Pranav Krishna
Consultant at Universal Consulting
Tier 2 consulting firms are successful, global consulting companies that fall outside the “MBB” firms (McKinsey, BCG, Bain) or “Big 4” firms (Deloitte, PwC, KPMG, and EY), but are still highly reputable and respected. These firms often specialize in niche industries or specific types of consulting engagements and provide excellent career growth opportunities with a more balanced work environment. Examples of Tier 2 consulting firms include Accenture, LEK, and Oliver Wyman.
If you’re considering a career in consulting or exploring your next move, understanding how Tier 2 consulting firms stack up against other firms can help you make an informed decision.
In this article, we’ll discuss:
- What makes a company a Tier 2 consulting firm
- The pros and cons of working at Tier 2 consulting firms
- The 10 best Tier 2 consulting firms and what you must know about them
- 5 tips on how to land a job at top Tier 2 consulting firms
Let’s get started!
What Is a Tier 2 Consulting Firm?
When people think of consulting, names like McKinsey, BCG, and Bain often come to mind. However, the consulting industry is much broader, with Tier 2 consulting firms offering unique advantages that shouldn’t be overlooked.
Consulting firms can be grouped into these categories:
- MBB: The 3 most prestigious global consulting firms, namely McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company. These firms are often referred to as “The Big 3” and are renowned for their expertise in strategy consulting. They work with Fortune 500 companies, governments, and global nonprofits and are often asked to advise on clients’ most pressing problems.
- Big 4: Deloitte, PwC, KPMG, and EY are known primarily for their accounting and audit services but also have strong consulting arms. They provide a range of services, including management consulting, risk advisory, and digital transformation. Their focus often includes operational efficiency, compliance, and technology implementation. Big 4 firms are larger than the MBB firms and offer a wider array of services across multiple sectors, however, they may not do as much corporate strategy work.
- Tier 2 Consulting Firms: Represent a middle ground between the MBB and the Big 4 firms, on one hand, and smaller boutique consulting firms on the other. They are smaller and more specialized than top-tier consulting firms but have a larger presence and address a wider range of business problems than boutique firms. Tier 2 consulting firms include widely-recognized names such as Accenture, Oliver Wyman, LEK Consulting, and Kearney. While they may not have the same brand recognition as MBB, they are highly respected within the specific industries and sectors in which they operate.
- Boutique Consulting Firms: Specialized, small firms focusing on a particular type of consulting, industry-focus, or geographic region. They can range from healthcare and life sciences-focused to tech-focused or even specialize in social impact work. Their appeal lies in the depth of expertise they offer within a specific sector, although they may lack the breadth and geographic scale of larger firms.
The Work of Tier 2 Consulting Firms
Tier 2 consulting firms work with a broad spectrum of clients, including both large- and mid-sized businesses, government entities, and nonprofits. Many Tier 2 consulting firms focus on a few industries or functional areas, allowing them to provide deep insight into the problems they address and, sometimes, to cultivate closer relationships with their clients than may be possible for larger, generalist firms.
This allows Tier 2 consulting firms to carve out niches in sectors that demand in-depth knowledge and tailored methodologies. For instance, Oliver Wyman is renowned for its expertise in financial services and risk management, while Simon-Kucher & Partners excels in pricing strategy consulting. Similarly, Accenture is recognized for its strengths in technology and digital transformations, while LEK Consulting has built a strong reputation in life sciences and healthcare, providing insights and strategies that cater to the unique challenges of these fields.
Tier 2 consulting firms typically operate with a concentrated network of regional offices. For example, Roland Berger has established market leadership in Europe, while Kearney focuses significantly on the United States and the Middle East. Although Tier 2 firms may not have the same level of global coverage, they excel in specific regions and sectors, enabling them to leverage local knowledge and expertise. This regional focus allows these firms to better serve clients who require consultants familiar with the nuances of local markets and industry dynamics.
While Tier 2 consulting firms may not carry the same level of brand recognition that MBB firms do, they are still highly regarded within their areas of expertise. Kearney, for example, has built a strong reputation, especially in operations and supply chain consulting, attracting clients looking for targeted guidance in these areas. For many clients, Tier 2 consulting firms strike a balance by offering high-quality strategic thinking without the price tag that comes with hiring an MBB firm, making them appealing partners for clients seeking specialized knowledge and more cost-effective solutions.
Pros and Cons of Tier 2 Consulting Firms
When evaluating firms to apply to, it’s important to understand the unique opportunities available in each category of firms.
Let us explore the key differences between Tier 2 consulting firms and MBB, Big 4, and boutique firms across a variety of factors.
Work Focus: Tier 2 consulting firms are often known for their specialized expertise, typically honing in on particular industries or functional areas where they’ve built deep knowledge and tailored methodologies, while also offering generalist consulting services. For instance, firms like ZS Associates focus extensively on healthcare and life sciences, leveraging data analytics to support client needs. This specialization allows Tier 2 consulting firms to offer a depth of insight that resonates with clients needing in-depth industry knowledge and a tailored approach to their unique challenges.
While the MBB firms are best known for their high-level strategy work and generalist approach to problem solving, they also have specialized function practices that provide deep expertise. McKinsey, for example, has functional practices in Digital, Marketing & Sales, Operations, Sustainability, and other areas. Experts from these practices allow the MBB to compete against more specialized Tier 2 firms.
The Big 4 firms, meanwhile, better known for their technology, operations, and implementation projects rather than strategy consulting projects. The Big 4 break their consulting arms into more focused areas. Deloitte, for instance, organizes its consulting services into Human Capital, Strategy & Operations, and Technlogy. They also offer a wide suite of services beyond consulting, including audit and tax.
Boutique consulting firms tend to concentrate on particular industries, offering niche expertise but without the broader generalist services or scale of Tier 2 consulting firms.
Type of Clients: Tier 2 consulting firms tend to work with a diverse range of clients, including mid-sized companies, regional businesses, non-profits, and government agencies, often focusing on specific industries.
This differs from MBB and Big 4 firms, whose clients are frequently large multinationals and Fortune 500 companies. Boutique firms, meanwhile, work with smaller, less well-known clients. While Tier 2 firms also serve some larger corporations (for example, Accenture works with Adidas, Best Buy, Barclays, and GSK), their narrower focus and industry-specific expertise often attract clients looking for targeted support rather than broad, cross-industry solutions.
Culture: Tier 2 consulting firms often foster a more collaborative and inclusive culture compared to the competitive environments seen at MBB firms. This can be attributed to their more sector-specific and regional focus, which often results in smaller teams and tighter-knit communities. For example, LEK Consulting and Kearney are known for their collegial environments, where junior consultants may receive more face time with senior leadership compared to their counterparts at larger firms. Boutiques, with their smaller teams, also offer a close-knit environment that can appeal to those seeking a more hands-on experience.
Work-Life Balance: Though consulting is known for demanding hours, Tier 2 consulting firms may offer a more manageable work-life balance than what’s often seen at MBB. With fewer travel requirements and projects that are frequently more regional in scope, consultants in Tier 2 firms may experience less intense on-site client commitments. While hours can vary widely by firm and project, consultants at Tier 2 consulting firms and Big 4 report more reasonable working hours and a focus on employee well-being compared to MBB where 60 to 70 hour workweeks are not uncommon. However, during high-intensity periods, even consultants at Tier 2 firms can experience long hours. Boutique firms may offer a balanced environment, but given their specialized focus and smaller teams, consultants might face highly variable workloads depending on project demands.
Compensation: While compensation at Tier 2 consulting firms is competitive, it typically falls below the top-tier packages offered by MBB firms, known for some of the highest salaries in the industry. Though these packages may not match MBB levels, they are in line with market standards.
Big 4 firms generally offer compensation higher than Tier 2 consulting firms. Boutique consulting firms, meanwhile, tend to provide competitive salaries that can range widely based on the firm’s focus and niche.
For a deeper dive, see our Management Consulting Salaries article.
Career Progression: Career growth in Tier 2 consulting firms can be more tailored and often aligns closely with the firm’s specialized focus. Unlike MBB and Big 4 firms, where consultants follow a relatively structured path with opportunities to take on broad, cross-industry projects, Tier 2 firms offer growth that is often industry-focused, allowing consultants to deepen their expertise within a particular area, such as healthcare, financial services, or technology. This concentrated experience can lead to a more specialized career trajectory, where consultants grow as subject-matter experts rather than generalists. Boutique consulting firms provide opportunities for faster advancement due to smaller teams and flatter hierarchies and provide industry-specific expertise similar to Tier 2 consulting firms.
Exit Opportunities: Tier 2 consulting firms can offer consultants unique exit paths, such as opportunities in specialized roles within industries where the firm is prominent (like healthcare or technology), similar to boutique consulting firms. In contrast, MBB and Big 4 alumni often enter leadership positions in general management or broader corporate strategy roles.
Here’s a table to summarize all the pros and cons of Tier 2 consulting firms vs. the others.
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10 Top Tier 2 Consulting Firms To Consider Applying To
Accenture
Founded in 1989, Accenture is one of the largest consulting firms in the world, boasting over 750,000 employees across more than 120 countries. Primarily a technology consulting firm, it also has a management consulting division, providing services in strategy, digital transformation, and operations. Accenture serves a wide array of clients, from Fortune 500 companies to public sector organizations, and works across diverse industries such as healthcare, industrials, financial services, energy, and technology. The firm is particularly known for its ability to drive digital transformation for clients, helping them leverage technology to enhance operational efficiency.
Oliver Wyman
Established in 1984, Oliver Wyman is a global management consulting firm specializing in strategy, operations, risk management, and organizational transformation. With around 7,000 professionals across over 70 offices in 30 countries, Oliver Wyman works across different industries, with a notable reputation for its work in the financial sector. The firm engages in a diverse range of projects, including strategy, actuarial services, corporate finance and restructuring, risk management, pricing, sales, and marketing.
Kearney
With a global presence spanning 40 countries, a team of 5,700+ professionals, and nearly a century of management consulting experience, Kearney serves a diverse range of industries including consumer goods, retail, and manufacturing, and is particularly known for its operations, transformation, and supply chain management expertise, helping clients improve their efficiency and profitability. Kearney is recognized by employees as having a collaborative, collegial culture, and provides a clear path for career progression, supported by structured training programs and mentorship.
LEK
Founded in 1983 by 3 partners from Bain & Company, LEK Consulting has a global presence with over 2,200 professionals across 21 locations spanning the Americas, Europe, and Asia Pacific. Known for its expertise in the healthcare and life science industries and in crafting growth strategies to guide clients through complex business challenges, LEK also offers expertise in mergers and acquisitions, marketing and sales optimization, digital integration, and sustainability.
Roland Berger
Founded in 1967 in Munich, Germany, Roland Berger has grown into a global consulting firm with 3,000 employees working in 51 offices spanning 34 countries. The market leader in Germany, Roland Berger currently holds a strong position in Europe and works across diverse sectors such as construction, chemicals, consumer goods, energy, environmental technology, financial services, medical devices, telecommunications, and travel and tourism. However, the firm is considered strong in the automotive and industrial sectors.
Strategy&
Formerly Booz & Company, Strategy& became part of the PwC network in 2014. With over 3,000 consultants spread across 70 offices worldwide, the firm works with clients in diverse sectors like automotive, consumer products, energy, financial services, and healthcare. Strategy& focuses on crafting strategy solutions across key areas such as business, customer experience, operations, technology, and organizational design.
Being part of PwC offers a unique blend as consultants get the experience of working in a Tier 2 consulting firm, yet benefit from the extensive resources and global reach of a Big 4 network, providing a distinctive environment for career growth and client impact.
ZS Associates
Founded in 1983, ZS Associates is a global management consulting and technology firm with over 13,000 employees across 35 locations worldwide. Renowned for its expertise in leveraging data science and analytics, ZS helps clients drive better decision-making and improve business outcomes. The firm is particularly recognized for its strengths in sales and marketing strategies. While ZS serves various industries including consumer goods, financial services, and industrials, its primary specialization lies in healthcare and life sciences, where it has built a strong reputation for delivering data-driven solutions.
Booz Allen Hamilton
Established in 1914, Booz Allen Hamilton is a consulting firm known for its deep expertise in management, technology, and engineering services. With over 35,000 employees worldwide across 80 locations, the firm primarily focuses on serving government clients, particularly in defense, intelligence, and civil sectors, with Vault ranking it #1 for “Best Consulting Firms for Public Sector Consulting 2024.” Booz Allen has built a reputation for its strengths in cybersecurity, digital transformation, and advanced analytics. Beyond government work, the firm also provides strategic and technology consulting to industries like healthcare and energy.
AlixPartners
Founded in 1981, AlixPartners is a highly reputed name in the organization turnaround and restructuring consulting space. The firm also has expertise in mergers and acquisitions, digital, and risk advisory. With a team of 3,500 professionals across 25 offices, the firm specializes in helping companies facing critical business challenges, such as financial distress, operational inefficiencies, and complex litigation. It works across several industries such as automotive, industrials, healthcare, financial services, and retail.
Simon-Kucher
Founded in Germany in 1985, Simon-Kucher is a global consulting firm with a strong focus on pricing, marketing, and sales strategies, ranking #4 on Vault’s “Best Consulting Firms for Pricing, Sales & Marketing Consulting 2024,” behind only the MBB firms. With a team of around 2,600 consultants across 30 countries, Simon-Kucher works with clients across a variety of industries but is particularly known for working with pharmaceutical, healthcare, and medical technology firms. The firm is recognized for its data-driven approach to pricing strategies, helping clients optimize their revenue, market positioning, and growth strategies.
5 Tips on Landing a Job at Tier 2 Consulting Firms
1. Know Your “Why”?
One of the most important questions you’ll face during recruiting is, “Why this firm?” For Tier 2 consulting firms, it’s crucial to articulate why you are interested in them. If they think you’ll only take an offer if you get rejected from more prestigious consulting firms, you’re unlikely to get the offer. Whether it’s the opportunity to specialize in a particular industry, or the chance to work with mid-sized companies, make sure you have a clear and compelling reason for what attracts you to that firm. Research the firm’s values, culture, and specialization to shape your answer effectively.
2. Highlight Industry-specific Expertise
Tier 2 consulting firms often have a spike in specific industries. Whether it’s healthcare, financial services, or digital transformation, showcasing expertise or a genuine interest in the firm’s core sectors demonstrates that you’ve done your research and are a good fit. For example, if you’re applying to LEK Consulting, which is well-known for its work in healthcare and life sciences, emphasize any academic background or professional experience you have in these sectors.
3. Demonstrate Cultural Fit
Every consulting firm brings its own culture and values, and Tier 2 consulting firms are no exception. These firms often emphasize unique aspects of their culture that distinguish them from the MBB and other competitors, making cultural fit an important factor in hiring. Research the firm’s values on its website and prepare to show, in interviews, how your work style and values align with theirs.
4. Network Strategically
Connecting with current employees at your target firms is a great way to get a firsthand look into the firm’s culture, its approach to work, and the skills they value most. Networking also gives you insights into the type of projects the firm undertakes, what they look for in a candidate, and the unique aspects that make them different from other firms. These connections can strengthen your application and potentially create advocates for you within the firm.
5. Prepare for Industry-specific Case Interviews
In Tier 2 consulting firms, case interviews often reflect the firm’s specialized industry focus. Instead of the general business cases, you may face scenarios directly tied to sectors like healthcare, financial services, or technology. Dive into the firm’s recent projects or industry reports, gaining insight into the types of problems they solve. Familiarize yourself with the technical knowledge relevant to their field to demonstrate both your analytical skills and industry awareness. You’ll gain brownie points if you can speak the industry language and use it in your case interview.
See our Case Interview Examples article for dozens of sample case interviews, including several from Tier 2 firms.
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In this article, we’ve covered:
- The definition of Tier 2 consulting firms and how they compare to other consulting firms
- Advantages and disadvantages of pursuing a career at Tier 2 consulting firms
- A list of the top Tier 2 consulting firms you should know
- Top 5 tips for securing a job at the best Tier 2 consulting firms
Still have questions?
If you have more questions about the Tier 2 consulting firms, leave them in the comments below. One of My Consulting Offer’s recruiters will answer them.
Other people prepping for Tier 2 consulting firms found the following pages helpful:
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