Vault Guide to the Top 50 Management and Strategy   Consulting Firms is made possible through the                 generous...
The media’s watching Vault!Here’s a sampling of our coverage.“For those hoping to climb the ladder of success, [Vaults] in...
TOP50CONSVAULT GUIDE TO THETOP 50MANAGEMENTFIRMSAND STRATEGYCONSULTINGFIRMSMARCY LERNERAND THE STAFF OF VAULT© 2004 Vault ...
Copyright © 2004 by Vault Inc. All rights reserved.All information in this book is subject to change without notice. Vault...
ACKNOWLEDGMENTS   Thanks to everyone who had a hand in making this book possible,   especially Mike Baker, Stephanie Cliff...
Table of ContentsINTRODUCTION                                                                                             ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms      Table of Contents    10. Mercer Human Resource Con...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             Table of Contents           46. Aon Consult...
Vault Guide to the Top 50 Management and Strategy Consulting Firms        Table of Contents      Segal Company, The . . . ...
Introduction       Management and strategy consulting is a volatile industry, and this year has       been no exception. T...
Vault Guide to the Top 50 Management and Strategy Consulting Firms          Introduction    A Guide to this Guide       If...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            Introduction       Buzz comments. In some in...
Getting Hired:    Qualifications the firm looks for in new associates, tips on getting hired and    other notable aspects ...
TOP50CONSTHE VAULTPRESTIGERANKINGSFIRMS
How many consultingjob boards have youvisited lately?                                         (Thought so.)Use the Interne...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             The Vault Prestige RankingsRanking Methodol...
The Vault 50 • 2005                       [ The 50 most prestigious consulting firms ]                                    ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms                   The Vault Prestige Rankings          ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms              The Vault Prestige Rankings Practice Area ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            The Vault Prestige RankingsOperations Consul...
Vault Guide to the Top 50 Management and Strategy Consulting Firms               The Vault Prestige Rankings     Energy Co...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            The Vault Prestige RankingsFinancial Consult...
Are you trying to get into the consulting job market or trying to  move to another firm? The job market is tough – and you...
TOP50CONSTHE VAULTQUALITY OFFIRMSLIFE RANKINGS
Wondering what its like to            work at a specific employer? M | A.T. Kearney | ABN Amro | AOL Time Warner | AT&T | ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             The Vault Quality of Life RankingsQuality o...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             The Vault Quality of Life Rankings         ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            The Vault Quality of Life RankingsCompensati...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             The Vault Quality of Life Rankings     Hour...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            The Vault Quality of Life RankingsInteractio...
Vault Guide to the Top 50 Management and Strategy Consulting Firms              The Vault Quality of Life Rankings     Fir...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             The Vault Quality of Life RankingsOfficesOn...
Vault Guide to the Top 50 Management and Strategy Consulting Firms              The Vault Quality of Life Rankings     Div...
TOP50CONSOVERVIEW OF THECONSULTINGINDUSTRYFIRMS
VAULT CAREER GUIDESGET THE INSIDE SCOOP ON TOP JOBS                             “Cliffs Notes                             ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             Overview of the Consulting IndustryThe Stat...
Vault Guide to the Top 50 Management and Strategy Consulting Firms        Overview of the Consulting Industry     Consulti...
Vault Guide to the Top 50 Management and Strategy Consulting Firms             Overview of the Consulting Industry        ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms        Overview of the Consulting Industry     • Workin...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            Overview of the Consulting Industry       • ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms        Overview of the Consulting Industry     Examples...
TOP50CONSTHE VAULT  50FIRMS
V A U L T     1 PRESTIGE                McKinsey & Company RANKING 55 East 52nd Street                                  TH...
Vault Guide to the Top 50 Management and Strategy Consulting Firms              McKinsey & CompanyTHE SCOOP“The Firm” (in ...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            McKinsey & Company October 2003, McKinsey es...
Vault Guide to the Top 50 Management and Strategy Consulting Firms              McKinsey & Companyrestructuring-advice fee...
Vault Guide to the Top 50 Management and Strategy Consulting Firms            McKinsey & Company Knowledge transfer McKins...
Career Guide The Top 50 Consulting Firms
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Career Guide The Top 50 Consulting Firms
Career Guide The Top 50 Consulting Firms
Career Guide The Top 50 Consulting Firms
Career Guide The Top 50 Consulting Firms
Career Guide The Top 50 Consulting Firms
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  1. 1. Vault Guide to the Top 50 Management and Strategy Consulting Firms is made possible through the generous support of the following sponsors:
  2. 2. The media’s watching Vault!Here’s a sampling of our coverage.“For those hoping to climb the ladder of success, [Vaults] insightsare priceless.”– Money magazine“The best place on the web to prepare for a job search.”– Fortune“[Vault guides] make for excellent starting points for job huntersand should be purchased by academic libraries for their careersections [and] university career centers.”– Library Journal“The granddaddy of worker sites.”– US News and World Report“A killer app.”– New York TimesOne of Forbes 33 “Favorite Sites”– Forbes“To get the unvarnished scoop, check out Vault.”– Smart Money Magazine“Vault has a wealth of information about major employers and job-searching strategies as well as comments from workers about theirexperiences at specific companies.”– The Washington Post“A key reference for those who want to know what it takes to gethired by a law firm and what to expect once they get there.”– New York Law Journal“Vault [provides] the skinny on working conditions at all kinds ofcompanies from current and former employees.”– USA Today
  3. 3. TOP50CONSVAULT GUIDE TO THETOP 50MANAGEMENTFIRMSAND STRATEGYCONSULTINGFIRMSMARCY LERNERAND THE STAFF OF VAULT© 2004 Vault Inc.
  4. 4. Copyright © 2004 by Vault Inc. All rights reserved.All information in this book is subject to change without notice. Vault makes no claims as tothe accuracy and reliability of the information contained within and disclaims all warranties.No part of this book may be reproduced or transmitted in any form or by any means,electronic or mechanical, for any purpose, without the express written permission of VaultInc.Vault, the Vault logo, and “the most trusted name in career informationTM” are trademarks ofVault Inc.For information about permission to reproduce selections from this book, contact VaultInc.,150 W. 22nd Street, 5th Floor, New York, New York 10011, (212) 366-4212.Library of Congress CIP Data is available.ISBN 1-58131-293-8Printed in the United States of America
  5. 5. ACKNOWLEDGMENTS Thanks to everyone who had a hand in making this book possible, especially Mike Baker, Stephanie Clifford, Doug Cantor, Todd Kuhlman, Ed Shen, Danielle Koza, Kristy Sisko, Kelly Shore, Elena Boldeskou, Erin Core, Gabrielle Dudnyk and Laurie Pasiuk. We are also extremely grateful to Vault’s entire staff for all their help in the editorial, production and marketing processes. Vault also would like to acknowledge the support of our investors, clients, employees, family, and friends. Thank you! In order to ensure that our research was thorough and accurate, we relied on a number of people within the consulting firms that we profiled. A special thanks to all of the consultants and consulting firm professionals. To the 2,500-plus consultants who took the time to be interviewed or to complete our survey, we could never thank you enough. Your insights about life inside the top consulting firms were invaluable, and your willingness to speak candidly will help to job seekers and career changers for years to come.
  6. 6. Table of ContentsINTRODUCTION 1 A Guide to This Guide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1THE VAULT PRESTIGE RANKINGS 7 Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .9 The Vault 50 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .10 Practice Area Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . . .12THE VAULT QUALITY OF LIFE RANKINGS 17 Quality of Life Ranking Methodology . . . . . . . . . . . . . . . . . . . . . . . . . . .19 Quality of Life: Top 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .20OVERVIEW OF THE CONSULTING INDUSTRY 27 The State of Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .29 Practice Areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31THE VAULT 50 35 1. McKinsey & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .36 2. Boston Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50 3. Bain & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .60 4. Booz Allen Hamilton . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .72 5. Gartner . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .88 6. Monitor Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94 7. Mercer Management Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . .104 8. Deloitte . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .114 9. Mercer Oliver Wyman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .124 Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY ix
  7. 7. Vault Guide to the Top 50 Management and Strategy Consulting Firms Table of Contents 10. Mercer Human Resource Consulting . . . . . . . . . . . . . . . . . . . . . . . .134 11. A.T. Kearney . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .142 12. IBM BCS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .154 13. Accenture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .162 14. Towers Perrin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .174 15. Roland Berger Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . .182 16. The Gallup Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .190 17. Parthenon Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .200 18. Marakon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .204 19. BearingPoint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .214 20. L.E.K. Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .224 21. Capgemini . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .234 22. Hewitt Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .246 23. Cambridge Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .252 24. Watson Wyatt Worldwide . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .256 25. Stern Stewart & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .262 26. NERA Economic Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .268 27. Arthur D. Little . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .274 28. Advisory Board Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . . .280 29. Hay Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .286 30. Charles River Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .290 31. ZS Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .296 32. Mars & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .304 33. DiamondCluster International . . . . . . . . . . . . . . . . . . . . . . . . . . . . .310 34. Putnam Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .320 35. Corporate Executive Board . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .326 36. Kurt Salmon Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .334 37. PRTM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .342 38. PA Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .350 39. Navigant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .356 40. Giuliani Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .360 41. First Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .364 42. Dean & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .370 43. Katzenbach Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .380 44. OC&C Strategy Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .388 45. First Manhattan Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . .392 CAREERx LIBRARY © 2004 Vault Inc.
  8. 8. Vault Guide to the Top 50 Management and Strategy Consulting Firms Table of Contents 46. Aon Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .400 47. Greenwich Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .404 48. Lexecon . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .408 49. Huron Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .416 50. Braun Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .422THE BEST OF THE REST 369 Analysis Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .428 Applied Value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .433 Brattle Group, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .435 Celerant Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .439 Celerity Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .443 CFI Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .446 Droege & Comp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .451 Easton Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .455 ECG Management Consultants, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . .458 Edgar Dunn & Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .461 ENVIRON International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .464 Exeter Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .469 Fletcher Spaght Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .472 Frost & Sullivan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .475 FTI Consulting, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .479 Haverstick Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .484 Health Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .489 IMS Health Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .494 J.R. Bechtle & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .499 Kaiser Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .502 LECG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .508 Leigh Fisher Associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .512 Mellon Human Resources and Investor Solutions . . . . . . . . . . . . . . . . .517 Mercator Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .520 Milliman . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .523 NorthBridge Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .527 Right Management Consultants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .530 Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY xi
  9. 9. Vault Guide to the Top 50 Management and Strategy Consulting Firms Table of Contents Segal Company, The . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .534 SOLVING International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .538 Strategic Decisions Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .541 Superior Consultant Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .547 Triage Consulting Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .542 Trinity Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .557 Value Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .560 Vantage Partners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .565 APPENDIX 573 Industry Buzzwords . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .575 Index of Firms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .581 About the Author . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .585 CAREERxii LIBRARY © 2004 Vault Inc.
  10. 10. Introduction Management and strategy consulting is a volatile industry, and this year has been no exception. That’s why we’ve surveyed over 2,500 consultants to bring you the seventh edition of the Vault Guide to the Top 50 Management and Strategy Consulting Firms. We survey the best of the management and strategy firms, as well as those consulting firms with narrower focuses in fields like financial consulting and health consulting. The 86 profiles in this year’s edition are based on detailed research and extensive feedback from current consultants – talking about everything from company culture to pay, from travel schedules to community service. And we cover everything from gigantic multinational consulting firms to boutique firms with fewer than 100 employees. After a few tough years, the management consulting industry seems to be making something of a comeback. But the recovery isn’t evenly spread. Some consulting firms have thrived despite the downturn – and others are just now bouncing back. Check out the Top 50 rankings to see which firms still have the golden touch of prestige, according to peer consultants. Consultants at prestigious firms tend to enjoy access to a high caliber of clients and projects – not to mention that a recognizable and well-regarded name puts a sheen on any resume. Still, there are plenty of other great reasons to choose a consulting firm – specialty, training, perks – and you’ll learn about all of them in the Vault Guide to the Top 50 Management and Strategy Consulting Firms. The Editors Vault Inc.Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 1
  11. 11. Vault Guide to the Top 50 Management and Strategy Consulting Firms Introduction A Guide to this Guide If you’re wondering how our entries are organized, read on. Here’s a handy guide to the information you’ll find packed into each firm profile in this book. Firm Facts Locations: A listing of the firm’s offices, with the city or cities of its headquarters bolded. For firms with a relatively small number of offices, all cities are included. Countries for international offices are typically not specified unless the location is uncommon. Practices Areas: Official departments that employ a significant portion of the firm’s consultants. Practice areas are listed in alphabetical order regradless of their size and prominence. Uppers and Downers: Good points and bad points of the firm, as derived from associate interviews and surveys, as well as other research. Uppers and downers are perceptions and are not based on statistics. Employment Contact: The person, address or web site that the firm identifies as the best place to send resumes or the appropriate contact to answer questions about the recruitment process. Sometimes more than one contact is given. The Buzz When it comes to other consulting firms, our respondents are full of opinions! We asked them to detail their views and observations about firms other than their own, and collected a sampling of these comments in The Buzz. When selecting The Buzz, we included quotes most representative of the common perceptions of the firms held by other consultants, even if in our opinion the quotes did not accurately or completely describe the firm. Please keep in mind when reading The Buzz that it’s often more fun for outsiders to trash than praise a competing consulting firm. Nonetheless, The Buzz can be a valuable means to gauge a firm’s reputation in the consulting industry, or at least to detect common misperceptions. We typically included two to four CAREER2 LIBRARY © 2004 Vault Inc.
  12. 12. Vault Guide to the Top 50 Management and Strategy Consulting Firms Introduction Buzz comments. In some instances we opted not to include The Buzz if we did not receive a diversity of comments. The Stats Employer Type: The firm’s classification as a publicly traded company, privately held company or subsidiary. Ticker Symbol: The stock ticker symbol for a public company. Stock Exchange: The exchange on which a public company’s stock is traded. Chairman, CEO, etc.: The name and title of the leader of the firm. Sometimes more than one name, or the name of the head of the firm’s consulting business, may be provided. No. of Employees: The total number of employees, including consultants and other staff, at a firm in all offices (unless otherwise specified). Some firms do not disclose this information; numbers for the most recent year the information is available (if at all) is included. Revenue: The gross sales (in U.S. dollars) the firm generated in the specified fiscal year(s). Some firms do not disclose this information; numbers for the most recent year the information is available (if at all) is included. In some cases, revenue is given in Euros (EUR). The Profiles The profiles are divided into three sections: The Scoop, Getting Hired and Our Survey Says. The Scoop: The firm’s history, clients, recent firm developments and other points of interest.Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 3
  13. 13. Getting Hired: Qualifications the firm looks for in new associates, tips on getting hired and other notable aspects of the hiring process. Our Survey Says: Actual quotes from surveys and interviews with current consultants of the firm on topics such as the firm’s culture, feedback, hours, travel requirements, pay, training and more. Profiles of some firms do not include an Our Survey Says section. Best of the Rest Even though the name of this book is the Vault Guide to the Top 50 Management and Strategy Consulting Firms, we didn’t stop there, adding 36 other firms we thought notable and/or interesting enough for inclusion. These firms are listed alphabetically. CAREER4 LIBRARY © 2004 Vault Inc.
  14. 14. TOP50CONSTHE VAULTPRESTIGERANKINGSFIRMS
  15. 15. How many consultingjob boards have youvisited lately? (Thought so.)Use the Internet’s most targetedjob search tools for consultingprofessionals.Vault Consulting Job BoardThe most comprehensive and convenient job board forconsulting professionals. Target your search by area ofconsulting, function, and experience level, and find the jobopenings that you want. No surfing required.VaultMatch Resume DatabaseVault takes match-making to the next level: post your resumeand customize your search by area of consulting, experienceand more. We’ll match job listings with your interests andcriteria and e-mail them directly to your inbox.
  16. 16. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige RankingsRanking Methodology For the 2004 Vault Management and Strategy Consulting survey, we selected a list of top consulting firms to include. These consulting firms were selected because of their prominence in the consulting industry and their interest to consulting job seekers. This year, over 2,500 consultants responded to our survey. The Vault survey was distributed through the firms on Vault’s list. In some cases, Vault contacted practicing consultants directly. Survey respondents were asked to do several things. They were asked to rate each consulting firm on the survey on a scale of 1 to 10 based on prestige, with 10 being the most prestigious. Consultants were unable to rate their own firm. They were asked only to rate firms with which they were familiar. Vault collected the survey results and averaged the score for each firm. The firms were then ranked, with the highest score being No. 1 down to No. 50. We also asked survey respondents to give their perceptions of other consulting firms besides their own. A selection of those comments is featured on each firm profile as The Buzz. Remember that Vault’s Top 50 Management and Strategy Consulting Firms are chosen by practicing consultants at top consulting firms. Vault does not choose or influence the rankings. The rankings measure perceived prestige and not revenue, size or lifestyle. Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 9
  17. 17. The Vault 50 • 2005 [ The 50 most prestigious consulting firms ] RANK RANK FIRM SCORE 2004 HEADQUARTERS 1 McKinsey & Company 8.353 1 New York, NY 2 Boston Consulting Group 7.960 2 Boston, MA 3 Bain & Company 7.717 3 Boston, MA 4 Booz Allen Hamilton 6.670 4 McLean, VA 5 Gartner 6.381 7 Stamford, CT 6 Monitor Group 6.327 5 Cambridge, MA 7 Mercer Management Consulting 6.144 6 New York, NY 8 Deloitte 5.955 11 New York, NY 9 Mercer Oliver Wyman 5.811 9 New York, NY 10 Mercer Human Resource Consulting 5.728 13 New York, NY 11 A.T. Kearney 5.690 8 Chicago, IL 12 IBM BCS 5.673 16 Somers, NY 13 Accenture 5.513 12 New York, NY 14 Towers Perrin 5.468 19 Stamford, CT 15 Roland Berger Strategy Consultants 5.447 10 Munich, Germany 16 The Gallup Organization 5.380 NR Washington, DC 17 The Parthenon Group 5.327 15 Boston, MA 18 Marakon Associates 5.280 14 New York, NY 19 BearingPoint 5.241 20 McLean, VA 20 L.E.K. Consulting 5.214 17 Boston, MA 21 Capgemini 5.173 18 New York, NY 22 Hewitt Associates 5.031 23 Lincolnshire, IL 23 Cambridge Associates 5.010 NR Boston, MA 24 Watson Wyatt Worldwide 4.770 30 Washington, DC 25 Stern Stewart & Company 4.707 24 New York, NY CAREER10 LIBRARY © 2004 Vault Inc.
  18. 18. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige Rankings RANKRANK FIRM SCORE 2003 HEADQUARTERS 26 NERA Economic Consulting 4.667 25 White Plains, NY 27 Arthur D. Little 4.660 NR Boston, MA 28 The Advisory Board Company 4.620 NR Washington, DC 29 Hay Group 4.556 27 Philadelphia, PA 30 Charles River Associates 4.444 22 Boston, MA 31 ZS Associates 4.428 33 Evanston, IL 32 Mars & Company 4.414 26 Greenwich, CT 33 DiamondCluster International 4.413 21 Chicago, IL 34 Putnam Associates 4.294 49 Burlington, MA 35 Corporate Executive Board 4.280 38 Washington, DC 36 Kurt Salmon Associates 4.225 32 Atlanta, GA Waltham, MA/Mountain 37 PRTM 4.198 34 View, CA 38 PA Consulting 4.144 37 London, UK 39 Navigant Consulting, Inc. 4.023 46 Chicago, IL 40 Giuliani Partners 4.010 40 New York, NY 41 First Consulting Group 3.963 NR Long Beach, CA 42 Dean & Company 3.844 39 Vienna, VA 43 Katzenbach Partners LLC 3.824 NR New York, NY 44 OC&C Strategy Consultants 3.800 28 New York, NY 45 First Manhattan Consulting Group 3.748 29 New York, NY 46 Aon Consulting 3.707 42 Chicago, IL 47 Greenwich Associates 3.678 NR Greenwich, CT 48 Lexecon 3.600 NR Chicago, IL 49 Huron Consulting Group 3.515 NR Chicago, IL 50 Braun Consulting 3.409 45 Chicago, IL Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 11
  19. 19. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige Rankings Practice Area Ranking Methodology Vault also asked consultants to rank the best firms in several areas of business focus. These areas are operations and implementation, economic consulting, energy consulting, financial consulting, health care/pharma consulting and human resources consulting. Consultants were allowed to vote for up to three firms as the best in each area. The following charts indicate the rankings in each practice area, along with the total percentage of votes cast in favor of each firm. (As long as at least one consultant voted for more than one firm, no firm could get 100 percent of the votes; if every consultant had voted for the same three firms, for example, the maximum score would be 33.3 percent.) s Human Resources Consulting RANK FIRM PERCENT 1 Mercer Human Resource Consulting 26.16 2 Towers Perrin 14.93 3 Hewitt Associates 14.52 4(tie) Hay Group 6.99 4(tie) Watson Wyatt Worldwide 6.99 5 McKinsey & Company 3.70 6 Deloitte 3.29 7 Accenture 3.15 8 Aon Consulting 2.19 9 Capgemini 1.64 10 Mellon Human Resources and Investor Solutions 1.51 CAREER12 LIBRARY © 2004 Vault Inc.
  20. 20. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige RankingsOperations ConsultingRANK FIRM PERCENT 1 Accenture 19.14 2 A.T. Kearney 12.59 3 Deloitte 9.74 4 McKinsey & Company 9.34 5 IBM BCS 8.29 6 BearingPoint 6.55 7 Booz Allen Hamilton 6.32 8 Boston Consulting Group 4.76 9 Capgemini 4.41 10 Bain & Company 3.65Pharmaceutical ConsultingRANK FIRM PERCENT 1 McKinsey & Company 15.23 2 Boston Consulting Group 12.373(tie) Deloitte 6.493(tie) ZS Associates 6.49 4 Accenture 6.18 5 Bain & Company 4.83 6 First Consulting Group 3.92 7 Capgemini 3.778(tie) BearingPoint 3.328(tie) IMS Health 3.32 9 Health Advances 2.5610(tie) The Advisory Board Company 2.4110(tie) Booz Allen Hamilton 2.4110(tie) IBM BCS 2.41Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 13
  21. 21. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige Rankings Energy Consulting RANK FIRM PERCENT 1 McKinsey & Company 22.51 2 Boston Consulting Group 7.07 3 Accenture 6.54 4 Booz Allen Hamilton 6.02 5 A.T. Kearney 5.50 6 Arthur D. Little 4.45 7(tie) Bain & Company 3.93 7(tie) Deloitte 3.93 8(tie) Charles River Associates 3.40 8(tie) IBM BCS 3.40 9 BearingPoint 3.14 10 Capgemini 2.09 Economic Consulting RANK FIRM PERCENT 1 McKinsey & Company 17.52 2 Boston Consulting Group 10.45 3 NERA Economic Consulting 9.81 4 Bain & Company 7.88 5 Charles River Associates 5.14 6 Deloitte 4.34 7 Arthur D. Little 2.89 8(tie) Accenture 2.57 8(tie) Booz Allen Hamilton 2.57 9(tie) LECG 2.41 9(tie) Monitor Group 2.41 9(tie) Stern Stewart 2.41 10(tie) A.T. Kearney 2.09 10(tie) BearingPoint 2.09 CAREER14 LIBRARY © 2004 Vault Inc.
  22. 22. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Prestige RankingsFinancial ConsultingRANK FIRM PERCENT 1 McKinsey & Company 25.45 2 Boston Consulting Group 14.17 3 Bain & Company 8.88 4 Mercer Oliver Wyman 6.72 5 Deloitte 6.00 6 Accenture 5.28 7 Capgemini 3.36 8 Booz Allen Hamilton 2.889(tie) BearingPoint 2.649(tie) First Manhattan Consulting Group 2.6410(tie) A.T. Kearney 2.2810(tie) Arthur D. Little 2.28Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 15
  23. 23. Are you trying to get into the consulting job market or trying to move to another firm? The job market is tough – and you need every advantage you can get. “We got the best revamp “I have rewritten this resume Named the from Vault.com. Our 12 times and in one review expert pronounced you got to the essence of “Top Choice” by the resume ‘perfect.’” what I wanted to say!” – S.G., Junior Consultant,The Wall Street Journal The Wall Street Journal Atlanta, GA for resume “I was skeptical at first, but you makeovers proved me wrong! The critique zeroed in on where I had weaknesses in the resume.” – S.S., Consultant, San Diego Consulting Resume Writing and Resume Reviews “You made coaching fun! Thank you.” • Have your resume written from scratch or reviewed by an expert that knows the consulting – H.C., Consultant, Toronto, industry and has seen hundreds if not thousands Canada of consultants’ resumes. • For resume writing, start with an e-mailed history and 1- to 2-hour phone discussion. Our experts will write a first draft, and deliver a final draft after feedback and discussion. • For resume reviews, get an in-depth critique and rewrite within TWO BUSINESS DAYS. Consulting Career Coaching • Want to know what it takes to get into consulting from school or another career? • Have a deferred acceptance and want to know where to go from here? • Looking to switch from one consulting firm to another? • Is the travel wearing you out and you’re looking to see how else your consulting skills can be put to use? For more information go to http://consulting.vault.com
  24. 24. TOP50CONSTHE VAULTQUALITY OFFIRMSLIFE RANKINGS
  25. 25. Wondering what its like to work at a specific employer? M | A.T. Kearney | ABN Amro | AOL Time Warner | AT&T | AXA | Abbott Laboratorie Accenture | Adobe Systems | Advanced Micro Devices | Agilent Technologies | Alco c. | Allen & Overy | Allstate | Altria Group | American Airlines | American Electr ower | American Express | American International Group | American Manageme Read what EMPLOYEES have to say about: ystems | Apple Computer | Applied Materials | Apria Healthcare Group | AstraZenec utomatic Data Processing | BDO Seidman | BP | Bain & Company | Bank One | Bank • Workplace culture merica | Bank of New York | Baxter | Bayer | BMW | Bear Stearns | BearingPoin ellSouth | Berkshire Hathaway | Bertelsmann | Best Buy | Bloomberg | Boeing | Bo • Compensation llen | Borders | Boston Consulting Group | Bristol-Myers Squibb | Broadvie ternational| Brown Brothers Harriman | Buck Consultants| CDI Corp.| CIBC Wor • HoursMarkets | CIGNA | CSX Corp| CVS Corporation | Campbell Soup Company| Cap Gem rnst & Young| Capital One | Cargill| | Charles Schwab | ChevronTexaco Corp. | Chiqui • Diversity rands International | Chubb Group | Cisco Systems | Citigroup | Clear Channel | Cliffo hance LLP | Clorox Company | Coca-Cola Company | Colgate-Palmolive | Comcas • Hiring process omerica | Commerce BanCorp | Computer Associates | Computer Science orporation | ConAgra | Conde Nast | Conseco | Continental Airlines | Corning orporate Executive Board | Covington & Burling | Cox Communications | Credit Suis rst Boston | D.E. Shaw | Davis Polk & Wardwell | Dean & Company | Dell Compute eloitte & Touche | Deloitte Consulting | Delphi Corporation | Deutsche Bank | Dewe allantine | DiamondCluster International | Digitas | Dimension Data | Dow Chemica ow Jones | Dresdner Kleinwort Wasserstein | Duracell | Dynegy Inc. | EarthLink astman Kodak | Eddie Bauer | Edgar, Dunn & Company | El Paso Corporation ectronic Data Systems | Eli Lilly | Entergy Corporation | Enterprise Rent-A-Car | Ern Young | Exxon Mobil | FCB Worldwide | Fannie Mae | FedEx Corporation | Feder eserve Bank of New York | Fidelity Investments | First Data Corporation | FleetBosto nancial | Ford Foundation | Ford Motor Company | GE Capital | Gabelli AssManagement | Gallup Organization | Gannett Company | Gap Inc | Gartner | Gateway enentech | General Electric Company | General Mills | General Motors | Genzyme eorgia-Pacific | GlaxoSmithKline | Goldman Sachs | Goodyear Tire & Rubber | Gra hornton LLP | Guardian Life Insurance | HCA | HSBC | Hale and Dorr | Halliburton allmark | Hart InterCivic | Hartford Financial Services Group | Haverstick Consulting earst Corporation | Hertz Corporation | Hewitt Associates | Hewlett-Packard | Hom epot | Honeywell | Houlihan Lokey Howard & Zukin | Household International | IBMKON Office Solutions | ITT Industries | Ingram Industries | Integral | Intel | Internation Read employer surveys on aper Company | Interpublic Group of Companies | Intuit | Irwin Financial | J. Walt hompson | J.C. Penney | J.P. Morgan Chase | Janney Montgomery Scott | Janu apital | John Hancock Financial | Johnson & Johnson | Johnson Controls | KLA-Tenc THOUSANDS of top employers. orporation | Kaiser Foundation Health Plan | Keane | Kellogg Company | Ketchum imberly-Clark Corporation | King & Spalding | Kinkos | Kraft Foods | Kroger | Ku almon Associates | L.E.K. Consulting | Latham & Watkins | Lazard | Lehman Brother ockheed Martin | Logica | Lowes Companies | Lucent Technologies | MBI | MBNAManpower | Marakon Associates | Marathon Oil | Marriott | Mars & Company | McCan rickson | McDermott, Will & Emery | McGraw-Hill | McKesson | McKinsey & Compan Merck & Co. | Merrill Lynch | Metropolitan Life | Micron Technology | Microsoft | Mill rewing | Monitor Group | Monsanto | Morgan Stanley | Motorola | NBC | Nestle | New ubbermaid | Nortel Networks | Northrop Grumman | Northwestern Mutual Financ etwork | Novell | OMelveny & Myers | Ogilvy & Mather | Oracle | Orrick, Herrington utcliffe | PA Consulting | PNC Financial Services | PPG Industries | PRTM | PacifiCa Go to www.vault.com ealth Systems | PeopleSoft | PepsiCo | Pfizer | Pharmacia | Pillsbury Winthrop | Pitne owes | Preston Gates & Ellis | PricewaterhouseCoopers | Principal Financial Group rocter & Gamble Company | Proskauer Rose | Prudential Financial | Prudent
  26. 26. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life RankingsQuality of Life Ranking Methodology In addition to ranking other firms in terms of prestige, survey respondents were asked to rate their own firms in a variety of categories. On a scale of 1 to 10, with 10 being the highest and 1 the lowest, respondents evaluated their firms in the following "quality of life" areas: • Overall satisfaction • Compensation • Work-life balance • Hours in the office • Formal training • Interaction with clients • Relationship with supervisors • Firm culture • Travel requirements • Offices • Diversity with respect to women • Diversity with respect to minorities • Diversity with respect to gays and lesbians Ranking the firms A firms score in each category is simply the average of these rankings. In compiling our quality of life rankings, we only ranked firms from whose consultants we received more than 10 responses for that particular question. Only consulting firms that distributed the Vault survey to their consultants were ranked. Firms that distributed the survey this year were: • Accenture • Droege & Comp. • A.T. Kearney • First Manhattan Consulting Group • Bain & Company • FTI Consulting • Booz Allen Hamilton • The Gallup Organization • Boston Consulting Group • Haverstick Consulting • Braun Consulting • Health Advances • Capgemini • Kaiser Associates • Dean & Company • Katzenbach Partners • DiamondCluster • Kurt Salmon Associates Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 19
  27. 27. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life Rankings • L.E.K. Consulting • PRTM • Leigh Fisher Associates • Putnam Associates • Marakon Associates • Strategic Decisions Group • Mercer Management Consulting • Superior Consultant Company • Mercer Oliver Wyman • Value Partners • Monitor Group • Vantage Partners • OC&C Strategy Consultants • ZS Associates • PA Consulting Quality of Life: Top 10 Satisfaction On a scale of 1 to 10, where 1 means very poor and 10 means excellent, how would you rate your overall satisfaction with your firm? RANK FIRM SCORE 1 The Gallup Organization 9.433 2 Boston Consulting Group 8.922 3 Putnam Associates 8.900 4 Droege & Comp. 8.857 5 PRTM 8.842 6 Bain & Company 8.602 7 Mercer Management Consulting 8.571 8 Monitor Group 8.529 9 Marakon Associates 8.400 10 Katzenbach Partners LLC 8.382 CAREER20 LIBRARY © 2004 Vault Inc.
  28. 28. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life RankingsCompensationOn a scale of 1-10, where 1 is very poor and 10 is excellent, how would yourate your firms compensation (including salary and bonus)?RANK FIRM SCORE 1 Boston Consulting Group 8.686 2 Mercer Management Consulting 8.333 3 Mercer Oliver Wyman 8.281 4 Katzenbach Partners 8.171 5 First Manhattan Consulting Group 8.077 6 Dean & Company 8.000 7 Marakon Associates 8.000 8 Bain & Company 7.868 9 The Gallup Organization 7.857 10 DiamondCluster International 7.593Work-Life BalanceOn a scale of 1 to 10, where 1 is very poor and 10 is excellent, how would yourate your firms efforts to promote a livable work-life balance at your firm?RANK FIRM SCORE 1 Health Advances 8.818 2 The Gallup Organization 8.759 3 Putnam Associates 8.600 4 Droege & Comp. 8.500 5 Kurt Salmon Associates 8.000 6 PRTM 7.947 7 Booz Allen Hamilton 7.909 8 Boston Consulting Group 7.865 9 Braun Consulting 7.857 10 Mercer Oliver Wyman 7.609Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 21
  29. 29. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life Rankings Hours in the Office On a scale of 1 to 10, where 1 means completely unsatisfied and 10 means extremely satisfied, please rank your satisfaction with the number of hours you spend in the office each week. RANK FIRM SCORE 1 The Gallup Organization 8.467 2 PRTM 7.842 3 Braun Consulting 7.750 4 Booz Allen Hamilton 7.730 5 Haverstick 7.727 6 Kurt Salmon Associates 7.700 7 Putnam Associates 7.600 8 Droege & Comp. 7.571 9 Boston Consulting Group 7.385 10 Strategic Decisions Group 7.158 Formal Training On a scale of 1 to 10, with 1 being very poor and 10 being excellent, how would you rate your satisfaction with the training offered by your firm? RANK FIRM SCORE 1 Bain & Company 9.060 2 Marakon Associates 9.048 3 ZS Associates 8.727 4 Boston Consulting Group 8.519 5 PRTM 8.421 6 Booz Allen Hamilton 8.191 7 Mercer Management Consulting 7.667 8 L.E.K. Consulting 7.333 9 Putnam Associates 7.118 10 The Gallup Organization 7.107 CAREER22 LIBRARY © 2004 Vault Inc.
  30. 30. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life RankingsInteraction with ClientsOn a scale from 1 to 10, how satisfied are you with your opportunity to interactwith your clients’ top-level management?RANK FIRM SCORE 1 Boston Consulting Group 9.289 2 Value Partners 9.222 3 Droege & Comp. 9.214 4 PRTM 9.211 5 Katzenbach Partners 9.200 6 The Gallup Organization 9.036 7 Mercer Management Consulting 9.000 8 Kurt Salmon Associates 8.839 9 Marakon Associates 8.810 10 Bain & Company 8.556Relationship with SupervisorsOn a scale of 1 to 10, where 1 means very poor and 10 means excellent, howwould you rate your relationship with your superiors/supervisors?RANK FIRM SCORE 1 PRTM 9.158 2 Droege & Comp. 9.143 3 The Gallup Organization 9.067 4 Boston Consulting Group 9.058 5 Mercer Management Consulting 9.000 6 Monitor Group 8.941 7 Putnam Associates 8.850 8 Bain & Company 8.759 9 Strategic Decisions Group 8.684 10 Braun Consulting 8.571Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 23
  31. 31. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life Rankings Firm Culture On a scale of 1 to 10, where 1 is not at all pleasant and 10 is extremely pleasant, assess your firms culture. RANK FIRM SCORE 1 The Gallup Organization 9.667 2 Boston Consulting Group 9.135 3 Putnam Associates 9.000 4 Bain & Company 8.988 5 PRTM 8.947 6 Katzenbach Partners LLC 8.914 7 Health Advances 8.818 8 Droege & Comp. 8.786 9 ZS Associates 8.727 10 Mercer Management Consulting 8.714 Travel Requirements On a scale of 1 to 10, where 1 means excessive and 10 means minimal, how would you rate your firms travel requirements? RANK FIRM SCORE 1 L.E.K. Consulting 8.292 2 ZS Associates 8.091 3 Haverstick Consulting 7.516 4 Putnam Associates 7.150 5 Booz Allen Hamilton 7.012 6 Monitor Group 7.000 7 The Gallup Organization 6.769 8 Dean & Company 6.667 9 First Manhattan Consulting Group 6.500 10 PRTM 6.263 CAREER24 LIBRARY © 2004 Vault Inc.
  32. 32. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life RankingsOfficesOn a scale of 1 to 10, with 1 being miserable and 10 being optimal, how wouldyou rate your offices (your firms offices, not your clients offices)? RANK FIRM SCORE 1 The Gallup Organization 9.333 2 Boston Consulting Group 9.058 3 PRTM 8.947 4 Monitor Group 8.882 5 DiamondCluster International 8.848 6 Mercer Management Consulting 8.714 7 A.T. Kearney 8.667 8 Katzenbach Partners LLC 8.657 9 Marakon Associates 8.619 10 Bain & Company 8.610Diversity Rankings: Top 10Diversity - WomenOn a scale of 1 to 10, where 1 means needing a lot of improvement and 10means exemplary, how receptive is your firm to women in terms of hiring,promoting, mentoring, and other programs? RANK FIRM SCORE 1 Health Advances 9.909 2 The Gallup Organization 9.167 3 Katzenbach Partners 9.088 4 Monitor Group 8.533 5 Booz Allen Hamilton 8.514 6 FTI Consulting 8.471 7 Boston Consulting Group 8.365 8 ZS Associates 8.364 9 Putnam Associates 8.211 10 Value Partners 7.875 Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 25
  33. 33. Vault Guide to the Top 50 Management and Strategy Consulting Firms The Vault Quality of Life Rankings Diversity - Minorities On a scale of 1 to 10, where 1 means needing a lot of improvement and 10 means exemplary, how receptive is your firm to minorities in terms of hiring, promoting, mentoring and other programs? RANK FIRM SCORE 1 ZS Associates 9.000 2 PRTM 8.875 3 The Gallup Organization 8.607 4 Booz Allen Hamilton 8.441 5 Strategic Decisions Group 8.250 6 Mercer Oliver Wyman 7.789 7 Putnam Associates 7.765 8 Boston Consulting Group 7.667 9 Accenture 7.603 10 Value Partners 7.524 Diversity - Gays, Lesbians and Bisexuals On a scale of 1 to 10, where 1 means needing a lot of improvement and 10 means exemplary, how would you rate your firms commitment to diversity with respect to gays, lesbians and bisexuals? RANK FIRM SCORE 1 Strategic Decisions Group 9.471 2 Katzenbach Partners LLC 9.382 3 Booz Allen Hamilton 8.770 4 Boston Consulting Group 8.730 5 The Gallup Organization 8.529 6 L.E.K. Consulting 8.450 7 Marakon Associates 8.267 8 Kurt Salmon Associates 8.177 9 DiamondCluster International 8.114 10 Bain & Company 8.077 CAREER26 LIBRARY © 2004 Vault Inc.
  34. 34. TOP50CONSOVERVIEW OF THECONSULTINGINDUSTRYFIRMS
  35. 35. VAULT CAREER GUIDESGET THE INSIDE SCOOP ON TOP JOBS “Cliffs Notes for Careers” – FORBES MAGAZINE Vault guides and employer profiles have been published since 1997 and are the premier source of insider information on careers. Each year, Vault surveys and interviews thousands of employees to give readers the “To get the un- inside scoop on industries and specific employers to help them get the jobs they want.varnished scoop,check out Vault”– SMARTMONEY MAGAZINE
  36. 36. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting IndustryThe State of Consulting The dark years of 2001 and 2002 sent shockwaves through the management consulting industry. According to Kennedy Information, a 17-year streak of double digit growth in consulting was snapped in 2002; in addition, the growth rate of the largest firms slowed by up to 10 percent in that year. But now there’s good news – the economic picture for the industry is once again brightening. Management and strategy consulting firms are seeing a return of demand for their services. This growth is partially fueled by an increasing reliance by firms on the ever-popular outsourcing, or BPO. Big government contracts, fueled in part by the increased focus on homeland security, are buoying consulting firms as well – witness the gigantic $10 billion – yes, billion – contract snared, in large part, by Accenture, to build the United States government’s “Smart Border Alliance,” a new system of border immigration controls. A revival in the financial services market, which had plunged along with the stock market, is shoring up management consulting firms as well. While it’s early, anecdotal evidence for 2004 suggests that management consulting firms are stepping up hiring to meet demand. But this doesn’t mean the boom days have returned. The growth in the market is more like a cessation of a slump rather than the return of wild growth. Clients, for example, have more control of engagements than they did before the worst of the recession. Corporations continue to create their own internal consulting arm, or contract with smaller strategy boutiques for targeted projects instead of signing up with larger consulting firms for years- long engagements. Some management consulting firms are accepting more flexibility in their payment arrangements – for example, reserving 10 percent of the total bill, to be paid by the client only if completely satisfied. Other consulting firms are “overpromising,” according to some current consultants, meaning that individual consultants must work more hours at the same pay to deliver the desired result for a valued client. Rebranding take two Is the recent boomlet of rebranding a sign that the salad days of consulting are returning? In 2004, the admittedly awkwardly-named Cap Gemini Ernst & Young decided to call itself by the sleeker Capgemini. Stalwart Deloitte Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 29
  37. 37. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting Industry Consulting, having successfully reintegrated into Deloitte Touche Tomahtsu, now goes by the pared-down Deloitte. On the other hand, A.T. Kearney is conducting a sort of rebranding of its own. Shrugging aside the years where it was overshadowed by its corporate parent, IT consulting firm EDS, A.T. Kearney is now promoting itself as independently as possible as its own strategy brand. Everybody’s an outsourcer The line between management and strategy consulting firms and technology consulting firms continues to blur. The historic division – that management consulting firms developed strategies that were then implemented by IT firms – is increasingly just that, history. Some firms, such as IBM BCS, began by offering technology solutions, then built out business strategy components; others, like McKinsey, were historically strategy firms that have increasingly beefed up technology offerings. While some firms remain pure (or purer) strategy shops, their numbers are decreasing. Part of the reason for this migration? Clients are increasingly sophisticated, and MBA degrees more widespread. According to Dwight Gertz, who started his career at a top consulting firm in 1980, “We could do things [in 1980] that looked dazzling to the client that are now taught in first-year classes at every business school in the country.” Outsourcing is another boundary-blurring moneymaker for consulting firms that continues to grow apace. Outsourcing is the process by which consulting firms help clients find cheaper suppliers for essential services. Sometimes, as in the case of HR consulting, the consulting firms themselves are the outsourcers for routine HR functions. Current estimates hold that India has about 80 percent of the market for foreign-outsourced functions, from spreadsheet-reading, to coding, to employee benefit call centers. Pay to play The upturn in the economy doesn’t mean that potential clients still don’t have the upper hand. Consulting firms are increasingly turning to unusual deals to ensure themselves business. Firms like Accenture, IBM BCS and Bain are foregoing part of their customary fees until the engagement is completed, an arrangement normally called “variable fees” or “contingency pricing.” Clients decide at the end of the engagement whether they are happy enough CAREER30 LIBRARY © 2004 Vault Inc.
  38. 38. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting Industry to pay the consulting firm the full fee. The need to “overdeliver,” according to consultants, sometimes causes painfully long work schedules. If you can’t beat ‘em … India has emerged as a source of brainpower on the cheap for consulting firms looking to outsource the needs of clients. Now, some consulting firms are seeking to further streamline operations by acquiring Indian firms (and their labor pools) outright. In 2004, for example, IBM BCS purchased Daksh e- Services for a cool $200 million. Boutiques Smaller consulting firms continue to feature prominently in the management and strategy consulting world. Clients who want very specific consulting knowledge – in the airline business, for example, or in fashion retail – often find themselves turning to a niche, or boutique, consulting firm. Still others want to ensure that their premium strategy consulting dollars are buying advice from the A team and not the entry-level consultants that dwell at the bottom of the pyramid of most larger consulting firms.Practice Areas Operations and implementation Operations is the difference between strategy (making a plan) and putting that plan into action. Operations consultants examine a client’s internal workings, such as production processes, distribution, order fulfillment and customer service. While strategy involves setting a client’s goals, operations ensures that clients reach these goals. Operations consultants may investigate customer service response times, cut operating costs, assist with outsourcing, or look into the allocation of client resources. Operations consulting normally includes the implementation of these findings and processes. Typical engagements may include: • Streamlining the equipment purchasing processes of a major manufacturer • Outsourcing customer call centers to India Visit the Vault Consulting Career Channel at www.vault.com/consulting — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 31
  39. 39. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting Industry • Working with a newly-merged commercial bank to increase customer response efficiency Human resources consulting The best business strategies and finest operational processes mean nothing without the people to put them in place. HR consulting addresses the issue of maximizing the value of employees and placing the right people in the right roles. HR consulting firms are also hired for organizational restructuring, systems implementation and ongoing studies and initiatives. An important corollary to HR consulting is HR outsourcing. Increasingly, clients are turning to HR consulting firms to manage their internal HR systems. Examples of typical human resources consulting engagements include: • Creating or updating a client’s compensation structure • Counseling and processing laid off (or downsized, “rightsized,” etc.) employees and assisting them with outplacement • Helping to blend the cultures and processes of merged companies Health care/pharmaceuticals consulting This practice area is one of the growth areas in the consulting world. As the population of the United States and of other industrialized countries around the world ages, and as scientists steadily unlock the mysteries of genetic engineering, the health care industry continues to thrive at a time when so many sectors of the economy are faltering. The United States health care market was worth nearly $1.4 trillion as of 2002, and the European market $700 million. Yet just because the market is large doesn’t mean it is easy to profit from it. That’s where health care and pharma consulting firms come in – helping clients like hospitals, HMOs, drug companies and supply distributors cope with an increasingly complicated maze of legislation, competition with other health care providers, cutting costs on vendors and equipment and managing new technology. Examples of typical health care/pharma engagements include: • Creating a strategy to help a hospital become competitive in new markets CAREER32 LIBRARY © 2004 Vault Inc.
  40. 40. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting Industry • Helping drug companies speed up the R&D and marketing process for products • Promoting usage of a fertility center Economic consulting As the global economy becomes increasingly interconnected and complex, clients often turn to think tank-like economic consulting firms for guidance. These firms are typically loaded with economics PhDs and MBAs, as well as industry experts, and investigate economic factors in order to give clients the ability to resolve problems caused by competition, antitrust issues, public policy and regulations. These consultancies are prized for their independence and ability to give candid counsel to clients buffeted by the vagaries of the economy. Examples of typical economic consulting engagements include: • Assessing the impact of deregulation of the utilities industry in Hungary for a client • Helping to create rules for more efficient government auctions • Creating a sophisticated economic model to improve the bundling of services Financial consulting Financial consulting firms tend to be one of two animals; either they work with financial services firms to enhance their strategies and performance, or they have a specific financial model they use with clients to enhance their performance. In either case, the focus is typically on enhancing shareholder value.Visit the Vault Consulting Career Channel at www.vault.com/consulting — withinsider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 33
  41. 41. Vault Guide to the Top 50 Management and Strategy Consulting Firms Overview of the Consulting Industry Examples of typical financial consulting engagements include: • Applying a proprietary framework to enhance market performance and value • Presenting market position analysis to a CEO • Refining online strategies for a commercial bank CAREER34 LIBRARY © 2004 Vault Inc.
  42. 42. TOP50CONSTHE VAULT 50FIRMS
  43. 43. V A U L T 1 PRESTIGE McKinsey & Company RANKING 55 East 52nd Street THE STATS New York, NY 10022 Phone: (212) 446-7000 Employer Type: Private Company Fax: (212) 446-8575 Managing Director: Ian Davis www.mckinsey.com 2003 Employees: 11,000 2002 Employees: 11,000 LOCATIONS UPPERS New York, NY (HQ) 83 offices worldwide • Powerful alumni network • Global reach • Research-driven projects PRACTICE AREAS Automotive & Assembly • Banking DOWNERS & Securities • Chemicals • Consumer/Packaged Goods • • Strict “up or out” system Corporate Finance & Strategy • • Ongoing, frequent review process Electric Power/Natural Gas • High • Limited mobility without advanced Tech • Insurance • Marketing • degree Media & Entertainment • Metals & Mining • Nonprofit • Operations KEY COMPETITORS Strategy & Effectiveness • Payor/Provider • Petroleum • Accenture Pharmaceuticals & Medical Products A.T. Kearney • Private Equity • Pulp & Paper Bain & Company Retail • Telecommunications • Booz Allen Hamilton Travel & Logistics Boston Consulting Group EMPLOYMENT CONTACT www.mckinsey.com/careers/apply THE BUZZ WHAT CONSULTANTS AT OTHER FIRMS ARE SAYING • “CEOs of the future” • “Think they know everything about everything” • “World class leader for concepts, however, no implementer” • “Still the standard bearer” CAREER36 LIBRARY © 2004 Vault Inc.
  44. 44. Vault Guide to the Top 50 Management and Strategy Consulting Firms McKinsey & CompanyTHE SCOOP“The Firm” (in a non-John Grisham sense)McKinsey & Company isn’t the largest consultancy in the world, but it may be themost powerful. With 83 office locations in 45 countries, the company – known to its6,000 consultants simply as “The Firm” – serves more than two thirds of the Fortune1000, or 85 of the world’s top 100 companies. Notable entities such as Pepsi, IBMand General Motors are members of McKinsey’s closely guarded client roster.Founder James O. McKinsey started the firm in 1926 with the mission of bringing“management engineers” to not only rescue faltering companies, but also to helpthriving companies do even better. Marvin Bower, who joined McKinsey in 1933and passed away on January 22, 2003, is credited with resurrecting the firm in 1939after McKinsey’s death. Bower guided and shaped McKinsey & Company fordecades, serving as managing director from 1950 through 1967, during which timefirm revenue grew from $2 million to $20 million. Bower, considered by many to bethe father of management consulting, retained close ties with the firm after hisretirement in 1992, and McKinsey loyalists still tout his philosophy of emphasizingexperience over education and putting the client’s needs before the consultancy’s.McKinsey went international in the years following World War II, a period ofglobalization in the corporate world. In 1959, McKinsey opened its first internationaloffice in London. The 1950s saw McKinsey adding an expanding number of blue-chip companies to its clientele, as well as adding engagements with majorgovernment and miltary organizations, defense contractors. During that decade, thefirm debuted its nonprofit efforts, which remain strong today. McKinsey offers probono assistance to educational, social, environmental and cultural organizations, andhalf of the firm’s consultants work on a pro bono engagement at some time duringtheir careers.Going globalMcKinsey’s consultants are citizens of 95 countries, providing their expertise toclients around the world. The firm opened 20 new locations and doubled itsprofessional staff in the go-go 1990s; in recent years, the firm opened offices in AbuDhabi, Antwerp, Athens, Dubai, Manila, Rio de Janeiro and Verona, Italy. Thenewest office on McKinsey’s list is in Zagreb, Croatia, opened in early 2003. Thefirm has conducted more than 500 engagements in China over the last decade, and in Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 37
  45. 45. Vault Guide to the Top 50 Management and Strategy Consulting Firms McKinsey & Company October 2003, McKinsey established its Asia-Pacific regional headquarters in Shanghai. McKinsey’s governing shareholder committee is controlled by a non- American majority, and about 60 percent of revenues come from overseas, with further growth expected from new markets in Russia, Eastern Europe and China Although McKinsey’s international growth has slowed somewhat along with the rest of the global economy in the aftermath of the dot-com bubble and September 11, the firm continues to rack up some impressive accomplishments. In March 2000, McKinsey opened a new office in Tel Aviv, from which it has offered assistance to Israeli corporations, startups and government entities such as the Ministry of Communications and the Postal Authority. The firm’s office in New Delhi is one of its fastest growing sites, and the firm helped the State Bank of India reengineer its business processes in May 2003; advised liquor company Shaw Wallace on opening new breweries in September 2003; consulted with engineering and construction firm Larsen & Toubro on strategy matters; and advised Prime Minister Atal Behari Vajpayee on foreign investment issues. Following a strategy set forth in 2001 to expand its presence in Singapore, McKinsey has counseled some of that country’s most prominent organizations, including the gum-disliking national government and Singapore Airlines. In May 2003, the firm took on the role of investment advisor for the privatization of the oil group Unipetrol in the Czech Republic. In July 2003, the firm issued a report on the use of the English language in South Korea. Also in 2003, McKinsey began conducting a comprehensive analysis of the global coffee industry on a pro bono basis, in addition to advising the Colombian Coffee Federation on a new retail strategy. In 2004, as in previous years, a group of McKinsey delegates joined the World Economic Forum in Davos, Switzerland, addressing topics such as the benefits and challenges of offshoring; business opportunities and trends in China; and the balance between risk and control in managing corporations. Pointing fingers McKinsey rarely publicizes the names of its clients, but its association with some troubled companies has put the firm in the headlines. In recent years, McKinsey’s association with bankrupt entities, including Enron, Swissair, Global Crossing and Kmart, occasioned some grumbling among outside observers about the value of the high-priced advice it provides. In May 2003, McKinsey’s services were called into question during bankruptcy hearings for client United Airlines. Bankruptcy lawyers charged that the firm’s CAREER38 LIBRARY © 2004 Vault Inc.
  46. 46. Vault Guide to the Top 50 Management and Strategy Consulting Firms McKinsey & Companyrestructuring-advice fees, which included a $1 million-a-month flat fee forMcKinsey, were unwarranted for a company that couldn’t manage to pay its debts.UAL dismissed the concerns and retained McKinsey.McKinsey also was caught up in a client’s bad luck when it made headlines forfailing to predict an $800 million takeover bid of client Ocean Spray by rivalNorthland Cranberries Inc. in early 2003. McKinsey had advised Ocean Spray sincelate 2002 and, against the wishes of the company’s struggling growers, had advisedthe cooperative’s management to avoid selling any of its businesses. The collectiverejected Northland’s overture in February 2003, but the pro-sale growers won a voteto replace Ocean Spray’s board of governors with a new, smaller panel, and thecompany cut 58 of its executives the following month.Dot-com dazeMcKinsey could scarcely be blamed for failing to prepare for the bursting of theInternet bubble. Along with most consulting firms, McKinsey reaped the rewards ofthe 1990s Internet fever, taking on more than 1,000 Web-related engagements during1999 and 2000. The firm’s revenues reached an all-time high of $3.4 billion in 2000.Fortunately, McKinsey managed to avoid some of the financial pain suffered by itspeers by limiting the equity stakes it accepted from start-up clients in lieu of fees.Still, the firm was stuck with some of these worthless shares, and income from manypreviously high-flying e-commerce clients quickly dried up.Firming upWhile McKinsey’s internal numbers are as closely guarded as its client roster, it’sclear that the company has taken pains to retain its best and brightest during theweakened post-September 2001 economy. In November 2001, the firm announcedthat it would cut 5 to 7 percent of its 3,000 support staff in the United States andCanada, but reported no layoffs of consultants. And now that the economy is on therebound, so are invitations to join McKinsey.McKinsey significantly expanded its campus recruiting activities on MBA, law, MD,PhD and undergraduate campuses in 2003. In the 2003-2004 campus recruitingseason, the firm hired over 1,600 consultants, about a 60 percent increase over theprevious year. In addition, McKinsey has hired several hundred summer associates– graduate students who are going into their last year of school. The North Americanoffices have scheduled a conference for all of its summer associates in ski paradiseVail, Colorado. Visit the Vault Consulting Career Channel at http://consulting.vault.com — with insider firm profiles, message boards, the Vault Consulting Job Board and more. CAREER LIBRARY 39
  47. 47. Vault Guide to the Top 50 Management and Strategy Consulting Firms McKinsey & Company Knowledge transfer McKinsey’s obsession with excellence reflects the company mantra, “100 percent to the third power,” meaning that the firm seeks to bring 100 percent of firm capabilities to bear on 100 percent of McKinsey clients, 100 percent of the time. However, an internal report from 2001, quoted in a May 2002 Wall Street Journal article, shows this thorough approach to be a possible weakness. The article, “Growth at McKinsey Hindered Use of Data,” cites an internal study, referred to as Project Coolkat. The study concluded that rapid expansion hindered the firm’s ability to keep track of its own information, leading to poor client performance. “It takes much too long to find the right knowledge,” the report states, “and in many cases, the best existing knowledge is not identified and brought to the client.” Furthermore, the report calls the work satisfaction and professional development of McKinsey research staff “unsatisfactory ... moving forward, this is not acceptable.” The firm notes that “most of our most important knowledge is in the heads of our most senior people, exchanged primarily through conversations – not through knowledge workers or electronically. At no point over the last decade has McKinsey ever been anything but the best consulting firm in delivering business knowledge to clients.” Shortly thereafter, the firm launched a new initiative to improve researcher training and a major budget increase for McKinsey’s “knowledge-management” processes and systems, $35.8 million in 2002 versus just $8.3 million in 1999. But a senior partner quoted in the WSJ article was quick to point out that there was “no demonstrable link – in fact there’s no link whatsoever – between our decision to invest in upgrading our knowledge-management systems and any specific client.” McKinsey smarts McKinsey possesses a global network of more than 900 knowledge professionals, most of whom are aligned to specific industry, functional or geographic knowledge domains. These professionals do research on topics related to specific client engagements, allowing consultants to focus on the client proprietary dimensions of a study. In addition to business research, this group also plays a lead role in the creation, codification, organization and dissemination of McKinsey’s vast knowledge base and spearheads the design, development and deployment of all knowledge- related technologies. Recent enhancements include new search technology applied across its document collection and an expertise location approach that enables consultants to identify colleagues from around the world who might be able to help them with a specific problem. CAREER40 LIBRARY © 2004 Vault Inc.

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