In banking, you have bulge bracket banks (GS, MS, JPM, etc) and also elite boutiques (Evercore, Lazard, etc).

In consulting, the parallel to bulge bracket banks is obviously MBB, but I'm wondering if there are such things as "elite boutiques" in consulting too?

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(1) Not really - the reason elite boutiques exist in investment banking is that they fill the independent advisory niche and/or specialized services (restructuring, board defense). Thought that way, the parallel to elite boutiques in consulting is MBB themselves — as opposed to Big 4, large GSIs like Accenture, TCS, etc. (which are the bulge-bracket equivalents in this analogy).

(2) there is much more transparency in banking around “who’s who” — you can always check league tables and see that Evercore does ~1/4 of Goldman’s M&A advisory revenue despite having ~1/8-1/10 of the headcount. Management consulting is entirely opaque - even when MBB/Big 4 publish named case studies, there’s no way to accurately judge project scope or outcome.

(3) From a talent/career perspective, none of the T2 firms have successfully (consistently) closed the gap to MBB in terms of overall compensation and exit opportunities. Similarly, the recruiting bar at T2 firms doesn’t consistently rise to that of MBB. Compare that to Lazard/Evercore/Centerview/etc. where the bar for both recruiting and exits is often higher than at BBs.

If I were forced to come up with the closest boutique consulting/boutique banking analogy, I’d say AlixPartners is to MBB what Cantor Fitzgerald or Houlihan Lokey (mb Jefferies if you’re being generous) is to BB/elite boutiques.

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Of course I am biased, but I joined Alix at a premium vs. MBB (so in terms of comp they at least match, and I think that A&M is higher for top performers), and in terms of exit options I get as many outreaches because of my strategy / MBB days as I get for PE portco roles through Alix.

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Not exactly sure about which ones are “elite”, but yes, there are definitely some. Kearney, Roland Berger, FTI Consulting, Alix Partners - and potentially even the elite subbrands of the big4, such as MonitorDeloitte, EY Parthenon, Strategy&

I like to read James O’Dowd posts on LinkedIn, he has a lot of insights on consulting firms and movements among them

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Appreciate the detailed response M2.

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I’m sorry but who cares?

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Outside of MBB, there’s nothing “elite” about a career in consulting.

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Our MD+ leadership group consistently tells us we are a top tier consulting firm. Should I not believe them?

there are, yes. type it into copilot or chatgpt as a question and it’ll list them all off for you

I did, and one of the options it gave me was Accenture Strategy, which felt off considering their size.

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