John Lydon, who leads McKinsey in Australia and New Zealand. The elite firm, known by some as the Harvard of consulting, came top. Photo: Louise Kennerley
The world turns, and most consultants still want to work for McKinsey & Co. The elite firm known by some as the Harvard of consulting beat out competitor Bain & Co. for the top spot in a ranking of consultancies by Vault, a website that researches and ranks companies. McKinsey was voted “Most Prestigious” for the 14th straight year.
Vault analysed 9000 responses from consultants it surveyed at 100 companies in North America. Consultants ranked firms on a scale of one to 10, based on prestige, firm culture, compensation, work-life balance, and other factors.
Vault ranked 50 consultancies, weighting its ranking by factors that consultants identified as being most important to their decision to select and stay at a firm.
The full top 50 are here.
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This year, Deloitte, PricewaterhouseCoopers, and Oliver Wyman moved up the list, while technology-specialist Accenture noticeably dropped out of the top 10, to No. 20. Bridgespan Group took Accenture’s former spot in its debut year, highlighting the importance of social good in rankings success. Bridgespan’s commitment to social sectors boosted its measures of prestige and sense of purpose, according to Vault.
Consulting used to be the top choice for business school graduates, but now the technology industry is taking many of the best and brightest new MBAs, says Vault editor Phil Stott. More consultancies are mitigating office hours while boosting travel opportunities, flex-time, and work-from-home options.
“Consulting firms have had to start competing on quality of life in a way that they never had to before—which, in turn, is leading to higher ratings from consultants,” says Stott. “It’s a pattern that I’ve seen developing over the past couple of years, and it’ll be interesting to see where it goes from here.”
The report also includes the second year of Vault’s Boutique Consulting Rankings, an increasingly popular grouping. Insight Source Group was ranked No. 1 for its second year, but the standout for work-life balance was Eagle Hill Consulting. The firm, which advertises as a “family-run, woman-owned company,” scored highest for vacation policy, hours in the office, and overall satisfaction.
The Top 10 firms to work for, based on Vault’s Annual Consulting Survey, are below.
1. McKinsey & Co.
Pros:
“The people, the global impact, the opportunities available.”
“Scale of resources and impact; amazing colleagues.”
“Prestige, people, clients, exit opportunities.”
Cons:
“A lot of travel.”
“It’s a true commitment.”
“Drive to excellence can be gruelling, but it’s what clients expect.”
The buzz:
“Launch pad for everyone important.”
“Harvard of consulting.”
“Selfish culture.””Intense, competitive.”
2. Bain & Co.
Pros:
“We make a difference, and it feels different to work here!”
“Surrounded by amazingly talented, supportive, business leaders.”
“Great people working on toughest problems.”
“Great development while working with clients on their biggest issues.”
Cons:
“As with all professional services, the work can be demanding.”
“Travel can be tough on certain projects.”
“The stress (that comes with doing important work).”
“Making slides.”
The buzz:
“Best place to start a career out of undergrad.”
“Buttoned up, but great benefits.”
“Elite.”
“Trendy and adventurous.”
3. Boston Consulting Group
Pros:
“Amazing client impact and professional development.”
“Health care benefits and the people.”
“Learning and development are incredible at BCG.”
Cons:
“Frequent travel, long hours.”
“Environment can be high pressure.”
“Intense focus on client only.”
The buzz:
“Ivy League.”
“Big presence and authority.”
“Innovative but no life-work balance.”
“Strategy Premier League.”
4. Deloitte Consulting
Pros:
“Top performers are recognised and rewarded.”
“Dedicated to employee training and development.”
“Breadth and depth of client work; culture; my colleagues.”
Cons:
“Challenging hours/client demands.”
“Rigid promotion structure.”
“Easy to get lost in a big firm.”
The buzz:
“Hard working.”
“Internally competitive.”
“Industry benchmark for prestige.”
“Big bureaucratic machine.”
5. PricewaterhouseCoopers
Pros:
“The people and training.”
“People taking an interest in your career development.”
“Future growth and opportunity.”
Cons:
“Travel time commitment when away from home.”
“Lotus Notes.”
“Meeting high growth expectations each year.”
The buzz:
“The best of the Big Four.”
“International, brainy.”
“Operations-oriented”
“Have their hands in everything.”
6. Oliver Wyman
Pros:
“Culture, quality of work, focus on values.”
“The freedom to chart my own course.”
“Not a ‘program'; can stay for as long as you want.”
Cons:
“People don’t realise how good we are.”
“Long hours, high travel.”
“Lots of intensity.”
The buzz:
“Tough interview process — high standards.”
“Very good firm. Quantitative oriented.”
“Best mid-sized company.”
“Hardworking.”
7. Brattle Group
Pros:
“Brattle has the best culture.”
“My incredibly smart (Nobel prize-winning!) and encouraging colleagues.”
“I’m intellectually challenged and learn a lot every day.”
Cons:
“Lumpy and unpredictable hours.”
“Lack of a global footprint.”
“Lack of long-term advancement opportunities [for Research Analysts].”
The buzz:
“Elite.”
“Expert.”
“Limited promotion opportunities for entry level positions.”
“Very well respected.”
8. Cornerstone Research
Pros:
“My coworkers are great, and the work is intellectually challenging.”
“Recognition and compensation”
“The learning opportunities and pleasant work atmosphere.”
Cons:
“Unpredictable work load.”
“Some strong personalities dominate.”
“Some casework can be tedious and repetitive.”
The buzz:
“Well-respected.”
“Top notch.”
“Academic.”
9. A.T. Kearney
Pros:
“The culture and the opportunity ahead of us.”
“We are growing in size and prestige. Look out for us.”
“The people, the cutting edge work, the flexibility to try new things.”
“You are in control of your own career, and you make it as great as you want to make it”
Cons:
“The market and potential recruits are still learning about our firm and our place in the management consulting space.”
“Longer promotion timelines means the compensation curve is less steep vs. MBB.”
“Growth comes with challenges, but we are ready for them.”
The buzz:
“Firm on the move.”
“Old school.”
“Great work in sourcing/procurement.”
“Coming back from tough times.”
10. Bridgespan Group
Pros:
“Your job is to make the world a better place, one with opportunity for all and fewer inequities.””Working with passionate people.””Impact on important social problems.”
Cons:
“Some of the slowness of a nonprofit culture with the intensity of a consulting firm.”
“The pay cut.”
“We work hard, and sometimes that gets tiring.”
The buzz:
“Inspiring.”
“Changing the non-profit world.”
“Socially driven.”
“Consulting for people who care more.”
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