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 globally as well as broken down into the following regions: UK, USA & DACH. Our analysis reveals that the list of top 12 employers is dominated by large technology companies, namely Google, and banks. This is mainly due to their size and their constant need for professionals with a consultant-like skill-set.
Google, Facebook, Amazon & Microsoft
The tech companies (i.e., Google, Facebook, Amazon & Microsoft) feature as 4 of the top 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 consultants at the top 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, high-growth environments and unique and exciting challenges.
Goldman Sachs, UBS, JP Morgan, Credit Suisse & Deutsche Bank
Of the top employers of former strategy consultants, there are five banks – Goldman Sachs, UBS, JP Morgan, Credit Suisse & Deutsche Bank. 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.
BMW Group & Siemens
It’s not uncommon to find strategy consultants leaving the generalist management consulting field to move in-house. Ex-strategy consultants at BMW Group and Siemens usually work in their large in-house consulting teams or in leadership roles within some of the business units or functions. In fact, they usually start in the former team to eventually make a move to a leadership role later on. Moving in-house often offers a better work-life balance, less travel, more ownership over projects and similar exciting challenges of consulting. Leading firms such as Siemens and BMW Group need to constantly be aware of their business landscape and develop strategies that keep them at the cutting edge. That’s why they’re always on the look-out for new, visionary thinkers with excellent analytical skills and an intuitive eye for identifying future trends, who will help them continue making the right strategic moves. Management consultant’s thought leadership could be the driving force that will help them shape the future directions of their businesses.
For the purpose of this article, we have not focused on management consulting firms who are moving to other consultancies, although it is also quite common. This is especially true if they move to a firm for a specific practice area, for example, if the new firm primarily focuses on financial services or pharmaceuticals. This can also be the case if a Partner moves consultancies and brings over their team to the new firm.
Among the top firms where you can find consultants globally and those we used for this study are: McKinsey & Company, Boston Consulting Group, Bain & Company, Kearney, Oliver Wyman, Monitor Deloitte, Strategy&, L.E.K. Consulting, OC&C, Roland Berger, EY-Parthenon and Simon-Kucher & Partners.