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I would value industry knowledge. Functional knowledge is dime a dozen
Generally industry becuse others don’t have it. However, It depends on the function and the deal type. Carve outs are more commoditised than integrations.
More fungible - IT, finance, HR etc there will be value in functional knowledge and industry knowledge. I’ve made a career (D level now just not updated my title) with strong functional knowledge and what I would consider light industry knowledge in two places (though I’m saying light compared to clients not other consultants).
More front office functions + supply chain will be much more rooted in industry norms and therefore success in these areas is more dependent on industry knowledge.
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Agree. HR, Finance and IT can be somewhat industry agnostic and expertise in these areas is valuable to the economic buyers.
Unless you we are talking of identifying and growing a completely new business line I think neither. The key driver is your network and the brand you are working for to get you invited to the table, once you are there, securing projects will often come to fees. In my experience, know-how is seldom the defining driver of success (Not having it though can be the reason for failure). That’s why good consultants often fail at more senior roles when sales start becoming a key KPI.