What do Principals really do?
I’ve worked in consulting for 2 years now and it’s still not clear to me. Since engagement managers are responsible for project delivery, and directors / senior partners are responsible for the client relationship. What do the in-between role(s) do?

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At Deloitte a Principal is a partner.

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At Deloitte, a Principle is a Partner who doesn't come from an accounting background (not CPA certified). A Director is a salary based, non-sales focused Partner.

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At big 4s a principal is a partner without a CPA

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Partner-in-training, with some project management sprinkled in.

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Baby Partners.

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At BCG a principal is just a glorified Project Leader who maybe executes slightly larger projects (e.g., 4 A/Cs vs 2-3)

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How many projects at once for BCG Principals?

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On the project they should be shaping the deliverables, and owning the direct stakeholder relationships. The partner should be at the steerco level with the Csuite but not facing off with the client delivery.

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They also are responsible for sales / bd and work closely with the partners to create the material to present at orals

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