📊 May Update: Headcount Trends in Global Strategy Consulting Firms

The consulting world continues to evolve — and so far, not in the way many predicted. Ever since the release of ChatGPT and the rise of GenAI, headlines have questioned whether AI will fundamentally disrupt consulting, automate much of the junior work, and slow down hiring. And yet — headcount is still growing across the board.

Daniel Cremer

5/1/20251 min read

🔍 What We’re Seeing:

At A-GAME | Executive Search, we track headcount movements every month for the “MBB” firms (McKinsey, BCG, Bain) and the fast-growing “Next20” group of strategy-focused consulting firms. We also monitor a broader group of 60+ consulting players quarterly.

Here’s what the latest data shows:

🚀 “Next20” Firms Continue to Accelerate

  • The Next20 have increased headcount by +27% since January 2023.

  • Growth accelerated again in early 2025, with one Big4 firm notably shifting more of its headcount under its strategy consulting brand.

  • 17 of 23 firms analyzed saw headcount growth between January and May 2025.

🧭 MBB Firms Level Off

  • MBB headcount peaked in mid-2023 but has since returned to early 2023 levels.

  • Within the MBB group, internal differences are growing: some firms are expanding again, while others remain flat or slightly down.

🤖 But What About AI?

Since late 2022, the consulting industry has been flooded with:

  • Hundreds of GenAI and LLM tools

  • Thousands of use-case-specific GPTs

  • Heavy investments from top firms into proprietary AI platforms

Yet hiring continues.

Why?

Because AI enhances consultants — it doesn’t replace them (yet).
While prompt writing and research have become faster, the real work of consulting — problem-solving, client handling, judgment, and leadership — still demands human skills.

💬 What’s Next?

We’re entering a fascinating transition period. AI is embedded more than ever before, and yet:

  • Junior hiring remains steady

  • Mid-tier firms are aggressively scaling

  • Client demand for transformation, growth, and AI strategy is rising

So the big question is:
👉 What’s driving this resilience — and will it last?

We’d love to hear your thoughts:

  • Are we due for a slowdown later in 2025?

  • Will firms maintain this hiring pace in a GenAI world?

  • How are you seeing AI shift your firm’s delivery model?

At A-GAME, we specialize in helping consulting firms, corporates, and investors hire top-tier strategy talent fast — often before the market even notices a shift.

Let’s talk if you’re hiring.
Let’s really talk if you’re hiring in this environment.

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