HISTORICAL VAULT CONSULTING 50 SCORES
What a difference that six years make!
At the height of COVID, McKinsey ranked as the top consulting firm in the world according to the Consulting 50. Today, McKinsey is no longer part of the list. The same goes for Deloitte and Oliver Wyman, which finished 4th and 5th respectively, along with EY-Parthenon and PwC, which made 7th and 8th that year. At the opposite extreme, Keystone Strategy, ranked 40th six years ago, now holds the 11th spot. The same goes for OC&C Strategy Consultants (49th to 15th).
One thing that hasn’t changed: BCG and Bain are still tussling with each other for bragging rights?
THE RISE OF THE AI INTERVIEW
That begs the question? What exactly does the future hold for management consulting? Certainly, AI will be a centerpiece, says Derek Loosvelt, Vault’s Editorial Director. One trend he expects to take hold is a rollout of an AI-powered interview.
“My colleague Rob Porter recently wrote a great piece about McKinsey’s new much-talked-about interview format requiring candidates to use an AI chatbot, the purpose of which is to gauge how effectively they can work with the AI tool,” Loosvelt tells P&Q. “In his article, Rob writes: “Consulting firms are undergoing a structural shift driven by AI adoption and client expectations. McKinsey, like its peers, is spending more of its time helping clients implement AI systems, redesign workflows, and deliver outcomes … At the same time, McKinsey is expanding its internal use of AI dramatically.” So, it follows that McKinsey and its peers will be looking for candidates with strong AI skills, and testing them on these skills during the hiring process.”
Another change is how larger firms are increasingly embracing the boutique openness to different workstyles over more rigid all-on model where long hours and crushing workloads are the norms.
“[There is] an increased focus on improving workplace benefits and policies, and cultivating positive workplace cultures,” Loosvelt continues. “I think it’s important to note that both Bain and BCG – the No. 1 and No. 2 ranked firms, respectively, in our 2026 Consulting 50 – did not earn those rankings through prestige alone. Consider that Bain also ranked No. 1 in these categories: Compensation, Culture, Formal Training, Informal Training, and Promotion Policies. And BGC ranked No. 1 in these: Benefits, Health and Wellness, Interaction with Clients, and Relationships with Supervisors. In addition, both firms offer a lot of flexibility when it comes to where and when you work (hybrid work is offered and the norm, not frowned upon like it is in some other industries). All of which points to “the best firms” also having the best workplace policies and cultures. So, other firms wanting to increase their desirability as employers will, I believe, continue to focus on improving these quality of life factors. Which, of course, will positively impact current and future consultants.”
STEADY WORK IN THE NEAR FUTURE
Of course, Loosvelt is careful to add a caveat to the kinder, gentler workplace he sketches out.
“I think it’s also important to note that an increased focus on benefits and policies doesn’t necessarily mean consultants will work fewer hours. As one BCG insider told us this year, “Hours are always going to be challenging in a consulting environment. I think BCG is no better or worse than the average firm on hours. Where BCG shines is in providing a caring environment that can adapt to your needs: things like flexible working models.” And here’s a Bain consultant who took our survey speaking about the same issue: “Yes, we work a lot, but we have a great amount of flexibility (especially as we get more senior). We are also very results-oriented and not focused on face time: Get your job done, drive the impact, and you can set your own schedule.”
And Loosvelt’s prediction for the next two years? AI will remain a boon for the consulting industry.
“Given the evolutionary pace and pervasiveness of AI tools, it’s hard to predict anything these days. But I’d say if you’re in the business of providing sound, innovative, ethical advice to organizations facing complex and challenging issues (like those that AI is presenting), you’re likely going to be in a pretty good place for the foreseeable future.”
Next Page: European Ranking