For graduates, stepping into the consulting industry presents a promising option to kickstart their careers. Especially if you aim to swiftly climb up the career ladder and reap attractive salaries, a career in consulting offers a pathway rich in diversity, dynamism, and personal growth opportunities. As a consultant, you operate at the intersection of business strategy and innovation, helping companies in tackling complex challenges and seizing hidden opportunities.
As a consultant, you operate at the intersection of business strategy and innovation, assisting companies in tackling difficult challenges and seizing hidden opportunities.
But which consulting firm is the right fit for you? At PrepLounge, we want to support you in this decision. 💙💚
Let's simplify your choice as much as possible! We've curated a comprehensive list of the top consulting firms worldwide. In doing so, we compare critical factors such as company culture and work-life balance across the consulting landscape.
Consulting firms offer a wide range of services, including management and strategy consulting, as well as financial and technology consulting. They provide valuable recommendations on business strategy and significantly contribute to enhancing overall business prospects. By operating across various industries, consulting firms play a crucial role in improving business outcomes in the global market.
The renowned top consulting firms are distinguished primarily by their prestige, tradition, and impressive client portfolio. They are typically the first address for corporations, institutions, and governments alike. In virtually every influential sector, one of the consulting firms listed here is almost certain to be represented.
Often, this discretion is a hallmark of their esteemed ranking: their confidentiality. As a result, top consulting firms enjoy significant trust within the business world and beyond. This trust is important to companies seeking guidance from consultants. Consequently, consultants bear significant responsibility and face high performance pressure.
Consulting firms are distinguished by various categories such as industry focus, specialization, service offerings, and business model. Overall, they can be categorized as follows:
Before starting a career with a particular firm, it's crucial to develop a comprehensive understanding of the company's essence and culture to ensure alignment with your career goals and values.
MBB refers to the three most prestigious consulting firms globally:
These globally influential consulting firms are renowned for their problem-solving competencies. Leveraging advanced tools and comprehensive industry expertise, they assist companies worldwide in enhancing their performance and rank among the most prestigious employers globally. Regardless of a company's size, MBB consultants strive to find the best solutions for their clients.
The "Big Three" are undoubtedly the most well-known consulting firms and often the top choice for graduates due to their high entry salaries and international focus. They offer excellent services and development opportunities, including targeted training and mentorship programs. Through their leading position in the industry, they enable newcomers to engage in top-notch projects with global corporations, making them attractive employers for those pursuing a challenging career.
Below, you can find further insights on MBB consulting firms:
McKinsey & Company is globally recognized as one of the most prestigious organizations in the consulting industry. As one of the most influential consulting firms, the company boasts a multifaceted corporate culture and achieves record revenues in the industry.
Annual Revenue
McKinsey's global revenue in 2023 exceeded $14.8 billion.
Prestige
McKinsey & Company is renowned worldwide as the most prestigious firm in the consulting industry. This status is solidified by its long history, global influence, and reputation for industry-leading expertise. Founded by James Oscar McKinsey in 1926, the consultancy rapidly grew under the vision of imparting expertise to businesses without limitation.
Culture
McKinsey places great emphasis on fostering strong client relationships to develop innovative strategies and effective solutions. Consequently, high expectations are often placed on consultants, and priority is given to ensuring that the client always comes first. According to Glassdoor, McKinsey employees particularly value their colleagues and the supportive work environment that enables them to excel.
Work-Life Balance
The high expectations placed on consultants correspond to a demanding workload, which can affect work-life balance accordingly. Additionally, consulting at McKinsey often involves extensive travel due to international project planning. However, McKinsey consultants benefit from flexible working arrangements to meet individual needs and career goals, such as the Take-Time program offering up to three months of leave per year and hybrid working arrangements. Moreover, internal career advancement opportunities and special support for families are available, alongside additional benefits like full catering.
Diversity
McKinsey has implemented significant initiatives to promote diversity and inclusion. Notably, employees from 140 different nationalities are represented. Moreover, the global network Equal provides LGBTQ+ company members and allies with peer support and advises McKinsey on LGBTQ+ policies and benefits. Additionally, there is a global women's network.
It is worth noting that the firm pays specific attention to diverse backgrounds and does not solely hire candidates with conventional backgrounds or degrees from renowned universities. However, recruiting focus varies significantly across different markets worldwide.
Career Development
Within McKinsey, there are numerous opportunities to advance your career. Employees typically start as (Junior) Fellows or Business Analysts and work their way up to Senior Partners. It is common to spend about 1-3 years in each role.
For further insights into McKinsey, please visit:
👉 McKinsey Personal Experience Interview
👉 McKinsey Problem Solving Game
👉 McKinsey Application for Interns
The Boston Consulting Group also ranks among the most prestigious companies worldwide, offering top-notch consulting services. BCG is a leader in strategic consulting for growth, efficiency, and adaptability in the ever-evolving business world. Founded in 1963 by Bruce Henderson, the consultancy set new standards not only in the consulting industry but also in marketing its services through content marketing.
Annual Revenue
In 2023, the Boston Consulting Group generated $12.3 billion in revenue worldwide.
Prestige
BCG is equally a highly prestigious firm. It has a reputation for excellence in strategy consulting and offers attractive career opportunities. Many top talents aspire to a career at BCG, increasing competition for positions at the firm and further enhancing its prestige.
Culture
The corporate culture of the consultancy encourages creative and innovative thinking. Both clients and employees are encouraged to actively contribute, leading to strong collaboration. BCG is known for fostering a particularly positive work environment, even though employees are expected to work long hours.
The corporate culture of the Boston Consulting Group is based on five principles: "Bringing insights to light," "Overcoming complexity," "Achieving inspired impact," "Leading with integrity," and "Growing through the growth of others."
Work-Life Balance
Similar to the other two MBB firms, there is criticism of work-life balance at the Boston Consulting Group. Long working hours and extensive travel commitments are often cited as impairments to the balance between work and personal life.
Diversity
BCG places great emphasis on diversity and inclusion, seeking candidates with diverse backgrounds, academic disciplines, and unique perspectives. The company's exceptional diversity policy is also noteworthy.
Career Growth
The Boston Consulting Group is described in many employee reviews as an excellent place for career entry, with plenty of opportunities for promotion, career changers, and other advancement prospects. BCG also offers numerous opportunities for career development, with training integrated into daily activities.
For further insights into BCG, please visit:
Bain & Company ranks among the most prestigious strategy consulting firms in the market. Founded in 1973 by former Boston Consulting Group employee Bill Bain, the top consultancy has become a significant global player in the consulting world.
Annual Revenue
According to Forbes, the company generated $4.1 billion in revenue in 2021. In 2022, revenue amounted to $4.3 billion.
Prestige
Bain has built an excellent reputation—both among its employees and clients—through its collaborative approach. With over 12,000 employees worldwide, Bain operates across the globe.
Culture
Bain is known for its vibrant and diverse culture. Employees here have more autonomy compared to other prestigious companies. Performance is recognized and rewarded with regular salary increases of up to 50%. Executives are praised for doing their job well and being proactive. Employees report feeling valued by management at all levels. The supportive culture and commitment to professional development make this firm an excellent starting point for your consulting career.
Applicants should expect to be challenged during the hiring process. The company prefers young graduates, so potential candidates should prepare for an analytical test, a case interview, and several personal fit interviews.
Work-Life Balance
Work hours at Bain can be very long, and frequent travel is part of the reality of working as a consultant. Some employees say that the workload at Bain is lower than at competitors, and flexible working hours are a definite plus.
The benefits offered by Bain & Company are extensive and a significant plus for some employees. Employee assistance programs, gym memberships, paid volunteer leave, bereavement leave, and stock options are among the benefits Bain & Company offers to its employees.
Diversity
Bain supports the employment of LGBTQI+ individuals and has been recognized as one of the best employers for LGBTQI+ members. Additionally, there are various programs and initiatives promoting social justice.
Career Development
Career growth opportunities at Bain are immense, and employees report regular salary increases. Within 6-8 years after graduation, you can become a partner at Bain.
For further insights into Bain, please visit:
"Big Four" refers to the four leading audit and consulting firms globally:
The Big 4 offer services across various sectors, including audit, tax advisory, management consulting, and risk management. These firms are attractive employers thanks to their graduate programs and competitive compensation packages for entry-level positions. Career prospects within the Big 4 are highly promising, with numerous opportunities for advancement and development paths, often with salaries comparable to those of MBB firms.
The consulting division of Deloitte offers strategy consulting, risk consulting, and other consulting services. Deloitte operates in many industries, including life sciences, healthcare, energy, and more.
Annual Revenue
In the fiscal year 2022/23, Deloitte achieved a global revenue of $64.9 billion.
Prestige
As part of the Big Four audit firms, Deloitte is recognized as a leading consulting firm. By 2023, Deloitte had over 457,000 employees. Consulting is one of the main services for which this brand is known, alongside auditing.
Culture
Deloitte is known for having a modern and open corporate culture compared to other companies. Collaboration is actively encouraged, and flexible working arrangements are available. Employees often cite the opportunity to work with smart and motivated talents and collaboration with others as the key benefits of Deloitte's culture. Communication and feedback within the organization are direct.
Work-Life Balance
Former and current Deloitte employees frequently mention long working hours and extensive travel commitments as the main drawbacks of the job. Overtime is expected depending on the project. However, Deloitte is working on innovative measures to improve work-life balance within the organization. There are numerous part-time options (80% of positions offer part-time options) and the option for mobile office. In some countries, employees have the opportunity to take up to 6 months of unpaid leave and acquire additional leave.
Additionally, employees usually have access to a free comprehensive fitness program, mental health initiatives like "Headspace," and free webinars on topics such as thought patterns and well-being.
Diversity
Deloitte offers numerous opportunities for equal employment opportunities and is known for being a particularly inclusive workplace for women and parents. Deloitte provides many opportunities for its employees to engage in various groups, such as advocating for the LGBTQ+ community.
Career Development
You can expect to spend an average of 2-3 years in each position. From Junior Consultant to Partner, you will go through a total of six career stages. Career development progresses quite linearly.
For further insights into Deloitte, please visit:
KPMG is a renowned consulting firm as one of the 'Big 4' audit firms, collaborating with major clients.
Annual Revenue
In the fiscal year 2023, KPMG recorded a global revenue of $36 billion.
Prestige
KPMG enjoys a high reputation in the financial industry and employs over 273,000 employees. Operating in over 146 countries, the consulting firm is considered one of the top providers of risk management services. KPMG has worked with prestigious clients such as Coca-Cola Enterprises, Monarch Airlines, the Dutch government, and others. The consulting firm is known in the industry for attracting top-tier clients.
Culture
The culture at KPMG is centered on inclusivity, innovation, and collaboration. Many employees appreciate the diverse learning opportunities, feel valued by KPMG, and value the inclusive work environment. Competition is encouraged, and employees can receive bonuses and other benefits for good performance.
Work-Life Balance
KPMG offers flexible working arrangements, but long working hours can be commonplace. Workloads can be significant to meet client demands. Depending on the location, KPMG provides benefits such as financial support and study leave assistance, flexible working arrangements, paid parental leave, and career breaks.
Diversity
KPMG follows integrative hiring practices and ensures internal equality and inclusion across all levels.
Career Development
KPMG offers numerous opportunities for career development for entry-level professionals from various backgrounds. Mentoring programs, an open feedback culture, and attractive learning formats contribute to career development.
Ernst & Young, commonly known as EY, is one of the four largest auditing firms in the world. EY operates in the areas of audit, tax advisory, transaction advisory, and risk and financial advisory, and is also a global management consulting firm.
Annual Revenue
In the fiscal year 2022/2023, EY achieved a worldwide revenue of $40 billion.
Prestige
With over 395,000 employees worldwide, EY enjoys global recognition. Through its wide range of services from tax advisory to technology consulting, EY has built a global reputation.
Culture
The culture at EY is based on diversity and inclusivity. Among its core values of respect, teamwork, and enthusiasm, employees particularly appreciate the inclusive work environment and especially the colleagues from whom they can constantly learn new things.
Work-Life Balance
EY values a healthy work-life balance and aims to ensure this for its employees through flexible work practices. However, several reviews on Glassdoor indicate that there is still room for improvement.
Diversity
EY aims to live inclusivity and create a work environment where all people feel comfortable and valued with their differences. The goal is to leverage differences to achieve the best possible results for the company.
Career Development
Career development is a top priority at EY, starting with interns and young professionals. The company is nearly unanimously considered an excellent place to start a career in Glassdoor reviews, as it offers the opportunity to work with many people and network with them.
This supportive environment extends through all career levels. Therefore, EY is recommended overall as a company for a career in management consulting.
PricewaterhouseCoopers (PwC) is a globally operating service company. PwC's main areas of service are auditing, tax consulting, as well as traditional corporate and management consulting. Additionally, PwC is active in transaction advisory and corporate finance.
Annual Revenue
In the fiscal year 2022/23, PwC achieved a total revenue of €53 billion.
Prestige
As part of the Big Four, PwC has solidified its position as a leading auditing and consulting firm in the international market with 295,000 employees worldwide.
Culture
PwC promotes agile work methods as well as the use and development of new technologies and methods to drive cultural change processes in the long term. Special emphasis is placed on individual ideas, and each employee is given a basic level of trust, for example, in organizing their own working hours. This approach has been well received by employees, with PwC being voted the most popular employer in the industry for eight consecutive years.
Work-Life Balance
Internally, PwC refers more to "Work-Life Choice". This means that everyone can determine for themselves what the optimal work-life balance is. According to employees, this flexible approach is lived and expected within the company. However, a high level of commitment and flexibility is a basic requirement.
Diversity
PwC is committed to diversity and consistently lives the idea of inclusivity. This is also reflected in some of the figures published by the company. As of 2021, the average age is 36.3 years, 44% of employees and 13% of partners are women. Additionally, people from 84 different nationalities work at PwC.
Career DevelopmentAccording to company reviews on Glassdoor, PwC offers particularly good entry opportunities into careers, for example, for students or graduates. These young professionals receive promising prospects if they show the necessary initiative and ambition. However, many leave the company after 1-2 years to further develop themselves.
In addition to the renowned MBB or Big 4 consulting firms, there are also so-called Tier 2 consulting firms that are highly respected and offer attractive career opportunities. These specialized, globalized companies may be somewhat less prestigious than the "Big Three," but they are still highly successful and internationally active. In addition to their high-quality consulting services, they are appreciated by clients for their high expertise. These companies provide numerous entry-level positions for graduates and offer competitive compensation.
Some well-known companies worldwide in this category are:
Kearney, formerly known as A.T. Kearney, accompanies clients in the field of strategy and operations. The company advises both in the public sector and with global players and non-profit organizations.
Annual Revenue
In 2022, Kearney recorded a global annual revenue of $1.7 billion.
Prestige
Kearney serves approximately 75% of the Fortune 500 companies in over 40 countries. With over 5,300 employees worldwide, the consultancy has a strong workforce while maintaining its flexibility.
Culture
Kearney describes itself as a collaborative and solution-oriented employer that supports its employees' leisure and social engagement. The company values include solidarity and passion, among others.
Work-Life Balance
Consultants at Kearney are accustomed to working across multiple time zones, which, along with time-consuming projects, are reasons for overtime. Many travels and high performance pressure are additional factors.
Diversity
Kearney aims to encourage its employees to be themselves and has established many diversity and inclusion projects to support this.
Career Development
As part of career development, Kearney emphasizes high client exposure even for young consultants, which quickly advances their development and skills. Additionally, Kearney offers various promotions and MBA programs.
Since the merger of Mercer Oliver Wyman, Mercer Management Consulting, and Mercer Delta Mercer Oliver Wyman in 2007, Oliver Wyman has emerged as one of the top consulting firms.
Annual Revenue
In 2022, Oliver Wyman recorded an annual revenue of $2.8 billion.
Prestige
Oliver Wyman is a strong strategy and management consulting firm, known for its industry-leading expertise, high quality, long-term partnerships, and value creation. This makes the consultancy a prestigious employer in the consulting industry.
Number of Employees
Oliver Wyman is an internationally leading management consulting firm with over 6,000 employees worldwide.
Culture
The corporate culture at Oliver Wyman is based on diversity and collaborative partnership. The company is known for an open culture where feedback is encouraged, and employees collaborate to support each other. The organization promotes individuality and freedom of expression.
Work-Life Balance
The work environment can be intense as the company grows rapidly and collaborates closely with the financial sector. On average, employees at Oliver Wyman work approximately 50-70 hours per week.
Diversity
Oliver Wyman strives to be an inclusive employer. Numerous employee engagement activities and network groups are offered to enhance diversity.
Career Development
Within Oliver Wyman's growth model, factors such as past and current performance are strongly considered over time, regardless of the time spent in a particular position. Growth is rapid, and a master's degree is not required for entry or leadership positions.
As a renowned and long-established management consultancy, Roland Berger has established itself worldwide since its founding in 1967. Roland Berger stands for new ideas, taking responsibility, and promoting meaningful change.
Prestige
With over 3,000 employees in more than 50 international offices, Roland Berger is one of the few European consultancies with a global presence.
Annual Revenue
In 2022, Roland Berger generated a total revenue of approximately $870 million.
Culture
Roland Berger emphasizes that each office worldwide embodies a unique culture, influenced by the respective national culture and the international team spirit.
Work-Life Balance
Overtime and travel are inevitable even at Roland Berger. However, the consultancy stands out for its numerous part-time options and sabbatical opportunities.
Diversity
The linguistic and cultural diversity of Roland Berger contributes to its great success internationally, as various perspectives are included and considered. Roland Berger advocates for the LGBTQ+ community and is a champion of diversity.
Career Development
With six stages from Junior Consultant to Partnership, Roland Berger follows a standard model in the industry and does not differ significantly from similar consultancies. Consultants benefit from a close relationship with clients, allowing them to quickly develop their own skills and establish themselves.
As part of PwC, Strategy& represents innovation and is known for high-quality consulting services. The strategy consulting firm guides clients through various projects.
Annual Revenue
As part of PwC, Strategy& does not disclose separate annual revenue figures. PwC reported a revenue of around $53 billion for the fiscal year 2022/2023.
Prestige
Following the founding of Booz Allen Hamilton in 1914, Strategy& was acquired by PwC in 2014. This acquisition allows the consultancy to benefit from the global PwC network. Over 3,000 individuals work at Strategy& worldwide.
Culture
Strategy& is characterized as innovative, entrepreneurial, and open-minded. This atmosphere aims to enable employees to fully utilize their potential. Collaboration is marked by teamwork and cohesion.
Work-Life Balance
In addition to numerous travels and long working hours, Strategy& implements various measures to improve work-life balance. These include flexible working models.
Diversity
At Strategy&, employees can become part of specific groups where they advocate for their core values, such as the LGBTQ+ community or social projects. This commitment extends to collaboration with third parties.
Career Development
Graduates can start as Associates and specialize throughout their careers at Strategy&. Further career stages include Senior Associate, Manager, Principal, and Partnership.
Boutique consulting firms, also known as independent consultancies, are consulting companies that offer specialized and tailored consulting services to a variety of clients. These firms often focus on a specific industry or functional area and are known for their focused expertise and individualized consulting approach. They typically operate within a specific market segment.
Examples of boutique consulting firms worldwide include:
Accenture is a global consulting firm with locations around the world. The consultancy provides diverse opportunities for both recent graduates and experienced professionals.
Prestige
Founded in the 1950s, Accenture is a leading provider of technology consulting services, offering strategy and management consulting among other services. With over 733,000 employees (as of 2023) and offices in over 200 cities and 50 countries, this consultancy is a major player in the industry. Accenture is renowned for collaborating with well-known clients, including most Fortune 500 companies. Leading technology companies such as Microsoft, Oracle, Salesforce, and Workday are among the notable names that have partnered with Accenture.
Annual Revenue
Large clients contribute to significant annual revenue. Therefore, in the fiscal year 2023 (ending August 31, 2023), Accenture reported revenue of $64.1 billion.
Number of Employees
As of August 2023, Accenture had approximately 733,000 employees.
Culture
Accenture cultivates a generally positive work culture, emphasizing innovation, agility, and diversity. Many graduates report collaborating with friendly colleagues and numerous opportunities for interaction, which is great for students starting their careers in the consulting industry. Accenture hosts numerous employee events, promotes teamwork, and while supervisors mostly have decision-making authority, they are open to input from colleagues at lower levels of the hierarchy.
Work-Life Balance
Accenture offers employees flexibility, contributing to a better work-life balance. Benefits such as flexible working hours, telecommuting, educational leave, parental leave, and flexibility in working at client sites are provided to support work-life balance.
Diversity
Accenture has invested considerable time and energy in ensuring a diverse workforce. Since 2023, Accenture has offered gender pay equality. The company has also established programs to support LGBTQ employees, aims for gender-balanced workforce by 2025, and offers comprehensive mental health promotion programs for its employees.
Career Development
Accenture offers employees a variety of opportunities for career advancement. The organization follows a multi-stage career path and values nurturing and retaining young talent.
Inhouse consulting firms are organizations within a company that provide consulting services to internal clients, often other departments or subsidiaries. Some in-house consultancies are also engaged by external companies due to their specialized expertise in specific fields and industries.
Here are some examples of inhouse consulting firms worldwide:
After gaining an overview of the top consulting firms worldwide, the question arises: What does the landscape look like in individual markets? Depending on the location, the top consulting firms may vary, so it's worth taking a closer look at the most relevant addresses per country:
👉 Top Consulting Firms in the USA
👉 Top Consulting Firms in the United Kingdom
👉 Top Consulting Firms in Germany
Reasons for the differences between regions are diverse:
The top consulting firms per region are those that best understand the market environment and are best able to not only address the cultural nuances of the country but also meet the specific requirements and needs.
Here are a few things to consider and prepare for if you want to work abroad, whether in consulting or another industry:
Keep in mind that this list provides a general overview and may not apply as a checklist for every country. It's best to research specifically on the website of the respective Foreign Office or connect with people who have already fulfilled their dream of working abroad.
If you want to stay with your current company but move to another country, your employer can often support you. You should find internal contacts who can help you here and provide you with all the information you need.
Prestige
Considering your professional reputation and future career opportunities, it makes sense to pay attention to the prestige of consulting firms. Inform yourself about how the company is perceived within the industry.
Annual revenue
The annual revenue of consulting firms can provide insights into their growth potential and financial stability – and consequently, your job security.
Values, Norms, and Work Culture
Values, norms, and the work atmosphere will play an increasingly significant role in the long run. Therefore, it's important to inform yourself about these aspects beforehand and consider how well you fit into the consulting environment. This greatly influences your motivation and, consequently, your performance.
Work-Life-Balance
Work-Life-Balance is one of the most discussed factors in the consulting industry. Before starting your career, familiarize yourself with how your desired consulting firm handles it, and consider your own preferences and willingness to compromise.
Employee Satisfaction
Employee satisfaction within a consulting firm can provide insights into the internal atmosphere and whether the people working there are a good fit for you. Specific online platforms like Glassdoor are suitable for this purpose. Don't hesitate to discuss this topic during networking or with acquaintances in the industry. First-hand information is the most valuable. Keep in mind that satisfaction may vary from office to office.
Diversity and Inclusion
Diversity and inclusion in the workplace rightfully play an increasingly important role. Consulting firms that operate globally often prioritize initiatives in this regard. Consider what matters to you in this context and research programs promoting equality and diversity.
Career Growth
As a central part of your career, pay close attention to your career prospects – both within the consulting firm and beyond. Are there mentoring programs? How quickly can you advance? What development opportunities are available?
Project and Industry Focus
Also, inquire about your potential employer's focus on projects and industries. Can you work on projects and within industries that genuinely interest you?
Compensation
Lastly, consider the compensation package. Salary and benefits are crucial components of your future satisfaction but should always be viewed in conjunction with other key factors.
Finding the right consulting firm can be challenging, especially if you're open to working anywhere in the world. Our comprehensive guide aims to help you identify what's important to you, what to consider when making your decision, and how to proceed.
At PrepLounge, we offer a unique platform to prepare and develop your career, along with valuable resources such as blog articles and a diverse collection of case studies. Explore our offerings and sign up today! 🚀
