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What are the uppers and downers of large consulting firms vs. specialty boutiques vs. policy-focused firms?  Here&#39;s an easy-to-understand guide.&lt;p&gt;&lt;b&gt;LARGE MANAGEMENT CONSULTING FIRMS&lt;/b&gt;&lt;p&gt;&lt;i&gt;Uppers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Ability to work on a diversity of projects and tasks&lt;li&gt;Intelligent colleagues&lt;li&gt;High pay relative to other entry level jobs in health care&lt;li&gt;Ample opportunity to transition into industry after a two- to 10-year stint&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;i&gt;Downers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Much longer hours relative to other entry-level jobs in health care&lt;li&gt;Tasks involve difficult analytic thinking performed in relatively short timeframes&lt;li&gt;Need substantial previous experience in health care in order to specialize&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;i&gt;Examples: Elites (Strategy)&lt;/i&gt;&lt;ul&gt; &lt;li&gt;Boston Consulting Group&lt;li&gt;McKinsey &amp; Company&lt;li&gt;Bain &amp; Company&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;i&gt;Others (Strategy, Operations, Systems):&lt;/i&gt;&lt;ul&gt; &lt;li&gt;Deloitte and Touche &lt;li&gt;Andersen Consulting&lt;li&gt;PriceWaterhouseCoopers&lt;li&gt;Ernst &amp; Young&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;b&gt;BOUTIQUE FIRMS&lt;/b&gt;&lt;p&gt;&lt;i&gt;Uppers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Smaller office might mean more responsibility and client contact for recent graduates&lt;li&gt;Easy ability to gain skills in a specific line of work ? these skills may be effectively marketed to larger consulting firms or potential industry employers&lt;li&gt;Flexibility in terms of how long you want to stay (as opposed to the two- to three-year, &quot;up or out&quot; philosophy of some large consulting firms)&lt;li&gt;Health care work only&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt; &lt;p&gt;~&lt;i&gt;Downers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Fewer formalized processes make it very easy to be ?out of the loop? on significant issues related to personnel and office politics&lt;li&gt;Less diversity in the range of projects and tasks you will encounter&lt;li&gt;Tend to be less stable financially than larger firms ? often run by individuals who are new to the pressures and rewards of running the own consulting firm&lt;li&gt;Entry-level consultants are often paid less than at larger firms&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;i&gt;Other key factors&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Tend to specialize in one line of products, services or clients&lt;li&gt;Tend to be congregated in Washington DC, Boston and the West Coast&lt;li&gt;Often started by individuals recently leaving industry or larger consulting firms&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;b&gt;POLICY- AND RESEARCH-FOCUSED FIRMS&lt;/b&gt;&lt;p&gt;&lt;i&gt;Uppers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;More scientifically rigorous, publishable work&lt;li&gt;Good non-MBA graduate school opportunities&lt;li&gt;Fewer hours than most other consultants&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;i&gt;Downers&lt;/i&gt;&lt;ul&gt;&lt;li&gt;Less pay than most large management consulting firms&lt;li&gt;May get labeled a ?data person? and never see the light of day&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;&lt;i&gt;Major players&lt;/i&gt;&lt;ul&gt;&lt;li&gt;The Lewin Group, Inc.&lt;li&gt;Abt Associates, Inc.&lt;li&gt;Covance, Inc.&lt;li&gt;Mathematica Research, Inc.&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/li&gt;&lt;/ul&gt;

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