Germany's top consulting firms for financial services

24 September 2019 Consultancy.eu

A survey of around 1,500 consultancy buyers – executives and managers – and more than 1,800 senior consultants has identified Germany’s leading consulting firms in the financial services industry.

Germany’s financial services industry is one of the powerhouse sectors of the country’s economy. According to estimates from Germany’s official statistics agency Destatis, the sector contributes almost 4% to the country’s gross domestic product, which equates to an economic value added of over €115 billion. The industry is also crucial for Germany’s labour market, providing around 1.2 million people with generally well-paid jobs.

Unsurprisingly, financial services is therefore one of the most important sectors for consulting firms in the country. Germany is according to BDU, the domestic association of management consulting firms, home to over 19,000 consultancies, with a large chunk of this group helping banking institutions, insurance companies, asset/wealth managers, pension funds, FinTechs, regulatory bodies and other financial services institutions with some of their most pressing strategic, organisational and operational matters.

Based on data sourced from more than 3,300 respondents, Consultancy.eu compiled a list of Germany's top consulting firms serving the financial services industry. These firms have either been commended by their clients for the quality of their services and delivery, and/or by consultants for their reputation in the marketplace and peer perception of consulting quality.
Germany's top consulting firms for financial servicesTop of the ranking are two well-known MBB firms, Boston Consulting Group and McKinsey & Company, and Oliver Wyman – the trio tie in first place with a near maximum score of recommendations. McKinsey is Germany’s market leader in the strategy & operations domain with around 3,000 consultants, with fellow US-headquartered BCG hot on its heels. Oliver Wyman, a sister company of among other NERA Economic Consulting and Mercer, is also a globally operating strategy & operations specialist, and enjoys a particular strong track record in financial services.

Two other management consulting firms also achieve an ‘excellent’ rating: zeb rolfes schierenbeck associates (Zeb), a German-origin firm dedicated to the financial services landscape, and SMP Strategy Consulting, a boutique German consultancy based in Dusseldorf.

A group of eight consulting firms have been lauded as ‘leading’ in the financial services arena. This group consists of three of the Big Four firms (Deloitte Consulting, EY Advisory and PwC Advisory), the third largest global strategic consultancy Bain & Company, German-heritage players Horváth & Partners and Q_Perior, technology giant Accenture, and European-led BearingPoint, for which Germany is its largest market.

An overview of Germany’s top consulting firms for clients in the financial services industry:

Boston Consulting Group (BCG)
Score: Excellent
Offices in Germany: 7
Number of consultants: 2,600

McKinsey & Company
Score: Excellent
Offices in Germany: 7
Number of consultants: 3,000

Oliver Wyman
Score: Excellent
Offices in Germany: 5
Number of consultants: 450

zeb.rolfes.schierenbeck.associates (Zeb)
Score: Excellent
Offices in Germany: 5
Number of consultants: 1,000

SMP Strategy Consulting
Score: Excellent
Offices in Germany: 1
Number of consultants: 60

Accenture
Score: Leading
Offices in Germany: 10
Number of consultants: 8,500

Bain & Company
Score: Leading
Offices in Germany: 4
Number of consultants: 1,000

Deloitte Consulting
Score: Leading
Offices in Germany: 15
Number of consultants: 3,400

EY Advisory
Score: Leading
Offices in Germany: 20
Number of consultants: 2,000

PwC Advisory
Score: Leading
Offices in Germany: 21
Number of consultants: 3,900

Q_Perior
Score: Leading
Offices in Germany: 5
Number of consultants: 250

Horváth & Partners
Score: Leading
Offices in Germany: 6
Number of consultants: 700

BearingPoint
Score: Leading
Offices in Germany: 8
Number of consultants: 2,000

Deutsche Consulting Partner
Score: Highly commended
Offices in Germany: 1
Number of consultants: 20

Sopra Steria Consulting
Score: Highly commended
Offices in Germany: 9
Number of consultants: 2,500

Eurogroup Consulting
Score: Highly commended
Offices in Germany: 1
Number of consultants: 80

Horn & Company
Score: Highly commended
Offices in Germany: 5
Number of consultants: 80

PPI
Score: Highly commended
Offices in Germany: 6
Number of consultants: 520

KPMG Advisory
Score: Highly commended
Offices in Germany: 27
Number of consultants: 3,000

Roland Berger
Score: Highly commended
Offices in Germany: 6
Number of consultants: 1,000

IBM Business Consulting
Score: Highly commended
Offices in Germany: 18
Number of consultants: 1,700

ifb group
Score: Highly commended
Offices in Germany: 2
Number of consultants: 440

Investors Marketing
Score: Highly commended
Offices in Germany: 1
Number of consultants: 35

Kienbaum Consultants
Score: Highly commended
Offices in Germany: 11
Number of consultants: 600

Senacor
Score: Highly commended
Offices in Germany: 8
Number of consultants: 430

Strategy&
Score: Highly commended
Offices in Germany: 6
Number of consultants: Unknown

BankenImpuls
Score: Highly commended
Offices in Germany: 1
Number of consultants: 10

Capgemini Invent
Score: Highly commended
Offices in Germany: 13
Number of consultants: Unknown

ConVista Consulting
Score: Highly commended
Offices in Germany: 4
Number of consultants: 360

d-fine
Score: Commended
Offices in Germany: 4
Number of consultants: 580

Consileon Business Consultancy
Score: Commended
Offices in Germany: 7
Number of consultants: 400

FSS Consulting
Score: Commended
Offices in Germany: 1
Number of consultants: 25

Insignion Management Consulting
Score: Commended
Offices in Germany: 1
Number of consultants: 6

P3N
Score: Commended
Offices in Germany: 1
Number of consultants: 15

plenum Management Consulting
Score: Commended
Offices in Germany: 1
Number of consultants: 80

Ritzenhoefer & Company
Score: Commended
Offices in Germany: 2
Number of consultants: 60

Subito Consulting
Score: Commended
Offices in Germany: 1
Number of consultants: 35

syracom
Score: Commended
Offices in Germany: 4
Number of consultants: 180

WEPEX Unternehmensberater
Score: Commended
Offices in Germany:
Number of consultants:

WSFB Beratergruppe Wiesbaden
Score: Commended
Offices in Germany: 1
Number of consultants: 20

Simon-Kucher & Partners
Score: Commended
Offices in Germany: 5
Number of consultants: 420

Beltios
Score: Commended
Offices in Germany: 3
Number of consultants: 50

FINCON
Score: Commended
Offices in Germany: 8
Number of consultants: 220

Krause & Schopp
Score: Commended
Offices in Germany: 1
Number of consultants: 20

adesso
Score: Commended
Offices in Germany: 18
Number of consultants: 1,600

ajco solutions
Score: Commended
Offices in Germany: 3
Number of consultants: 30

Berg Lund & Company
Score: Commended
Offices in Germany: 1
Number of consultants: 45

Capco
Score: Commended
Offices in Germany: 2
Number of consultants: 250

CAS
Score: Commended
Offices in Germany: 4
Number of consultants: 110

Kampmann Management Consultants
Score: Commended
Offices in Germany: 2
Number of consultants: 25

Management Partner
Score: Commended
Offices in Germany: 1
Number of consultants: 30

microfin
Score: Commended
Offices in Germany: 1
Number of consultants: 35

msgGillardon
Score: Commended
Offices in Germany: 8
Number of consultants: 300

RFC Professionals
Score: Commended
Offices in Germany: 1
Number of consultants: 30

AAA Auctor Actor Advisor
Score: Commended
Offices in Germany: 2
Number of consultants: 30

About the analysis

Client and consultant review scores of 3,300 respondents in Germany was sourced from the database of Consultancy.org and German business magazine Brand eins. Consultancy.eu assessed the data for the financial services industry, and included all consulting firms that received a commended score. An equal weighting was given to feedback from clients and consultants, with the top ranking firms then divided into four score categories – ‘excellent’, ‘leading’, ‘highly commended’ and ‘commended’ – based on the total score achieved. In the case consultancies had a tied score, an alphabetical listing was used.