World’s Best Management Consulting Firms 2024 Methodology

Management consultants are in demand globally, with the need for their services steadily increasing each year. And they’ve been busy. The consulting industry’s worldwide revenue has grown at an annualized rate of 3.5% over the last five years, and is expected to reach $1.0 trillion this year, according to IBISWorld.

But for executives seeking outside guidance for their business, choosing among consulting firms can feel like a gamble. There’s no guarantee that the strategies and skills the consultants offer will yield positive results—which is why Forbes is embarking on the curation of our annual list of the World’s Best Management Consulting Firms, slated for August 13.

Created in partnership with market research firm Statista, the list is based on three national surveys of consultants (partners and managers at consulting firms) and clients (executives) in the United States, the United Kingdom, and Germany, as well as a global survey of 8,500 consultants and clients in 29 countries across all continents. Survey respondents were asked which consulting firms they would recommend; and firms were eligible if they had active offices in at least three of the following regions: Africa, Asia, Australia and Oceania, Europe, the Middle East, North America and South America.

The recommended firms were sorted by 13 industries (such as technology, financial services and healthcare) and 14 functional areas (such as M&A, marketing and sustainability), and those with the most recommendations were included in our list and awarded a star rating. Firms in the top 10% (very frequently recommended) received 5 stars, firms between the top 10% and 40% (frequently recommended) received 4 stars, and all others on the list received 3 stars.

In addition to the consulting firms, survey respondents were also able to recommend consulting networks, which are online platforms that aggregate large numbers of independent consultants and facilitate their connection with potential clients. The networks enable consultants to match with projects that suit their skills and interests, while affording clients the ability to match with consultants offering the specific expertise needed. For this list, the method used to rate consulting firms was also used to rate consulting networks.

Ultimately, a total of 225 management consulting firms and 9 consulting networks made the list. Check back on August 13 to see the results.

As with all Forbes lists, companies pay no fee to participate or be selected. To read more about how we make these lists, click here. For questions about this list, please email listdesk [at] forbes.com.