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Any Strategy consultants here?
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If you really analyze the industry, it has matured and is all set for a decline in the coming years.
Some of the early markers for decline that i am seeing as part of various proposal discussions are -
1. Competition from start ups, data analytics firms, etc.
2. Reducing price points and exclusivity of MBBs.
3. Fewer strategy projects with mane clients preferring to do these in house.
Senior partners (not all, off course) are turning a blind eye to this and just want to harvest the current situation and retire.
Smart consultants have begun to realize this and are leaving strategy firms for upcoming sectors/ data analytics roles and product roles.
I think there’s still a question of the combination talent and timing that most even top organizations lack -
For instance, Pepsi may have really strong talent at the top, but they are busy with 500 other things to do a focussed project for a strategy build within a short span of time, and do full justice do it - if n such cases, the CEO would call on his Partner friends at MBB whom he trusts and knows are worth their salt to come and do a focussed project for him (without any Line function related issues / corporate bureaucracy redtapes).
For this reason I believe consulting firms that invest in client relationships will remain successful even in the future as information asymmetry reduces and their differentiation based on knowledge/content expertise declines.
Temporarily, consulting seems to be losing its charm in business schools - and this might be due to COVID and consultants losing some of their perks (read points).
In the longer term however, while there are definitely opportunities available elsewhere (outside consulting) and at similar pay scales, the stability of progression (and associated comp raises) is tough to see elsewhere.
For instance, as a consultant, you will be making 20 percent more year over year not accounting for cost of living / inflation related adjustments all the way until you reach partner.
This is very very tough to mirror in other industries, therefore I believe the supply side will still be strong.
Many people prefer to work in product management roles these days instead of consulting. I see many people leaving MBB in 1-2 yrs for a product role. It has interesting work and much better wlb. Plus no travel.
I never understood the point of strategy consulting. People who have not worked in a particular industry are giving advice to people/companies who have been working in the same industry for decades. If I was a shareholder of a firm and the CEO told me that we need to hire MBB to help us come up with a product launch strategy , i would fire the CEO. Whats the points of having a leadership team which can't do this work on their own. It's a different thing if we need help with ERP implementation or software deployment, but when it comes to making a core business strategy, leadership team should be competent at doing it.
Fair point.. And the industry is evolving to what you mentioned. Pure strategy projects are becoming lesser. Previously the lack of information gave these strategy consulting firms an upper hand because they have a wealth of knowledge from working with different clients across industries for decades. But now with information being available easily this leverage is reducing. Also in house strategy roles like CEO office, CFO office are becoming common which attracts bright talent.
I think so, at least from a long term career perspective. People may not want to stick around for too long but it's still reasonably prestigious and a good indicator of your potential / value. Also a great way to accelerate growth + earning potential.
🔔
This is because of the boutique consulting firms.. also india may pick up individual contracting jobs in future..