Apr 24, 2017

Oliver Wyman vs. Big 4 (yes, again)

Hi everyone! I know this has been dissected before, but the latest I saw was as of a few years ago. How does Oliver Wyman rank against Big 4? I'm currently in a big 4 firm working in their strategy group and am considering a switch to Oliver Wyman. Which one is better? I've done well at my company and know they'll counter offer, but I'm not sure a counter offer is even worth it compared to OW (or maybe it is!).

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“I found my mentoring session with André very helpful, particularly because I came into it with very little understanding of commercial banking. My background is in life sciences and healthcare, and most of my career exploration so far has focused on consulting. Although I had become interested in commercial banking, I had not previously explored the area in any depth. I therefore needed a clear starting point and an honest conversation about what I should understand before deciding whether to pursue it. André helped me establish that starting point. The session gave me a clearer way to think about commercial banking, how it differs from consulting, and what I still need to learn. Before the conversation, I was looking at opportunities and wondering whether I should begin applying alongside consulting applications. Afterwards, I understood that I needed to take a step back and make a more informed decision about whether the work genuinely interests me. One of the most valuable aspects of the session was how it helped me recognise the gaps in my current understanding. I knew that I was new to banking, but I did not necessarily know which questions I needed to answer for myself. André’s guidance helped me think more clearly about where I am now, what I am missing, and what I should begin doing next. Having that direction was useful because it made the process feel more manageable. Rather than treating banking as a broad and unfamiliar industry, I now have a clearer starting point for learning about it. A particularly helpful message was that I should first develop a better understanding of commercial banking and assess whether I actually like the work. I took away a sensible sequence: understand the area, decide whether it appeals to me, and then, if it does, commit to learning and preparing for applications. If I discover that the work does not suit my interests, I should be willing to recognise that and focus my efforts elsewhere. That advice sounds straightforward, but it was an important perspective for me at this stage. The conversation made me realise that I should not rush into applying for commercial banking roles simply because I have found programmes that look interesting. Before the session, I was at risk of moving too quickly from curiosity to applications without having a strong enough understanding of the career itself. André helped me see the value of being more deliberate. I would rather make a considered application based on a genuine interest in the work than spend time applying to positions I cannot yet explain my motivation for pursuing. Another important takeaway was recognising how substantial the differences between banking and consulting can be. Because consulting has been my main focus, it had become my reference point when thinking about other careers. The session helped me realise that I cannot assume banking will involve similar work, suit the same preferences, or require exactly the same preparation. I need to understand banking on its own terms rather than view it mainly as another option alongside consulting. I also appreciated that the session was useful even though I did not finish it with a final career decision. At this exploratory stage, greater clarity about what I do not yet know is meaningful progress. I now feel better equipped to evaluate my interest, identify what I need to learn, and decide whether commercial banking deserves a more focused place in my career plans. Overall, André was very helpful, and the session met an important need for me as someone starting with limited knowledge of the field. Its greatest value was giving me direction and encouraging a more thoughtful approach to my next steps. I left with a clearer understanding of my knowledge gaps, a more realistic perspective on the difference between banking and consulting, and a better sense of how to move forward before committing to applications.”

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13 Comments

DeepLearning

Don't have any advice for you but I'm curious, do you have an offer or interview from OW? If so, how did you go about getting the interview?

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Authored by: Certified Asset Management Professional - QuantCertified Asset Management Pro

EJW00927

I have a final round interview coming up. I networked a lot and was connected to mutual friends there, and they referred me internally.

If you're asking I'm assuming you may have some interest or insight - any idea as to their reputation currently? Doesn't have to be compared to Big 4 - just in general. Trying to get a feel for the company and their brand/reputation.

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Authored by: Certified Consulting Professional - 1st Year AssociateCertified Consulting Pro

DeepLearning

Close friend of mine is trying to make a move to OY strategy and is having a tough time. Not from Big 4, another tier 2 but niche industry firm. OY is great from my understanding. Just a notch below MBB. Particularly good for financial services consulting I think.

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Authored by: Certified Asset Management Professional - QuantCertified Asset Management Pro

1 reply

Fantastic

I don't work in consulting, but I've spoken to a fair number of people in the space. Oliver Wyman is strongest in its financial services practice, and they do a fair amount of risk management work. But beyond that, I'm not sure OW is really much better than, say, Deloitte.

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Authored by: Certified Equity Research Professional - 2nd Year AssociateCertified Equity Research Pro

The Nightman

Does "Big 4 strategy" mean Deloitte S&O or Parthenon - EY? If so, moving to OW is basically a lateral move (although OW takes the cake in FS as others have mentioned). If not, switching to OW would probably be a step up depending on whether they make you take a step back in title when you join.

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Authored by: Certified Consulting Professional - 3rd+ Year AnalystCertified Consulting Pro

EJW00927

I'm coming from strategy consulting, but non S&O/Parthenon/Strategy&. They are interviewing me for a role one level above where I'm currently at, so it appears a promotion would be involved. Looks like a great opportunity!

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Authored by: Certified Consulting Professional - 1st Year AssociateCertified Consulting Pro

The Nightman

You're right - I forgot about strategy&, but other than that this seems to be a fantastic opportunity. Good luck!

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Authored by: Certified Consulting Professional - 3rd+ Year AnalystCertified Consulting Pro

BreakingOutOfPWM

Deloitte S&O, Strategy& and Parthenon are all essentially laterals. KPMG, EY non-Parthenon, legacy PwC and non S&O Deloitte it would be a step up.

That's in terms of both pay and "prestige" for b school etc.

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Authored by: Certified Consulting Professional - 2nd Year AssociateCertified Consulting Pro

mycorona

"BreakingOutOfPWM"
Deloitte S&O, Strategy& and Parthenon are all essentially laterals. KPMG, EY non-Parthenon, legacy PwC and non S&O Deloitte it would be a step up.

That's in terms of both pay and "prestige" for b school etc.

OW is above Deloitte S&O and Strategy&. I'm not sure how you can persist with positioning Deloitte S&O in the same sentence as Strategy& too!

OP, congrats on getting the opportunity to move to a more prestigious firm with a bump in title too. This will translate into quite a handsome bump in overall comp - base would go up substantially and the overall, due to performance bonus, will catapult you and your career up several notches.

The above depends on the office as the clients and types of work varies by location.

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BreakingOutOfPWM

Best Response

They're all in the same tier and are essentially laterals. Tiers don't change every few years, rankings/perception in a tier do and vary by individual. I'd rank them in the same order as you, but the differentiation is very small and the experience for one person at Deloitte/Strat& could be better for another at OW on every end of the spectrum.

To your point, the equivalent would be like saying that going from McKinsey to BCG or Bain is not a lateral.

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Authored by: Certified Consulting Professional - 2nd Year AssociateCertified Consulting Pro

Marita

In Europe it would be a definite step up.

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Oliver Wyman vs. Big 4 (yes, again)

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