Consulting Firm Types
The MBB firms—McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company—are extremelt well-known strategy consulting firms throughout the world. They work with Fortune 500 companies, governments, and nonprofits to solve high-impact business challenges across industries. With rigorous hiring processes and an acceptance rate below 1%, MBB firms are known for their unparalleled training, analytical rigor, and influence on global business strategy.
The Big 4—Deloitte, PricewaterhouseCoopers (PwC), KPMG, and Ernst & Young (EY)—are the largest professional services firms, dominating the accounting, audit, tax, and advisory sectors. While they began as accounting firms, they have expanded into management consulting, legal services, and corporate finance, serving clients across various industries. One key differentiator of Big 4 consultancies is that they mostly focus on advising companies on executing plans that have already been set into place (i.e. integration consulting), and typically have smaller dedicated branches to strategy, like "Monitor Deloitte", "Strategy& by PwC", and "EY-Parthenon", which have developed through means of acquisition. Collectively, Big 4 firms hold over 35% of the consulting market share, making them key players in the global business ecosystem.
Additional strategy consulting firms, such as Accenture, Oliver Wyman, L.E.K. Consulting, Kearney, and Roland Berger, provide highly specialized services across various industries. They offer strong career growth, industry-specific expertise, and sometimes a better work-life balance. These firms often focus on operational efficiency, digital transformation, and niche strategy consulting.
Economic consulting firms specialize in applying economic principles, data analysis, and financial modeling to help businesses, governments, and law firms make informed decisions. They are often involved in litigation support, regulatory issues, antitrust cases, and market analysis. These firms, including NERA, Cornerstone, and Analysis, typically recruit candidates with strong analytical skills, often seeking individuals with backgrounds in economics, statistics, and finance.
Boutique consulting firms are smaller, specialized firms that focus on specific industries, functions, or geographic regions. They offer deep expertise in areas such as healthcare, private equity, technology, or public sector consulting but lack the broad client base and global reach of larger firms. Despite their size, boutique firms provide highly tailored solutions and often allow consultants to take on greater responsibility early in their careers.