What does a consultant actually do?
Comedy
What Does a Consultant Actually Do?
Consultants live among us in our cities, suburbs, and in fancy airport lounges that look down at less fortunate people. But what does a consultant actually do? Today, we investigate.
10 Hudson Yards, which houses the offices of BCG (Boston Consulting Group). BCG is one of the so-called big four management consulting firms alongside Bain, McKinsey, and Deloitte. These firms receive nearly 200,000 applications a year but accept only 1.5 percent, making them more selective than Harvard and Princeton. Yet, despite all this prestige, fame, and exclusivity, society is still unsure what consultants do all day. What is it that management consultants actually do? What exactly is management consulting?
In Search of an Answer:
I started my investigation by looking around online and on social media platforms like TikTok, hoping to find some insight.
However, TikTok didn’t provide the clarity I was searching for. My next stop was the Bureau of Labor Statistics, which states that management consultants recommend ways to improve an organization’s efficiency. This sounded boring and vague, so I delved deeper. It was time to talk to someone who had been inside the belly of the business beast and lived to tell the tale.
A Chat With a Former Consultant:
I spoke with Tyler Cook, a research assistant at Columbia University and a former employee at Boston Consulting Group. When asked what a consultant actually does, he succinctly said:
"Go to meetings and prepare for meetings."
This made it seem like the job was even less interesting than I had feared. To clarify, I asked Tyler about a hypothetical case study involving a struggling business selling a fictitious product called "widgets." Tyler suggested multiple teams handling different aspects of the issue, including PR management and manufacturing practices. The estimated cost for a six-week project came to around $ 10 to $ 15 million. Thus, I realized consultants mainly make money — and lots of it.
Insights From Experts:
I also spoke with Mike Forsyth and Walt Bogdonich, who wrote "When McKinsey Comes to Town," a book detailing the dark partnerships of McKinsey & Company. According to them:
"Consultants are brains for hire by companies."
This simple definition took a long time to uncover because consulting firms keep their operations secret. They instruct new employees not to disclose clients’ names, who they work for, or how much they are paid.
Why Consult?
Consultants can travel, learn about different industries, meet smart people, and get paid handsomely. McKinsey attracts “insecure overachievers”—high achievers in high school and often Ivy League graduates. These individuals join consulting for a few years to develop skills and connections, only to leave and leverage that experience in other high-paying jobs.
Consulting firms can survive thanks to this networking. Former employees who ascend to C-suite levels often hire their old firms for various projects.
In conclusion, management consulting is both influential and elusive. They juggle high-profile clients, engage in secretive work, and pull in extraordinary amounts of money. This job is a perfect match for someone well-educated yet directionless, craving to undertake ambiguous projects that may or may not benefit the world but will certainly enhance their private network and wealth.
Keywords:
- Management Consulting
- Consultants
- BCG (Boston Consulting Group)
- McKinsey
- Bain
- Deloitte
- Organizational Efficiency
- Tyler Cook
- Mike Forsyth
- Walt Bogdonich
- High Achievers
- Insecure Overachievers
FAQs:
Q: What is management consulting? A: Management consulting involves recommending ways to improve an organization’s efficiency.
Q: How competitive is it to get a job at a top consulting firm? A: Consulting firms like BCG, Bain, McKinsey, and Deloitte accept only 1.5% of applicants, making them more selective than Harvard and Princeton.
Q: What do consultants do all day? A: Consultants mostly attend and prepare for meetings, and their work varies depending on the project.
Q: Why do companies hire consultants? A: Companies hire consultants to bring an external, expert perspective to identify and solve problems, often leveraging their analytical expertise.
Q: How much can a consulting project cost? A: Projects can be very expensive; a six-week project involving multiple teams could cost around $ 10 to $ 15 million.
Q: Why do consulting firms keep their operations secretive? A: To maintain confidentiality and competitive advantage, consulting firms instruct employees not to disclose client identities, project details, or financial information.
Q: Who typically becomes a consultant? A: The profession attracts high achievers from top universities who are looking for prestigious, well-paying opportunities early in their careers.