What does a consultant actually do?
Comedy
Introduction
Consultants blend seamlessly into our cities, suburbs, and even the luxurious corners of airport lounges, often exuding an air of sophistication and prestige. However, the inquiry into what exactly a consultant does remains a mystery for many. Today, we aim to unravel this enigma.
An Overview of Consulting Firms
Our journey begins at 10 Hudson Yards, home to Boston Consulting Group (BCG), one of the major players in the consulting industry, alongside Bain & Company and McKinsey & Company. With nearly 200,000 applications flooding in each year yet only 1.5% being accepted, these consulting firms boast a higher selectivity rate than elite institutions like Harvard and Princeton. Yet, despite this prestige, there is a prevailing uncertainty about the day-to-day responsibilities of consultants.
What Is Management Consulting?
According to the Bureau of Labor Statistics, management consultants are responsible for recommending ways to enhance an organization’s efficiency. While this statement sounds deceptively straightforward, the reality is much more complex. Seeking a deeper understanding, I turned to the social media platform TikTok, often a fountain of wisdom—though my search yielded little clarity.
To gain insight into the consulting world, I spoke with Tyler Cook, a research assistant at Columbia University and a former employee of BCG. When asked about the daily grind of a consultant, he quipped, “Go to meetings and prepare for meetings.” This revelation was underwhelming and left me wondering if I was actually moving further from an answer.
A Hypothetical Case Study
To delve deeper, I proposed a hypothetical scenario: I, a struggling business owner, had a fake product called widgets that were “exploding in kids' faces.” Tyler, as my consultant, asked probing questions about the nature of the problem and mentioned needing multiple teams to tackle various aspects like PR and manufacturing safety. However, when I inquired about the cost of such consulting efforts, the estimated budget soared to 10-15 million, a staggering sum.
In that moment, it became evident what consultants often achieve: they generate substantial revenue. Many criticize consultants for being perceived as “brains for hire,” but it’s essential to recognize that they can indeed initiate changes within organizations and government entities. This can include providing justification for layoffs or restructuring, effectively allowing decision-makers to shift responsibility.
The Role and Influence of Consultants
Mike Forie and Walt Bdon, New York Times reporters, shed light on the operations of McKinsey & Company in their book "When McKinsey Comes to Town." They highlight that the firm has partnerships with various industries, including some notorious ones, emphasizing the secrecy that shrouds consulting work. These consultants operate under constraints that prevent them from disclosing client information or their compensation, making their work enigmatic.
If you observe a consultant casually typing on a laptop in a TikTok video, the ambiguity of what they do might become apparent. Despite the mystery, it’s clear that consulting can seem appealing since it offers travel, learning opportunities, and substantial salaries. McKinsey even coins the term “insecure overachievers” to describe the demographic attracted to their prestigious company.
Most consultants understand their roles as transient—gaining skills and connections before moving on to new ventures in the corporate realm. This creates a cycle where the next generation of leaders is groomed to turn to consulting firms for their expertise.
Conclusion
Management consulting is a pivotal industry influencing numerous sectors, capable of navigating complex relationships between entities such as tobacco companies and their regulators. While the work can sometimes be nebulous—benefiting the firm more than the world at large—consultants can still forge valuable networks and gather experience. Depending on one's perspective, the role of a consultant is both critically influential and seemingly insubstantial, making it the ideal profession for the educated but slightly directionless.
Keywords
Consulting, Management Consulting, BCG, McKinsey, Efficiency, Meetings, Case Study, Revenue, Insecure Overachievers, Corporate Influence, Secrecy.
FAQ
What do consultants do?
Consultants analyze and recommend strategies to improve an organization's efficiency. They often work in teams and may focus on different aspects of a business.
Why are consulting firms so selective in their hiring?
Consulting firms like BCG and McKinsey receive a high number of applications, making them very competitive. Their selective nature is partly due to the prestige of the consulting profession.
What are the key responsibilities of a consultant?
Consultants typically conduct research, participate in meetings, prepare reports, and propose actionable strategies to solve clients’ problems.
How much do consultants make?
Consultants can earn substantial salaries, particularly at prestigious firms, contributing to their reputation for high compensation.
What types of clients do consultants work with?
Consultants can work with a wide range of clients, including large corporations, government agencies, and various industries, depending on their expertise.
