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If you are providing assurance, I wouldn’t classify your job as consulting. I know some risk groups let’s their people work on consulting type projects every once in while but I believe the two are mutually exclusive. I would argue the the value provided by a risk assurance is measurably less valuable, and/or interpreted by the client as less valuable. The value the client seems it’s receiving is correlated to what they are willing to pay for those services and that feeds into what you are paid. If you consider risk assurance valuable or more interesting to other services such as strategy or deals is irrelevant. At the end of the day the client decides what is more valuable.
because they can hire people at those wages
Right!? I just interviewed for a strategy role and they didn’t even know what risk assurance was. I also think what we do is more interesting than the role (FDD). Even tho the role pays more
It’s because most people who do strategy could potentially do assurance (risk and the assurance framework is something that most are quite familiar with since we are talking about issues related to Board and c-level when dealing with strategy type projects) whereas not everyone who does assurance could cut it as a strategy consultant.
The qualifications employers look for and the type of people (I.e. mindset, experiences, education) are much sought after so they need to be competitive with pay since they need to keep these highly motivated and in demand people attracted to the job despite long hours and intense pressure. In my experience I’ve never seen someone in assurance work longer than standard hours unless they wanted to.
When I say mind set and experience I mean perspective. As a consultant you sell hours and your brainpower- people who typically work in strategy come from better educational backgrounds and are real problem solvers. Let me give you an example - someone working on strategy consulting often deals with unique problems that no one else has dealt with and have to have the ability to come up with practical solutions that the board will implement. Someone in Risk consulting would usually rely on tested solutions that have to be marginally adapted to the clients.
Also, I didn’t say the risk is framework based, I mentioned that strategy consultants are familiar with the ERM framework as it is something very relevant to C- level therefore they have the capacity to do risk assurance / consulting work which is not always the base for the risk consultant had he been put in a position to do strategy work.
Engagement margin in Deals is better. Smaller more experienced teams, better fees/rates due to all the deal flow. Would argue also more easy to quantify the value of services provided in Deals vs. Risk as work helps client negotiate purchase or sales price of for your client.