Top Consulting Firms in Germany 2024

For graduates, entering the consulting industry is a promising option to kick-start a successful career. Especially if you aim to climb the career ladder swiftly and be generously compensated, a career in consulting is promising due to the diversity, dynamism, and personal growth opportunities. As a consultant, you operate at the intersection of business strategy and innovation, assisting companies in overcoming challenging obstacles and capitalizing on hidden opportunities.

But which consulting firm is the right fit for you? At PrepLounge, we want to support you in this decision-making process.

Let's simplify your decision as much as possible! We've compiled a comprehensive list of top companies in Germany, comparing crucial factors such as corporate culture and work-life balance among consulting firms.

Furthermore, alongside this article, we also introduce you to the top consulting firms in the USA and the UK. Feel free to check them out if you're interested!

Table of Content

1. What are the functions of top consulting firms?

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 improving overall business prospects. Operating across various industries, consulting firms play a crucial role in enhancing business outcomes in the global market.

2. How do the Top Consulting Firms in Germany Differ?

Consulting firms differentiate themselves based on numerous categories such as industry focus, specialization, service offerings, and business model.

Before committing to a career path with a specific firm, it's important to develop a comprehensive understanding of the nature and culture of the company to ensure alignment with your career goals and values.

Here are the categories by which consulting firms can be identified:

MBB

MBB is the term used to refer to the three most prestigious management consulting firms worldwide:

The "Big Three" are undoubtedly the most well-known consulting firms, often the top choice for German graduates due to their high entry-level compensation. They offer excellent services and development opportunities, including targeted training and mentorship programs. By holding leading positions in the industry, they enable newcomers to work on top-notch projects with global companies, making them desirable employers for those seeking a challenging career.

Big Four

"Big Four" refers to the four leading audit and consulting firms in the industry:

Deloitte
EY (Ernst & Young)
KPMG
PwC (PricewaterhouseCoopers)

The Big 4 offer services across various sectors, including audit, tax advisory, management consulting, and risk management. These companies are attractive employers, especially for German graduates, 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 offered by MBB firms.

Tier 2

In addition to the renowned MBB or Big 4 consulting firms, there are also so-called Tier 2 consulting firms in Germany that are highly regarded and offer attractive career opportunities. These specialized, globalized companies may not have the size of the "Big Three," but they are still successful and internationally active. Alongside their high-quality consulting services, they are valued by clients for their expertise. These companies provide numerous entry-level positions for graduates and offer competitive compensation.

Some well-known companies in this category include:

Boutique Consulting Firms

Boutique consulting firms, also known as independent consultancies, are small consulting companies that offer specialized and customized consulting services to a variety of clients. These firms often focus on a specific industry or functional area and are recognized for their focused expertise and personalized consulting approach. Unlike large firms like MBB, boutique consultancies are smaller and typically operate within a specific market segment.

Examples of boutique consulting firms in Germany include:

Inhouse Consultancies

Inhouse consulting firms are organizations within a company that provide consulting services to internal clients, often other departments or subsidiaries. In contrast to external consulting firms, which are hired by external clients, inhouse consulting firms exclusively work for the company to which they belong.

Here are some examples of in-house consulting firms in Germany:

3. What to Consider Before Choosing a Consulting Firm

As you've probably noticed, there are a lot of consulting firms in the market. It's important to find a company that aligns best with your individual needs and goals. To facilitate this selection process, it's crucial that you have a clear understanding of your own preferences and career objectives.

Furthermore, there are certain key factors that you should consider when evaluating potential employers:

Key factors to consider for evaluating potential employers

4. The Best Consulting Firms to Work For

Based on these criteria, here is the list of companies you should definitely know in 2024 if you want to enter the consulting industry in Germany.

4.1 MBB

McKinsey & Company

McKinsey & Company is a globally leading management consultancy known for its client- and competition-focused approach, playing a significant role in the business world. Its outstanding industry-specific expertise enables the recruitment of top talent from diverse backgrounds.

Prestige

McKinsey & Company is renowned as the most prestigious firm in the consulting industry in Germany. This status is cemented due to its longstanding history, global influence, and reputation for industry-leading expertise.

Annual Revenue

According to Handelsblatt, McKinsey's revenue in Germany for the year 2021 exceeds 1 billion euros.

Culture

McKinsey & Company places great emphasis on fostering strong client relationships to develop innovative strategies and effective solutions. Hence, there are often high expectations placed on its consultants, prioritizing client-first-principles.

Employees at McKinsey particularly appreciate their colleagues and the supportive work environment, facilitating personal and professional growth.

Work-Life Balance

Work-life balance at McKinsey is frequently criticized in Glassdoor reviews. The working conditions are marked by high pressure, demanding tasks, and long, intensive working hours. Additionally, consulting at McKinsey often involves extensive travel within and outside Germany due to international project planning.

McKinsey offers consultants flexible working hour models 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 opportunities and specific family support are provided, alongside additional benefits like full catering.

Employee Satisfaction

McKinsey in Germany has received a total of 164 reviews on Glassdoor, averaging 4.2 out of 5 stars. 82% of (former) employees would recommend the company.

Particular highlights include adequate compensation, strong connections among colleagues, and attractive career development opportunities arising from international projects with renowned clients across various industries and disciplines.

Criticism mainly focuses on long working hours, immense pressure, strict deadlines, and the frequent extensive travel requirements.

Diversity

McKinsey has implemented significant initiatives to promote diversity and inclusion. Notably, employees from 140 different nationalities are represented. The global network Equal provides LGBTQ+ company members and allies with peer support and advises McKinsey on LGBTQ+ policies and benefits. Additionally, there's a global women's network.

Furthermore, the company in Germany specifically values diversity in backgrounds, aiming to hire candidates beyond conventional backgrounds or degrees from prestigious universities.

Career Growth

Within McKinsey, there are numerous opportunities to advance your career. Employees typically start as (Junior) Fellows and progress to Senior Partners, spending about 1-3 years in each role.

Bain & Company

Bain & Company ranks among the leading strategic consulting firms globally, renowned for its prestigious reputation. Founded in 1973 by Bill Bain, a former employee of the Boston Consulting Group, the company has evolved into a significant player in the consulting world.

Prestige

Similar to McKinsey & Company, Bain & Company enjoys exceptional prestige in the consulting industry. The firm has secured its place among the world's leading consulting companies by consistently delivering excellent performance.

Annual Revenue

According to Handelsblatt, Bain generated approximately 400 million euros in revenue in Germany in 2021, which is significantly lower than McKinsey and BCG.

Culture

Bain emphasizes a strong corporate culture to attract talent from around the world. Their employees, referred to as "Bainies", experience an extremely collaborative work environment characterized by mutual support and integration. Moreover, Bain's culture promotes entrepreneurial thinking and initiative, giving employees more autonomy compared to other prestigious firms.

Work-Life Balance

At Bain & Company, working conditions resemble those at McKinsey, with long working hours and limited personal leisure time during the week often being criticized. Travel is also a common requirement for consultants at Bain. However, compared to other competitors, working hours at Bain are often more flexible, contributing to an improved work-life balance.

Furthermore, Bain & Company offers its employees a variety of health and wellness benefits, including gym memberships, paid volunteer leave, and other perks that greatly enhance employee well-being.

Employee Satisfaction

Bain & Company receives highly positive reviews from employees. In total, 91 reviews were submitted on Glassdoor in Germany, with an average rating of 4.4 out of 5 stars. An impressive 89% of respondents would recommend the company.

Diversity

Bain actively promotes the employment of LGBTQI+ persons and has been recognized for its commitment as one of the best employers for members of the LGBTQI+ community. Additionally, the company initiates various programs and measures to promote social justice.

Career Growth

At Bain, employees have immense opportunities for professional growth and career development. Many report regular salary increases that not only recognize their performance but also provide incentives for further engagement. Talented employees may have the opportunity to become partners within a relatively short period of 6 to 8 years after joining Bain.

Boston Consulting Group (BCG)

The Boston Consulting Group (BCG) also belongs to the renowned MBB trio and offers top-tier consulting services. BCG leads in strategic consulting for growth, efficiency, and adaptability in the evolving business world.

Prestige

BCG is highly prestigious in Germany as well. 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.

Annual Revenue

In 2022, the global management consulting firm Boston Consulting Group generated 11.1 billion euros in revenue worldwide. In 2021, according to Handelsblatt, Germany recorded revenue of approximately 1 billion euros.

Culture

The corporate culture of this consulting firm encourages creative and innovative thinking. Both clients and employees are encouraged to actively contribute, leading to strong collaboration. BCG fosters a particularly positive work environment, although employees are expected to work long hours.

The Boston Consulting Group's corporate culture is based on five principles: "Uncover insights," "Overcome complexity," "Achieve inspired impact," "Lead with integrity," and "Grow by growing others."

Work-Life Balance

Similar to the other two members of MBB, 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.

Employee Satisfaction

Overall, over 6,000 German reviews have resulted in an average rating of 4.2 out of 5 stars. Moreover, 84% recommend BCG as an employer.

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

This company is described in many employee reviews as an excellent place to start a career, with plenty of opportunities for promotion, career changers, and other advancement opportunities. BCG also offers numerous opportunities for career development, with training integrated into daily activities.

4.2 Big Four

Deloitte

Deloitte is a globally active provider of auditing, tax, and financial advisory services as well as consulting.

Prestige

As a member of the Big Four, Deloitte is one of the leading consulting firms in Germany.

Annual Revenue

According to Deloitte itself, the auditing and consulting firm generated revenue of over two billion euros in Germany for the fiscal year 2022/23. This represents an increase of 21.5 percent to 2.334 billion euros.

Culture

Deloitte cultivates an inspiring culture that promotes diversity and innovation, enabling employees to unleash their full potential to achieve greatness together.

Work-Life Balance

At Deloitte, aside from long workdays and sometimes excessive workloads, comparably low salary is also criticized.

Employee Satisfaction

Based on 1264 reviews from current and former employees, Deloitte receives a rating of 4.0 out of 5 stars, with 80% of reviewers indicating they would recommend the company.

Diversity

Deloitte is engaged in various initiatives to promote equality and is valued as an inclusive employer. However, many employees feel that more initiatives should be developed to support minorities and the LGBTQI+ community and strengthen their integration into the work environment.

Career Growth

The average tenure in a position is about two to three years before employees receive a promotion. Overall, there are six levels of advancement.

EY

Ernst & Young (EY) is primarily known for its services in the areas of auditing, taxation, business risks, technology and security risks, as well as human capital. With its four service lines - Assurance, Advisory, Strategy, and Transactions - they assist companies in growing.

Prestige

EY employs over 395,000 people worldwide and maintained its leading position in tax consulting in Germany in 2021 with a revenue growth of 67%.

Annual Revenue

In the fiscal year 2022/2023, EY achieved a revenue of €2.57 billion.

Culture

The corporate culture at EY is dynamic, team-oriented, and innovative. Diversity and inclusion are important values, while an open, collaborative environment is promoted. Personal growth and professional development are emphasized.

Work-Life Balance

For EY, achieving a balance between personal life and career as a consultant is central. Therefore, flexible working hours and additional benefits are provided to ensure a balanced work-life balance.

Employee Satisfaction

EY has received a rating of 3.8 out of 5 stars in Germany, and 75% of reviewers would recommend the company, based on a total of 1,340 reviews.

A common criticism in reviews is that the salary does not fit the workload.

Diversity

EY has set ambitious diversity and inclusion goals, such as achieving gender parity in its leadership levels and increasing representation of underrepresented groups throughout the company. The consulting firm's efforts have been recognized, including being named one of Forbes' "Best Companies for Diversity".

Career Growth

EY is actively committed to promoting and supporting employees to achieve their career goals. This is reflected in reviews of EY as an ideal company for starting a career. Here, graduates have great opportunities and a steep learning curve.

KPMG

KPMG is a globally operating network of auditing and consulting firms, also part of the "Big Four". They offer a variety of services including strategy, operations, analytics, risk management, and IT consulting.

Prestige

KPMG enjoys a high reputation in the business world, particularly due to its membership in the esteemed "Big Four".

Annual Revenue

In the fiscal year 2023, KPMG in Germany achieved a total performance of €2.39 billion, demonstrating strong growth.

Culture

KPMG's corporate culture is often described as inclusive, innovative, and team-oriented. KPMG places great emphasis on diversity and fosters an open work environment where employees can contribute their ideas and collaborate on solutions. Employees at KPMG also receive many additional benefits and perks.

Work-Life Balance

Although flexible working arrangements exist at KPMG, long working hours are still common, negatively impacting work-life balance and causing stress.

Employee Satisfaction

KPMG's ratings stand at 3.8 out of 5 stars, with 73% of respondents willing to recommend the company, based on a total of 1,487 reviews.

In Glassdoor reviews, teamwork and diverse projects were particularly praised.

Diversity

KPMG prioritizes inclusive hiring practices and actively engages in various human rights initiatives.

Career Growth

KPMG presents promising career opportunities and offers graduates interesting avenues for professional development and advancement.

PwC

PwC is a Germany-based company headquartered in Frankfurt am Main. Its main service areas include auditing, tax consulting, as well as traditional corporate and management consulting. PwC also places a strong emphasis on technology and digital transformation services.

Prestige

With more than 14,000 employees, PwC is the leading auditing and consulting firm.

Annual Revenue

PwC in Germany records a revenue volume of around €2.93 billion.

Culture

PwC actively promotes the adoption of agile work practices and drives the use and development of new technological possibilities to effect sustainable cultural change. Individual ideas are particularly valued, and all employees are entrusted with a basic level of trust.

Work-Life Balance

At PwC, work-life balance is promoted through the concept of "Work-Life Choice". This allows employees to determine for themselves the optimal balance between work and leisure. Through this flexible model, individual needs can be adjusted according to the respective life phase and considered within the PwC business model.

Employee Satisfaction

The company achieves an overall rating of 4.0 out of 5 stars on Glassdoor, and 81% would recommend PwC. These evaluations are based on a total of 980 reviews.

The CEO, global presence, and steep learning curve are rated most positively by (former) employees.

Diversity

PwC Germany promotes diversity and inclusion through a "Culture of Belonging", where everyone is welcome and valued, regardless of gender, skin color, cultural background, abilities, or sexual identity. Additionally, employees represent 84 different nationalities.

Career Growth

According to reviews, PwC offers particularly good entry opportunities for students or graduates. These newcomers are offered promising perspectives if they bring the appropriate motivation and ambition.

4.3 Tier 2 Firms

Roland Berger

Roland Berger is an international management consulting firm headquartered in Munich. The company advises leading companies and authorities worldwide on topics such as leadership, business models, innovation, M&A, private equity, restructuring, and infrastructure project management.

Prestige and Annual Revenue

The company's success and reputation over the years can be attributed to its consistent focus on marketing and strategy, making it a market leader in these areas in Germany. This is also reflected in its annual revenue of around €745 million in 2021.

Culture

Roland Berger's corporate culture is characterized by three core values: entrepreneurial spirit, excellence, and empathy. There is an extremely collegial environment where all employees are individually supported. The focus is also on developing innovative and sustainable solutions.

Work-Life Balance

Many employees describe Roland Berger as the consulting firm with the best work-life balance. Thanks to its family- and life-phase-conscious HR policies, the company has been awarded the "berufundfamilie" quality seal for the fifth time. It offers flexible working models such as part-time, sabbatical, and remote work.

Employee Satisfaction

The majority of German employees rate Roland Berger positively, with an overall score of 4.1 out of 5 and a recommendation rate of 82% from 132 reviews.

Employees at Roland Berger appreciate the dynamic environment, good learning opportunities, and modern offices. Negatively, high workload, long working hours, and frequent travel are often mentioned.

Diversity

Versatility and global presence are strongly represented at Roland Berger. Since its founding, they have operated in various cultures, language areas, and markets worldwide. Roland Berger has also launched a number of initiatives to promote diversity and inclusion.

Career Growth

At Roland Berger, employees in Germany typically progress from junior consultant to partner, with advancement taking approximately 3-5 years per level depending on performance and experience. There are good opportunities for advancement based on individual performance and expertise.

Oliver Wyman

Oliver Wyman is an internationally active strategy consulting firm. It competes with industry giants such as McKinsey, Bain, and BCG and is part of the Marsh & McLennan group - one of the largest professional services companies in the world.

Prestige and Annual Revenue

The globally operating strategy and management consulting firm experienced tremendous growth in 2021: worldwide revenue reached nearly $2.5 billion. With over 60 offices in 27 countries, they employ approximately 4,500 staff.

Culture

The culture at Oliver Wyman aims to foster a sense of belonging by being based on equality, integration, and respect, striving to be a positive role model at individual, entrepreneurial, and societal levels, while employees support, encourage, and challenge each other to continuously grow and take responsibility.

Work-Life Balance

Work-life balance at Oliver Wyman is also criticized, as employees often spend a lot of time in the office, resulting in their personal leisure time being too short.

Employee Satisfaction

Among German employees, 85% would recommend the company, based on a total of 1,623 Glassdoor reviews.

Diversity

A central characteristic at Oliver Wyman is the sense of belonging. The company is committed through numerous initiatives to ensure that every employee, regardless of skin color, background, or cultural origin, feels included and has the opportunity to develop individually.

Career Growth

At Oliver Wyman, factors such as past and current performance in relation to the duration one has been in the position are strongly considered. This provides the opportunity to quickly climb the career ladder.

Kearney

Kearney was founded in 1926 and is now a global consulting firm specializing in strategic management consulting. The company operates in a range of industries, including consumer goods, automotive, energy, and healthcare.

Prestige and Annual Revenue

With over 3,600 employees in more than 40 countries and revenue of nearly $1.7 billion, Kearney's size and global presence are evident.

Culture

Kearney is known for its strong analytical capabilities and emphasizes close collaboration with clients. They foster a collaborative culture to ensure they always act cooperatively, authentically, and future-oriented. Employees describe the company culture as extremely collegial and team-oriented.

Work-Life Balance

Kearney offers flexible options to balance consulting work with personal life. However, Glassdoor reviews mention that long nights and stressful days are not uncommon. Yet, there are also quieter periods as compensation.

Employee Satisfaction

Kearney has a rating of 4.2, with 79% of employees willing to recommend the company. The team spirit within the company is particularly praised.

Diversity

At Kearney, everyone has the opportunity to succeed regardless of background, gender, or sexual orientation. The company has established diversity networks to fully meet the needs of both its employees and customers.

Career Growth

In Germany, Kearney offers graduates the opportunity to advance from entry-level positions as analysts to more advanced roles such as consultants or managers within a few years, providing attractive career opportunities.

Strategy&

Strategy& is part of the PwC network and provides consulting services in strategy, digitization, and transformation.

Prestige and Revenue

Strategy& has a revenue of €2.93 billion in Germany and employs over 3,000 people worldwide, with over 500 employees in Germany.

Culture

Strategy& places great emphasis on innovation and assists its clients in developing long-term competitive advantages. The culture is based on open collaboration and mutual respect while working to reduce biases and raise awareness of diversity through education and training.

Work-Life Balance

Similar to many other leading consulting firms, working at Strategy& often involves frequent travel and long workweeks of up to 80 hours, though this workload may vary depending on project requirements.

Employee Satisfaction

Strategy& has a rating of 4.1 and a recommendation rate of 74% based on a total of 64 reviews.

Diversity

The company is committed to diversity, equality, and inclusion. They value diverse opinions and support individual strengths. Their principles not only strengthen their position as a leading strategy consultancy but also contribute to a fairer and more inclusive world.

Career Growth

At Strategy&, newcomers in Germany typically have the opportunity to advance from Associate to Senior Associate or Manager within two to four years of joining. Successful performance, assuming responsibility, and continuing education are crucial for rapid career development.

Conclusion

As you can see, there is a wealth of interesting employers in Germany that can enable you to have a successful career in consulting. It is crucial to consider all the key factors mentioned and weight which consulting firm aligns best with your career goals, values, and personality.

Does a particular company already sound exciting to you? On PrepLounge, you can find comprehensive information about the leading companies in Germany on their employer profiles. Here, you can not only view upcoming events but also discover current job offers and internships and apply directly!

PrepLounge also offers extensive resources for your upcoming case interview - everything you need to be well-prepared. By networking with other candidates, you can hold peer-to-peer meetings and solve cases together. Additionally, you can collaborate with a suitable coach who brings direct industry experience.

Why not stop by and explore the diverse opportunities that PrepLounge offers?🚀

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Overview