The methodology for constructing the most famous consulting firms’ rankings is interesting on more than one behalf for candidates to consulting.
By understanding how industry professionals value their peers, you can anticipate how your examiners will value your own application. Once you understand what motivates consultants, it will naturally fit into your speech.
The Method Behind Consulting Firms Ranking
The ranking is based on the return of consultants currently on the job in a selection of consulting firms having visibility according to Vault. Basically, the little boutique with low visibility will not be asked give its opinion on this ranking. This is to give a score to firms using a weighting sum of the seven following criteria:
- Prestige – 30%
- Satisfaction – 15%
- Corporate culture – 15%
- Compensation – 15%
- The work/life balance -10%
- The firm’s growth prospects – 10%
- The career development policy – 5%
Regarding the criteria related to internal functioning modes of firms, such as work/life balance, the consultants interviewed may note only their own employer, because they don’t know the inside practices of their competitors. On criteria such as prestige, the consultants may not vote for their employer; they are obliged to evaluate competing firms. You can clearly see a bias in this approach. The self-assessment must undoubtedly be corrected by Vault to avoid artificially inflating the ranking of certain firms by self-promotion. When you see the score of the top three, where McKinsey, BCG, and Bain will follow very closely, we understand that this simple fact can explain the change of relative rank between these firms, such as the buzz for the benefit of Vault :).
What A Candidate To Consulting Can Learn From the Vault’s Methodology
A surprising point in this ranking is the weight given to prestige in strategy consulting. This is a structural element. The consultants are aware of the prestige of their profession, and it acts as a work motivator. The value proposition is a bit “I work hard, but I find satisfaction in the eyes of others.” The others, they are peers, clients but also the relative and family circles, and their networks. It is true that the prestige of this job and of the “best” consulting firms is significant.
The second lesson concerns the relatively low emphasis on compensation. The wages of consultants are among the highest in the labor market, but this setting is only fourth in the ranking criteria. It also reflects quite well the reality of the sector. Finally, especially in consulting positions, we speak very little of money. Discussion on end-of-year bonuses focuses on performance, which then translates into financial impact, but the consultant in strategy does not focus on the financial aspect by itself. However, while climbing in seniority, the financial aspect naturally integrates more and more to the culture of the consultant. Quite natural for a partner who earns sometimes more than a million of dollars a year!
Other Resources On Consulting Firms Ranking
|Links of interest|| - Vault Ranking
- Most Prestigious Consulting Firms
|Videos on this topic||- US IT Consulting Firms Ranking|
|Related concepts||- ranking consulting firms world
- best management consulting firms
- top strategy consulting firms
- vault ranking consulting europe
- consulting firm us
- consulting companies