Consulting firm tiers: M&A Tier S: MBB Tier 1A: S& (Deals Strategy, PEVC), EY-P (Strat, TSE/legacy OTS), A&M PEPI, LEK Tier 1B: OW, Kearney, AlixPartners Tier 2: Accenture, Deloitte, PwC (DDV) Tier 3: KPMG, FTI, West Monroe, other boutiques

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Did compiling this list get you off OP?

likefunny

You’re either MBB or not. Prestige means nothing in the real world. I got friends that own small businesses making $50k per month with W-2s that state $20k per year. They are driving Ferraris while getting all stimulus checks. That’s the way to do it. None of this MBB vs Big 4 tiering garbage.

likesmarthelpful

This tiering nonsense could only thrive in an environment filled with insecure overachievers

likefunny

Cool story but not the point of this thread. We do work in consulting. Also, promoting tax evasion as the “way to do it” is cringeworthy. No way you can turn $600k to $20k through legal tax optimization.

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Nice try Accenture

likefunny

Why putting OW in 1B?

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Are you kidding me...🤦‍♂️

1B definitely has the pay/prestige, but their ranked slightly lower simply bc their M&A practices are not as large / they haven’t dedicated to growth.

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I don't understand this list. Is this cdd, pmi, odd, itdd, etc.? What industry? Etc. This stuff isn't that simple. The way PEs think about this is more along the lines of what do I want to pay for specific pieces of work and who has the right expertise for that work. I've worked with T1 pe shops that will go to one man shops for specific pieces of work, they'll split up their deals between vendors based on how important they are, they'll go to startups for specific analytics or data products etc. The ecosystem of vendors in this space isn't this simple.

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Not sure college frat tiering works well with M&A consulting... I've seen plenty of your lowly ranked shops lead work or partner with the top ranked shops on high profile deals with T1 PE clients

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Clarification : M is fine for M&A Integrations Tier S. But nothing else BBs don't have qualified people to do the deals.

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Bain does a ton of MI work, I’ve seen their work products. They have an internal Bain tool for MI

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Agreed with EY

Dont think Accenture M&A that great. I would think WM has it better than AlixPartners with all the projects they been working on. This list seems only based on your opinion rather than the data

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How different is EY valuation under strategy and transactions compared to EYP? Is that what you were including there?

There are more firms #1 and up in this ranking than #2 and below... See, Mom? Everyone is a winner!

I’m confused by the legacy OTS/TSE positioning. I get they pay more than equivalent at other big 4 but I don’t agree that paying more and aligning yourself with EYP strat bumps you up into a higher tier. I base tiers on prestige and quality and don’t see legacy OTS/TSE performing better or worse since the reorg nor taking market share at an accelerated rate. Always been a strong practice but how is it any different other than pay and go to market alignment?

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