Top Consulting Firms To Work For In Europe and Asia In 2024

It doesn’t matter. North Amerca, Europe, Asia: The result is the same.

Bain & Company always comes out on top.

That was the takeaway from the newest ‘Best Consulting Firms’ ranking from Vault. Already honored as the top consulting firm in the North American ranking, Bain & Company took a victory lap in the EMEA (Europe, the Middle East, and Africa) and APAC  (Asia-Pacific) regions. This was the second consecutive year where Bain ranked #1 in both regions (with the firm holding the top spot in North America since 2022).

THE METHODOLOGY

The ranking is based on satisfaction surveys conducted by Vault. An infobase platform, Vault collects employee reviews to produce rankings and company profiles in the banking, consulting, legal, and accounting sectors. Between the EMEA and APAC regions, Vault provides rankings across over 70 dimensions. This includes how firms perform n 19 Quality of Life and Work measures and how they are perceived in 15 practice area. In addition, Vault evaluates consulting firms in several Diversity categories as well as Prestige

“Our EMEA and APAC rankings are unique in that they give us a clear snapshot of how consultants in each individual region view their own firms and other firms,” explains. Eric Stutzke, senior VP and general manager of Vault, in a blog post. “These data-driven rankings are based on thousands of survey responses from working consultants in each region. The ranked firms include both global powerhouses with offices around the world and firms that have a more regional focus.”

This year’s ranking is centered around over 5,000 survey responses from the EMEA pool and over 2,000 responses from the Asia-Pacific region. Derived from a 2023 fall survey, Vault queried survey-takers using a 10-point scale – where 10 is the highest possible score. Using this scale, respondents scored their firms across Work-Life metrics ranging from Pay to Leadership to Business Outlook to Health and Wellness. Using the same scale, survey-takers evaluated competing firms to quantify their Prestige factor. Like the North American Vault Consulting 50 ranking, the EMEA and APAC rankings include the same dimensions at the same weight to produce the ranking:

30%: Prestige

15% Satisfaction

15% Firm Culture

10% Compensation

10% Level of Challenge

10% Work-Life Balance

5% Promotion Policy

5% Overall Business Outlook

In the EMEA region, Bain & Company notched the highest respondent scores in 12 of 19 Quality of Life and Work Categories. That includes 1st-place finishes in Firm Culture, Satisfaction, Compensation, and Promotion Policies. Together, these measures account for 45% of the ranking weight. At the same time, Bain & Company ranked 2nd for Work-Life Balance and 4th for Level of Challenge. In fact, the firm’s lowest average was found in Overall Business Outlook, where it came in 6th. Add to that, Bain & Company finished 3rd in the all-important Prestige category as scored by competing consultants. Technically, Bain claimed 1st in Prestige, as McKinsey and the Boston Consulting Group – which produced higher average scores in this measure – declined to participate in the EMEA rankings. In other words, Bain stood above all peers in three-quarters of the measures being weighed – an advantage no firm could surmount.

Roland Berger climbed from 3rd to 2nd in the EMEA region, ranking among the Top 3 in seven Quality of Work and Life Measures (including #1 for Internal Mobility and #2 for both Formal and Informal Training). Two pluses for Roland Berger: it placed 2nd in Business Outlook and 3rd for Satisfaction, a clear sign that their consultants have signed up for the long haul. After not participating in 2023, Oliver Wyman returned to the EMEA Consulting Ranking at #3, buoyed by ranking 4th – 2nd in reality – for Prestige. Kearney snuck up a spot to 4th, replacing OC&C Strategy Consultants (which dipped to 5th). EY Parthenon and L.E.K. Consulting also returned to the ranking at 9th and 10th respectively.

In the Asia-Pacific Region, Bain & Company was even more dominant. It posted the highest average scores in 17 of the 19 Quality of Work and Life Dimensions. The only areas where the firm fell short? Think Innovation (2nd) and Hours in the Office (3rd) – neither of which are weighed in Vault’s methodology. Like EMEA, Bain finished 3rd in Prestige in Asia-Pacific – a 30% weight. In reality, Bain ranked 1st here since neither McKinsey nor the Boston Consulting Group participated in this ranking, either.

Behind Bain & Company, you’ll find Kearney as the runner-up, ranking among the Top 5 in 13 of 19 Quality of Work and Life measures. Like EMEA, Oliver Wyman rejoined the proceeding at #3, with Roland Berger and Alvarez & Marsal rounding out the Top 5 in the Asian-Pacific Region. Kmind also emerged as a force in Asia. The firm debuted at 7th overall, including 2nd-place finishes in Satisfaction, Business Outlook, and Firm Leadership. Among the Top 20 APAC firms, there were 12 that weren’t part of last’s year’s ranking.

DIVERSITY AND PRACTICE AREAS

In addition, Vault ranks consulting firms in areas outside of the main ranking. Exhibit A: Diversity, which includes Disabilities, LGBTQ+, Minorities, Women, and Overall Diversity. Between EMEA and APAC, Bain & Company earned the highest scores in 7-of-the-10 options. In addition, Roland Berger cracked the Top 3 scores five times (and Alvarez & Marsal did it 4 times).

Like Prestige, Vault also asked survey respondents to evaluate competing firms in 15 practice areas, such as Energy, IT Strategy, and Retail. To produce this ranking, Vault asked consultants to list the top three firms in their practice areas (excluding their current firm). From there, Vault tabulated the results. While Bain & Company may have dominated the overall ranking, McKinsey garnered the most respect from consultants at other firms. In the EMEA market, McKinsey led the way in 6-of-15 practice areas, including the Financial, Strategy, and Technology practice areas. However, McKinsey wasn’t a clear-cut dominant force in EMEA, as the Boston Consulting Group generating the most votes in five areas: Energy, Environmental Sustainability, Human Resources, Management, and Operations consulting. In the Asia-Pacific region, McKinsey flexed its muscles, scoring more votes in 9 practice areas (compared to 2 from the Boston Consulting Group).

Overall, Vault also reports that Firm Culture is the top priority for consultant in both the EMEA and APAC regions. APAC consultants also gave much lower scores to Business Outlook than their EMEA and North American counterparts (though averages were down in this dimension across the board against previous years).

Click on the links below for data related to the European and Asian consulting surveys from Vault.

OVERALL RANKINGS (Europe and Asia)

EUROPEAN EMPLOYMENT FACTORS (Compensation, Culture, Work-Life Balance, Etc.)

ASIAN EMPLOYMENT FACTORS

EUROPEAN PRACTICE AREAS (Analytics, Finance, Strategy, Etc.)

ASIAN PRACTICE AREAS

PRESTIGE AND DIVERSITY (Both Europe and Asia)