies / start-ups founded by Bain alumni include Bain Capital which was co-founded by Mitt Romney, Riot Games (the company behind League of Legends), and Intuit.
4. Oliver Wyman
Oliver Wyman, founded in 1984, is known for its expertise in financial services, risk management, energy, and aviation among others. It made headlines in 2022 by hiring the former global Strategy& CEO and in 2023 by winning the project to integrate Credit Suisse into UBS over its MBB rivals. It reports revenues of $2.8b for 2022 and employs over 6,000 people. The firm's entrepreneurial culture with an emphasis on intellectual curiosity and quantitative analysis as well as the down to earth attitude create a diverse environment that fosters innovation and collaboration, allowing consultants to shape their own career paths and explore new domains. Famous companies / start-ups founded by Oliver Wyman alumni include Dax member Delivery Hero, Capital One, and Convoy.
5. Strategy& (formerly Booz & Company)
Strategy&, formerly Booz & Company, founded in 1914, is the strategy consulting arm of PricewaterhouseCoopers (PwC), and combines deep industry knowledge with PwC's extensive resources to deliver transformative strategies for clients. The firm’s revenues are over $1b and it employs between 3,000 and 4,000 people. After being acquired by PwC it lost some of its allure, placing it 5th on this list in terms of prestige. Famous companies / start-ups founded by Strategy& alumni include Oliver Wyman, Mansa Tea, and Byte Kitchen.
6. Roland Berger
Roland Berger, founded in 1967, is a global strategy consulting firm known for its comprehensive approach to strategic management and strong presence in the DACH region, being the only major strategy house founded in Europe, Germany. It reports revenues of almost $1b for 2022 and employs ~3,000 people. The firm is particularly strong in restructuring and transformation and known for its deep expertise in the industrial space due to its German roots. The firm also managed to build a significant presence in Asia.
7. Kearney
Kearney, established in 1926 by former McKinsey partner Andrew Thomas Kearney who ultimately split the firm from McKinsey in 1939, is a prominent strategy consulting firm renowned for its analytical rigor and innovative problem-solving approach. Its revenues are over $1b and it employs ~3,500 people. Its heavy focus on operations doesn’t offer the same lofty strategy allure as the other 6 consulting firms, leading to a seventh place finish just a nudge below its competitors. Famous companies / start-ups founded by Kearney alumni include Waye, Oddball, and Elevate K-12.
Conclusion
For those seeking to excel in the field of strategy consulting, these seven prestigious firms offer unparalleled opportunities for career advancement. Working with industry leaders, tackling complex challenges, and driving transformative change, consultants at these firms can develop the skills and knowledge necessary to make a lasting impact in the business world.
Each of these firms brings its own strengths and areas of expertise, providing consultants with unique opportunities and the ability to build a strong professional network. Whether it's working with Fortune 500 CEOs, advising on digital transformations, or driving operational efficiency, these firms offer the chance to propel one’s career.