The Best Consulting Firms To Work For

It’s no secret why MBAs gravitate to consulting. The McKinseys and Deloittes can sure make a strong pitch. They can point to six-figure salaries, glamorous travel, assignment variety, and access to decision-makers. If you’re hungry and single go-getter, consulting is a dream job! That’s why over a quarter of MBAs from Yale, Kellogg, Fuqua, Ross, Sloan, Booth, and Tuck are drawn to the field.

But consulting does come with some downsides. Hectic schedules and long abscences can leave little time for loved ones. You’re just as likely to travel to Brownsville as Berlin. Never forget: Consultants have more influence than authority.

Like any field, consulting has its share of burn outs and broken relationships. But it also employs secure and dedicated professionals who are deeply involved in their families and communities. While their jobs are still demanding, many work for firms that respect their time and boundaries. As a result, these firms attract the MBA and undergrad talent.

And that’s certainly true of the top firms according to the latest Consulting 50 ranking. In a survey covering variables like prestige, diversity, compensation, and quality of life, the usual suspects – McKinsey, BCG, Bain, and Deloitte – topped the various Consulting 50 “Best of” lists.

The ranking was conducted by Vault, which provides market intelligence, rankings, and ratings based on data collected from employers and professionals. It was based on survey responses from roughly 8,500 North American consulting professionals. Using a scale from 1 to 10 (with 10 being the highest score), respondents were asked to assess the prestige of the firms with whom they were familiar (which carried a 30% weight in the ranking). In addition, respondents evaluated their own firm in the areas of firm culture (15%), overall satisfaction (15%), compensation (15%), work-life balance (10%), business outlook (10%), and promotion policies (5%).

BAIN TOPS MCKINSEY ON THE OVERALL RANKING

From 2011-2013, Bain & Company topped the Vault Consulting 50 rankings. Drawing heavily from Harvard, Wharton and Kellogg MBAs, Bain had built an enviable client list and reputation. In 2014, it was replaced at #1 by McKinsey & Company, by .17 points on a 10 point scale. This year, Bain returned to the summit, edging out McKinsey by a mere .03 points (and BCG by .18 points).

According to Philip Stott, the consulting industry editor at Vault, Bain’s secret is paying attention to all aspects of the employee experience. “Bain makes a great effort with everything from onboarding new hires, to training, career development and, of course, compensation. One of the areas where they’ve had most success is in their efforts to mitigate work-life balance issues – that’s something that comes across really strongly in the ratings and comments we see from employees.”

In particular, Bain employees cited the firm’s esprit de corps and leadership as its biggest selling points. “Embedded in the DNA of every person at Bain is a sense of collaboration and relationship building,” wrote one respondent. “Working with people who all want to help me out massively makes the job more enjoyable.” Another lists management’s deep empathy as a major advantage. “What we do is inherently difficult and stressful…Having said that, Bain leaders all have lives and understand that we do, too. They work hard to make sure that we stay balanced, sometimes going so far as pushing teams NOT to work on weekends… It’s gratifying to be part of a culture as balanced as Bain’s.”

This grounded mindset also explains why Bain ranked #1 in 16 survey categories, including firm leadership, training, internal mobility, relationship with supervisors, and overall satisfaction. It also earned the highest marks in five of six diversity categories, including minorities, women, disabled, and the LGBT community.

MCKINSEY REIGNS AS THE “MOST PRESTIGIOUS” FIRM

The runner-up, McKinsey, also focuses heavily on quality of life according to survey respondents. “This [job] takes hard work and sometimes long hours,” says one respondent. “The best thing [about McKinsey], in my opinion, is the respect for boundaries. There are certain things I won’t do to compromise my life balance, and I have had Partners take the load to protect that.” Another employer lauded McKinsey’s programs to create greater flexibility in employees’ lives. “McKinsey makes available many individual opportunities to balance work with personal life/goals, such as part-time, take-time, and sabbatical programs. [These programs]…do actually improve quality of life in a demanding career of a McKinsey consultant.”

For the 13th consecutive year, McKinsey held the crown as the industry’s “Most Prestigious” firm. In the survey, peers described the firm as “innovative,” “thought leaders,” “the “gold standard,” and “strategy consulting at its best.” Along with this honor, McKinsey also ranked #1 in consulting sectors like energy, economics, healthcare, management, retail, and strategy.

So what inevitably turned the overall rankings in Bain’s favor? While McKinsey dominated the prestige metric, Bain eked it out on quality on life, Stott says. “This year, Bain’s quality of life really came through strongly, which made all the difference for them. Again, there was a slight dip in McKinsey’s QOL scores this year, but it may be attributable to the strong demand for consulting services we’ve been seeing.”

To see the full rankings and more analysis, check out PoetsandQuants.com:

The Best Consulting Firms To Work For