What type of consulting firm do you want to work for?
By Yohan Albo
Assuming you want a career in consulting, it isn’t then merely about applying to every firm which brands itself as a ‘consulting’ firm. Rather, it’s about first researching which type of consulting firm appeals to you most.
Consulting is a continually growing industry, employing hundreds of thousands of people worldwide. It goes without saying that different consulting firms offer unique services and benefits to their clients and employees respectively. And while essentially all reputable consulting firms are a challenging environment full of learning opportunities, there remains stark differences between the different types of consulting firms.
The following segment the different types of consulting firms into four main categories
MBB is an acronym that stands for the three most famous and prestigious management consulting firms. That is, McKinsey & Co., Boston Consulting Group (BCG) and Bain & Co. These management consulting firms ordinarily recruit from the top universities around the world and put applicants through a rigorous selection procedure.
MBB firms offer extremely generous salaries to the tune of 100k+ for graduate consultants and 10k signing bonuses for those that commit to starting a year in advance. Furthermore, MBB firms offer amazing job training, professional development, a clear path for career progression and exposure to the world’s leading companies.
As a university graduate, MBB firms are a fantastic opportunity to start your career. If you’re ultra-competitive, super motivated and can handle high levels of stress (on little sleep), then an MBB firm might be just right for you.
Professional Services Firms
Professional services firms that offer consulting services are often much larger than MBB firms as they do not offer just management consulting services. These firms include the Big Four – Deloitte, Ernst & Young, PWC and KPMG – along with other consulting firms such as Accenture and IBM. These firms operate globally offer various types of consulting such as financial advisory, tech consulting and outsourcing.
These sorts of firms offer great training and working experiences, allowing you to gain exposure to even more varied industries than you typically would in MBB firms.
If you’re not sure exactly what type of consulting you want to do, professional services firms offer you a great opportunity to move around within the firm until you find a position that suits you and meet a large network of people along the way.
Boutique firms offer a specialized style of consulting such as business consulting, strategy consulting, tech consulting and HR consulting. Ordinarily boutique firms are less demanding than MBB firms or professional services firms.
If you know exactly what area of consulting you want to enter, and you leverage a skill set in particular area, then a boutique firm might be a perfect fit. A boutique consulting firm can also give you great experience as a graduate consultant as you will receive more responsibilities given the smaller size of the consulting firm.
Independent consultants are often consultants that have decades of work experience in a particular industry or have worked at an MBB or professional services firm for many years. Thus, they want to go it alone and be their own boss.
As an independent consultant you get to set your own flexible schedule, within reason, and not have to be constrained by corporate protocol.
To be an independent consultant you need to have a large network of people that are willing to seek advice from you. If you are years of experience and excel at a unique skill, then becoming an independent consultant might be the right career move for you.
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DataToCapital is a boutique management consulting firm that supports global tier-1 firms and start-up companies operating in Israel in their route to excellence and market dominance. Our core services, designed for CEOs, Executives (VP-level and above) and Entrepreneurs, can be divided into three areas: Market Intelligence, Corporate and Product Strategy, and Execution Support on top-down strategic initiatives.
The quality of the work we deliver in the three areas mentioned above is equivalent to what your company may already get from the top-3 consulting firms that operate in the Israeli market, BUT here’s the twist and why our tier-1 clients think we are superior.
We don’t only provide smart recommendations, we work closely with the management team and can also support driving the execution of their strategic initiatives behind the scenes or as a proxy.
We are at the strategic intersection of Business and Technology. Thanks to our rich background, we know how to connect the dots between the two worlds, and how to be very creative when it comes to disrupting business models or addressing sub-optimized processes with the help of advanced technological solutions (Machine Learning, Big Data, Data Visualization, Enterprise Software Solutions, and many other tools present in our toolbox).
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Our long-term vision is to become the trusted advisor to the most influential businesses and institutions operating in Israel, and help them become global leaders in their markets.