Vault.com, a career website has released a list of 2014’s best strategy consulting firms. The ranking was based on a survey among consultants. Participants were asked to rank the consultancies in several areas of business focus. However, to establish fairness, they were allowed to vote for their own firm.
Here are the top 10 Best Strategy Consulting Firms in 2014:
#1: McKinsey & Company
Still claiming the first spot is McKinsey & Company. This privately owned management consulting firm has always been considered to be one of the most prestigious companies in its industry. They have a wide range of specialties – from commodities and natural resources to entertainment and technology. This reputable firm also claims to serve more than 80% of Fortune’s Most Admired Companies list, and majority of the 100 largest U.S. based companies. The firm also funds the McKinsey Global Institute, a research group dedicated to studying economic trends around the world.
#2: The Boston Consulting Group, Inc.
Climbing up a notch is the firm founded by Bruce D. Henderson in 1963 – BCG. It boasts around 5,000 consultants in 78 offices across 43 different countries. According to Forbes Magazine, this world renowned firm ranks as one of America’s Largest Private Companies.
In 1998, they established the Strategy Institute, a research organization that concentrates on the strategic challenges that affect both business and society. Among the most popular concepts developed by BCG are the experience curve, time-based competition, disease management, richness versus reach, trading up and trading down and globality.
#3: Bain & Company
Sliding down to the third spot is last year’s second pick, Bain & Company. This reputable company is known to be one of the Big 3 in consulting, along with McKinsey and BCG. And its chairman, Orit Gadiesh, has been named by Forbes magazine as one of the “The 100 Most Powerful Women in the World” four times.
The firm boasts around 5,400 consultants and claims to work with more than two-thirds of the Global 500, as well as with thousands of esteemed regional and local organizations. They currently operate in 50 offices in 32 countries. They serve a wide range of clients – from economic and industry sector, to healthcare and alternative energy. They also have an ongoing collaboration with The Bridgespan Group, the world’s leading non-profit consultancy established by Bain in 2000.
#4: Booz & Company
Still in fourth spot is the company founded by Edwin Booz in 1914. This reputable firm is one of the oldest consultancies in the world. They are known for their revolutionary ideas and credit itself with concepts such as human capital, product life cycle, supply chain management, and organizational DNA.
Since its founding, Booz has always given heavy emphasis on research. They regularly publish reports as well as a quarterly magazine to help promote their leading research.
#5: Deloitte Consulting LLP
Deloitte Consulting is divided into three service areas: Human Capital, Strategy and Operations, and Technology. They serve clients in many different industries, such as healthcare and life sciences, energy and resources, financial services consumer and industrial products, technology, and telecommunications.
The firm consistently ranks well in the great employer lists, like the Fortune’s annual 100 Best Companies to Work For, Consulting magazine’s Best Firms to Work For, as well as Bloomberg BusinessWeek’s Best Places to Launch a Career.
Accenture is primarily recognized as a technology consultant and systems integrator. This global management consulting pioneered systems integration and business integration. Today this renowned technology services and outsourcing company, has more than 266,000 professionals in more than 120 countries.
#7: EY (Ernst & Young) LLP Consulting Practice
Although Ernst & Young grabbed the seventh spot in the best strategy consulting firms, it is important to note that they have no “consulting” department. However, they do have an “advisory” unit, a term they adopted after the $11 billion sale of its original consulting unit to Capgemini.
#8: Oliver Wyman and PwC (PricewaterhouseCoopers) LLP (Consulting Practice)
Tied at number eight are Oliver Wyman and PricewaterhouseCoopers.
Oliver Wyman also offers consulting services to a wide range of industries, such as automotive, aviation, communications, media, financial services, industrial products and services, health, and retail and consumer products. They claim to serve more than 80% of the world’s largest 100 financial institutions as well as numerous Fortune 1000 companies. They are also known to produce reports on the state of various industries. Oliver Wyman also conducts annual research with the World Economic Forum and Marsh & McLennan on global risks.
On the other hand, PricewaterhouseCoopers LLP boasts 72 offices across the US. They claim to serve 81% of the companies on the Fortune 500. Their advisory services focus on management, technology and risk consulting.
#9: IBM Global Business Services
Landing at the ninth spot is IBM GBS. Their practice areas are basically divided into two: business consulting and systems integration, and application management services.
#10: L.E.K. Consulting
Grabbing the last spot on the top 10 best strategy consulting firms is L.E.K Consulting. This reputable company was founded in 1983 and offers five major competences to its clients: strategy, operations and organizational development, shareholder value management, marketing and sales consulting and mergers and acquisitions. They now operate 22 offices across continents. They also maintain a blog called the L.E.K. Advisor, written by current L.E.K. consultants, that tackles information about the company and the consulting profession.