What 15 Years of Market Data Reveals About Strategy Talent in the C-Suite
The short answer: yes.
But not for the reasons you might expect.
For decades, firms like McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company have positioned themselves as CEO factories.
Not just through brand, but through a deliberate operating model:
→ Smart graduates, thrown into high-stakes client work from day one
→ Exposure across industries, geographies, and functions
→ Tight feedback loops, analytical rigour, and a culture of structured problem-solving
The result?
By the time they leave, most consultants have compressed a decade of learning into a few intense years.
And increasingly, that foundation is showing up in the data.
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Consultant-led firms outperform, and McKinsey leads the pack
According to a recent Economist analysis using Altrata data:
→ 36 current CEOs of S&P 500 companies came from McKinsey, BCG, or Bain (up from 25 in 2018)
→ McKinsey leads both in volume and performance, with 24 alumni in the top 500
→ Companies led by ex-MBB consultants have delivered +677% total returns (vs +584% for the broader S&P 500), adjusted for industry mix
In short: strategy-trained leaders are delivering real shareholder value; especially in periods of disruption.
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But pedigree isn’t destiny
There have been high-profile misses too:
Former consultants at Nike and Starbucks (both Bain and McKinsey alumni) struggled to translate experience into results.
Why? Because while consulting builds the mindset, it doesn’t guarantee the muscle.
Advising CEOs is not the same as being one.
The most successful transitions we’ve seen, both in the data and in our network – follow a clear arc:
→ Principal or Partner level in consulting
→ A transition into GM, product, or commercial leadership
→ Ownership of outcomes, not just inputs
→ Then, the CEO seat, backed by both strategic insight and operational credibility.
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From deck to delivery: the bridge that matters
Consultants bring clarity, structure, and pace – often in environments where stakes are high and alignment is scarce.
But the leap from insight to impact is where many fall short.
Consulting sharpens the mind.
Operations tests the mettle.
Put both together – that’s what boards are really buying.
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Final thought
If you’re a Principal or Partner in consulting considering the next step:
It’s not about leaving strategy behind.
It’s about applying it where you own the outcomes; not just the recommendations.
The data backs it.
The market is open to it.
And the right operating role might not be a detour – but the direct path to the C-suite.
This post comments on:
The Economist: Do consultants make good CEOs?
5-August 2025
Ben Appleton is the founder of Strat-Bridge, a specialist executive search partner to the strategy consulting industry. He works with global consulting firms and senior leaders across the UK, Germany, Switzerland, and beyond — helping them build capability at the Partner and Director level.
