What does a consultant actually do?

TL;DR

Consultants advise businesses on efficiency and strategy, often cloaked in secrecy and buzzwords.

Transcript

Consultants. They live among us in our cities, our suburbs, and in fancy airport lounges that look down at poor people. But what does a consultant actually do? Today we investigate. I'm here in front of 10 Hudson Yards, which houses the offices of BCG. BCG is one of the so-called Big Four management consulting firms alongside Bain, McKinsey and Del... Read More

Key Insights

• 🪛 Consultants advise on efficiency, strategy, and problem-solving, driving organizational change and growth.
• 🤩 Secrecy and confidentiality are key features of consulting firms, protecting client relationships and competitive advantages.
• ✋ Consulting attracts top talent seeking intellectual challenges, prestigious career opportunities, and high salaries.
• 🪛 Firms like McKinsey exert significant influence on industries and organizations, shaping decisions and driving change.
• ❓ Consulting can be a lucrative and influential industry, offering opportunities for personal and professional growth.
• 💁 Critics question the value of consultants, accusing them of regurgitating information and prioritizing profit over impact.
• 💦 Management consulting remains a sought-after career path for high-achieving individuals seeking challenging and diverse work experiences.

Questions & Answers

Q: What do management consultants actually do?

Management consultants advise organizations on efficiency, strategy, and problem-solving, often recommending changes to improve processes, structures, and profitability. They work with companies to navigate challenges and achieve their goals.

Q: Why are consulting firms so secretive about their clients?

Consulting firms maintain secrecy to protect client confidentiality and maintain their competitive edge. Consultants are often prohibited from disclosing client names or project details to safeguard proprietary information and relationships.

Q: What attracts top talent to management consulting?

Management consulting firms appeal to high-achieving individuals seeking prestigious career opportunities, intellectual challenges, and the chance to work on diverse projects across industries. The promise of high salaries and valuable networking opportunities further entices talent.

Q: How does consulting influence industries and organizations?

Consulting firms like McKinsey wield significant influence by providing strategic guidance, driving change within companies, and shaping business decisions. They can impact sectors ranging from healthcare to government, offering a blend of expertise and innovation.

Summary & Key Takeaways

• Big Four consulting firms like BCG, Bain, McKinsey, and Deloitte are highly selective, but many remain unsure of what consultants do.

• Consultants recommend ways to improve efficiency, change structures, and help companies navigate challenges.

• Despite criticisms, consulting remains a lucrative and influential industry attracting top talent.