📊 May Update: Headcount Trends in Global Strategy Consulting Firms

🔍 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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