Bain consultants kicking back after another productive day.

McKINSEY EARNS HIGHEST MARKS IN TWO-THIRDS OF PRACTICE AREAS

Don’t worry, McKinsey finds plenty of competition in the practice areas from the usual suspects. Both BCG and Bain ranked among the Top 15 consulting firms in all 14 areas as well. BCG, for one, ranked among the Top 3 firms in eight categories, including being the second-highest vote-getter in Energy, Healthcare, Management, Sales & Marketing, Retail, and Strategy – all categories where Bain ranked 3rd. Deloitte was also ranked in 12 categories, including 2nd place finishes in Operations and Public Sector consulting. Oliver Wyman appeared in 11 categories, with its best area being retail at 7th.

What can the industry expect from the Vault Consulting 50 in 2020? Maldonado expects two trends to take center stage over the coming year. Channeling his inner McKinsey, he believes innovation is set to become a differentiating force, both in terms of retaining clients and attracting talent.

TRENDS TO WATCH: INNOVATION AND DIVERSITY

“Innovation” is one of those buzzwords that really starts to lose its meaning because it’s used so freely,” Maldonado admits. “When it comes to consulting firms – especially the ones on our list – innovation is actually something that people are talking about. When talking about their optimism for the business outlook of a firm, many of our survey respondents praise the firm’s innovation. Whether it’s in developing a new product, expanding into different practice areas, or establishing key points of differentiation from the rest of the market, a firm’s adaptability and willingness to stay ahead of the latest trends and technologies is really what excites consultants most. Take McKinsey. It is investing heavily in areas like big data and artificial intelligence; the firm is actively trying to establish itself as the point of reference for these emerging trends.”

However, Maldonado pairs McKinsey’s Innovation yin with its Diversity yang as another trend to follow. While diversity is a key component to most companies’ strategic plan, he believes the virtues of diversity is more “prescient” than ever.

“In the current social climate, people are looking for places embrace change and embody values of equality and fairness. McKinsey leads our Diversity rankings as well, and a recurring theme throughout the survey was how seriously McKinsey takes diversity, to the point that it has become a priority for the firm. Aspiring consultants want to enter a firm where they are welcome and where their background is given the utmost consideration. Seasoned consultants want to feel affirmed and valued. As diversity becomes more of an intrinsic value in the consulting world, we will see more firms adopting tangible initiatives and programs to demonstrate their commitment to diversifying their workforce.”

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