It really depends on what you're trying to do. If you're a strategist at a big-4, you'll always be seen as second-rate, because that's not really what the big-4 consulting houses do. As an operational consultant, though, a big-4 pedigree is as good as any.The strat houses and the big-4 consultancies compete in different spaces. McKinsey's don't do 80-person SAP implementations; Accenture don't do blue-sky strategy (at least not very well).