There’s a lot of buzz, hype and glamour associated with the management consulting profession. This industry is synonymous with high-profile boardroom discussions with clients and jet-setting lifestyles.
In simple terms, consulting involves identifying and solving complex problems faced by businesses. According to Management Consulted, the consulting industry market size is an estimated $374B. These firms range from the smaller boutique firms specializing in one practice area/industry to the Big 4 employing hundreds of thousands of people.
In this article, we try to dig deeper to understand the types of consulting, what work consultants do and which top firms around the world they work for. We’ve also included a section with a list of top MBA programs that have the highest number of MBB and consulting hires.
Types of consulting careers: what do consultants do?
1. Strategy Consulting
Strategy consulting has the biggest share in the consulting market and happens to be among the top most-sought professions by MBA graduates.
Strategy consulting involves working with businesses to offer them strategic recommendations to help them achieve their long-term goals and objectives. These consultants bring in their expertise and fresh unbiased external perspectives to help businesses solve the most critical problems.
By making use of sophisticated data analysis methods, they provide creative solutions to complex business challenges, which can range from increasing profitability, identifying growth opportunities, beating competition, product launch, entering a new market/international expansion and digital transformation.
Strategy consulting is a broad term that is made up of these eight key disciplines
Business Model Transformation
Changing how a company operates and delivers value to its customers by redefining key aspects of a business such as value propositions, customer segments, cost structures, revenue streams, operational models and organisational structures.
Corporate Strategy
Helping companies set long-term goals and objectives aligned with their vision. Also supporting the company’s growth plans, efficient resource allocation and adapting to industry shifts.
Digital Strategy
Using digital technology to drive innovation, gain competitive advantage, improve efficiency and performance, optimize customer experience and improve customer engagement.
Economic Policy
Providing economic advisory services to government and public sector organizations. Also advising companies on economic success and growth, taking into account economic trends and the impact of economic policies.
Functional Strategy
Developing strategies specific to the various business functions within a company including finance, human resources, marketing, operations, IT in order to maximize efficiency and reduce costs.
Mergers and Acquisitions (M&A)
Identifying and evaluating potential mergers or acquisitions for a business. Conducting due diligence, risk assessment, overseeing post-merger integration.
Organization Strategy
Advising companies on the most effective organizational structures and processes. Designing efficient operating models and improving corporate governance.
Strategy and Operations
Optimizing company’s internal operations and performance, improving business processes, managing supply chain to enhance productivity and increase profitability.
Top strategy consulting firms
The Big Three or the MBB – McKinsey & Company, Boston Consulting Group or BCG, Bain & Company – dream companies for aspiring strategy consultants – are at the top in the league.
Then you have the Big 4 consultancy firms: PwC, Deloitte, EY, and KPMG
Other top strategy consulting firms include Accenture, L.E.K. Consulting, Oliver Wyman, Kearney, Strategy&, IBM, AlixPartners, Alvarez & Marsal.
Read more: Big 3 vs Big 4 consultancies
2. Technology Consulting
Rapid digital transformation has become the need of the hour in order to drive innovation and have a competitive advantage. Technology consulting involves working with client organizations to understand their business goals, objectives, opportunities, challenges and recommend and implement technology solutions to help their organization remain competitive and succeed.
According to Management Today, tech consulting spend is estimated to hit $421bn in 2025 as digital transformation projects drive demand.
Tech consulting can cover a range of services. For example, IBM, one of the market leaders in this space offers services including data and analytics consulting, application modernization services, automation consulting, cloud consulting, cybersecurity services, artificial intelligence consulting and ecommerce services
Top technology consulting firms
These include IBM Global Services, Tata Consultancy Services (TCS), Accenture, SAP services, Infosys Consulting, Deloitte Consulting, Cognizant, Capgemini, KPMG, Gartner, McKinsey & Company, Booz Allen Hamilton, Strategy&, BCG.
Also read: Technology consulting vs management consulting
3. Human Resources (HR) Consulting
Organizational transformation is essential in today’s competitive business world so as to motivate workforce, improve employee satisfaction and maximize productivity. HR consultants provide innovative solutions that can help organizations stay ahead and enhance performance.
Top HR consulting firms
The top ones include Deloitte, Accenture, Willis Towers Watson, PwC, Mercer, Egon Zehnder, McKinsey, BCG, Bain, Aon, BearingPoint, Korn Ferry.
4. Operations Consulting
Operations consultants evaluate a company’s business processes, resource utilization and supply chain management They help improve a company’s internal operations and optimize processes, making them more efficient, improving productivity and reducing operations costs.
Top operations consulting firms
Some known names include McKinsey, BCG, Bain, The Hackett Group, Deloitte, Accenture, EY, AlixPartners, Kearney, Strategy&, KPMG.
5. Marketing & Sales Consulting
In today’s cut-throat competition, marketing has become a pivotal link connecting your business to customers. Companies hire marketing consultants for their expert insights in improving their marketing strategies, beating competition and using the most effective methods to reach their target audience.
Consultants conduct market research to identify industry trends, customer behaviour and competitor strategies. They can then devise an effective marketing strategy that can boost brand engagement and increase sales. They play a crucial role in the business’ success in being able to achieve its marketing goals.
Top marketing consulting firms
Among the top names are Deloitte, Accenture, PwC, KPMG, Elixirr, Simon-Kucher, McKinsey, Bain, BCG, Oliver Wyman, Strategy&, EY, L.E.K. Consulting
Also read: Careers in management consulting
Top business schools for MBB consulting
Some of the top MBA programs that see the highest numbers being hired by the big 3 (MBB) include INSEAD, Columbia, Booth, Harvard, LBS, Kellogg, Ross, Fuqua, Sloan, Stern, UCLA Anderson, Virginia Darden, Haas, Wharton, Stanford, Yale and Tuck. The latest data for the most recently graduating class of 2024 has been provided below:
Top MBA for consulting: McKinsey, BCG & Bain
| School | McKinsey | BCG | Bain |
|---|---|---|---|
| INSEAD | 78 (43) | 69 (22) | 41 (21) |
| Columbia | 62 (12) | 36 (7) | 21 (9) |
| Booth | 33 | 48 | 20 |
| LBS | 42 | 45 | 22 |
| Kellogg | 21 | 45 | 16 |
| Ross | 17 | 16 | 12 |
| Fuqua | 19 | 27 | 13 |
| Sloan | 17 | 21 | 10 |
| Stern | 11 | 5 | 5 |
(Numbers in brackets indicate MBA grads returning to their previous employers)
Also read: Best Business Schools for Consulting Careers with McKinsey, BCG and Bain
Top business schools with highest % of consulting hires
| Business School | School location | % of consulting hires | Median base Salary for 2024 class | Median signing bonus/Other compensation |
|---|---|---|---|---|
| INSEAD | France & Singapore | 55% | €111,400
$116,574 |
€27,600
$28,882 |
| Tuck | USA | 44% | $190,000 | $30,000 |
| London School of Business | UK | 42% | £99,866
$126,150 (mean) |
£47,930
$60,545 (mean) |
| Darden | USA | 42.5% | $190,000 | – |
| Fuqua | USA | 39% | $190,000 | – |
| Indian School of Business | India | 37% | – | – |
| Stern | USA | 37% | $175,000 | 28,765 (av) |
| Ross | USA | 36% | $185,000 | $30,000 |
| Kellogg | USA | 34.81% | $190,000 | $30,000 |
| Booth | USA | 33.8% | $190,000 | $30,000 |
| MIT Sloan | USA | 32.1% | $190,000 | $30,000 |
| Yale | USA | 31.9% | $190,000 | $30,000 |
| Johnson | USA | 31% | $175,000 | – |
| Columbia | USA | 30.6% | 188,000 | $30,000 |
| Wharton | USA | 25.2% | $190,000 | – |
Among the top MBA programs for consulting careers, INSEAD, a powerful brand name with campuses in Singapore and France, is the leader with 55% of the class taking up consulting jobs.
Among top Indian business schools, ISB sent 37% of the class into consulting. Among the UK schools, LBS sees big numbers – 42% of the class finding consulting jobs.
Among the reputed US business schools, these are some of the popular MBA programs for a career in consulting – Tuck, Darden, Fuqua, Stern, Ross, Kellogg, Booth, MIT Sloan, Yale, Johnson, Columbia, Wharton. In the US, the median consulting salary at the top business schools is in the range of $175,000 to $190,000.
At MBA Crystal Ball, our team of experienced MBA admission consultants can help you get into the top business schools. Drop us a line at info@mbacrystalball.com if you need our help.
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