Author: Taylor Warfield, Former Bain Manager and interviewer

Last Updated: May 24, 2026

 

Strategy& vs EY-Parthenon are two of the most respected tier 2 strategy consulting firms, often compared head-to-head by candidates choosing between offers. Strategy& is PwC's dedicated strategy arm, built on the legacy of Booz & Company. EY-Parthenon is EY's strategy practice, with deep roots in private equity and commercial due diligence.

 

By the end of this article, you will understand how Strategy& and EY-Parthenon compare on practice areas, interview process, salary, culture, prestige, and exit opportunities.

 

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What Are Strategy& and EY-Parthenon?

 

Strategy& is the global strategy consulting arm of PwC, operating in over 60 countries with more than 3,000 dedicated strategy consultants. PwC acquired Booz & Company in 2014 and rebranded the firm as Strategy&. The firm focuses on corporate strategy, capabilities-driven growth, and large-scale transformation backed by PwC's global execution network.

 

EY-Parthenon is EY's strategy consulting practice, formed when EY acquired The Parthenon Group in 2014. As of 2025, EY-Parthenon scaled to approximately 25,000 professionals across 150 countries after EY unified its Strategy and Transactions service lines under the EY-Parthenon brand. The firm has a strong reputation in private equity, commercial due diligence, and education sector strategy.

 

Where Do Strategy& and EY-Parthenon Sit Among Top Consulting Firms?

 

Both firms are classified as upper tier 2 consulting firms in most prestige rankings. According to Vault Consulting 50 rankings, EY-Parthenon ranked 4th globally in 2023 and 5th most prestigious. Strategy& consistently appears in the top 10 strategy consulting firms globally.

 

Both firms compete directly for engagements that MBB consulting firms would otherwise win. Strategy& is generally seen as PwC's strategy arm, with stronger brand recognition in continental Europe and the Middle East. EY-Parthenon is often seen as a boutique-flavored firm operating inside a Big 4, with particular strength in North America and the UK.

 

What Are the Main Differences Between Strategy& and EY-Parthenon?

 

The main differences between Strategy& and EY-Parthenon are practice focus, size, parent firm integration, and case content. Strategy& leans toward corporate strategy and capabilities-driven transformation. EY-Parthenon leans toward private equity due diligence and transaction strategy.

 

Here is a side-by-side comparison of the two firms.

 

Factor	Strategy&	EY-Parthenon
Parent firm	PwC	EY
Origin	Booz & Company (founded 1914)	The Parthenon Group (founded 1991)
Joined parent	2014	2014
Strategy consultants globally	3,000+	25,000+ (after 2025 expansion)
Office footprint	60+ countries	150+ countries
Core practice focus	Corporate strategy and deals	Commercial due diligence and PE
Case interview format	Candidate-led	Candidate-led
Interview rounds	2 rounds	2 to 3 rounds
Acceptance rate	About 3 to 5%	About 5 to 10%
Brand strongest in	Continental Europe, Middle East	North America, UK

 

The biggest practical difference is industry exposure. A Strategy& consultant is more likely to work on long-term corporate strategy projects across sectors. An EY-Parthenon consultant is more likely to work on commercial due diligence sprints for private equity clients.

 

How Do Strategy& and EY-Parthenon Compare on Practice Areas and Industries?

 

Strategy& focuses on corporate strategy, business unit strategy, deals strategy, and digital transformation. EY-Parthenon focuses on commercial due diligence, private equity strategy, education strategy, and transaction advisory.

 

What Are Strategy&'s Main Practice Areas?

 

Strategy& organizes its work around several core areas:

 

• Capabilities-driven strategy: helping clients identify and invest in 3 to 6 distinctive capabilities that drive competitive advantage

 

• Fit for Growth: a cost restructuring approach that protects strategic capabilities while cutting non-essential spend

 

• Deals strategy: commercial due diligence, synergy assessment, and post-merger integration

 

• Digital and technology strategy: connecting strategy to PwC's broader digital execution capabilities

 

• Industry expertise: financial services, energy, healthcare, telecom, media, technology, automotive, aerospace, and fast-moving consumer goods

 

Strategy& often hands projects off to broader PwC teams for implementation, which is part of the firm's strategy-through-execution value proposition. PwC's combined consulting revenue exceeds $22 billion, giving Strategy& consultants access to deep functional and technology resources.

 

What Are EY-Parthenon's Main Practice Areas?

 

EY-Parthenon organizes its work around four core service lines:

 

• Strategy: corporate, growth, and portfolio strategy

 

• Transactions: M&A strategy, divestitures, and integration

 

• Value Creation: post-deal performance improvement

 

• Turnaround and Restructuring: distressed situations and operational turnarounds

 

Industry focus areas include private equity (a dominant share of revenue), consumer products, retail, education, financial services, healthcare, life sciences, media and entertainment, industrial manufacturing, oil and gas, and technology. EY-Parthenon also runs a Software Strategy Group (SSG), a specialized team where about 80% of project work is commercial due diligence for software companies.

 

How Do the Interview Processes Compare?

 

Both Strategy& and EY-Parthenon use candidate-led case interviews similar to BCG and Bain. The key difference is content. Strategy& cases lean toward corporate strategy questions. EY-Parthenon cases lean toward investment and due diligence problems.

 

Below is a side-by-side comparison of the two interview processes.

 

Element	Strategy&	EY-Parthenon
Rounds	2	2 to 3
Total interviews	4 to 5	4 to 6
Case format	Candidate-led	Candidate-led
Common case types	Market entry, M&A, profitability	Commercial DD, market sizing, growth
Written case	Sometimes (final round)	Sometimes (final round)
Group case	Sometimes	Often (final round)
Online assessment	Strategy& path: no	Office-dependent
Fit weighting	Very high	Very high

 

What Is the Strategy& Interview Process Like?

 

The Strategy& interview process typically consists of two rounds with four to five total 45-minute interviews. The first round consists of two interviews with senior associates or managers. The final round consists of two to three interviews with directors and partners.

 

Cases focus on corporate and business unit strategy. Common case types include market entry, growth strategy, M&A, and profitability. The Strategy& case interview also references capabilities-driven strategy and Fit for Growth frameworks, so showing familiarity with these approaches strengthens your performance.

 

Strategy& places heavy emphasis on behavioral fit. Interviewers specifically screen for candidates who view the firm as a top choice rather than a backup to McKinsey, BCG, and Bain. Generic answers to "Why Strategy&?" are a common rejection reason.

 

What Is the EY-Parthenon Interview Process Like?

 

The EY-Parthenon case interview process typically uses two to three rounds with four to six total interviews. The first round is often a 30-minute recruiter phone screen focused on fit. Second and third rounds combine candidate-led cases, behavioral interviews, and in some offices a group case or written case.

 

Cases reflect the firm's private equity practice. Common case types include commercial due diligence, market entry, market sizing, and growth strategy. Familiarity with private equity case interview structure and investment logic gives candidates a real edge.

 

EY-Parthenon group case interviews are common in the final round, especially in US offices. Candidates work in groups of 3 to 5 to solve a client problem in 60 minutes, then present findings via PowerPoint for 15 minutes followed by 15 to 20 minutes of Q&A.

 

Which Firm Pays More: Strategy& or EY-Parthenon?

 

Compensation at Strategy& and EY-Parthenon is broadly comparable, but Strategy& tends to lead slightly on total cash compensation, particularly bonuses. Both firms are positioned to compete with MBB on salary. EY-Parthenon historically leans more on base pay while Strategy& weights bonus more heavily.

 

Below is a comparison of typical 2026 US total cash compensation by level based on Glassdoor data and aggregated employee reports.

 

Level	Strategy& (US Total Cash)	EY-Parthenon (US Total Cash)
Undergraduate Associate	$110,000 to $135,000	$100,000 to $122,000
Post-MBA Senior Associate	$215,000 to $250,000	$200,000 to $235,000
Manager	$260,000 to $310,000	$245,000 to $290,000
Director / Senior Manager	$325,000 to $400,000	$310,000 to $380,000
Partner / Principal	$750,000 to $1.5M+	$700,000 to $1.4M+

 

EY-Parthenon offers up to $22,000 in performance bonus on a $100,000 base for undergraduate associates, with a $50,000 retention bonus in the Software Strategy Group after three years. Strategy& tends to pay a slightly higher bonus percentage at MBA and post-MBA levels.

 

A few things to keep in mind when comparing offers:

 

• Both firms adjust salaries regularly to match MBB benchmarks

 

• Bonus targets at Strategy& are heavily tied to firm and individual performance

 

• EY-Parthenon achieved salary parity across legacy and non-legacy service lines a few years ago

 

• Total compensation can vary 10 to 20% by office and region

 

How Do Culture and Work-Life Balance Compare?

 

Strategy& has a more traditional MBB-style strategy culture with longer hours and more client travel. EY-Parthenon tends to have less travel due to its heavy due diligence work, which often happens in-office or remotely.

 

What Is the Culture Like at Strategy&?

 

Strategy& culture is shaped by the legacy of Booz & Company. The firm runs an up-or-out model where consultants progress through Associate, Senior Associate, Manager, Director or Principal, and Partner within specific timeframes. Those not promoted are supported in transitioning to industry leadership roles through the firm's global alumni network.

 

The work style emphasizes capabilities-driven strategy and rigorous problem solving. Travel and hours can be intense, with consultants often spending multiple days per week at client sites. Within PwC, Strategy& maintains a somewhat separate identity, though integration with PwC's broader consulting practice has increased since 2014.

 

What Is the Culture Like at EY-Parthenon?

 

EY-Parthenon retains much of the original Parthenon Group culture, which was described as a tight-knit, work-hard-play-hard boutique. The firm has a reputation for being collaborative, pragmatic, and slightly less intense than some MBB offices.

 

A major culture differentiator is travel. Because so much of EY-Parthenon's work is commercial due diligence for private equity clients, consultants often spend more time in the office than at client sites. This creates a stronger in-office community feel.

 

The downside is that due diligence work runs in sprints with extremely tight deadlines. During an active deal, hours can be brutal. Outside of those sprints, the workload tends to be more manageable.

 

Which Firm Has Better Exit Opportunities?

 

Both Strategy& and EY-Parthenon offer strong consulting exit opportunities, with comparable destinations across corporate strategy, private equity, business development, and top MBA programs. The main difference is the type of exit each firm best positions you for.

 

EY-Parthenon's commercial due diligence focus creates a stronger natural pipeline to private equity roles, particularly portfolio operations and investment teams at mid-market and tech-focused funds. Strategy& tends to position consultants better for corporate strategy roles at Fortune 500 companies, especially in industries where PwC has deep client relationships.

 

Common exit destinations include:

 

• Corporate strategy at Fortune 500 companies

 

• Private equity, including mid-market funds, growth equity, and portfolio operations

 

• Business development and corporate development roles

 

• Top MBA programs such as Harvard, Wharton, Stanford, Booth, and Kellogg

 

• Startup operating and founder roles

 

• MBB consulting lateral moves

 

For someone targeting MBB as the next stop, both firms place reasonably well. MBB lateral hires from Strategy& are slightly more common in the post-MBA cohort, while EY-Parthenon places strongly into Bain through its Boston-based PE network.

 

Which Firm Is More Prestigious?

 

Strategy& and EY-Parthenon are both consistently ranked in the upper tier of tier 2 strategy firms, just below McKinsey, BCG, and Bain. Vault ranked EY-Parthenon 4th globally and 5th most prestigious in 2023, while Strategy& consistently ranks among the top 10 strategy firms globally.

 

In practice, prestige depends heavily on geography:

 

• North America: Both firms are highly regarded. EY-Parthenon has a slight edge in private equity circles. Strategy& has a slight edge for corporate strategy roles.

 

• Continental Europe: Strategy& benchmarks higher on exit opportunities due to the legacy Booz brand strength.

 

• Middle East: Strategy& dominates due to its long-standing government and sovereign wealth fund relationships in the region.

 

• Asia and Australia: EY-Parthenon has been expanding rapidly, particularly after acquiring the Eden Strategy Institute team in Singapore.

 

For business school placement and lateral consulting moves, both firms perform similarly well. No reasonable person would call one distinctly better than the other for prestige alone.

 

How Should You Choose Between Strategy& and EY-Parthenon?

 

Choose Strategy& if you want broad corporate strategy exposure, plan to work in continental Europe or the Middle East, or value access to PwC's global execution network. Choose EY-Parthenon if you want deep exposure to private equity and commercial due diligence, prefer less travel, or want a tighter in-office community feel.

 

Here is a quick decision framework.

 

If you want...	Choose
Private equity and commercial DD focus	EY-Parthenon
Pure corporate strategy work	Strategy&
Less travel, more office-based work	EY-Parthenon
Access to PwC's broader execution capabilities	Strategy&
Strongest brand in the Middle East	Strategy&
Tightest sector specialization (software DD)	EY-Parthenon (SSG)
Best path into private equity exit	EY-Parthenon
Best path into Fortune 500 corporate strategy	Strategy&

 

A few practical tips when deciding between offers:

 

• If you have offers from both, visit each office and talk to consultants one level above you

 

• Ask about the specific group within each firm, since not all groups are equal

 

• Weight culture fit heavily since both firms pay similarly

 

• Consider geography because brand strength varies significantly by region

 

The good news is that neither firm is a wrong choice. Both are excellent platforms for a consulting career and both offer strong exits, competitive pay, and a credible alternative to MBB.

 

How Should You Prepare for Strategy& and EY-Parthenon Interviews?

 

Preparation for both firms centers on candidate-led case interviews, behavioral fit, and firm-specific case content. The cases are similar in structure but different in flavor, so adjust your prep based on the firm.

 

A solid prep plan covers:

 

• Master the six-step case interview process used across all candidate-led cases

 

• Practice 30 to 40 live cases with a mix of partners or peers

 

• For Strategy& specifically, study capabilities-driven strategy and Fit for Growth

 

• For EY-Parthenon specifically, practice commercial due diligence and market sizing cases

 

• Prepare 8 to 10 behavioral stories using the STAR method

 

• Have a clear, specific answer for "Why this firm?"

 

• Practice mental math and quick calculations without a calculator

 

Case interviews require structured thinking and strong communication. If you want to learn case interviews quickly, my case interview course walks you through proven strategies in as little as 7 days.

 

For behavioral prep, the most common rejection reason at both firms is failing to explain why you want that specific firm. Generic answers fail. Tailor your reasons to the firm's actual differentiators: capabilities-driven strategy for Strategy&, private equity and due diligence for EY-Parthenon.

 

Frequently Asked Questions

 

Is Strategy& better than EY-Parthenon?

 

Neither firm is clearly better than the other. Both are upper tier 2 consulting firms with strong reputations, competitive pay, and similar exit opportunities. The right choice depends on what you want to do, where you want to work, and which culture fits you best.

 

Is EY-Parthenon MBB?

 

No, EY-Parthenon is not MBB. MBB refers specifically to McKinsey, BCG, and Bain. EY-Parthenon is classified as one of the strongest tier 2 strategy firms, often compared head-to-head with Strategy&, Oliver Wyman, LEK, and Kearney.

 

Is Strategy& part of PwC?

 

Yes, Strategy& is the global strategy consulting arm of PwC. PwC acquired Booz & Company in 2014 and rebranded the firm as Strategy&. Strategy& operates with its own brand and identity but is fully integrated into the PwC network.

 

Does EY-Parthenon pay more than Strategy&?

 

EY-Parthenon and Strategy& pay similar total compensation, with Strategy& typically leading slightly on bonus. EY-Parthenon historically focuses more on base salary while Strategy& weights bonus more heavily. Total cash compensation at both firms is close to MBB levels.

 

Which firm is harder to get into, Strategy& or EY-Parthenon?

 

Strategy& tends to be slightly harder to get into, with acceptance rates of 3 to 5% versus 5 to 10% at EY-Parthenon. Both firms run rigorous candidate-led case interview processes and place heavy emphasis on behavioral fit.

 

Do both firms do private equity work?

 

Yes, but to different degrees. EY-Parthenon is built around private equity, with commercial due diligence representing a significant portion of revenue. Strategy& does PE work through its deals strategy practice, but it represents a much smaller share of total work.

 

What is the Software Strategy Group at EY-Parthenon?

 

The Software Strategy Group (SSG) is a specialized EY-Parthenon team focused on commercial due diligence for software companies. The group's work is roughly 80% commercial due diligence and 20% traditional strategy, and the firm offers a $50,000 retention bonus to SSG associates after three years.

 

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