Choosing The Best Fit Consulting Firm: A Step-by-Step Guide

Ever felt unsure about which consulting firm to work for? With so many options, each offering unique opportunities and challenges, it is essential to find one that matches your career goals and personal values. 

This article will guide you through three key steps to make an informed choice. We will explore how to understand your career goals, research different firms, and assess the application process.

Keep reading to know how to find a consulting firm where you will thrive in your career.

Importance of choosing a suitable consulting firm

Finding a firm where you fit in is such an important decision that has a long-term impact on your future.

First, a suitable consulting firm helps you develop skills and be exposed to the industry you are interested in. For example, if you love technology, you surely want to find a consulting firm that focuses on tech companies like Accenture, which allows you to work on exciting projects in that field.

Second, your personal satisfaction is also affected by the firm you choose. If the company's culture matches your values and work style, you will have more motivation to contribute your efforts.

Impact of choosing the suitable consulting firm

Three steps to choose the suitable consulting firm

Different people have different approaches when deciding which firm to work for. However, this article suggests three common steps that can be easily applied: 

• Step 1: Understand your career goal

Be self-aware and set specific goals for your future.

• Step 2: Research different consulting firms

Shortlist your choices based on a set of criteria.

• Step 3: Assess the application process and your fit

Understand each firm's recruitment process to see if you fit their requirements.

Three steps to choose the suitable consulting firm

Step 1: Understand your career goals

Be self-aware

This means knowing your strengths, weaknesses, and interests in the consulting industry. Finding it too vague to truly understand yourself? Here are some tips to help you get to know yourself better:

• Reflect on your learning experience at school

Pay attention to which subjects you enjoy and perform well since you might consider a consulting career in that field. If you are not sure what you like most, generalist consulting firms that cover various industries would be a good fit.

• Start with an internship

The internship is a hands-on experience to figure out what kind of consulting work you enjoy. You can look for internship programs offered by consulting firms through LinkedIn or current employees’ network from June to September.

• Review performance

Don’t forget to analyze feedback from your colleagues and clients. This can help you understand your strengths and areas for improvement, guiding your career choices.

• Find a mentor

You can find mentors through alumni networks, senior colleagues, consultants’ community or matching programs like Coaching service of MConsultingPrep. They can guide you to make decisions about your career path.

How to get to know yourself better

Set specific goals

Once you have a good understanding of yourself, you can identify the criteria to choose a firm. Then, it's time to rank your priorities from must-have to nice-to-have aspects. This helps you define what is most important to you. It can be developing specific skills, working in a particular industry, or finding a comfortable work environment.

After that, use the SMART goal framework to ensure each goal of your priorities is Specific, Measurable, Achievable, Relevant, and Time-bound. 

Step 2: Research different consulting firms

To conduct thorough research on different consulting firms, here are some important factors to consider.

Five factors to consider when researching company

Types of consulting firms

Management consulting firms can be divided into four main tiers: 

• MBB: McKinsey, BCG, and Bain, known for their high reputation and top-tier clients.
• Tier 2: These include Accenture, Kearney, Oliver Wyman and L.E.K, which have a good reputation but a bit smaller project size and client base than MBB.
• Big 4: Deloitte, PwC, EY, and KPMG, which offer consulting services with a deeper focus on accounting, tax, risk or legal.
• Boutique Firms: Smaller firms that specialize in specific industries or services.

By knowing the differences between firm types and tiers, you can make a more informed choice about which firm is the best fit for you.

For example, if you have a strong interest in a specific industry, a boutique firm might be a good idea. If you want to work for well-known generalist consulting firms but find MBB out of reach, the Tier 2 like Kearney and Olver Wyman can still provide a rewarding career path.

Four tiers of management consulting firms

Firm culture

The first thing to look at is the firm’s work environment, which includes a set of values and ethics. Do they promote sustainability, innovation, or diversity among its employees? A company that supports your personal values can make your job more enjoyable.

Next, consider how the firm supports its employees' growth. Check if they offer special training programs and mentorship opportunities to help you advance in your skills.

To get a clear picture of a firm’s culture, visit the firm’s official website and social media pages. Look for sections about their values, mission, and how they showcase their image. 

Another way is to read reviews from current and former employees. You can easily connect with them on Linkedin. Or else, join communities like Glassdoor and MConsultingPrep, which include a lot of discussions into work environment, management style, and overall employee satisfaction.

Compensation & benefits

Regarding compensation, you should compare both the base salary and bonuses offered by different firms for consultants at your level. Base salary is the regular amount you get paid, while bonuses are extra payments given for doing a great job or meeting specific targets. 

For instance, in the US, junior-level consultants at McKinsey and Deloitte have similar base salaries, ranging from $81,000 to $122,000. However, McKinsey employees can earn bonuses of up to $16,000, whereas Deloitte consultants only receive bonuses up to $10,000.

You can read this article to learn more about salaries of some consulting firms.

When it comes to benefits, look into the health insurance, retirement plans, and travel opportunities of each firm. Some may offer lower salaries but have attractive benefit packages, which can significantly enhance your overall experience.

Compensation and benefits

Geographic location

Geographic location is also an important criteria to decide whether a firm aligns with your personal lifestyle and future goals.

You should check where its offices are located (which can easily be found on the internet). If you have a preference for living in a certain city or region, make sure the company has offices in that area. Working in a location you like can make your daily life more convenient.

Most importantly, research the firm’s relocation policies. Consultants have to travel a lot, therefore, some firms can provide support for moving to a different city or country.

Exit opportunities

Exit opportunities are the career paths you can pursue once you leave the consulting firm. To explore these opportunities, look into what former employees have gone on to do.

Different firms offer different future options. For example, former McKinsey consultants often fit into diverse industries and roles, such as product management, strategy, or executive positions in other companies. On the other hand, former Accenture consultants can advance their careers in top tech companies, as Accenture is renowned for its expertise in the tech industry.

Step 3: Assess the application process and your fit

The final step in choosing the right consulting firm is to understand each firm's recruitment process and determine if you are a good fit.

The most simple way is to read job descriptions and other recruitment materials published during hiring seasons. This will give you insights into what qualities and skills the firm seeks.

Additionally, discover all the recruitment programs of the firm to find the best match for your experience. These can include programs for fresh graduates, senior professionals, or fellowships.

Finally, don’t forget to get familiar with the types of assessments used by the firm. Many consulting companies, like McKinsey or BCG, use special tests to evaluate candidates.

How to assess the application process & your fit

Wondering what these tests look like? MConsultingPrep offers simulations for MBB tests including McKinsey Solve Simulation, BCG Casey Simulation, or Bain’s aptitude tests. You can check these products to understand what to expect and improve your performance in real assessments.