Consulting is affiliated with solving managerial, financial or operational issues that client might have. Consultants are hired by companies in order to assist them to resolve a specific issue that they are facing. The fact that they bring special skill instead of heterogeneous experiences, is what makes services so popular.
MANAGEMENT CONSULTING is the practice of helping firms to revamp their performance through rectification in an organizational structure, strategy, marketing and so on.
OPERATIONAL CONSULTING, on the other hand, is about tangible fixes that need to be made in the company’s operation and technology. Often in these situations, consulting fees rests on the amount of operational efficiency that they will be able to attain.
FINANCIAL CONSULTING is about the way the company spends cash. The efficient use of capital throughout the whole value chain, cash management, financing a certain project like mergers and acquisitions or organic expansion.
Management consulting is significantly broader and touches on a number of issues while financial consulting allows you to specialize in one industry. When we talk about management consulting we need to know that the field is dominated by big 3 – McKinsey, BCG, and Bain. These are by far the best-known management consulting firm out there.
IBM Global Services and Accenture are the 2 largest operational and technology consulting providers. The big 4 accounting firms Deloitte, E&Y, KPMG, and PWC are well-positioned in the field of financial consulting.
It is also true that consulting has a great scope. It is the best way to learn how to work with clients and satisfy their expectations because a large part of your time will be spent on the clients. You learn how to be a part of a team, that is united by a common goal which will allow you to build vigorous relationships for the future. It is worth noting that only outstanding academic achievers are likely to be recruited by the top consulting firms. However, if you manage to acquire an offer with one of them you are likely to receive a salary of 73 thousand dollars per annum.