📊 June Update: Headcount Trends in Global Strategy Consulting Firms

🧭 MBB vs. Next20: Who’s Driving Growth?

• MBB (McKinsey, BCG, Bain) started 2023 with a combined headcount just above 100,000. Over the following 18 months, the group experienced modest fluctuation, with a notable dip in early 2025.

  • BCG and Bain drove most of the recent growth, helping to offset McKinsey’s declines.

  • By mid-2025, the group returned to a growth trajectory, a sign that even the most established firms are still in talent acquisition mode.

• Next20 firms, which include strategy-focused consultancies with 1,500+ employees, have seen consistent, gradual growth — a 27% increase since Jan 2023.

  • This steady upward trend suggests that mid-tier and specialist firms are aggressively scaling, potentially to capture market share from larger players or to meet rising demand in niche areas like digital strategy, sustainability, or AI implementation.

🤖 AI Adoption Isn’t Slowing Hiring

While the narrative around Large Language Models (LLMs) and automation suggests job displacement, the data tells a different story:

• 83% (19 out of 23) of tracked firms have continued growing headcount since January 2023.

• Many firms are blending AI tools into their operations but are still reliant on human problem-solving and client engagement—core pillars of consulting that AI hasn't replaced.

• Intern hiring remains strong, especially as firms invest in early talent development and treat interns as part of the delivery workforce.

📐 Market Implications & Strategic Shifts

• Tier 2 firms are catching up. The once-wide gap between MBB and Next20 headcounts has plateaued. This suggests market maturity in the mid-tier and a more competitive talent landscape.

• Hiring in 2025 shows optimism. Even after a challenging start to the year, 18 out of 23 firms have already increased headcount in the first half of the year, suggesting that firms anticipate growing demand for strategic advisory services in H2 2025.

📈 Why This Matters for Talent & Hiring Managers

• For job seekers: Now is a favorable time to explore roles in strategy consulting, including at fast-growing Next20 firms. Growth means more roles, more upward mobility, and more strategic initiatives in play.

• For hiring managers: The war for talent remains intense. Competitive compensation, culture, and a compelling mission are key to attracting candidates who might otherwise go to tech or finance.

• For PE/VC and corporate strategy teams: Consulting firms are expanding, and many experienced consultants are open to transitioning into in-house roles — a great opportunity for strategic hiring.

About Us

At A-GAME | Executive Search, we specialize in placing high-impact talent from the consulting world into leadership roles at consultancies, corporates, and investment firms. With deep sector knowledge and a global network, we offer fast, targeted support for strategic hires.

We track over 60 global strategy and management consulting firms, using LinkedIn Insights and proprietary data tools to monitor talent flows and organizational growth.

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