After MBB, what are the next preferred consulting firms for a tier-1 B-school graduate?

For tier-1 B-school graduates who don't land MBB, there is a recognized peer group of firms that sit just below McKinsey, BCG, and Bain in terms of prestige and selectivity. Treating Accenture alone as "the next tier" understates the full picture of what top students actually target.

The Tier-2 Strategy Consulting Peer Group

Students and recruiters commonly group these firms as the next preferred options after MBB: Oliver Wyman, LEK Consulting, Roland Berger, Kearney (formerly A.T. Kearney), Strategy& (PwC's strategy arm), EY-Parthenon, and Accenture Strategy (distinct from Accenture's broader consulting and technology arms). These firms recruit from tier-1 schools like the IIMs (Ahmedabad, Bangalore, Calcutta) and maintain meaningful selectivity, but the competition is less intense than MBB. Case interview preparation still matters here, and most candidates report that clearing these firms requires 60-80% of the prep effort needed for MBB.

At IIM Ahmedabad, for example, Oliver Wyman and Kearney typically make 3-6 offers each year, while LEK and EY-Parthenon recruit in the 2-4 range. These numbers shift annually based on business needs, but the pattern holds: tier-2 strategy firms maintain a consistent presence without flooding the placement pool.

Compensation at these firms generally ranges from 24-28 LPA for first-year analysts, compared to 28-32 LPA at MBB.

Big 4 Consulting Arms

Deloitte, EY, PwC, and KPMG all have consulting practices that hire from top B-schools. Academic screening is less stringent than MBB, so a wider pool of candidates competes for these roles.

The work tends to be more implementation and advisory-heavy than pure strategy, depending on the practice. Compensation at the Big 4 consulting arms is lower, typically in the 18-24 LPA range, which sits below both MBB and the tier-2 strategy boutiques.

The Big 4 hire in larger numbers. At IIM Bangalore, Deloitte Consulting might recruit 15-20 students in a given year, compared to 2-3 from a boutique like LEK.

This difference in hiring volume reflects both the breadth of their service lines and the range of roles on offer (not all are strategy-focused).

What Students from Recent Batches Report

A common pattern is that candidates who prepare seriously for MBB but don't convert tend to find the tier-2 strategy boutiques a meaningful and credible alternative, both in terms of work quality and exit options. Students from IIM Calcutta's 2023 batch reported that securing an offer from Oliver Wyman or Kearney felt like a "near-MBB outcome" in terms of peer perception and long-term career trajectory.

Accenture Strategy is also well-regarded, though students draw a sharp distinction between that role and a broader Accenture consulting placement.

Exit options from tier-2 strategy firms remain strong. After 2-3 years, analysts from these firms often move to PE/VC roles, internal strategy teams at large corporates, or MBA programs abroad.

The brand equity is weaker than MBB but still opens doors that generalist Big 4 consulting roles do not.

Pro Tip: If you are serious about consulting, apply to the full tier-2 peer group, not just one or two firms. Many candidates assume overlap in selection criteria, but firms like LEK (which focuses heavily on healthcare and pharma) and Roland Berger (strong in automotive and industrials) look for different sector affinities.

Applying broadly gives you more at-bats without diluting your MBB prep.

If you want to map which of these firms have recruited from a school you're targeting, compare colleges by placement data or run an eligibility check to see where your profile fits in the consulting recruiting funnel.