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Parthenon is a well-respected firm and considered on par with Oliver Wyman, LEK, and Deloitte S&O in my opinion. For all these firms, they're a notch below MBB but will still give you an excellent experience with great exit ops. Definitely separate from the main arm of EY in my mind.
broadly agree, but with the caveat that Parthenon (along with LEK) is a very different job from something like Deloitte, Oliver Wyman, ATK, Accenture Strategy, etc.
Parthenon and LEK are heavy on due dilligence (50%+ of cases), whereas the others above are more traditional strategy and operations consulting firms. While they do also sell corporate and business strategy consulting projects, the majority of the work will be on shorter, M&A-oriented cases (usually 2-5 weeks), with less travel and less client-facing time.
Although not as diverse as MBB or even some of the other T2s, the exit ops are strong. Most common are corporate development/corporate VC roles and then strategy & corporate finance teams at large organizations. Less common, but not unheard of, would be principle investing roles such at middle market PE or growth equity shops