Which Consulting Firms Have the Best Work/Life Balance? (2023)

The consulting industry is well-known for its demanding and hectic nature, leading to various opinions on whether achieving work/life balance is possible for consultants. However, the answer to this question differs for each individual, as it is influenced by several personal factors.

While some consultants may find it challenging to strike a balance, others manage to maintain a fulfilling personal life alongside their professional commitments. 

Therefore, for applicants who are looking to enter the consulting industry, having a point of reference can be beneficial. This article will provide the latest rankings of best consulting firms for work/life balance in different regions.

Ranking of Best Consulting Firms for Work/Life Balance by regions 2023

The following three ranking tables are based on the lists compiled by Vault

The work-life balance rankings, in particular, are determined through a survey that utilizes a very simple and subjective methodology. Consultants currently working in various firms participate in the survey and rate the "work-life balance" factor of their own company based on their personal experiences, using a scale of 1 to 10. 

It is important to note that these rankings may not perfectly align with your individual preferences and needs, as they are heavily influenced by many personal factors and perspectives of each survey respondent. 

These factors include the respondent's role within the company, their specific field/industry or their relationships and personal issues. 

Work-life balance itself is a subjective concept, and each person will have their own definition and expectations of what it means to achieve a harmonious balance between work and personal life.

2023 Best Consulting Firms in Global for Work/Life Balance

2023 Best Consulting Firms in EMEA for Work/Life Balance

2023 Best Consulting Firms in Asia-Pacific for Work/Life Balance

External factors affect work/life balance

As mentioned above, work/life balance is a subjective concept that varies based on individuals' perspectives and personal challenges. However, there are some external factors that commonly reported by consultants as major impact of their life balance

Project-based nature of the work

Firstly, the project-based nature of consulting work is one of the primary factors affecting the work/life balance of consultants. 

This type of work structure introduces time pressures and demands excessive consulting hours during a given timeframe. 

Projects typically span at least 6-8 weeks or longer, resulting in extremely busy periods for those involved. 

But this factor also has its advantages since during unstaffed periods (when consultants are not engaged in client projects) the workload tends to be lighter, allowing for more free time. 

During these times, consultants can experience shorter working hours and a reduced level of intensity, providing a welcomed break from the pressures associated with project work

Working overtime

Overtime is a significant factor affecting the work/life balance of consultants.

According to research conducted by Consultancy.uk , an overwhelming 77% of consultants in the top market segment work beyond their contracted hours. 

Across different geographical locations, the range of working hours per week can vary from 50 to 90, resulting in an average of approximately 70 to 75 hours when considering lunch and travel time. 

Notably, all consultants surveyed reported working overtime, with an average of 20 additional hours per week. It should be noted that consultants do not receive overtime pay for these extra hours. 

Furthermore, work/life balance tends to improve with higher positions within the consulting field. Junior consultants, who are typically new to the industry, often experience heavier workloads and higher overtime demands.

Nevertheless, when consultants advance in ranks, they will have more sources of support, which will provide them more time.

Traveling schedule

Traveling schedules play a crucial role in the work/life balance of consultants and can be incredibly time-consuming. Since consultants work directly with clients, they often find themselves spending a significant amount of time at client sites. 

Travel can therefore contribute significantly to the number of hours that consultants spend on the job each week.

Many consulting firms follow the Monday to Thursday model, where consultants spend the majority of the week at client sites, which could be in another country and then return to the office on Friday. 

It is worth noting that MBB firms and larger consulting firms tend to have a more relaxed pace on Fridays, allowing consultants to have a slightly lighter workload and potentially more flexibility in managing their work/life balance.

Office culture

Last but not least, the firm or office you choose to work in can have a significant impact on your work/life balance. 

MBB and larger consulting firms tend to prioritize the weekends as valuable rest time for their employees. Consultants in these firms can generally expect their weekends to be respected and free from work-related interruptions. 

However, bring to notice that not all firms or offices follow the same approach. There are firms and offices where consultants are still expected to address work matters even on their days off. 

Taking time off is not uncommon in the consulting industry, and consultants in top firms often take leaves of absence lasting several months during their career. When consultants take vacation days, most consulting firms are known to respect this period.

The office culture where consultants work greatly affects their work/life balance and is highly valued by many applicants.

Hence, networking with current or former employees of the specific office or firm you are considering can provide valuable insights into their work/life balance practices and help you make an informed decision.

Again, work-life balance is a subjective concept. If you still want to dig deeper into this topic, please refer to these articles: Work-life Balance at McKinsey. 

This is an interview from a former Mckinsey consultant. Hence, this will help you to better understand the perspective and how they cope with this problem.