2024 Consulting Salaries released 🤑
2024 Consulting Salaries released 🤑
+ Vault's Top 50 Consultancies | Firms are 'greenhushing' | Never read a website again
👀 What to expect: ~800 words / 4-min read
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Exec Sum
2024 consulting salaries released
The Top 50 Consulting firms ranked
Firms are ‘greenhushing’
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Industry NewsThe Headlines 📈
Vault’s top 50 global consultancies announced
Vault, the leader in employer rankings, has released its 2024 consulting rankings, based on a survey of over 8,000 professionals. The rankings highlight top firms across various categories including practice area, diversity and best firm to work for. Bain leads the overall list whilst specialised boutiques like ghSMART received recognition for employee development. Read more.
The winners:
Overall - Bain
Most Prestigious - McKinsey
Best Boutique - ghSMART
Firms are engaging in ‘Greenhushing’
'Greenhushing', where businesses intentionally scale back on communicating their sustainability efforts, is on the rise. A South Pole study indicates a strategic shift towards technology instead of prioritising renewable energy sources or supply chain improvements. Despite the benefits of transparency in enhancing reputation and attracting consumers, companies are limiting disclosures, fearing investor backlash and the difficulties in achieving real progress. Read more.
Biden’s IRA enriches consultants
The IRA’s clean-energy tax credits has too many built-in hurdles that are delaying green project implementation and enriching consultants, says Impax Asset Management, one of the world’s biggest green asset investors (AUM $50bn). This frustration comes on the back of a 20% decrease in the S&P Global Clean Energy Index, as higher interest rates, supply chain bottlenecks, and wider delays have hampered asset valuations and left less money for green projects. Read more.
The News 📰
The Top 50 Global Consulting CEOs - The Consulting Report has announced their list of the top 50 consulting firm CEOs of 2023. CEOs are celebrated for their strategic vision and ability to adapt to the evolving consulting landscape, the growing importance of consultancy services driven by economic expansion, digital consulting, and globalisation. Read more.
McKinsey’s senior partners re-elect Sternfels - Bob Sternfels has been re-elected as McKinsey’s Global Managing Partner after a closer-than-expected vote, with his second and final 3-year term to start in July 2024. Sternfels, 54, has been with McKinsey for over 30 years and under his leadership, McKinsey has expanded its role as an "impact partner", focusing on implementation and digital. Read more.
McKinsey & BCG accused of withholding information - McKinsey and BCG are facing accusations of not adhering to a US congressional subpoena demanding documents pertaining to their involvement with Saudi Arabia’s sovereign wealth fund, PIF. The accusations underscore the increased scrutiny faced by firms around transparency amidst a more turbulent geopolitical environment. Read more.
Best of the rest: McKinsey & BCG employees at risk of jail time, Grant Thornton elect first female to lead firm’s Strategic Governance Board, Sia Partners acquires Notion Consulting, EY starts monitoring turnstiles in office push and Oliver Wyman acquires Seatec.
Reader Poll 📊
Chart of the Week 📊
Management Consulted’s 2024 Salary Report is out, with A&M topping out the undergrad and MBA tables:
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Interesting Detours 🌱
McKinsey wrote about how climate technologies can overcome unique scaling challenges in their report: A different high-growth story: The unique challenges of climate tech
KTAs:
Capital-intensive, unproven climate technologies demand a 5-6x higher round size vs quantum computing or fintech startups, reducing investor appetite for climate tech
Immature climate tech takes on ~7-years to achieve scale vs the 3-year timeline of a typical digital marketplace
~45% of required abatements will come from emerging technologies not yet deployed at scale
Climate techs can attract funding by: (1) outlining current business or process challenges, (2) securing the supply chain, (3) arranging offtake agreements, (4) engaging in JVs across the value chain, and (5) laying out a clear strategy
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