Top 50 Consulting Firms To Work For In 2019

A MIDDLEWEIGHT HOLD ITS OWN WITH THE HEAVYWEIGHTS

It’s easy to see why. Think of Putnam as the McKinsey of Boutiques – except that Putnam competes on the big players’ terms. Notably, Putnam snapped up the highest scores of any consulting firm in six quality of life and work categories: Compensation, Hours in Office, Satisfaction, Selectivity, Travel Requirements, and Vacation Policies. Not impressed? Putnam, despite its bite size, also ranked among the Top 5 firms in Diversity, Exit Opportunities, Firm Culture, Firm Leadership, Formal Training, Informal Training, Innovation, Internal Mobility, Business Outlook, Promotion Policies, and Relationships with Supervisors.

The little engine that could? Putnam is more like the V12 engine that does.

Among survey respondents, Putnam was especially feted for offering heavy ownership and responsibility, with one observing that “my level of responsibility seems significantly higher than peers’ at similar firms.” Others laud the firm’s family-driven ethos. “Everyone from partners to associates looks out for you as you grow, both while here and as an alum,” adds another consultant.

Bottom line, says Maldonado, Putnam consistently ranks among the Consulting 50’s top performers – and that’s not by accident. “Survey responses were nothing short of glowing,” he says. “Despite the growing pains of a boutique firm, most respondents believe that Putnam can’t be beaten in terms of culture and work-life balance. Putnam offers many of the quality of life benefits and growth opportunities of a small firm, yet unlike many small firms, it pays on a level that even some of its consultants can’t believe. This firm offers the best of both worlds, making it one to keep an eye on.”

KEYSTONE STRATEGY IS A BOUTIQUE TO WATCH

Among boutiques, ghSMART, Cornerstone Research and the Keystone Group come out of nowhere to rank 4th, 5th, and 7th respectively. At the same time, LeapPoint shot up from 24th to 6th in the Boutique ranking. Two perennial heavyweights, Clearview Healthcare Partners and the Brattle Group, also fell out of the Top 10. Aside from Putnam, several boutiques posted top scores in quality of life and work categories. These include Formal Training (Health Advances), Interaction with Client (ghSMART) and Work-Life Balance (Eagle Hill Consulting).

While Keystone Strategy didn’t rank among the Top 10 boutique firms, Maldonado ranks it alongside Putnam as a firm to watch for 2020, highlighting it as an example of innovation for others to follow.

“Perhaps it’s this firm’s focus on the technology sector – an industry that is constantly evolving – or the scrappy startup-mentality of the firm, but Keystone receives near universal praise for its emphasis on innovation,” he observes. “Internally, the entrepreneurial culture of the firm fosters creativity and encourages consultants to think outside the box in the solutions they present to clients. Outwardly, Keystone Strategy’s work on some of its most prominent clients continues to thrive on the leading edge of the tech industry. There is much optimism surrounding the firm’s new CFO, who brings structure and project management to some of Keystone Strategy’s more ambitious growth initiatives.”

CONSULTING GAINS PRESTIGE AT EXPENSE OF INVESTMENT BANKING

In economics, it is said that a ‘rising tide raises all boats.’ The same could certainly be said for prestige in the consulting industry. Nine of the Top 10 firms enjoyed improved Prestige scores. Why are the rich getting even richer? Maldonado attributes it to another industry losing ground over the past decade.

“Since the financial crisis, consulting has gained ground versus investment banking when it comes to industry prestige. In the past, banking and consulting went head-to-head in the talent wars, but consulting could be said to be winning that battle these days. This trend continues to this day, as the big banks still often make negative headlines, whereas the big consulting firms have mostly avoided negative headlines. Also, since there’s considerable overlap among the consulting and technology industry, consulting has become a desirable industry for those looking to make a difference in and be at the center of today’s technological advances and creations.”

Looking for another example of how dominant McKinsey is in the consulting space? Look no further than the 14 practice areas that Vault measures. When survey respondents were asked to list the best firms in their respective practice areas, McKinsey accumulated the most votes in nine practice areas: Economic, Energy, Financial, Healthcare, Management, Operations, Sales and Marketing, Retail, and Strategy. The firm also ranked in the Top 10 in the remaining five categories. However, McKinsey wasn’t the only consulting firm to be the lead vote-getter in more than one category. Accenture duplicated that feat in IT Operations and IT Strategy. Lockheed Martin (Defense), Mercer (Human Resources) and Booz Allen Hamilton (Public Sector) also topped their respective industries. What’s more, the 2019 practice area ranking mirrored the 2018 listing, with all 14 industries featuring the same firm at the top of the list.