Vault Consulting Rankings: Five-Year Retrospective Post-COVID

It's no secret to professional consultants and those looking to enter the industry that consulting has seen its ups and downs over the years. So, we here at Vault thought we’d take the time to review some of the macro trends of the industry through the lens of our annual Consulting Rankings and share our findings.

First, let’s take a look at the makeup of the top five firms in our flagship ranking, Top 50 Best Consulting Firms to Work For in North America, from 2020 to the present. Note that all surveys take place in the fall of the prior year, meaning that the 2020 rankings are based on a survey occurring in late 2019, and so on. Also note that sufficient survey participation is required in order to be part of this ranking. Our full methodology can be found near the top of the ranking page.

Bain’s Reign

Bain & Company has come in at No. 1 or No. 2 in this ranking for the past five years, and while prestige certainly has something to do with it, what allows the firm to pull away is its reputation as the most “people-focused” of the Big Three. Bain has long touted its culture of apprenticeship and a focus on career-long learning. To quote one consultant at the firm, “A lot of resources are invested to ensure everyone gets both formal and informal feedback, mentorship, and opportunities.” Another Bainie said in the most recent survey, “If you take advantage of what Bain offers, it is an escalator to the top floor.”

Beyond the Big Three

While the Big Three nearly always rank as such when they all have sufficient participation, we also saw some interesting movement outside of these big names. Just before COVID, the top five were all behemoth organizations and household names, known even to those outside of the consulting industry. In the years since, some smaller firms and firms with niche markets began to make appearances higher up in the rankings.

For example, ghSMART—a boutique firm with fewer than 200 employees—ranked #4 in 2024. Consultants at the firm that year praised the “freedom and flexibility” they have in their work and firm’s “straightforward and transparent” compensation. Similarly, The Bridgespan Group breached the top five in 2022—the firm is focused mainly on the needs of NGOs and nonprofits, a niche that appears to be serving them well and vice-versa. Consultants at the firm that year lauded its “abundant” and “exceptional” training and its “strong, proactive, and successful programs for women, people of color, and the LGBTQ+ community.”

Business Outlook Drops Industry-wide

We also used this opportunity to take a look at the way overall score averages have shifted since before the pandemic. Overall Business Outlook scores were, on average, nearly 4% lower in our 2024 survey than they were at the same time in 2019. While this may seem like a small shift, it’s not an insignificant one. As a category, Overall Business Outlook can be affected both by internal firm policies and actions, as well as by external factors like politics and the economy.

Many of the industry insiders who participated in our 2024 consulting survey reported a squeeze in the industry, an anxiety that squares with the numbers. Some of the survey responses about the industry outlook that bear this out include:

• “Strong leadership and competitive position, though worsening employee morale and downturns in the broader industry create headwinds.”
• “We had layoffs and haven't had bonuses due to poor company performance. We had to cancel a recruiting class and rescind offers.”
• “The firm is well-positioned for continued growth, despite two years of modest progress in a challenging market—companies have faced significant losses, consulting budget cuts, and widespread layoffs.”
• “We are a purely strategy firm, so when the overall economic outlook is poor—as it has been in terms of investments over the past couple years—our type of work is first on the chopping block.”

It’s also worth noting that many key employment factors like satisfaction, compensation, work/life balance, and firm culture experienced a dip during the worst of the COVID pandemic—in fact, all of these categories’ averages decreased in the 2021 survey and again in the 2022 survey (except compensation, which had a very minor increase in 2022). But according to our most recent survey, average scores have rebounded to pre-pandemic levels.

Looking to the Future

The consulting industry is notoriously resilient—while mass layoffs and austerity measures are not uncommon during periods of economic distress, companies will also seek assistance from consultants during these periods. This means that business can remain more stable in consulting than in other industries.

So, while we’ll be keeping a close eye on consultant sentiment regarding their firms’ Overall Business Outlook, we remain optimistic that those looking to pursue a career in consulting are placing a relatively safe bet on this industry, given that the industry rebounded from the COVID pandemic in the course of a few years.

To further explore the consulting industry, check out our 2025 consulting rankings for the North America, EMEA, and APAC regions.