Vault.com, a careers resource, unveiled a brand new ranking – The Vault Consulting 50 – that looks beyond prestige to determine the best consulting firms to work for. Bain & Company took the top spot in this inaugural year for the Vault Consulting 50, followed by the Boston Consulting Group and McKinsey & Company.

As part of Vault’s annual Management and Strategy Consulting Survey, conducted from March through July, over 4,500 consultants of all levels were asked to assess their peer consulting firms on a scale of 1 to 10 based on prestige (they were unable to rate their own firm, and were asked to rate only firms with which they were familiar). They were also asked to rank their own firm’s quality of life. A weighted formula was applied to the data to determine the Vault Consulting 50 Rankings for 2011.

“We went out and asked consultants what mattered most to them in choosing an employer and prestige, while important, was not the biggest determining factor,” said Brian Dalton, managing editor at Vault.com. “According to consultants, company culture was the most important factor, followed by practice strength, prestige and compensation, along with several other factors.”

The Top 10 Firms from the Vault Consulting 50 Rankings for 2011 are:

1. Bain & Company

2. The Boston Consulting Group

3. McKinsey & Company

4. Analysis Group

5. The Cambridge Group

6. Deloitte Consulting

7. Oliver Wyman

8. A.T. Kearney

9. Triage Consulting Group

10. Censeo Consulting Group

Respondents note that Bain “set the bar (with McKinsey) in terms of prestige” and noted that the firm was “great for management consulting.”

In terms of quality of life, one strategy consultant at Bain & Company said of the firm: “There is no other company I’ve seen in my 10 years of professional experience with a stronger, healthier culture.” A Toronto staffer added, “It is a demanding career, but yes, I have been able to live a very rewarding personal life over my last 10-plus years at Bain.”

Boston Consulting Group also received high praise. Said one health care consultant: “BCG is a fantastic place to work. They go the extra mile to invest in their consultants. The work is interesting, the people are brilliant, and the compensation and benefits are second to none.”

“Bain & Company, and Boston Consulting Group for that matter, historically dominates many of our quality of life categories, in addition to carrying a lofty reputation in the industry,” added Dalton. “McKinsey, which is perennially the most prestigious firm, slips due to lower firm culture and work/life balance scores areas – where smaller firms tend to have the advantage.”

Other smaller, more niche firms that were recognized for their quality of life, include Analysis Group (No. 4), The Cambridge Group (No. 5), Triage Consulting Group (No. 9), Censeo Consulting Group (No. 10), and West Monroe Partners (No. 11).

As an example of why these smaller niche firms are succeeding, one senior consultant at The Cambridge Group said, “I feel very lucky to have found TCG. I am constantly challenged and enjoy the work and the people. As a testament to the great experience I have had, I’m the only one of my friends from business school who has not switched companies since leaving school.”

According to Dalton, more jobseekers are discovering the benefits of joining these niche consulting companies. “These firms often get overlooked in the prestige rankings in favor of the more well-known firms,” he said, “but they shine in the quality of life areas that many consultants care most about, leading to some deserved recognition in our Vault Consulting 50 Rankings.”

Source:   Top-Consultant News