Consultants are problem solvers who provide analysis, ideas and recommendations to clients based on their expertise. They work on specific, clearly defined issues, as opposed to advisors who have long-term relationships with their clients. Consulting projects can focus on a variety of areas, such as strategic and technological implementations. Some consultants are independent professionals, while others work for consulting firms like McKinsey.
Financial consultants specialize in the financial capabilities of their clients. They help with topics such as corporate finance, taxes, restructuring, risk management, forensics and support disputes. For example, Clearview Health Partners, ZS Associates, Huron Consulting Group and Putnam Associates focus on life science consulting. If a consultant is not performing well and there is no indication that they can improve their situation, they may be asked to leave. Consulting is a great stepping stone for many other careers, so sometimes staying in consulting may not be the most attractive option compared to other opportunities available.
This allows other consultants to use this experience as a reference for future consulting projects in the same industry or on a similar topic. Additionally, some consulting firms allow consultants to stay in the city for the weekend or travel to another city instead of flying back home. In addition, consultants can focus on finding the right answer and developing the right recommendations for business problems without worrying about company policy. In simple terms, an advisory project is where a consultancy provides advice, and an implementation project is where a consultancy carries out the strategy. The main management consulting firms are McKinsey, BCG and Bain, which are collectively known as MBB or Big Three Consulting.
The largest technology and IT consulting firm is Accenture, although they also do other types of consulting. Most consultants are not lawyers, so the legal departments of the consultant and the client would help complete the technical aspects of this process. While many can handle the consulting lifestyle for a few years, it often becomes unsustainable in the long term, especially when starting a family. As a result, many consultants eventually move to a new job in search of better work-life balance. The average time a consultant works at a major company is 2 to 4 years; some statistics even show that 2.7 years is the average point at which a consultant leaves a major company such as McKinsey, BCG and Bain. To help you better understand what a consultant's daily work looks like, we've broken down 9 common elements of strategic consulting projects.