In general, once you are in strategy consulting, the paths are:- sit it out on partner track- get out into industry / PE / startup etc role- get MBA, return to try and get on partner track- get MBA, move out to better payed or more relaxed jobThere is little transition between MBB and the smaller strategy consulting firms. Reasons for this are:- they do the same work- perceived prestige at client is about the same- pay is equal or sometimes better to steal people from MBB- reapplying to another firm might look like you have been up-or-outed.Obviously, there are exceptions but most of these from what I've seen are about high level partner jumps. Other exceptions are often related to companies merging/splitting/going bankrupt e.g. ADL, AT Kearney and Quintel etc. etc.You should really be more specific in what you mean by niche strategy firm by the way. Booz, ADL, AT Kearney, OC&C, Roland Berger are not 'niche' players, they're just smaller. There are some really small boutiques in each country as well, often started by ex strategy consultants. There might be more mobility from these boutiques to MBB but MBB would still wonder and ask why you didn't join them in the first place.Reasons to join smaller players:- your local office focuses on industries or work segments you like- length of projects. MBB firms are bigger and can staff people on larger, longer projects while a smaller firm might for example focus more on small M&A due dilligence projects.- small but growing offices which hire 3-5 ppl/yr leave more room for you to build your own success rather than being another one of the 30 or so people/year shoved into an MBB.Most people just choose by industry segments they like and the feeling they get from future colleague's during interviews.You call it a dilemma by the way but I wouldn't actually worry about it until you get offers, or interviews for that matter....