This is the eighth annual listing of the UK management consulting firms most recommended by their clients and peers. Compiled by the Financial Times and Statista, the data company, it rates consultants in 16 sectors and for 15 types of specialist work. Consulting networks are also rated.
The results are based on three surveys of consultants’ clients and peers, carried out by Statista, with gold, silver or bronze ratings awarded to firms and networks in different categories according to how often they are recommended.
This year, 170 consultancies are on the list, receiving a total of 802 ratings across 31 different industries and consulting services. Additionally, 11 consulting networks are included.
Asked what the most likely growth area for work would be in the next three years, the majority of consultants (67 per cent) said artificial intelligence. The biggest threat to UK consultancies in that same period would be the country’s economic downturn, 60 per cent of respondents said.
The methodology (after the tables) explains how the ratings are worked out.
The full UK’s Leading Management Consultants special report will publish in print and online on February 27.
If you would like to register your interest in next year’s survey, you can find more information here.
Sector expertise
Sectors listed: aerospace & defence; automotive; chemicals & pharmaceuticals; construction & infrastructure; consumer goods & retail; energy, utilities & environment; financial institutions & services; healthcare & life sciences; IT & technology; insurance; internet, media & entertainment; oil & gas; other industrials & metals; private equity; public & social sector; travel, transportation & logistics
Consulting services
Categories listed: artificial intelligence; data analytics & big data; digital transformation; finance, risk & compliance; IT — implementation; IT — strategy; innovation, growth & new business models; marketing, brand & pricing; mergers & acquisitions; operations & supply chain; organisation & change; people & performance; sales & CRM; strategy; sustainability
Consulting networks
Methodology and notes
Market definition
Mainstream management consulting firms, IT consultancies, advisory branches of auditing firms, consultancy branches of technology companies, and consulting networks were all eligible.
Methodology
The list is based on three surveys: one among peers (partners and executives from consultancies evaluating other consultancies); and two among clients (evaluating consultancies they have worked with). The surveys were conducted online by Statista.
Peer survey
Building on last year’s methodology, a longlist of more than 1,700 firms was used as a basis for the latest survey among peers. To update the longlist, Statista used recommendations from previous years and these sources: lists from associations (eg Management Consultancies Association); consulting directories (eg Consultingcase101); and company databases.
The list of consulting partners and executives was compiled using research conducted mainly on firms’ websites. It was also possible to register for the survey on ft.com. The sample included more than 4,000 partners and executives of UK firms.
Invitations to the survey were sent via email containing a personalised link. This took place from June 17 to August 16, 2024.
Partners and executives could make recommendations in 16 sectors and for 15 consulting services, and could recommend consulting networks. Respondents were also able to name consultancies or networks they would refrain from recommending.
An autocomplete function was available to assist in selecting a consultancy or network and respondents could recommend any consultancy that did not appear in the autocomplete list, or add a negative evaluation. A score was given to each firm based on the number of positive and negative recommendations they received. Self-recommendations were excluded.
Client surveys
Two online surveys were then conducted among about 2,000 senior executives who have used management consultancies in the past four years. They either registered themselves for the surveys on ft.com between June 17 and August 16, 2024, or were recruited through an online access panel from August 26 to September 13, 2024.
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Respondents were asked to indicate the sectors or consulting services in which they had collaborated with a management consultancy in the past four years. They were then asked to recommend firms by using autofill or adding names. For each sector or consulting service they specified, the respondents were given a list of recommended consultancies for evaluation.
In the survey of clients recruited through the online access panel, the quality of the firms and networks was scored using a five-point scale (very good to very poor). The evaluations “very good”, “good” and “acceptable” counted as recommendations (“very good” counted as one recommendation, “good” and “acceptable” carried a lower weight). The evaluations “poor” and “very poor” counted against consultancies and networks. Reputation is typically built over several years and this list aims to reflect that longevity. Therefore, last year’s results were taken into account, attributed a low weighting.
Recommendations
In each sector and consulting service, firms were sorted according to the number of recommendations (taking into account a reduction for negative evaluations).
The groups were placed in the classes below, based on the average number of recommendations in that sector or service:
• The top 10 per cent of consulting firms (based on the total number of recommendations) among all awarded companies in each sector and service area received a gold rating.
• Consulting firms outside the top 10 per cent, but still within the top 40 per cent (based on the total number of recommendations) among all awarded companies in each sector and service area, received a silver rating.
• Consulting firms outside the top 40 per cent, which received at least the average number of recommendations of all companies with at least one recommendation, received a bronze rating.
• Those with insufficient recommendations were excluded. Consultancies are sorted alphabetically in each class.
Disclaimer
The ranking comprises firms with a sufficient number of recommendations; a mention is positive and is a vote of confidence from the market. The ranking was created through a complex process. The quality of consultancies not included is not disputed.
