Choosing a target management consulting firm is one of the most important choices in order for applicants to have a long and rewarding career. With so many up and coming firms in the past decade alone, it may be difficult to pick one from the long list.
In this article, we have compiled the best management consulting firms to monitor in 2014 based on factors related to internal work culture, employee well-being, promotional qualities and status. This can provide individuals with a well rounded perspective and non-bias approach of the industry.
#1: McKinsey & Company
The first on the list is McKinsey & Company. The prestigious consulting firm currently serves over 90 percent of the leading 100 corporations globally. Despite the popularity of the company, their lists of clients are kept secret from the public. With roughly 100 stations or offices in 60 countries (and recent advancements in Mainland China), McKinsey & Company shows no signs of slowing down.
#2: Bain & Company
Not far from the top is Bain & Company. The consulting firm offers a wide range of specialties including Information Technology (IT), Private Equity and Strategy. On behalf of almost 75 percent of the equity capital worldwide, the company has successfully worked with over half of the Global 500. Big name clients such as Ford, Charles Schwab and Starbucks actively seek the advice of Bain & Company due to their reliable consulting services.
#3: The Boston Consulting Group Inc.
The Boston Consulting Group (BCG) is considered to be one of the most successful private companies in the United States. Not to be mistaken for a local firm, BCG boasts 78 offices in 43 different countries. Notable leaders who came from BCG include Israeli Prime Minister Benjamin Netanyahu, Indra Nooyi (Pepsi CEO) and Sally Blount (dean of the Kellogg School of Management).
#4: Booz & Company
Booz & Company received large amounts of attention from the media in 2013 due to the proposed merger with PricewaterhouseCoopers (PwC). The consulting firm provides its services to the following industries: automotive, energy and utilities, industrials and media and entertainment. The firm’s future still remains strong, with ongoing talks behind closed doors about the highly anticipated merger.
#5: PricewaterhouseCoopers LLP
PricewaterhouseCoopers is one of the companies on the list that goes beyond consulting. As a result, the firm is able to exceedingly meet the needs of their clients. When it comes to their services, PwC heavily focuses on human resources effectiveness, organizational strategy, and risk mitigation and crisis management.
#6: Oliver Wyman
Part of the Marsh & McLennan Companies, Oliver Wyman is known for working with big brands and global affiliates. The consulting firm extends their practice to the following sectors: Communications, Media & Technology, Health & Life Sciences, Business Transformation and Retail & Consumer Products.
#7: Deloitte Consulting LLP
Deloitte Consulting has several branches spread across the world. The company assists businesses in effective branding through making an impact, and forming strategies. Deloitte has won a handful of notable awards such as Bloomberg BusinessWeek’s Best Places to Launch a Career.
#8: The Parthenon Group
The Parthenon Group is a consulting firm that focuses on business strategy and organization. With a total of 250 consultants in major cities such as San Francisco, London and Mumbai, the tightly knit company is able to supersede the expectations of today’s leading industries.
#9: A.T. Kearney
One of the oldest management consulting firm on the list is A.T. Kearney. Established by Andrew Thomas Kearney in the 1930s, the company has developed its practice to address CEO-related issues. The industries A.T. Kearney’s services fall under are the following: Financial Institutions, Aerospace & Defense, Metals and Mining, and Public Sector.
With over 257,000 employees worldwide, Accenture drives its services in the field of Information Technology. A large part of the consulting firm’s success is their ability to provide effective advice on the following uncommon practices: Cloud Service, Smart Grid, Talent and Organizational Performance, and Business Process Management.
#11: Analysis Group Inc.
As the name of the firm suggests, the Analysis Group greatly incorporates the use of analytics into their practice. The company’s main focuses are financial, economic and business organization and strategy.
#12: L.E.K. Consulting
L.E.K. Consulting is a management consulting firm that has a wide range of clients from aviation and travel, to biopharma and life sciences. Strategy is the foundation of the company’s consulting practice. The company promotes both social and environmental responsibility through a series of programs and charitable projects.
#13: Charles River Associates
Another Boston-based consulting firm to make it on the list is Charles River Associates. Providing services in the fields of Auctions and Competitive Bidding, Organization and Performance Improvement, and International Arbitration, the company continues to solidify its place as a dependable firm.
#14: Insight Sourcing Group
Insight Sourcing Group is a fast, up and coming consulting firm that is driven by consultants from other leading companies such as McKinsey and Accenture. The organization is strong in the fields of procurement and strategic sourcing. Increasing the value of businesses is the primary motive of the company by providing solutions related to cost optimization.
#15: ClearView Healthcare Partners
In the medical and health industry, ClearView Healthcare Partners is one of the few firms that concentrate on biotechnology and pharmaceuticals. Because of the small window of specialization, many companies in the field rely on the consulting firm’s advice to stay ahead.
#16: Cornerstone Research
Over the years, Cornerstone Research has been a sought after consulting firm for litigation-related advice. The company works with top level law firms in order to assist them in immense legal cases. Lawyers who are unable to properly analyze data beyond their expertise and knowledge have been known to seek out the assistance of the consulting firm. These issues are often related to economics, business or financial matters.
#17: Alvarez & Marsal
Alvarez & Marsal is an established consulting firm that sets their sights on service-oriented companies. A large aspect of the company’s practice is set on improving performance, as well as private equity services. Other departments that the consulting firm is known for include the following: Global Forensic and Dispute Services, Tax Advisory Services, Executive Benefits Consulting, and Transaction Advisory.
#18: The Cambridge Group
The Cambridge Group takes on a different perspective to address today’s common concerns related to business profitability. One of their key concepts is the theory of “demand and supply” not vice versa. This point of view provides their clients with a unique angle to address competitive markets and formulate effective strategies.
#19: Censeo Consulting Group
Censeo Consulting Group takes a non-traditional approach towards consulting by applying their own methodologies. Such methods include common consulting principles related to strategy, specialization and operational growth. The company is known to tackle supply chain concerns in a wide range of industries.
#20: The Chartis Group
Another management consulting firm that has a reputation in (but is not limited to) the medical field is The Chartis Group. Most of the company’s clients are established in San Francisco, Boston and Chicago and New York. Their client portfolio contains 81 percent of the U.S. News honor roll hospitals.
#21: Strategic Decisions Group
Strategic Decisions Group targets CEOs, directors and business owners in making critical decisions and leadership techniques. This also includes risk management and organizational strategies. The company can be found across the globe in capital driven countries.
#22: Point B
Point B is a cost effective management consulting firm that eliminates the need for seeking the advice of consultants from halfway across the globe. Their range of practice includes some of the following: Mergers and Acquisitions, Retail and Consumer Products, Public and Social Sector, and Financial Services.
#23: KPMG LLP
KPMG LLP provides consulting services related to tax, audit and advisory. The company is better known to be composed of a network of independent firms. Because of the solid exposure of the firm, their advisory services are extensive, which incorporates the following areas: Shared Services and Outsourcing Advisory, Transformational Program Management, IT Advisory in Risk Consulting, and Mergers and Acquisitions Tax.
#24: Mercer LLC
Mercer LLC services mid-level clients who own companies in the Fortune 1000 and FTSE 100. Part of the consulting firm’s drive composes of investments, from decisions to monitoring. The company works with motivated businesses that are eager to accommodate to the competitive requirements of their respective industry.
#25: Kaiser Associates
Last on the list is Kaiser Associates, a management consulting firm that incorporates fact driven strategy and methodologies. Businesses who are entering a new market or are keen to improve operations or internal strategies seek the advice of the company. The firm has a total of 100 consultants, but caters to a number of high profile clients worldwide. Their services include businesses in the following related sectors: Consumer Packaged Goods, Public Sector, Financial Services and Payments, and Telecommunications.
2014 looks to be a bright year for the consulting industry, as new firms such as The Parthenon Group and Insight Sourcing Group emerge as strong contenders in the list. The “Big 4” consulting firms still continue to dominate the rankings, taking the industry to new heights.