From 1992 to 2010, one-fifth of CEOs at S&P 1500 firms came from just 36 “CEO factories” — prestigious global firms renowned for recruiting, training and developing corporate leaders. This included the likes of General Electric, IBM and Procter & Gamble, which made up the top three CEO factories, according to a Santa Clara University study.
But in 2025, a new picture is emerging. Over the last 10 years, fewer CEOs are being churned out by these legacy “academy companies” and a new kind of CEO factory is taking over. Today consulting firms are producing a larger share of CEOs, especially the “Big Three” strategy firms McKinsey & Co., Boston Consulting Group (BCG) and Bain & Company.
It makes sense. Consultants are not just building resiliency at these high-pressure firms; they are being exposed to a diverse range of clients across industries, giving them a birds-eye view of business models, challenges and solutions.
Bloomberg recently reported on this phenomenon, citing an analysis by Live Data Technologies that tracked the career paths of CEOs at more than 4,300 global public companies. It found that it’s not just the McKinseys, but also lesser-known professional services firms, that are producing the most executive leaders.
While there is a whole host of reasons for this shift, one key skill that puts consultants at an advantage is adaptability. Consultants must be adept at quickly analyzing a business’ challenges, finding opportunities for efficiencies and changing course when needed. (For another perspective on consulting, make sure to read Nikki Kallio’s Insider feature on page 28.)
It’s a new era for CEOs, and today’s uncertain marketplace demands adaptability. The rise of consulting firms as incubators for top talent underscores the critical need for leaders who can pivot on a dime and thrive through disruption.
