Professionals with experience at a top-tier strategy consulting firm have a variety of career options they can pursue when they wish to leave the consulting industry. Popular choices include technology companies, traditional corporates, startups, banks and private equity firms. But which specific companies employ the highest number of former strategy consultants? To find out, we analysed Hiperpool and LinkedIn data. Our analysis reveals that the list of top 10 employers is dominated by large technology companies and banks. This is mainly due to their size and their constant need for professionals with a consultant-like skill set.
Facebook, Amazon, Microsoft, Google and IBM
The tech companies (i.e., Facebook, Amazon, Microsoft, Google and IBM) feature as 5 of the top 6 employers of former strategy consultants. What’s more impressive, is that between Google and Amazon we can account for over 1/3 of the total number of former strategy consultants at the top 10 employers. Former strategy consultants are in high demand in the tech space for their organisation, analytical and problem solving skills, which allow them to resolve issues swiftly and successfully meet tight deadlines. And why do consultants love roles within the tech industry? Among other benefits, tech companies encourage flexible working hours and high-growth environments.
Goldman Sachs, UBS, Citi and Morgan Stanley
Of the top 10 employers of former strategy consultants, there are four banks – Goldman Sachs, UBS, Citi and Morgan Stanley. While none of these companies rival the number of former strategy consultants hired by Google and Amazon, they all set strong benchmarks that reflect their interest in hiring top-tier professionals with experience in consulting. The exposure of former strategy consultants to a variety of high-impact projects across functional and business units makes them particularly desirable for these employers looking to fill managerial positions in strategy, business development, corporate development, internal consulting, M&A, alternative investments. For consultants, the prospect of receiving a large increase in bonuses for a relatively similar work-life balance is a clear incentive and can be partly used to explain how the banks listed hire so many former strategy consultants.
It’s no surprise that an exciting startup such as Uber makes the list of top 10 employers of former strategy consultants. Whether high-growth or early stage, startups have an essential demand for former strategy consultants who are able to work in a fast-paced environment and embody the skills needed to lead an organisation through a period of accelerated growth. Significantly, the chart above highlights that Uber hires former strategy consultants on the same scale as Facebook, IBM, UBS and Citi. The popularity of startups for former strategy consultants can largely be attributed to the greater responsibilities and impact they will have in shaping the business, as well as the possibility of receiving a lucrative equity package.