Best strategy consulting firms | Management Consulting 101

The best management consulting firms in the world (and in India) have more or less remained the same for several years. In this post, Management consultant Amit (aka MBA Dropout) lists down the top 10 strategy consulting firms.

Best Management Consulting Firms (Strategy)

There are many agencies / publications (Vault being the best known) that rank consulting firms every year. All of them consider different criteria, and have their own ranking methodologies. Since a multitude of factors are considered, from one year to the next, a firm’s ranking might change quite considerably. Though firms keep shuffling around (in terms of rankings), the list of top firms in the business has remained quite the same for a while now.

In this post, 10 consulting firms that are perceived to be the best in the strategy consulting business have been considered. For each firm, a short summary is followed by other details that could prove to be useful to readers that might be looking to get into this line of work.

The fine print: In this post, firms are listed in alphabetical order – this is not a ranking. All of this information is gleaned from a number of sources – websites, periodicals, feedback received from consultants themselves, and from my own experiences. A lot of this information changes all the time (for example, consulting firm X hiring from bschool Y this year does not guarantee them doing the same next year) – please keep this thought in mind when reading this post.

The list is as follows:

A.T. Kearney

• Summary: Founded in 1926, A.T. Kearney is one of the oldest names in the business. A privately owned firm headquartered in Chicago, A.T. Kearney has made a name for itself as being the advisor of choice for CXOs and top management. Apart from Management / Strategy Consulting, it also has some presence in Technology and Operations Consulting.
• Industry / Focus: Management Consulting
• Size: ~3,000 employees, $1 billion in revenue (2011, estimated)
• Offices: ~60 offices in 39 countries, 2 offices in India
• Hiring: Most of their hiring is done from top bschools in the US. In India, they recruit from the IIMs and ISB.

Arthur D. Little

• Summary: Founded in 1886, Arthiur D. Little has survived the ravages of time. A number of missteps by its top management caused it to file for bankruptcy in 2002, from which it emerged successful and strong. As one of the top consulting firms in the world, it is unique in the sense that it has a strong focus towards technology.
• Industry / Focus: Management Consulting
• Size: ~1,000 employees, revenue unknown
• Offices: 35 offices in 20 countries, 1 office in India
• Hiring: Arthur D. Little hires a small number of MBAs from top US bschools. In India, they hire a handful of MBAs from the IIMs and ISB.

Bain & Company

• Summary: As one of the kids on the block (relatively speaking; Bain was established in 1973), Bain has built a great name for itself. In addition to being one of the top consulting firms, it is the top choice where MBAs want to work after graduation. The company lays a lot of stress on solid data analysis, and therefore prefers quant-savvy people. They have a unique training program where senior employees (managers, partners, etc.) impart trainings to new hires, thereby ensuring that learning is experiential and “practical”.
• Industry / Focus: Management Consulting
• Size: ~5,500 employees, $3.5 billion in revenue (2010, estimated)
• Offices: 48 offices in 31 countries, 2 offices in India
• Hiring: Bain hires a good number of undergrads, as well as advanced degree holders (MBAs and other masters degree holders, and PhDs) from top US schools. Interviews are of the usual type (case interviews) with strong focus on analytical skills. In India, Bain hires from the IIMs (A, B and C) and ISB.

Booz & Company

• Summary: Spun off from its parent company, Booz Allen Hamilton, in 2008, it retains its place as one of the elite consulting firms in the world. It remains one of the top choices where MBAs want to work after graduation. Among its many practices, Booz is widely known for its expertise in Organizational Consulting. In the past, the firm used to do a lot of work for the US government. Though the trend continues, the volume is now reduced. The company is also well known for its research work, and regularly publishes papers and reports.
• Industry / Focus: Management Consulting
• Size: ~3,000 employees, ~$1.3 billion in revenue (2011, estimated)
• Offices: 60 offices in 33 countries, 2 offices in India
• Hiring: Most of their hiring is done from top bschools in the US. In India, they recruit a small number from the IIMs and ISB.

Gallup Consulting

• Summary: Gallup is a specialized Management Consulting firm that, in a broad sense, conducts rigorous research on human nature, behavior, preferences and needs, to help organizations improve and grow organically. This is mostly achieved through various types of surveys and polls followed by rigorous analyses. Additionally, it also conducts training programs and publishes a lot of its research in the form of papers, books, etc.
• Industry / Focus: Management Consulting
• Size: ~2,000 employees, ~$300 million in revenue (estimated, 2008)
• Offices: 40 offices in 27 countries, 3 offices in India
• Hiring: In the US, Gallup hires from tier 1 and 2 schools. As a part of their recruitment process, apart from the usual interviews and cases, prospective candidates are required to fill an assessment (“Clifton Strength Finder”) that indicates his/her fitment (and success) for the role that he/she is interviewing for. In India, Gallup hires a small number of MBAs from the IIMs.

Gartner

• Summary: Gartner is a boutique strategy firm that primarily focuses on high tech research (primary and secondary). Gartner researches on almost every imaginable topic / issue in the high tech industry. Industry bigwigs and experts routinely pour through such reports / findings to take stock of any impending issues that might potentially affect companies, or the industry as a whole, and take necessary steps / precautions.
• Industry / Focus: Management Consulting (High Tech Research)
• Size: ~5,000 employees, $1.47 billion in revenue (2011)
• Offices: ~100 offices in ~60 countries, 3 offices in India
• Hiring: Gartner does not recruit actively from bschool campuses in the US – online application/resume submissions are encouraged. In India, the firm recruits a handful from the IIMs.

McKinsey & Company

• Summary: McKinsey is considered to be the most prestigious and the top Management Consulting firm in the world. It serves a large number of Fortune 1000 firms, governments, public and private institutions, and non-profits. Such is its reputation and clout that it is quite common for large clients (multi-national organizations) to employ it alongside boutique consulting firms specializing in the area(s) that such a client might be facing issues with, to oversee and validate the work of the latter. Senior McKinsey consultants often work directly with senior management (CXO-level officials), assisting them in solving problems that they might be facing in their businesses.
• Industry / Focus: Management Consulting
• Size: 17,000 employees, $7 billion in revenue (estimated, 2010)
• Offices: 100 offices in 50 countries, 4 offices in India
• Hiring: McKinsey hires large numbers of MBAs from most of the top business schools in US and Europe. In India, they hire MBAs from the IIMs (A, B and C), ISB, and recently a small number from the IITs as well. A large number of McKinsey alums finally go on to hold very senior positions in Fortune 500 companies; apart from the name, clout, etc. that the McKinsey brand brings, this is yet another reason why it is the employer of choice at most business schools.

Monitor Group

• Summary: The firm was established in 1983 by 7 HBS-connected individuals, one of them being Michael Porter, a professor at HBS and one of the greatest management thinkers of our time. It has grown and achieved prominence in a very short period of time. Today it is considered to be in the league of heavyweights such as Bain, BCG and Mercer. In addition its primary service offering (Management Consulting), it has also made a name for itself in Human Resource Consulting.
• Industry / Focus: Management Consulting
• Size: ~1,500 employees, revenue unknown
• Offices: 27 offices in 20 countries, 3 offices in India
• Hiring: Like the other heavyweights in its league, Monitor hires from top US bschools, though its interview process is quite different from the rest. The process starts with a written case followed by an interview, a group discussion, a role-play and then a final interview. Even experienced hires are made to go through these steps. In India, in the recent past, the firm has hired from IIM Ahmedabad.

[Update: Monitor filed for bankruptcy on November 7, 2012, roughly 2 months after this post was published. It's been acquired by Deloitte Consulting.]

The Boston Consulting Group

• Summary: The Boston Consulting Group belongs in the same league of management consulting firms as McKinsey and Bain. It focuses mostly on Strategic and Operations Consulting assignments. Apart from its core consulting work, BCG invests a sizable chunk of resources towards research, building new solutions / frameworks, etc. Year after year, BCG employees have ranked it as being one of the best companies to work for. Quality of life, work hours, training and overall culture are reported to be several notches above other comparable firms.
• Industry / Focus: Management Consulting
• Size: 6,700 employees, $3.55 billion in revenue (2011)
• Offices: 77 offices in 42 countries, 3 in India
• Hiring: BCG hires from top (usually top 10) campuses in the US. The only way one can apply is by first filling in an application on its portal (even for campuses that they visit). Interviews are not unlike other top firms. In India, BCG hires from IIMs (A, B, C and L).

The Parthenon Group

• Summary: Parthenon is one of the most prestigious (and better known) boutique consulting firms. It is highly selective in terms of the type of work that it does (mostly Strategy Consulting), its clientele, and hiring. Parthenon is also known for its work in Financial Consulting – it advises clients on mergers and acquisitions, private equity, etc. One of its unique focus areas is Advisory Services for entrepreneurs.
• Industry / Focus: Management Consulting
• Size: ~200 employees, revenue unknown
• Offices: 5 offices in 4 countries, 1 office in India
• Hiring: Parthenon hires a small number of MBAs from the top 10 bschools in the US. In India, it hires from ISB.

Do you want to know if you stand a chance with any of these firms? Get a free profile evaluation from Amit on our Management Consulting Jobs forum

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