NRI vs. Think Tank-Based Consultancies Other Than Nomura Research Institute
When people hear the term "think tank-based consultancy," many first think of the Nomura Research Institute (NRI). It is often perceived by job seekers as a "dream destination for liberal arts graduates" and by business professionals as having a "wide range of capabilities from research to execution support." However, there are several other powerful think tank-based consultancies in Japan that are backed by financial groups, such as the Mitsubishi Research Institute (MRI), the Japan Research Institute (JRI), the Daiwa Institute of Research (DIR), Mitsubishi UFJ Research and Consulting (MURC), Mizuho-affiliated research institutions, and NTT Data Institute of Management Consulting. While they all share the common origin of being "think tanks turned consultancies," their strengths, corporate cultures, and the nature of their projects differ significantly. This article provides a thorough comparison of NRI and other think tank-based consultancies, which will be useful for those considering employment or career changes, as well as for business professionals who are unsure which firm to consult as a client.
What exactly is a "think tank-based consultancy"?
Unlike foreign-affiliated strategy consultancies (such as McKinsey or BCG) or general consultancies (such as Accenture or Deloitte), the defining characteristic of think tank-based consultancies is their origin in "research and studies." They originally started as research departments investigating economic and industrial trends for the government and financial groups, and have since evolved into management consulting businesses for corporations. Because of this, think tank-based consultancies share the following common strengths: • Ability to provide "grounded" recommendations based on data and statistics • Strong in government-related projects (policy recommendations, white paper creation, demonstration projects, etc.) • Deep expertise in the financial and public sectors due to being backed by financial groups • Better at long-term, hands-on support compared to foreign-affiliated strategy firms. On the other hand, it is often said within the industry that while they are "strong in gritty research, they lag behind foreign firms in the aesthetics of PowerPoint presentations and the sharpness of their recommendations." With this common foundation in mind, let's look at the differences between each company.
Characteristics of NRI (Nomura Research Institute)
NRI originated from the company established in 1965 as Japan's first private comprehensive think tank, and it boasts an exceptional scale within the industry. It is the overwhelming number one among think tank-based firms in terms of both sales and number of employees, and its dual-engine management of consulting and IT solutions (system development and operation) is its greatest feature. A keyword often used by those from NRI is "genchi genbutsu" (go to the source, see the actual situation). It is said that the company culture emphasizes not just desk analysis but going to the field to conduct thorough fact-checking and solving problems based on that. They are known for a culture that values execution power, involving not just management but also frontline staff to build consensus and ensure that strategies do not remain just "drawings on paper." To summarize their strengths in one word: • Comprehensive strength in distribution, retail, finance, and public sectors • A system that can connect IT and strategy to "draw the picture and carry it through to implementation" • Accumulation of excellent talent due to overwhelming recruitment power and brand strength. Weaknesses include a sense of departmental silos due to its large scale and the slow decision-making typical of large corporations. Some say that whether one can produce sharp proposals without resting on the "NRI brand" depends on the specific department or team.
Characteristics of the Mitsubishi Research Institute (MRI)
MRI is known for its strengths in science, technology, energy, and environmental fields as a think tank for the Mitsubishi Group. It has many employees with science backgrounds, and the reputation of being a technology-focused think tank is well-established in the industry. They handle a wide range of work from policy recommendations to corporate consulting, and also provide consulting on organizational design, talent strategy, and human capital management. A characteristic of their support style is aiming for the sustainable improvement of client corporate value. Simply put, the difference between MRI and NRI is that "NRI is a liberal arts-based comprehensive strength strong in finance and distribution," while "MRI is a science-based professional expertise strong in science, technology, and public policy." Even among job seekers, it is often said that "NRI is for liberal arts majors, and MRI is for science and research-oriented individuals." In terms of corporate culture, some say MRI has a more academic and calm atmosphere, while NRI has a stronger business and athletic-club-like vibe.
Characteristics of the Japan Research Institute (JRI)
JRI is a think tank affiliated with SMBC (Sumitomo Mitsui Financial Group). It focuses on consulting themed around human capital management for private companies, and is characterized by an approach that combines management strategy with organizational and talent development. In addition to its research and consulting departments, JRI also handles system development functions for the SMBC Group, and as expected of a financial group, it has a strong reputation for DX for financial institutions and regional revitalization projects. It is considered to be in the higher tier among major think tanks in terms of salary levels and ease of working, and is often compared with the Daiwa Institute of Research.
Characteristics of the Daiwa Institute of Research (DIR)
The Daiwa Institute of Research, a think tank of the Daiwa Securities Group, has overwhelming strength in research in the securities and capital markets sector. It has a reputation for the high quality of its "core research," such as economic surveys and stock market analysis, and develops its corporate system development and consulting business as an offshoot of this. Its salary levels and generous welfare benefits are highly rated within the industry, and its stability as a group company of a major financial institution is often cited as an attraction. On the other hand, there are points made that a seniority-based culture remains strong, and it may feel somewhat restrictive for those who want to act with discretion from a young age.
Characteristics of Mitsubishi UFJ Research and Consulting (MURC)
MURC is a member of the MUFG Group, and its origins are complex. It was established as UFJ Research Institute in 2002 following the merger of Sanwa Bank and Tokai Bank, and later, with the formation of The Bank of Tokyo-Mitsubishi UFJ, it became the current organization in 2006 through the merger of UFJ Research Institute, Diamond Business Consulting, and Tokyo Research International. As a member of the MUFG Group, it provides organizational and personnel consulting primarily to mid-sized companies, with a mission to pursue talent management aimed at realizing management visions. With about 1,400 employees, it is a compact organization compared to NRI or MRI, but it is characterized by its strengths in supporting mid-sized and small companies and projects in collaboration with regional financial institutions.
Characteristics of the Mizuho-affiliated research and consulting department
The think tank functions of the Mizuho Financial Group have a history of integrations and name changes, and the current naming has a somewhat complex background. As a think tank for the Mizuho Financial Group, it serves clients of a wide range of sizes, from small businesses to large corporations, and is characterized by its coverage of a wide range of industries and company sizes, which is unique to bank-affiliated firms. As a mega-bank-affiliated think tank alongside the Mitsubishi UFJ and SMBC groups, it has strengths in public policy and consulting for financial institutions.
Characteristics of the NTT Data Institute of Management Consulting
The NTT Data Institute of Management Consulting is different from the financial group-affiliated firms introduced so far. It is a think tank that originated from the information and communications industry, and it has strengths in digital strategy consulting that leverages its knowledge in the telecommunications and ICT fields. While financial group-affiliated think tanks sell "stability and reliability," the NTT Data Institute of Management Consulting is positioned to excel in transformation support starting from technology.
Differences between companies at a glance
Perspectives for job hunting, career changes, or choosing a service provider
As we have seen, think tank-based consultancies are divided along axes such as "financial group-affiliated vs. telecommunications group-affiliated," "liberal arts-based comprehensive strength vs. science-based expertise," and "large-scale comprehensive strength vs. specialized strengths." For those considering employment or career changes, it would be good to ask yourself the following questions: • Do you want to be involved in a wide range of industries and large-scale projects, or do you want to deepen your knowledge in a specific field? (NRI vs. MRI/JRI) • Do you have a strong interest in work for financial institutions? (JRI, DIR, MURC, Mizuho-affiliated) • Are you attracted to transformation support starting from technology? (NTT Data Institute of Management Consulting) • Do you value work-life balance and seniority-based stability? (DIR and other mega-bank-affiliated firms). The same applies when choosing a consultant as a client; the optimal partner changes depending on whether you "want persuasive recommendations based on research," "want someone to handle everything through to implementation," or "want deep knowledge in a specific industry or function." While NRI's comprehensive strength is attractive, there are many cases where a mid-sized think tank specializing in a specific area is a better fit depending on the nature of the project.
Summary
While NRI stands a head above the rest in terms of scale, brand power, and comprehensive capabilities, it is a mistake to view the industry through a simple binary of 'NRI or everyone else.' Whether it is MRI's scientific expertise, JRI and Daiwa Institute of Research's financial knowledge, MURC's agility with mid-sized companies, or NTT Data Institute of Management Consulting's digital transformation power—each think tank consultancy possesses unique strengths rooted in its parent financial group or business domain.
Whether you are job hunting, looking to change careers, or seeking to hire a firm, you should avoid lumping all think tank consultancies together as 'all the same.' Understanding the origins and strengths of each firm will lead to a choice you won't regret. I hope this article serves as a helpful guide to understanding the think tank industry.
