Strategy&

Key takeaways

Strategy& belongs to science; place it in that map before memorising details.
Learn the definition first, then one example that makes the definition concrete.
Connect Strategy& to a quantity you can measure, compute or draw — that is where exam questions come from.
Reproduce the core statement of Strategy& from memory before moving on to harder problems.

Reference excerpt

Strategy& is the strategy consulting business unit of PricewaterhouseCoopers (PwC), one of the Big Four professional service firms. Founded by Edwin G. Booz as Business Research Service in Chicago in 1914, the firm underwent numerous name changes before settling on Booz Allen Hamilton in 1943. In 2008, it split from Booz Allen Hamilton as Booz & Company, and, in 2013, it was acquired by PwC, the largest consulting acquisition of the company's history. The contract required PwC to drop the Booz name, and the unit became known as Strategy& in 2014. At the time of acquisition, the company had more than 80 offices in 41 countries. According to Glassdoor, it is the second highest-paying company for employees in the United States as of April 2017.

History

Foundation and early development After graduating from Northwestern University in Evanston, Illinois in 1914, Edwin G. Booz developed the business theory that companies would be more successful if they could call on someone outside their own organizations for expert, impartial advice. This theory developed into a new profession — management consulting — and the firm that would bear his name. Booz established a small consulting firm in Chicago, and two years later, he and two partners formed the Business Research and Development Company, which conducted studies and performed investigational work for commercial and trade organizations. This service, which Booz labeled as the first of its kind in the Midwest, soon attracted such clients as Goodyear Tire & Rubber Company, Chicago's Union Stockyards and Transit Company, and the Canadian Pacific Railroad. At the end of the 1950s, Time Magazine dubbed the firm "the world's largest, most prestigious management consulting firm".

Public listing and continued growth In 1970, Booz Allen went public with an initial public offering of 500,000 shares at $24 per share. Trading continued through 1976. In 2008, Booz & Company was spun off from Booz Allen Hamilton, in conjunction with a private equity takeover by The Carlyle Group. At the time, Booz & Company consisted of the commercial portion of Booz Allen Hamilton's consulting business, as well as all consulting operations with government entitites outside the United States. After the spin-off, Booz Allen Hamilton then focused exclusively on U.S. government consulting endeavors. In 2011, however, when the three-year noncompete provision expired, Booz Allen Hamilton began building out its commercial consulting practice, focusing on technology integration and cybersecurity programs. In 2009, Booz & Company purchased Katzenbach Partners for an undisclosed sum, and has since launched the Katzenbach Center, focused on the development and application of innovative ideas for organizational culture and change. In 2012, Axon Advisory Partners joined the company to launch Booz Digital, a full-service team of strategists, designers and technologists who "help companies turn ideas into transformational digital businesses". In April 2013, Booz & Company acquired international consulting firm Management Engineers for its operations expertise and experience in industries such as manufacturing, chemicals and industrials. Through the acquisition, Management Engineers added 17 partners and 145 staff to Booz & Company, along with a market position in Germany, as well as China, the UK and the US.

Acquisition and rebranding On October 30, 2013, Booz & Company announced it would be sold to PricewaterhouseCoopers as part of a conditional merger, pending regulatory approval and the vote of Booz partners scheduled for December 2013. Booz partners voted in favor on December 23, 2013, and the deal was closed in early April 2014. The acquisition, and subsequent change of name from Booz & Company to Strategy&, was announced on April 4, 2014. The name, pronounced "Strategy and", was widely criticized, but was required by an agreement with former parent Booz Allen Hamilton that the Booz name or variants could never be used in conjunction with a new legal entity.

Corporate affairs

Structure and Leadership Strategy& is the global strategy consulting business of PwC (PricewaterhouseCoopers). Formed on March 31, 2014, following the acquisition of Booz & Company by PwC, it operates as a distinct business unit within PwC’s Advisory practice. This structure allows the firm to combine traditional high-level strategy consulting with PwC's global scale in execution and digital transformation. As of July 2025, the firm is led by George Sarraf as Global Strategy& Leader. Sarraf, who previously led the firm's Middle East operations, oversees more than 4,500 consultants globally. The firm’s strategic priorities for 2026 include AI-driven transformation, sustainability (Environmental, Social & Governance) strategy, and "Deals Strategy" to drive M&A value.

Financial Performance While Strategy& does not publicly disclose standalone financial results, its performance is a core driver of PwC’s Advisory line of service. For the fiscal year ending June 30, 2025, PwC's global Advisory revenues grew by 4.5% to US$24.3 billion.

Recruiting

Talent Acquisition Strategy& consistently ranks as a top-tier recruiter at elite global business schools. Employment reports from 2025 indicate the firm remains a primary destination for MBA graduates:

Columbia Business School: In 2025, Strategy& was listed among the top three employers for the graduating class, with consulting being the most popular industry choice at 33.2%. INSEAD: In the 2025 employment cycle, Strategy& hired 23 MBAs from the INSEAD graduating class. London Business School: Strategy& is cited as a "Key Employer" for the Class of 2025, where 40% of the class entered the consulting sector.

Professional development The firm operates on a professional development model similar to the Cravath System. Consultants are expected to progress through a hierarchy—typically Associate, Senior Associate, Manager, Director/Principal, and Partner—within specific timeframes. The "up or out" culture remains a hallmark of the firm, where those not promoted are assisted in transitioning to leadership roles in industry through a global alumni network.

… excerpt ends here. Continue reading the full article.

Illustrations

Worked examples

Example 1 — a first encounter with Strategy&

Start with the simplest possible case. Write down what Strategy& claims or describes in one sentence, then invent the smallest concrete situation in which that sentence is true. In science, the smallest case is usually a single object, a single equation or a single measurement. Check that every symbol or term in your sentence has a meaning in that case.

Example 2 — changing one variable

Take the situation from Example 1 and change exactly one quantity: double it, halve it, or set it to zero. Predict what should happen to Strategy& before you calculate. Comparing your prediction with the result is the fastest way to find out whether you understand the idea or only the words.

Example 3 — an exam-style question

Typical questions about Strategy& ask you to (a) state it precisely, (b) apply it to given data, and (c) explain a limitation. Practise writing all three answers in under five minutes; the third part is what separates a full-mark answer from an average one.

Applications of Strategy&

In research: Strategy& appears in science research whenever the underlying quantities have to be modelled precisely. Papers usually cite it as a starting assumption and then explore where it breaks down.
In technology and industry: Engineering practice reuses Strategy& in design rules, simulations and safety margins. Knowing the idea lets you read a specification sheet and understand why the numbers look the way they do.
In the classroom: Strategy& is common in secondary-school and first-year university syllabi. It links to neighbouring topics 1914 establishments in Illinois, Companies based in New York City, Consulting firms established in 1914, so understanding it makes those chapters shorter.
In everyday life: Look for Strategy& outside the textbook — in sport, cooking, traffic, electronics or the sky above you. An example you found yourself is remembered far longer than one you were given.

How to study Strategy& in 20 minutes

Read the reference excerpt below once, without taking notes.
Close the page and write down what Strategy& means in your own words.
Compare your version with the excerpt and mark what you missed.
Work through the three examples above with pen and paper.
Explain Strategy& out loud to somebody else — or to Teacher Smith in the lgStudy chat.

Frequently asked questions

What is Strategy& in simple terms?

Strategy& is the strategy consulting business unit of PricewaterhouseCoopers (PwC), one of the Big Four professional service firms. Founded by Edwin G.

Why does Strategy& matter?

Because it connects several science ideas at once: it gives you a definition you can apply, a quantity you can calculate, and a way to check whether a result is plausible.

How should I study Strategy&?

Read the excerpt, restate it from memory, then work through the examples and applications listed on this page. The five-step study plan above takes about twenty minutes.

What does this page cover?

It gives you a compact reference excerpt plus original lgStudy explanations, examples, applications and study material on Strategy&.