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The Big Four also have several consulting businesses, particularly in management and operations. In recent years, they have also expanded in the strategy consulting segment in particular with major acquisitions. Deloitte bought Monitor in 2012 - now Monitor Deloitte, PwC bought Booz & Company in 2013 - now Strategy&, EY bought The Parthenon Group in 2014 - now EY Parthenon. As for KPMG, the firm made its entry with its Global Strategy Group entity, little by little in 2015 and then really in 2019. Building on their reputation, the Big Four have gradually established themselves as benchmarks for professionals and students in the strategy consulting sector. But what does it really mean to do strategy consulting for a Big Four?

Discover the history of the Big Four in strategy consulting and the specificities of each firm.

The Big Four's strategy for penetrating the strategy consulting market

Big Four development through external growth strategy

Deloitte, PricewaterhouseCoopers, Ernst & Young and KPMG have decided to return to the strategy consulting sector over the past 10 years for a number of reasons. Firstly, because of increasing competition in the auditing sector, with the arrival of a multitude of players leading to lower prices and, by extension, lower margins. Another incentive for audit firms was the change in the legal framework in 2016, with a new European reform on auditor rotation. From now on, large companies, particularly those listed on the stock exchange, are obliged to change auditors after a set period. For this reason, auditing firms have decided to diversify, despite one of their golden rules, which is not to provide consultancy services to a company for which they are the statutory auditor. But those days are long gone, and audit firms are now firmly established in the consulting landscape, whether in operations, management or strategy.

In strategy consulting, how have firms built their comeback in this business segment? Through external growth! The first three have made acquisitions: Deloitte bought Monitor in 2012 - now Monitor Deloitte, PwC bought Booz & Company in 2013 - now Strategy&, EY bought The Parthenon Group in 2014 - now EY Parthenon. On the contrary, the last Big Four, KPMG, has developed an in-house entity called Global Strategy Group.

The strategy of external growth does not stop with the takeover of these large entities, with many smaller boutiques being acquired by these corporate service giants. The most important advantage of this growth lever is undoubtedly the time saved for these firms. The aim is to capture market share and increase their visibility and reputation with customers and partners quickly.

Focus on firms acquired by the Big Four and the creation of GSG

Monitor

Founded in 1983 under the leadership of Michael Porter, Monitor was one of the industry's most influential strategy consultancies, with prestigious clients in both the private and public sectors. Among the most notable achievements of Michael Porter's firm was the development of Porter's Five Forces model, a major breakthrough in competitive analysis. Monitor also made its mark with its rigorous, data-driven methodological approach and long-term commitment to its clients.

Booz & Company

Booz & Company was founded in 1914 by Edwin G. Booz. It was recognized for its expertise in corporate strategy, operational management and organizational transformation. At the time of the takeover, the US firm, which was spun off from Booz & Allen in 2008, had sales of €1 billion and over 300 associates.

The Parthenon Group

The Parthenon Group was founded in 1991 and was based in Boston. Prior to its acquisition by EY in 2014, The Parthenon Group was recognized for its expertise in several areas, including corporate strategy, business growth, management consulting, and the private and public sectors. The firm comprised 350 consultants at the time of the takeover.

Creation of GSG

Unlike the other Big Four, KPMG launched its Strategy Consulting practice in-house, without external acquisitions. Since 2015, this consulting and auditing giant has been addressing strategy issues, particularly in the Life Science sector and on due diligence operations. Then in 2019, the firm decided to structure its Strategy Consulting offering with 7 Partners from other firms, including some from Monitor Deloitte, a direct competitor. KPMG's objective is to develop a Strategy Consulting offering that complements its existing consulting activities. Click here to read the interview conducted in 2019 with Cyril Gay Belan, who joins KPMG from Monitor Deloitte.

Working as a strategy consultant for a Big Four firm

EY-Parthenon Group: one of the leaders in strategy consulting

Among the Big Four strategy consulting firms, EY-Parthenon is the leader in terms of numbers of consultants, assignments and reputation. Today, the firm has over 9,000 consultants worldwide, with a presence in more than 30 countries. In France, the firm has over 200 consultants, making it one of the leading offices in Paris.

In Paris, most of the firm's activities revolve around 6 practices: TMT, Retail, Utilities, Industry & Transportation, Private Equity and Healthcare. The firm is renowned for its specialization in growth issues, i.e. strategic plans, new product development and new markets. Another important vertical for the firm is M&A transactions, where EY-Parthenon benefits from strong synergies with EY's Financial Transactions (FT) activities. Finally, the firm also offers Transformation assignments, which once again offer significant synergies with EY Consulting's other businesses.

Special features of EY-Parthenon

For candidates, EY-Parthenon offers the many advantages of being both a mid-sized firm of 200 consultants in Paris and also of offering significant international exposure. On top of this, the firm has succeeded in developing a strong culture of commitment with major initiatives, notably for women with skills sponsorship missions for the Make.org foundation. Finally, the firm has relocated its offices from La Défense to 46 rue Saint-Lazare in Paris, demonstrating its commitment to creating the best possible environment for its consultants.

Monitor Deloitte: France's pharma specialist

Monitor Deloitte is recognized in France for its specialization in Healthcare and Life Science. The firm is one of the world leaders in the pharmaceutical industry. In Paris, there are only around 80 consultants, compared with 3,000 worldwide, which still shows considerable potential for development in the Paris area. The firm has begun to diversify into other sectors, and is now present in TMT, Retail, Financial Services and more. As with the other Big Four strategy consulting firms, Monitor Deloitte offers significant synergies with the Group's other businesses, notably those of Deloitte Consulting. Finally, the firm also has a strong international exposure, with mobility programs to join other offices in the 30 countries where Monitor Deloitte is present. The firm is also known for its intellectual heritage, notably that of Monitor's founders, including Michael Porter, Chris Argyris and Roger L. Martin. They are figures of corporate strategy thinking. This heritage is a source of pride for the firm and its consultants.

Special features of Monitor Deloitte

The firm is renowned for its close ties with students, notably through the Monitor Challenge, a case study competition that brings together over 1,000 students from 12 countries every year. The competition takes place over 3 rounds, with one case study per round to be completed in teams. In rounds 1 and 2, the competition is national to determine which team will represent its country in round 3 for the international grand final. A must-do competition for any student interested in strategy consulting!

Strategy&: a major international brand

Strategy& is an internationally-focused firm with a recognized brand in the United States and the Middle East. In France, the firm has 180 consultants and 18 Partners. Worldwide, there are over 4,000 strategy consultants in 30 countries. Strategy& is organized into 4 platforms: Corporate Strategy, Deals, Operations and Digital. In Paris, the Deals and Operations platforms are the largest in terms of assignments. The advantage of this platform organization is that consultants can take on assignments in each of the platforms and/or specialize in one of them. In terms of sectors covered, the firm has a strong presence in industry, notably in Aero and Defense, as well as in Private Equity with due diligence assignments for investment funds.

Strategy& special features

The firm has a strong international presence, both through the Strategy& network and the PwC network. Our consultants regularly go abroad on assignments, and may be called upon for short-, medium- or long-term assignments in other offices. It should also be noted that the Paris and Casablanca offices are part of the Strategy& France and Maghreb global team, which facilitates staffing between the two offices.

GSG: strong synergies with KPMG's Deals business

Although Global Strategy Group's original aim was to develop its strategy consulting activities as a whole, it seems that the firm has changed its strategy in recent years. Since 2023, the firm has been part of KPMG's Deals-Strategy business unit, which comprises 110 consultants and 10 partners, including 3 from GSG. The aim is clearly to have a deals-focused offering and to benefit from synergies between transactions and strategy activities. Despite its strong Life Science roots, the firm has diversified into new verticals: Mobility, TMT, Financial Services, Consumer & Retail.

GSG special features

As the last of the Big Four, GSG offers candidates the advantage of taking part in an entrepreneurial adventure! The firm has just 30 consultants, if you don't count the other consultants in the Deals Advisory practice, and as a result, these consultants find themselves very close to the leadership. This offers significant exposure and an opportunity to climb the ladder more quickly than at other firms.

Recruitment and career opportunities in Big Four strategy consulting

Recruiting for Big Four strategy consulting firms

There are no surprises when it comes to recruitment, as the Big Four strategy consulting firms have aligned themselves with the requirements of the sector: target schools, preparatory classes or AST from prestigious schools and universities, excellent internships, etc. The recruitment process is also classic: an online test at the start and several interviews over an average of 3 rounds. However, there may be certain particularities, so you'll find below the recruitment processes of each firm.

EY-Parthenon: 1 test, 4 interviews, 3 rounds

1st round: numerical physical test + 1 interview with a Senior Consultant or Manager
2nd round: 2 interviews with a Manager or Director
3rd round: 1 interview with a Partner

Monitor Deloitte: 1 test, 4 interviews, 2 rounds

Eliminatory online digital test
1st round: 2 interviews with a Senior Consultant and/or Manager
2nd round: 2 interviews with a Director and/or Partner

Strategy&: 5 interviews, 3 rounds

1st round: 2 interviews with a Senior Consultant and/or Manager
2nd round: 2 interviews with a Manager and/or Director
3rd round: 1 interview with a Partner

Global Strategy Group: 1 test, 4 interviews, 3 rounds

1st round: 1 test and 1 interview with a Senior Consultant and/or Manager
2nd round: 2 interviews with a Manager and/or Director
3rd round: 1 interview with a Partner

Career opportunities for Big Four consultants

If you join one of EY-Parthenon, Monitor Deloitte, Strategy& and Global Strategy Group, you'll have a great career ahead of you. The first thing you need to know is that promotion can be faster than at some of the larger firms, giving you a better learning curve. The quicker you move up the ranks, the quicker you'll get significant customer exposure and managerial roles. What's more, your salary increases, so you're a winner all round! Many consultants have very successful careers in Big Four firms, all the way up to Partner!

Then, in terms of mobility, the 4 firms offer great international exposure. However, if you're looking to do assignments abroad and go on a 6-month temporary exchange, EY-Parthenon and Strategy& offer more opportunities, and to a lesser extent Monitor Deloitte.

In terms of exit, if you don't want to spend your entire career with the firm, you'll generally have two options: move to another firm or leave consulting. For the first option, many consultants leave for similarly ranked firms, moving from Monitor to GSG, from Strategy& to EY-Parthenon and so on. Others go for higher-ranking firms, notably the MBBs, which in these cases allows them to get a pay rise and join a firm with more opportunities, especially in terms of assignments. Otherwise, you always have the option of leaving the consulting world, and once again, you'll be able to sell yourself very well on the job market. Consultant profiles, particularly from Big Four strategy consulting firms, are highly valued and in demand. For example, if you were at Monitor Deloitte, you could move to the big pharmaceutical companies; if you were at Strategy& or EY-Parthenon, you could move to investment funds.

Great careers await you at EYP, Monitor Deloitte, Strategy&, and GSG

Big Four strategy consulting firms offer great opportunities to work as a strategy consultant in small teams within very large groups. As a consultant, you'll be able to make rapid progress and gain international exposure if you wish. What's more, the firms are still developing, so you're also part of a great entrepreneurial adventure. Not to mention the advantage of being able to collaborate with the other professions of these consulting and auditing giants. Last but not least, after just a few years, you'll already have a wealth of experience to fall back on if you want to join McKinsey, BCG or Bain, and/or leave the world of strategy consulting for new adventures!

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