The global strategy and management consulting industry is estimated to be valued at $155 billion and market size at $250 billion in 2019. Large corporations around the world rely heavily on consulting firms to maintain their competitive edge. The management consulting domain is also one of the most sought-after sectors for MBA graduates working in India. In this post, we have listed some of the best management consulting firms to work for.
McKinsey & Co.
McKinsey & Company is an American-based management consulting firm founded in 1926 by James O. McKinsey and Marvin Bower. It is one of the top management consulting firms serving over 1000 firms from various sectors such as governments, public and private institutions and non-profit organizations. It has more than 27000 employees worldwide and its revenue is more than $10 billion.
Accenture, as we know it today, has been around since 2001, but its roots date back to the early 50s, when it was part of a company called Arthur Andersen. Today, Accenture’s vast business is divided into several divisions, including strategy, digital, technology and consulting (their management consulting arm).
Accenture leverages its deep technology expertise across a range of projects, including strategic transformation, systems integration and implementation. While the official headquarters is in Dublin, Ireland, Accenture has offices in over 200 offices, and consultants often work with peers in other offices. Fun fact, each of Accenture’s advisors are paired with a career counselor who provides support and guidance outside of their project.
Price Waterhouse Coopers (PWC)
Price Waterhouse & Cooper’s advisory firm is a London based accounting firm mainly dealing in services like assurance, advisory, tax and returns etc. It is an accounting firm that also comes in the top four companies in the world. It is recognized for its excellent services since the 19th century and has stood in the consulting list of Top 50 Accounting Firms. It has over 236,000 and its gross revenue is $37.7 billion.
Deloitte Consulting LLP is the largest consulting firm in the world and one of the largest four accounting firms and one of the largest professional networks worldwide.
It was founded in 1845 by William Welch Deloitte in London and expanded its operations to New York in 1880.
The major services provided by Deloitte include Audit, Tax, Management Consulting, Financial Advisory, Risk Advisory and Legal.
Inside Public Accounting named Deloitte as the #1 accounting firm in 2017, and is also listed as one of the “100 Best Companies to Work for” by Fortune magazine.
The company generated revenue of US$43.2 billion in 2018 and employs 286,200 employees worldwide with over 100 operational locations including China, India and Hong Kong.
Based in Boston, BCG is one of the top management consulting firms in the world. They were founded in 1963 with a focus on strategy consulting, where they developed innovative frameworks such as growth share metrics. In 1990, he expanded to comprehensive management consulting, and areas of expertise now include digital enterprise, technology implementation and advanced analytics.
BCG consistently ranks in the top 5 of Fortune’s 100 best companies to work for due to its collaborative culture, investment in learning and development, and excellent compensation. The fun fact is that BCG was quick to expand its services overseas, in fact, more than half of their revenue came from overseas as early as 1978.
Bain & Co.
Established in 1973 and headquartered in Boston, Bain is one of the Big Three Management Consultancy along with McKinsey and BCG. The company has as its founders William W. is an incorporated partnership with Bain and Patrick F.
Bain primarily advises Fortune 500 companies in corporate strategy, mergers and acquisitions, private equity investing, market analysis and finance. Bain operates from 56 locations and had annual revenues of US$4.5 billion in 2017.
Booz Allen Hamilton
Booz Allen Hamilton is a management and information technology consulting firm based in the US. Its headquarters are located in Greater Washington, Virginia.
It was founded in 1914 by Edwin G. Boos, James L. Allen and Carl L Hamilton. It has a revenue of US$5.48 billion with a 22,000 employee network.
Oliver Wyman is the smallest firm on our list by both revenue and number of employees. Like Mercer, they are owned by professional services firm Marsh & McLennan. They were established in 1984 and now have offices in 30 countries. In addition to strategy, his expertise also includes organizational change, risk management and operations.
Oliver Wyman has a culture of trust, both within his teams and with his clients. They were recently named one of Fortune’s Best Places to Work for Millennials. Fun fact, all employees get 8 hours of paid time off each year to volunteer.
Feather. Kearney is a US-based globally recognized company specialized in management consulting focusing on strategy and operational issues in business, government organizations and institutions worldwide. It was founded in the year 1926 by Andrew Thomas Kearney and is headquartered at Franklin Center Chicago, USA.
It has offices in 60 different locations in 40 countries, with a workforce of 3,500 employees, of whom 2,300 are consultants. Feather. Kearney is consistently ranked among the top management consulting firms in the world.
Mercer is an HR consulting firm that is a subsidiary of professional services firm Marsh & McLennan, also owned by Oliver Wyman. They are based in NYC but have offices in 43 countries. His abilities include benefits and retirement, talent strategy and M&A advisor.
As part of its Wealth Consulting division, which advises clients on investment and retirement plans, Mercer has more than $300B in assets under management. Fun fact, Mercer ranked #1 in Vault’s Best Consulting Firms for HR Consulting for 16 consecutive years before falling to #2 in 2020.
As you can see from our list, each of the top 10 consulting firms has a really wide spread in annual revenue – from just $1B to almost $50B. Furthermore, the most well-known or reputable firms do not necessarily have the largest revenues.
It’s also interesting to compare annual revenue per employee, as it varies from ~$85K (Accenture), all the way up to $420K (Oliver Wyman). However, it is important to note that some of the larger firms, such as Accenture, include a variety of professional services such as accounting, which may have lower client rates than a typical management consulting case.
It will be interesting to see how these metrics continue to change in the coming years. Which firm do you think will grow the most?