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What is consulting?

What management consulting is, how MBB firms have moved beyond pure strategy work, and the three key skills a consultant needs.

Consulting is about helping organisations in the private, public and social sector solve big problems and improve their performance.

This might involve businesses figuring out how to grow, governments figuring out how to scale and humanitarian organisations figuring out how to deliver impact.

Traditionally the large strategy consulting firms (McKinsey, BCG and Bain, collectively referred to as MBB) focused heavily on strategy. However, now the industry has shifted to encompass data analytics, design work, implementation and transformation, and restructuring distressed companies.

The role of a consultant

There are three key skills required for a consultant:

  1. Problem solving: the ability to break things down into pieces you can analyse.
  2. Relationship-building: the ability to listen and empathise with your client while remaining objective.
  3. Teamwork: the ability to be a team player, create an enjoyable team environment, and coach and develop the people you work with.

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Questions

What does a management consultant actually do?

Consultants help organisations in the private, public and social sector solve big problems and improve their performance. That might mean helping a business grow, a government scale or a humanitarian organisation deliver impact.

Do MBB firms only do strategy work?

Traditionally McKinsey, BCG and Bain focused heavily on strategy. The industry has since shifted to encompass data analytics, design work, implementation and transformation, and restructuring distressed companies.

What skills do you need to be a consultant?

Three key skills: problem solving (breaking things down into pieces you can analyse), relationship-building (listening and empathising with clients while staying objective) and teamwork (being a team player and coaching the people you work with).

Who wrote this

I worked at BCG and Bain in London, and at Bain I worked recruiting events and interviewed candidates. I’ve had offers from Citi, Bank of America, BCG, Bain, McKinsey, Oliver Wyman, Strategy&, L.E.K. and OC&C. I’ve since scored and marked up more than 175 banking and consulting CVs by hand. The CV review on this site uses the same criteria.

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