{ "media_type": "text", "post_content": "I don’t really know what consultants do…like MBB, what do you guys do? Don’t mean this in on offensive way, generally never gave it thought. If someone asked me, I’d say “companies hire them to do a bunch of market research and advise on what business decisions they should make”. What do you do all day? I just think of a bunch of PowerPoint decks - why are you all so busy?", "post_id": "61ef903e99ead90028377447", "reply_count": 48, "vote_count": 15, "bowl_id": "5e8656b80bdab1002a7355dc", "bowl_name": "Confession ", "feed_type": "bowl" }

I don’t really know what consultants do…like MBB, what do you guys do? Don’t mean this in on offensive way, generally never gave it thought. If someone asked me, I’d say “companies hire them to do a bunch of market research and advise on what business decisions they should make”. What do you do all day? I just think of a bunch of PowerPoint decks - why are you all so busy?

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Here’s an example of type of project I worked on. A new CEO wanted to charter path for how to grow company over the next 3,5 and 10 years and beat analyst expectations. Finding solutions to this requires multiple types of analyses and thinking that can enable the CEO to take decisions. Such as which business line should they invest more in, should they enter a new space, should they acquire someone in the existing space, how should they fund growth i.e where can they become more efficient etc. Answers to these questions come from tons of market study, internal business study, interviews and brainstorming. Slides are just means to communicate answers but most of discussions happen outside slides. What I described is just type of a project, but usually I end up working with the C-suite to help them fix something or come to decision to improve their business.

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The thing is, this kind of stuff is just a small fraction of what we do but drives the headlines. In most other cases we’re delayering the cost structure 😢

OP firms do what they are hired to do. Here's an analogy that should permanently clear things up: Think of a chair. It's a thing you can define pretty easily. Some have legs, some don't, there's even a lot of different chairs for different things, but at the end of the day it's a chair. Google is a chair. Now try to describe a toolbox - you kind of can't. It's a box for tools? Not quite right. Try describing the toolbox by the nature of the tools in it? Sure maybe you have a specialized tool box but most have a lot of different tools that do a lot of different things and you can't easily describe all tools for that very reason. A hammer may hit things one day, pull them out another. So you simply describe a toolbox as a thing for your tools. Consulting is the tool box, consultants are the tools - the things you go to when you need a job done, regardless of the job.

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This did not clear things up...I still don't know what I do.

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I too, do not know what consultants do

likefunnysmart

Slides and more slides. But seriously, we solve ambiguous problems for businesses. And then our answers/solutions/recommendations hopefully drive real, measurable, results.

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Accountable means there’s some level of reputation that comes with the opinion, and that firm is staking their reputation on that opinion by taking the work. If you hire MBB, it implies a certain caliber of talent and depth of analysis. It carries more gravitas because other global companies and governments rely on that opinion. If you hire a specialized boutique firm, it implies some level of specific depth in a domain that you’re seeking. Companies hiring these firms are hiring specific firms because the name is well known. In some cases, you go to consultants because you can’t figure it out alone. In others, it’s an external opinion they’re seeking that supports a direction they are looking to go. For instance, for an acquisition of a company, that 3rd party rendered diligence from consulting is part of the accountability package for a reps and warranties insurance.

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What do Googlers do? Google it? Ha ha ha

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Not sure I even fully understand what consultants do. One thing is certain - we absorb information like no other. I've never learned so much in such a small amount of time before. Some things I've learned aren't even in my domain/SME area. Consulting is the epitome of "learn, do, teach". When I first joined and got staffed on a project, I had zero experience in that area. Fast forward 1 year later and I'm at the teaching (others) stage.

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They come up with a plan to fix something and implement the solution but the company that hired them never bothers actually going through with it by implementing it the way it was suggested so they essentially burned $1-$30 million.

likehelpfulfunny

They give companies that hire them a scapegoat for cutting costs (headcount), and making questionable investments and business decisions.

likefunny

Hey that's not what the sow said!

I can say that the work that Deloitte produce is very helpful

likehelpfulfunny

1. I ask people for things and look for things 2. I structure things in a cohesive way to build up a case for whatever I'm doing 3. Mostly meetings 4. Which usually means some models and lots of slides 5. Not to mention the follow ups with so many stakeholders from said meetings.. which can result in more meetings... Personally, I wish most clients could do a lot of the things themself and just hire firms to do the analysis/strategy - but it's actually going the opposite way in that many formerly pure strategy firms now have to help with implementation because clients are finding they pay a ton for the strategy but don't know how to incentivize their employees to execute so nothing gets done.

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LOL your generic examples aren't necessarily wrong. You can actually just go to each of the sites and look through examples. Just search something like "client success stories <firm name>" Example: https://www.bain.com/client-results/ I work in M&A though so less ID the profitability issue, more evaluate the potential acquisition.

It’s also important to note that sometimes companies just hire us to use up their budget

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Can be wrong on this but I believe associates at the MBB usually run at x5 their salary

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For every million dollar deck you deliver, you make about $5000 of your paycheck. The answer is more always more decks.

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I’m impressed how you all have so much to share on this topic

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People have definitely been fired for hiring McKinsey...and Bain, BCG, Big 4 (said as ex-D).

Do you feel underpaid?

Consultants have expertise in areas that are important to businesses, but rarely done. One example would be an acquisition. Over the course of a CEOs lifetime, they'll do maybe a couple dozen acquisitions with fairly large gaps between each one. On the other hand a consultant on a deals team is leading them on a daily basis. Same line of thinking for a large digital transformation, launching a new brand strategy, etc.

Dude idk either

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