Best Consulting Firms To Work For In 2019 - Poets&Quants

Informal gathering of Bain consultants.

It’s never easy to repeat. Once the euphoria passes, the hard work begins anew. The expectations are stepped up, just as fatigue and anxiety sets in. All around, competitors are using the champion as the template and gunning for them at every turn. To repeat, it takes a team-driven culture whose members relentlessly seek an edge, guard against complacency, and grow new talent.

This year, McKinsey & Company faced the daunting odds rooted in repeating. As the top-ranked firm in the 2018 Vault Consulting 50 – the industry’s gold standard ranking – McKinsey took its victory lap thanks to earning the highest marks in prestige and career development. Still, no firm has ever repeated atop the Consulting 50 rankings since 2013 – as McKinsey and Bain & Company have played hot potato with the top spot ever since.

That is….until now.

RESPONSE RATE NEARLY DOUBLES IN 2019 RANKING

There’s nothing so sweet as a repeat. In the 2019 Consulting 50, McKinsey did just that, topping all comers with a 9.370 average – the highest score posted by any firm in the ranking’s history. Bain returned to the runner-up spot in 2019, even producing its second-best score ever in the process. By the same token, the Boston Consulting Group rounded out the Top Three – achieving an all-time best score despite ceding the #2 spot to Bain.

Why did McKinsey repeat this year after falling short so many times before? To understand that, it helps to look at the methodology used to build the Consulting 50. Produced by Vault, the leading collector of market intelligence for employer ratings and reviews, the ranking is based on verified, confidential survey responses from active consultants at over 70 North American consulting firms. This year, Vault received nearly 17,000 responses back – almost double the 9,000 it generated the year before. In other words, the survey is even more robust and precise than ever.

Each respondent completes three surveys. The first, which involves prestige, asks consultants to score regional competitors they know based on their prominence and influence. Here, respondents apply a 1-10 scale, where 10 is the highest possible score. That same scale is applied when they score the best firms in their respective areas of practice (i.e. management consulting, healthcare consulting, etc.). In both the prestige and practice surveys, respondents are barred from evaluating their own firms.

That’s not the case with the ‘meat’ of the survey, which covers the Quality of Life and Careers at these consulting firms. In this segment, consultants evaluate their employers according to 22 benchmarks. These include pay and benefits, firm culture and leadership, internal mobility and promotion policies, formal and informal training, and work-life balance – again on a 10 point scale. From there, each firm’s average is calculated using a formula where responses are given specific weights. Notably, prestige makes up 30% of every score. From there, several measures account for the remaining weight, including Employee Satisfaction (15%), Compensation (15%), Firm Culture (10%), Work-Life Balance (10%), Business Outlook (10%), Promotion Policies (5%), and the Ability to Challenge (5%).

McKINSEY: ALL-KNOWING ENTITY…OR HOGWARTS?

Sure enough, McKinsey excelled in every category. Take prestige. For 12 years running, McKinsey has maintained a lock on being the most prestigious name in consulting. Turns out, the 2019 ranking was no different. In this category, which again takes up nearly a third of the ranking, McKinsey reigned with a 9.024 score, which represents a .07 of a point improvement (and beats out BCG by .28 of a point).

Why is that? In popular imagination, McKinsey is treated as the father of modern consulting. The “McKinsey mystique” – a view that the firm is comprised of a secretive cabal of experts whose hidden hand captains corporate and government decision-making. Alas, McKinseyites are flattered that the public buys into their omnipotent image. Mind you, the firm ranks among the most respected names in everything from defense to human resources consulting, only burnishing their firm’s luster. However, the real testament to the McKinsey brand comes from the c-suite, where recommendations from the “Jesuits of Capitalism” are often treated as a seal of approval.

“If business is magic, McKinsey is Hogwarts,” writes one 2019 Vault survey respondent.

McKinsey mentor and mentee

While McKinsey was expected to set the bar for prestige, it was the firm’s performance in the 22 quality of life and careers metrics that set it apart in the 2019 Consulting 50. Overall, McKinsey topped all comers in 11 categories, including Ability to Challenge, Benefits, Diversity, Exit Opportunities, Firm Leadership, Innovation, Internal Mobility, International Opportunities, Business Outlook, Promotion Policies, and Relationships with Supervisors. By the same token, it ranked 2nd for Compensation, Formal Training, Interaction with Clients, Satisfaction, and Selectivity.

FIRM DESIGNED AROUND INNOVATION

In particular, the firm invests over $200 million dollars a year on training and learning each year, according to Kristin Lostutter, Manager of US-MBA Recruiting. It is a perk that hasn’t gone unnoticed by consultants. “Superb training—pace and quality of learning on-the-job and in formal training programs rivals the experience I had as a student at a top-tier university,” writes one respondent.

McKinsey also achieved higher scores in 14 of 22 categories over the previous year. That includes Innovation, a source of great pride within the firm. How do you foster innovation in a far-flung, firm with 14,000 people? You create a structure designed specifically to foster innovation, Lostutter tells P&Q in a statement. “We are a stable, 90-year old organization with whole new and growing areas that focus on tech, data, and design. Our people are able to be entrepreneurial and try new things with a steady and growing firm behind them. You don’t find entrepreneurial and stable in the same place very often.”

Recently, for example, the firm successfully piloted a Dual Career Initiative, which is designed to help consultants and their partners, who may also work in challenging careers. From offering concierge to facilitating conversations, the program offers services and support to ease the stress and complications inherent to high-powered careers. It is also an innovation that aligns with the firm’s larger vision.

“McKinsey is one of the most values-driven, well-run, supportive companies I have ever seen over 25 years of working, adds another consultant in the Vault survey. “A candidate could not ask for a better place to start their career, have incredible impact with exceptional people!”

Go to next page to see how the  McKinsey, Bain, and BCG compare head-to-head in 22 measures. 

McKinseyites hamming it up after work.

AN OBLIGATION TO DISSENT

Overall, McKinsey scored highest in Exit Opportunities – the ability to use the experience and brand to land a high level job. Here, it averaged a 9.910. McKinsey respondents were also bullish on their firm’s Leadership and Business Outlook, with 9.851 and 9.891 scores in these respective categories. The office environment was also relatively harmonious, based on scores in Interaction with Clients (9.826), Ability to Challenge (9.832), and Relationships with Supervisors (9.775) – the latter two scores representing major upticks over the previous year. In fact, the only red flag – albeit minor – came in Hours Worked (Down .1 of a point).

Along with innovation, McKinsey also prizes “flexibility” – one reason, Lostutter says, the firm excels in Internal Mobility and International Opportunities. Another core value, however, is Obligation to Dissent, a cornerstone of the firm’s culture. This obligation, rooted in respect and responsibility, also explains why internal relationships within the firm have traditionally notched high marks in Vault’s Consulting 50 survey.

McKinsey’s Kristin Lostutter

“Obligation to Dissent means anyone and everyone in the firm is expected to express their opinion, point out what they think may be wrong – in a client engagement, in an office, in a team – and offer solutions and ideas,” Lostutter explains. If you’ve been at McKinsey for two days, two years or 20 years, you are equally expected to share your ideas and feedback. This encourages a positive environment where people can challenge, create change and work collaboratively.”

AN “ENERGIZING AND INSPIRING” PLACE

It is also a feedback-driven culture, Lostutter adds, one derived from an office-driven staffing model, where consultants are in close quarters and close contact with all of their peers. “[This] supports our consultants as they build networks and expertise to our strengths-based feedback culture in which everyone gives everyone feedback on what they’re doing well and how they can improve. This is not a place where only senior people give feedback or there’s only a once a year review.”

This cultural formula – innovation, training, flexibility, feedback, and dissent – are among the biggest reasons why McKinsey remains #1 in the Vault Consulting 50.

“Our firm is getting busier and busier with all the right projects—the ones that not only help our clients meaningfully move their business forward, but also the ones that help usher in the next innovations,” writes one respondent. “McKinsey is adapting to the latest trends and is constantly innovating new ways of working with our clients that is both energizing and inspiring to me and my colleagues.”

A CLIENT-FOCUSED CULTURE AT BAIN

Keith Bevans heads up global consultant recruiting for Bain & Company.

Bain & Company lived up to its lofty standards, continuing to rank as the top consulting firm for Culture and Informal Training. In the Vault survey, one Bain consultant described the culture as a “collaborative, fun culture with incredibly intelligent people that aren’t remotely conceited.” Another respondent boils the culture down to two words: results focus. “We collaborate with our clients to get results unlike any other firm in the industry.”

Keith Bevans, a Bain Partner and Global Head of Consultant Recruiting, lists “passion” as one of the culture’s main differentiators. In recruiting, the firm weighs heavily how passionate recruits are about work, family, and hobby. This passion, he says, translates into bringing the best out in Bain’s clients.

“The #1 focus for our people is doing what it takes for our clients to set new standards for success in their industry,” he tells P&Q in an August interview. “We hire people who want to do more than just learn from the work that they are doing; they want their clients to be successful and to be leaders in their respective industries. That is a bit of a different focus because it is not me-focused but very client-focused. Ultimately, if your clients are successful, you learn a lot from the executives on the journey; that will feed itself back onto your own professional development and start a very virtuous cycle. We hire people who understand that.”

Go to next page for exclusive information on Bain, BCG, and Strategy&.

BCG’s new New York office at 10 Hudson Yards – overlooking the Hudson River. Photo by Anthony Collins.

“VETERAN INSURGENTS” INSPIRE THE NEXT GENERATION OF BAIN LEADERSHIP

This penchant for passion and selfless sensibility enables Bain to rank among the top firms for Selectivity – the caliber of talent brought into the firm. Bevans frames Bain as a firm where outstanding people create extraordinary teams – a symbiosis where “my success can’t happen without your success,” he says. Bevans’ goal is as clear as it is ambitious: being the #1 choice of business talent. His cause is certainly helped by the atmosphere surrounding the firm. Bain chalked up two of its highest scores in firm leadership and business outlook – an unassailable vote of confidence in the firm’s direction. The reason for this, Bevans believes, stems from cultural buy-in and modeling.

“In terms of firm leadership,” Bevans shares, “we have a lot of veteran insurgents leading the firm. These are people who were joining the firm when it was redefining success in the industry. They’ve grown up in a culture that continuously pushes the envelope on what it means to be in a leading strategy consulting firm. To have that group leading the firm and building the next generation of leaders really does inspire a lot of confidence among the team.”

Even more, this insurgent energy trickles down throughout the organization. “It’s not just a worldwide managing director or the regional directors, but the leaders in our offices and practice areas who have deep expertise and bring a long track record of winning and a hunger to keep building on Bain’s decades of success,” Bevans adds. Our people are seeing what these people have done for their clients and how invested they are and they’re tremendously inspired by their leadership and what they have in store for the coming decades.”

Survey respondents, for the most part, agree. “Employee morale is extremely high,” writes one consultant. “Everyone is hungry for growth and excited to compete. Our private equity business is growing at breakneck speeds. Bain is rolling out new innovative offerings for clients that are leading to massive results for clients and large paydays for the firm.”

DEVOTING MORE RESOURCES TO DIVERSITY

That’s not to say Bain doesn’t have room for improvement for next year’s Consulting 50. While the firm made major strides in Hours Worked and Innovation, it remains unranked in Travel Requirements. At the same time, Bain lost .3 of a point in formal training – considered one of the firm’s calling cards. Surprisingly, respondents didn’t note any wane in Bain’s training prowess, with one respondent describing the training as “well-designed” and coming “at the right career points.” Another calls the formal training “unparalleled.” “Bain pairs you with senior consultants who invest in developing your professional skills, and hosts week-long training programs that dive deep into significant new skillsets.”

Entrance to a Bain office.

You won’t find Bain resting on its training laurels. With the pace of change accelerating each year, Bevans notes that firm is investing heavily on helping the consulting staff to identify, learn, and embrace new marketplace trends and technologies. One change he points to is digital enablement. A few years ago, it was only brought in when projects need it. Now, Bevans observes, it is integral to every field, whether it is retail, healthcare or industrial. Such advances have been game changers for Bain – and the clients that they serve. “It’s something we’ve invested a lot in from training mentoring, and internal communication perspectives. We’re going to have to continue investing going forward at a more rapid pace than we have in the past.”

Another area where Bevans expects to devote even more resources is Bain’s diversity initiatives, another area where it ranks among the best in the consulting industry. “We are as diverse and inclusive as any other place in corporate America or industry,” Bevans stresses. “We believe that to build extraordinary teams and deliver extraordinary results for our clients, you need to have a team that reflects a truly global marketplace and is diverse. Not just diverse visibly, but has diverse skills and diverse backgrounds and is also an inclusive environment where the differences are allowed to thrive and manifest themselves so they can deliver value to the client and the firm. You can’t lose sight of that as a critical underpinning of the future success of the firm.”

BCG’s STATURE CONTINUES TO RISE

On the surface, BCG had a year to forget with the 2019 Vault 50 ranking. Dig deeper into the numbers and several trends emerge. On the negative side, BCG’s average scores rose in just a third of the quality of life and work categories. In head-to-head competition, McKinsey outperformed BCG in six categories where it had posted lower scores in 2018. These included Benefits, Compensation, Business Outlook, Relationships with Supervisors, Selectivity, and Work-Life Balance. In addition, BCG remained unranked for Hours Worked, with Internal Mobility (8.596) being its lowest score thanks to a .4 of a point freefall.

Beyond that, there was plenty of silver linings. BCG notched scores above 9.75 in three key categories: Business Outlook Exit Opportunities, and Selectivity. The firm also made big survey gains in Travel Requirements and Vacation Policies – a tip of the hat to BCG’s ongoing efforts to improve quality of life for its consultants. Better yet, BCG’s stature continues to rise. The firm’s Prestige score, for example, jumped .123, the best performance of any Top 10 firm outside of Oliver Wyman.

Here’s the best part: BCG continued to receive rave reviews from staffers. One area is culture, where it ranked second only to McKinsey, “I hear so much from my friends at other firms that they feel their firm is hierarchical, ignores their work-life balance issues, and promotes competition among peers,” writes one BCG respondent. “I never feel this way about BCG. The peers in my BCG class are some of my best friends. I never feel competitive with anyone, and I feel that everyone at the firm, from my peers, to my managers, to the support staff, is always trying to root for me and support me as best as they can.”

Another area where BCG shines is Benefits, a rubric where it ranked 2nd among all consulting firms. Among the perks, writes one consultant, is a $300 exercise reimbursement along with eight weeks of paid leave for all new parents – and an additional eight weeks paid for mothers. You won’t hear many complaints about the insurance, either. “Our insurance is also AMAZING,” adds another consultant. “$5 dollar copay, no need for a primary care referral, very low co-pay for brand name drugs and I could go on. BCG really hits it out of the park with healthcare coverage.”

BCG IMPROVED…JUST NOT AS FAST AS McKINSEY

BCG New York office – 315 Park Avenue South

A third differentiator regularly cited by BCG survey respondents is the firm’s PTO (Predictability, Teaming and Open Communication) program. Designed to drive discussion, this program enables consultants to address traditionally taboo topics like predictable working hours. At the same time, it acts as a “personal KPI,” that helps managers understand their reports’ goals and preferences. Not surprisingly, it is BCG – and not McKinsey or Bain – that ranks among the Top 10 consulting firms for Work-Life Balance.

“BCG also actually pays close attention to the hours that we log each week, and partners personally reach out to anyone who is regularly working more than 65 hours a week,” adds another consultant. “BCG clearly cares about its employees and their quality of life, and while people complain about the hours in consulting, I find that I have rarely felt that way about BCG.”

Stephan Maldonado, Vault Consulting Editor, also points out that BCG’s ranking involved variables outside of its control. “BCG’s overall score rose this year, so I don’t think they slipped in any way,” he writes in a statement to P&Q. Also, survey responses didn’t give us any reason to believe they’re doing anything wrong, or that they’ve slipped this year. There is often some correlation between one firm’s rise and another’s dip. I think it’s more a function of McKinsey improving. Both firms fluctuated only slightly in their scores, but McKinsey did rise by .074 points. And as reflected in McKinsey’s prestige score, it is seen as even more prestigious and strong by peer consultants. In its workplace scores, it consistently ranks higher than BCG, which demonstrates the firm’s efforts to make this a better place to work for its consultants.”

WATCH OUT: STRATEGY& IS STARTING TO LIVE UP TO ITS POTENTIAL

Overall, the 2019 Vault Consulting 50 ranking served as a topsy-turvy affair. For the second consecutive year, Deloitte Consulting and Oliver Wyman retained the 4th and 5th spots respectively, accruing nominal gains in the process. Putnam Associates, a boutique powerhouse, climbed to 6th with The Parthenon Group following suit to 7th.  After tumbling from 5th to 11th over the past two years, PwC Advisory Services returned home to the Top 10 at 8th. Rounding out the Top 10 was the Bridgespan Group, which lost three places, and Accenture, which jumped from 14th to 10th.

LeapPoint lived up to its “Leap” in 2019. The Virginia-based IT consulting firm, buoyed by strong scores in Diversity and Firm Culture, produced the biggest gain by going from 47th to 27th. Less gaudy, but no less impressive, KPMG moved from 16th to 12th, with Prestige being the firm’s biggest asset. In contrast, L.E.K. Consulting tumbled five spots out of the Top 10 to 14th. Worse yet, the Brattle Group plummeted six spots to 16th. Other firms losing ground include Insight Sourcing Group (-5 to 18), Simon-Kurcher (-8 to 30), Ignyte Group (-15 to 35), Chartis Group (-11 to 39), The Cambridge Group (-20 to 44), and Dayblink Consulting (-18 to 49).

Then, there is Strategy& — or the global strategy consulting firm formerly known as Booz & Company. After being sold to PwC in 2014, Strategy& ranked 4th overall in the Consulting 50 during its maiden year. By last year, it had free-fallen down to 18th before bouncing back up to 13th in 2019, with its overall score rising by .397 of a point (with Prestige adding .629). Does this mean industry experts should set their clock back to the 2015 glory days, when the firm was expected to nip at the Big 3’s heels thanks to PwC’s resources?

Probably not yet, says Maldonado – but the future looks as promising than ever for the fledgling firm.  “I think Strategy&’s success this year is multifold,” he explains. “First and foremost, respondents to our survey acknowledge that the last several years have seen turbulence since the firm’s acquisition by PwC. However, there is an overwhelming feeling that Strategy& has finally hit its stride. It has adapted to becoming part of a much larger network and has ironed out the lasts of its integration issues. Respondents to our survey express the belief that the firm has managed to balance its own culture with that of its parent firm, and that the tension between the new guard and those who were nostalgic for the Booz & Company days has eased. Secondly, Strategy& is reaping the benefits of the brand recognition of PwC. Despite transitional pains, joining such a large firm is an incredible boon to a smaller outfit like Strategy&. Supported by the brand as well as PwC’s infrastructure and resources, Strategy& is busier than ever. Over the last year, the firm has experienced a heavy influx of new work.”

Go to Next Page for the 2019 Vault Consulting 50 Ranking.

Putnam Associates

SURGE OF NEW FIRMS FRESHEN UP THE VAULT 50

This year’s Consulting 50 features 12 new entrants, headed by GE Healthcare, which debuted at 15th. Long a mainstay on the best consulting firms in health care – along with ranking 19th last year for Prestige, GE Healthcare made the big jump into this year’s ranking thanks to high marks in Diversity and Innovation. The Analysis Group, a leading economic consulting firm, also cracked the Top 20 in its first appearance by placing 19th. In addition, Booz Allen Hamilton – the yardstick for public sector consulting that traditionally ranks among the 10 most prestigious firms – appears for the first time at 21st.

The Keystone Group (22nd), and ghSMART & Company (23rd) also made a major splash in their first time on the Vault list. In contrast, several big names skidded out of the Top 50, headed by Cornerstone Research, Jabian Consulting, and Marakon – all of which ranked in the Top 30 in 2018. Overall, 10 new consulting firms participated in this year’s consultant survey.

In the professional services industry, boutique firms set themselves apart with deep expertise in a limited number of specialties. In the consulting space, most boutiques house 100 or fewer consultants. That doesn’t mean they are also-rans or regional players. In fact, the Vault 50 boasts two boutiques – Putnam Associates and the Bridgespan Group – in its Top 10. Notably, Putnam Associates, a 30 year-old Boston firm that specializes in corporate and go-to market strategy in life sciences and health care, ranks 6th overall. That’s just .016 behind Oliver Wyman in a year when Putnam’s score rocketed up by .62 of a point. It is also a year when Putnam took the reins as the top boutique consulting firm in North America.

Go to Next Page to See Boutique Consulting Firm Ranking. 

McKinsey consultants gathered after training.

A MIDDLEWEIGHT HOLD ITS OWN WITH THE HEAVYWEIGHTS

It’s easy to see why. Think of Putnam as the McKinsey of Boutiques – except that Putnam competes on the big players’ terms. Notably, Putnam snapped up the highest scores of any consulting firm in six quality of life and work categories: Compensation, Hours in Office, Satisfaction, Selectivity, Travel Requirements, and Vacation Policies. Not impressed? Putnam, despite its bite size, also ranked among the Top 5 firms in Diversity, Exit Opportunities, Firm Culture, Firm Leadership, Formal Training, Informal Training, Innovation, Internal Mobility, Business Outlook, Promotion Policies, and Relationships with Supervisors.

The little engine that could? Putnam is more like the V12 engine that does.

Among survey respondents, Putnam was especially feted for offering heavy ownership and responsibility, with one observing that “my level of responsibility seems significantly higher than peers’ at similar firms.” Others laud the firm’s family-driven ethos. “Everyone from partners to associates looks out for you as you grow, both while here and as an alum,” adds another consultant.

Bottom line, says Maldonado, Putnam consistently ranks among the Consulting 50’s top performers – and that’s not by accident. “Survey responses were nothing short of glowing,” he says. “Despite the growing pains of a boutique firm, most respondents believe that Putnam can’t be beaten in terms of culture and work-life balance. Putnam offers many of the quality of life benefits and growth opportunities of a small firm, yet unlike many small firms, it pays on a level that even some of its consultants can’t believe. This firm offers the best of both worlds, making it one to keep an eye on.”

KEYSTONE STRATEGY IS A BOUTIQUE TO WATCH

Among boutiques, ghSMART, Cornerstone Research and the Keystone Group come out of nowhere to rank 4th, 5th, and 7th respectively. At the same time, LeapPoint shot up from 24th to 6th in the Boutique ranking. Two perennial heavyweights, Clearview Healthcare Partners and the Brattle Group, also fell out of the Top 10. Aside from Putnam, several boutiques posted top scores in quality of life and work categories. These include Formal Training (Health Advances), Interaction with Client (ghSMART) and Work-Life Balance (Eagle Hill Consulting).

While Keystone Strategy didn’t rank among the Top 10 boutique firms, Maldonado ranks it alongside Putnam as a firm to watch for 2020, highlighting it as an example of innovation for others to follow.

“Perhaps it’s this firm’s focus on the technology sector – an industry that is constantly evolving – or the scrappy startup-mentality of the firm, but Keystone receives near universal praise for its emphasis on innovation,” he observes. “Internally, the entrepreneurial culture of the firm fosters creativity and encourages consultants to think outside the box in the solutions they present to clients. Outwardly, Keystone Strategy’s work on some of its most prominent clients continues to thrive on the leading edge of the tech industry. There is much optimism surrounding the firm’s new CFO, who brings structure and project management to some of Keystone Strategy’s more ambitious growth initiatives.”

CONSULTING GAINS PRESTIGE AT EXPENSE OF INVESTMENT BANKING

Vault Consulting Editor Stephan Maldonado

In economics, it is said that a ‘rising tide raises all boats.’ The same could certainly be said for prestige in the consulting industry. Nine of the Top 10 firms enjoyed improved Prestige scores. Why are the rich getting even richer? Maldonado attributes it to another industry losing ground over the past decade.

“Since the financial crisis, consulting has gained ground versus investment banking when it comes to industry prestige. In the past, banking and consulting went head-to-head in the talent wars, but consulting could be said to be winning that battle these days. This trend continues to this day, as the big banks still often make negative headlines, whereas the big consulting firms have mostly avoided negative headlines. Also, since there’s considerable overlap among the consulting and technology industry, consulting has become a desirable industry for those looking to make a difference in and be at the center of today’s technological advances and creations.”

Looking for another example of how dominant McKinsey is in the consulting space? Look no further than the 14 practice areas that Vault measures. When survey respondents were asked to list the best firms in their respective practice areas, McKinsey accumulated the most votes in nine practice areas: Economic, Energy, Financial, Healthcare, Management, Operations, Sales and Marketing, Retail, and Strategy. The firm also ranked in the Top 10 in the remaining five categories. However, McKinsey wasn’t the only consulting firm to be the lead vote-getter in more than one category. Accenture duplicated that feat in IT Operations and IT Strategy. Lockheed Martin (Defense), Mercer (Human Resources) and Booz Allen Hamilton (Public Sector) also topped their respective industries. What’s more, the 2019 practice area ranking mirrored the 2018 listing, with all 14 industries featuring the same firm at the top of the list.

Bain consultants kicking back after another productive day.

McKINSEY EARNS HIGHEST MARKS IN TWO-THIRDS OF PRACTICE AREAS

Don’t worry, McKinsey finds plenty of competition in the practice areas from the usual suspects. Both BCG and Bain ranked among the Top 15 consulting firms in all 14 areas as well. BCG, for one, ranked among the Top 3 firms in eight categories, including being the second-highest vote-getter in Energy, Healthcare, Management, Sales & Marketing, Retail, and Strategy – all categories where Bain ranked 3rd. Deloitte was also ranked in 12 categories, including 2nd place finishes in Operations and Public Sector consulting. Oliver Wyman appeared in 11 categories, with its best area being retail at 7th.

What can the industry expect from the Vault Consulting 50 in 2020? Maldonado expects two trends to take center stage over the coming year. Channeling his inner McKinsey, he believes innovation is set to become a differentiating force, both in terms of retaining clients and attracting talent.

TRENDS TO WATCH: INNOVATION AND DIVERSITY

“Innovation” is one of those buzzwords that really starts to lose its meaning because it’s used so freely,” Maldonado admits. “When it comes to consulting firms – especially the ones on our list – innovation is actually something that people are talking about. When talking about their optimism for the business outlook of a firm, many of our survey respondents praise the firm’s innovation. Whether it’s in developing a new product, expanding into different practice areas, or establishing key points of differentiation from the rest of the market, a firm’s adaptability and willingness to stay ahead of the latest trends and technologies is really what excites consultants most. Take McKinsey. It is investing heavily in areas like big data and artificial intelligence; the firm is actively trying to establish itself as the point of reference for these emerging trends.”

However, Maldonado pairs McKinsey’s Innovation yin with its Diversity yang as another trend to follow. While diversity is a key component to most companies’ strategic plan, he believes the virtues of diversity is more “prescient” than ever.

“In the current social climate, people are looking for places embrace change and embody values of equality and fairness. McKinsey leads our Diversity rankings as well, and a recurring theme throughout the survey was how seriously McKinsey takes diversity, to the point that it has become a priority for the firm. Aspiring consultants want to enter a firm where they are welcome and where their background is given the utmost consideration. Seasoned consultants want to feel affirmed and valued. As diversity becomes more of an intrinsic value in the consulting world, we will see more firms adopting tangible initiatives and programs to demonstrate their commitment to diversifying their workforce.”

To access additional Vault Consulting 50 rankings, go to the following pages:

Most Prestigious Consulting Firm: Page 7

Quality of Life and Work: Pages 8-9

Practice Areas: Page 10-11

 

DON’T MISS: Q&A: WHAT McKINSEY SEEKS IN MBA HIRES

Q&A: WHAT BAIN SEEKS IN MBA HIRES

Q&A: WHAT THE BOSTON CONSULTING GROUP SEEKS IN MBA HIRES

Q&A: WHAT DELOITTE SEEKS IN MBA HIRES

Q&A: WHAT PwC SEEKS IN MBA HIRES

Q&A: WHAT A.T. KEARNEY SEEKS IN MBA HIRES

Vault Consulting 50: Quality of Work and Life Categories 

Vault Consulting 50: Quality of Work and Life Categories (Continued)

Vault Consulting 50: Practice Areas

Vault Consulting 50: Practice Areas (Continued)

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