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VAULT CONSULTING 50 RANKING (NORTH AMERICA)

Bain overtaking BCG wasn’t the only big news coming out of the North American Vault Consulting Ranking. You could say the subhead to the Bain headline was the Analysis Group climbing five spots to rank 3rd overall.

As late as 2018, the Analysis Group wasn’t even ranked by Vault – quite striking for a firm that was founded in 1981. Last year, the firm ranked 8th – and 13th the year before. What’s behind the firm’s ascension? Think lots of small movements.

BIG MOVERS: ANALYSIS GROUP AND INIZIO IGNITE PUTNAM

For one, in Prestige, worth nearly a third of the ranking, the Analysis Group moved up 9 spots to 24th – a major rise considering movement in this dimension is often relegated to one or two spots. It also performed well in areas that were weighed in the ranking methodology: Level of Challenge (7th), Compensation (8th), Overall Business Outlook (13th), and Satisfaction (13th). Equally, the Analysis Group performed well in dimensions not factored into the methodology. They include Selectivity (4th), Benefits (5th), and Firm Leadership (6th). On top of that, the firm produced the highest score in the Economics practice area.

Derek Loosvelt, Vault’s Editorial Director, considers the Analysis Group’s performance to be one of the biggest surprises of the 2026 North American ranking. “Analysis Group consultants who took our survey this year raved about “the extensive and unique on-the-job mentoring” as well as the “the ability to choose your own projects” and “experiment with new and exciting casework on your own terms,” he tells P&Q. “Another differentiating factor, according to Analysis Group insiders, is its business model. As one insider explained, “The firm is in a strong position, especially relative to other consulting firms, driven by the fact that we are economic consultants, which is a bit more recession-proof.”

Another interesting development was Putnam holding onto the 4th spot – or should we say Inizio Ignite Putnam, as the firm was acquired in January. Based on these results, the new owners must be feeling upbeat about their investment. Notably, the firm ranked in the Top 10 across 15 Work and Life Dimensions. This includes 1st for Internal Mobility. At the same time, survey respondents gave the firm high scores in various Inclusion measures, including Disabilities (1st), LGBTQ+ (2nd), and Overall Inclusion (3rd).

Inizio Ignite Putnam’s Achilles Heel? Think Prestige, where it lost 7 spots to rank 44th.

“[The firm ranked] in the top 10 in several Quality of Work and Life Rankings, including Work-Life Balance, Health and Wellness, Level of Challenge, Benefits, Hours, Innovation, Formal Training, and Informal Training,” observes Loosvelt. “In fact, the firm’s insiders who took our survey raved about the “robust entry-level training program,” “trainings provided for management roles,” “emphasis on informal mentorship,” “open access to reaching out to senior level management for time to discuss development,” “fantastic opportunities for mentorship,” and “rapid progression path to partner.” So, it seems safe to say that Inizio Ignite Putnam is in a good place too.”

ALVAREZ & MARSAL DESCRIBED AS “FLEXIBLE”…AND “SANE”

Roland Berger retained the #5 spot, buoyed by Top 10 finishes across five dimensions. This included ranking 3rd for International Opportunities and 6th for Internal Mobility. Cornerstone Research moved up three spots to claim 6th, while ghSMART & Company – ranked as high as 4th two years ago – slipped another spot to 7th. Bates White Economic Consulting (8th) and Arthur D. Little (10th) also continued their momentum into the Top 10.

Loosvelt lists Cornerstone Research and Bates White among the firms he is watching in 2026.

I’m curious to see if firms like Cornerstone Research (which rose three places to No. 6 in the Consulting 50), Bates White (which rose two places to No. 8 in the Consulting 50), and DayBlink (which debuted at 34th) continue their respective climbs in our rankings. Cornerstone is well known for its outstanding compensation and culture, Bates White for its informal training and mentorship, and DayBlink for its benefits and promotion policies. All seem to be doing a lot of things right when it comes to culture and workplace policies.”

The same can’t be said for Alvarez & Marsal. Ranked 3rd for the past two years, the firm tumbled to 9th overall. Point the finger at Prestige, where the firm’s average cratered by nearly .030 of a point. At the same time, the firm only ranked among the Top 25 across seven Quality of Work and Life dimensions, led by Level of Challenge (13th) and Compensation (14th), and Overall Business Outlook (15th). Despite these numbers, Alvarez & Marsal received plenty of plaudits from consultants surveyed by Vault. One respondent describes the firm as “sane” – defined as a workplace that’s flexible and where consultants aren’t working “excessive hours all the time.” Another consultant frames the firm in a similar light.

“Our firm treats its employees like adults. We are provided with our job requirements and given unlimited PTO so each individual can manage their time commitments.”

More than that, the firm’s diverse portfolio means the down times are mitigated to an extent. “The firm as a whole is very well insulated from market shifts,” adds another survey respondent. “During bullish periods, our PEPI, CPI, and TAG teams can drive a ton of business. During bearish periods, our NACR team can generate significant revenue and bring in assistance from the other business units. Tax is also a generally stable practice and is expanding.”

A MERGER CREATES A POTENTIAL POWERHOUSE

Among this year’s big movers, you’ll also find Simon-Kucher & Partners, which improved from 23rd to 17th. By the same token, Grant Thornton Stax moved from 22nd to 18th. Grant Thornton and Stax were originally separate firms, but combined forces during an acquisition last fall. As the firms meld operations, resources, and cultures, they could emerge as a powerhouse in the coming years.

“Grant Thornton Stax insiders who took our survey told us that Stax’s “recent integration with Grant Thornton has created meaningful opportunities for growth, scale, and cross-collaboration” and has “positioned the firm to compete more effectively against larger consultancies,” Loosvelt tells P&Q. “Perhaps underscoring these opportunities, Grant Thornton Stax ranked No. 1 in International Opportunities this year as well as No. 1 in Level of Challenge. So, I’d say that’s a pretty good internal endorsement of the acquisition, and a positive impact.”

Loosvelt also cites Cirque Analytics as a firm on the rise. Opened in 2021 and unranked just two years ago, Cirque Analytics has rocketed up 15 spots in just two years.

“Cirque Analytics [is] headquartered in Jackson Hole, Wyoming, with additional offices in Irvine, Los Angeles, Provo, and Washington, DC.,” adds Loosvelt. “Cirque rose 15 places from No. 39 last year to rank No. 24 this year in our Consulting 50. Cirque, which has under 50 employees, also rose eight places from No. 10 to No. 2 in our Best Boutique Consulting Firms Ranking. I’d say that’s a firm on the rise. In addition, Cirque did well in several other key rankings, ranking among the top five in Benefits, Hours, Compensation, Culture, and Overall Satisfaction.”

Overall, the biggest debut came courtesy of the Huron Consulting Group, which came in at 19th. Publicis Sapient also entered at 26th. Aberdeen Advisors (29th), Kx Advisors (30th), Metis Advisors (36th), and Kepler Cannon (37th) also made splashes in their introduction to the Vault Consulting 50.

That said, Kearney – ranked 8th last year – tumbled out of the ranking. The same could be said for Aminad Consulting, a rankings darling that finished 19th a year ago. These firms join a list of organizations that have opted out of the Consulting 50 over the years, including McKinsey, Strategy&, Oliver Wyman, EY-Parthenon, PwC, KPMG, Accenture, and Deloitte. Despite this, Vault continues to receive verified survey responses from these firms that are available to readers.

Next Page: Firm Prestige Ranking