Beyond MBB: A Guide to Tier 2 Consulting Firms

While McKinsey, BCG, and Bain dominate the consulting headlines, numerous excellent firms offer outstanding career opportunities, often with better work-life balance and more specialized expertise.

What Are Tier 2 Consulting Firms?

Tier 2 consulting firms are high-quality strategy consulting firms that:

• Offer excellent training and career development
• Provide competitive compensation
• Have strong industry reputations
• Often specialize in specific sectors or services
• May offer better work-life balance than MBB

Top Tier 2 Strategy Consulting Firms

Oliver Wyman

Overview:

• Part of Marsh McLennan Companies
• Strong in financial services, healthcare, transportation
• ~5,000 employees globally
• Headquarters: New York

Specializations:

• Risk management
• Actuarial consulting
• Operations transformation
• Digital transformation

Culture:

• Collaborative and entrepreneurial
• Less hierarchical than MBB
• Strong industry expertise focus
• Emphasis on practical solutions

Compensation:

• Base salary: $160,000-$180,000 (MBA)
• Competitive with MBB firms
• Strong bonus structure
• Excellent benefits

L.E.K. Consulting

Overview:

• Founded by three ex-Bain partners
• Strong in strategy and M&A
• ~1,800 employees globally
• Headquarters: London

Specializations:

• Private equity due diligence
• Commercial due diligence
• Growth strategy
• Market assessment

Culture:

• Entrepreneurial and results-oriented
• Close client relationships
• Strong team culture
• Emphasis on practical impact

Compensation:

• Competitive with MBB
• Strong performance bonuses
• Equity participation opportunities
• Comprehensive benefits

Strategy& (formerly Booz & Company)

Overview:

• PwC's strategy consulting arm
• Strong in operations and transformation
• ~3,000 employees globally
• Headquarters: New York

Specializations:

• Digital transformation
• Operations improvement
• Organization design
• Innovation strategy

Culture:

• Collaborative and supportive
• Strong emphasis on implementation
• Cross-functional team approach
• Focus on sustainable results

Compensation:

• Slightly below MBB levels
• Strong benefits package
• PwC global opportunities
• Performance-based bonuses

Roland Berger

Overview:

• German strategy consulting firm
• Strong in Europe and Asia
• ~2,400 employees globally
• Headquarters: Munich

Specializations:

• Automotive and mobility
• Industrial goods
• Healthcare and pharma
• Digital transformation

Culture:

• International and diverse
• Entrepreneurial spirit
• Strong European network
• Focus on innovation

Compensation:

• Competitive in European market
• Strong international opportunities
• Performance-based advancement
• Comprehensive benefits

Kearney (formerly A.T. Kearney)

Overview:

• Independent strategy consulting firm
• Strong in operations and transformation
• ~4,000 employees globally
• Headquarters: Chicago

Specializations:

• Operations excellence
• Procurement and supply chain
• Organization transformation
• Digital and analytics

Culture:

• Collaborative and team-focused
• Strong operational expertise
• Emphasis on implementation
• Global perspective

Compensation:

• Competitive with tier 2 firms
• Strong bonus structure
• Global mobility opportunities
• Comprehensive benefits

Boutique and Specialized Firms

Health Care Specialists

Advisory Board Company

• Healthcare-focused consulting
• Strong in strategy and operations
• Part of Optum/UnitedHealth

Definitive Healthcare

• Healthcare intelligence and consulting
• Data-driven insights
• Growing rapidly

Technology Specialists

Slalom

• Technology and digital transformation
• Strong in cloud and data
• Rapid growth firm

West Monroe

• Technology and operations consulting
• Strong in digital transformation
• Mid-market focus

Financial Services Specialists

Promontory Financial Group

• Regulatory and risk consulting
• Part of IBM
• Deep financial services expertise

Capco

• Financial services consulting
• Strong in capital markets
• Technology and transformation focus

Regional Powerhouses

North America

Monitor Deloitte

• Part of Deloitte Consulting
• Strong in strategy and transformation
• Large global presence

Accenture Strategy

• Strategy arm of Accenture
• Strong in digital transformation
• Technology implementation focus

Europe

Simon-Kucher & Partners

• Pricing and marketing strategy
• Strong in pharmaceuticals
• Global presence

Berylls Strategy & Operations

• Automotive and mobility focus
• Strong in German market
• Growing internationally

Asia-Pacific

Bain & Company (Regional)

• Strong Asian presence
• Local market expertise
• Cultural understanding

Why Consider Tier 2 Firms?

Advantages

1. Better work-life balance: Often 50-60 hours vs 70-80 at MBB
2. Specialized expertise: Deep industry knowledge
3. Faster promotion: Less competitive hierarchies
4. Closer client relationships: More hands-on work
5. Less travel: Often more regional focus
6. Cultural fit: May align better with your values

Potential Drawbacks

1. Less prestige: Not as well-known as MBB
2. Smaller alumni networks: Fewer exit opportunities
3. Limited global reach: May have geographic constraints
4. Fewer resources: Smaller training budgets
5. Brand recognition: Less impressive on resume

Recruiting Process

Application Strategy

1. Research thoroughly: Understand each firm's specialization
2. Tailor your approach: Align with firm's focus areas
3. Network strategically: Leverage industry connections
4. Prepare differently: Cases may be more specialized
5. Apply broadly: Consider multiple tier 2 firms

Interview Preparation

Case Interview Differences:

• More industry-specific cases
• Focus on practical implementation
• Less structured frameworks
• More collaborative solving
• Emphasis on real-world constraints

Behavioral Interview Focus:

• Industry passion and knowledge
• Practical problem-solving examples
• Team collaboration stories
• Client service orientation
• Adaptability and flexibility

Career Progression

Typical Path

1. Analyst/Associate (0-2 years)
2. Senior Associate (2-4 years)
3. Principal/Manager (4-6 years)
4. Partner/Director (6-8 years)
5. Senior Partner (8+ years)

Advancement Factors

• Performance: Strong client results
• Business development: Bringing in new clients
• Specialization: Developing expertise
• Leadership: Managing teams effectively
• Network: Building industry relationships

Exit Opportunities

Common Exits

1. Industry roles: Leveraging specialization
2. Smaller consulting firms: Senior positions
3. Corporate strategy: Fortune 500 companies
4. Entrepreneurship: Starting own practice
5. Private equity: Especially from M&A-focused firms

Building Your Path

• Develop expertise: Become known in your area
• Build relationships: Maintain client connections
• Stay current: Keep up with industry trends
• Consider geography: Some firms stronger regionally
• Plan ahead: Think about long-term goals

Compensation Comparison

Base Salary Ranges (2024)

MBA Level:

• Tier 1 (MBB): $200,000-$220,000
• Tier 2 (Top): $180,000-$200,000
• Tier 2 (Mid): $160,000-$180,000
• Boutique: $150,000-$170,000

Total Compensation:

• Often includes bonuses, equity, benefits
• Performance-based increases
• Firm-specific perks and benefits
• May include profit sharing

Making Your Decision

Factors to Consider

1. Career goals: Where do you want to be in 5-10 years?
2. Industry interests: Do you have specific passions?
3. Work-life balance: How important is this to you?
4. Geographic preferences: Where do you want to work?
5. Learning style: Do you prefer broad or deep expertise?

Questions to Ask

• What is the typical career progression?
• How does the firm support professional development?
• What are the exit opportunities for alumni?
• What is the work-life balance like?
• How does compensation compare to industry standards?

Final Recommendations

1. Don't overlook tier 2 firms: They offer excellent opportunities
2. Research thoroughly: Understand each firm's unique value proposition
3. Network strategically: Build relationships across multiple firms
4. Consider your fit: Choose based on culture and career goals
5. Apply broadly: Don't put all eggs in one basket

Remember: Success in consulting depends more on your performance and fit than the firm's ranking. Many tier 2 firms offer superior training, culture, and career opportunities compared to their more famous counterparts.

Whether you're targeting tier 1 or tier 2 firms, strong interview preparation is essential. Our mental math guide will help you handle quantitative questions with confidence, and our comprehensive networking strategy will help you build relationships across the entire consulting ecosystem.