Management consulting is the broadest type of consulting \u2014 representing over half the consulting industry \u2014 and encompasses three main service areas: strategy consulting<\/a>, operations consulting, and HR consulting. Within these are numerous consulting opportunities, such as:<\/p>\n\n\n\n Experience this career first hand with this free management consulting job simulation from PwC. <\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\tAvg. Time:<\/span>\n\t\t\t\t\t\t5 hours\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\tSkills you’ll build:<\/span>\n\t\t\t\t\t\tAnalysis, research, financial statements, prioritization, communications, attention to detail, PowerPoint, Excel\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t Globally, the management consulting services market is estimated to grow to nearly $811.3 billion<\/a> in 2031 (reaching over $1,320 billion by 2026), with a market size of $385.1 billion<\/a> in the U.S. alone in 2023. <\/p>\n\n\n\n It’s clearly a growing industry, but what are the benefits of management consulting to organizations that hire for these services? <\/p>\n\n\n\n “Businesses turn to management consultants<\/a> for a multitude of reasons including strategy, project management<\/a>, cost reduction, etc.,” explains Alastair McKee, global business strategy and operations manager at Google<\/a> and a Forage content development partner. <\/p>\n\n\n\n “At a high level the main reasons for a company to hire management consultants is either that they don\u2019t have ability and\/or capacity to get a specific task done, or they want to benefit from a consulting firm\u2019s experience to tackle a difficult challenge or make the most of an attractive business opportunity,” he says. <\/p>\n\n\n\n This ability to draw on a consulting firm’s experience in a broad range of sectors and industries makes management consulting a highly sought-after service. No matter the problem, chances are the firm has encountered it before and comes armed with tried and true case studies and solutions. <\/p>\n\n\n\n What’s more, hiring a consultant with strong problem-solving<\/a> and analytical skills<\/a> who’s devoted to solving a company’s business problems can be invaluable.<\/p>\n\n\n\n Discover if this is the right career path for you with a free Forage job simulation.<\/p>\n\n\n\n Although many think consulting is a relatively new industry, it actually has a long, storied history. Arthur Dehon Little and Roger B. Griffin<\/a> opened the first management consulting firm in 1886 in Boston, Massachusetts. Their goal was to help companies improve products and processes, thus pioneering the field of contracted professional services<\/a>.<\/p>\n\n\n\n Now, more than 135 years later, it’s a burgeoning industry with many big players. Management consulting firms<\/a> are split into six main categories.<\/p>\n\n\n\n The Big Three, also called MBB, are the top and most prestigious management consulting firms. They generally take on the biggest projects, charge the highest prices, and pay the highest salaries.<\/p>\n\n\n\n Explore a career in strategy consulting and learn the skills you need to get hired with this free job simulation from BCG.<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\tAvg. Time:<\/span>\n\t\t\t\t\t\t5 to 6 hours\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t \n\t\t\t\t\t\tSkills you’ll build:<\/span>\n\t\t\t\t\t\tMarket research, data gathering, communication, Excel, financial modeling, PowerPoint, critical thinking\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t Tier 2 companies work with large clients and generally on a global scale, but they often take on smaller projects than the Big Three.<\/p>\n\n\n\n This group includes the consulting divisions of the four major accounting firms. Their consulting projects are smaller than the Big Three projects and about the same size as Tier 2.<\/p>\n\n\n\n Learn how to analyze and interpret data and summarize your findings for clients in this free job simulation.<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n
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\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tPwC Management Consulting<\/h2>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t
Why Management Consulting?<\/h2>\n\n\n\n
Find your career fit<\/h2>\n\n\n\n
Top Management Consulting Firms<\/h2>\n\n\n\n
Big Three<\/h3>\n\n\n\n
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\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tBCG Strategy Consulting<\/h2>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t
Tier 2<\/h3>\n\n\n\n
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Big Four<\/h3>\n\n\n\n
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\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tKPMG Career Catalyst: Advisory<\/h2>\n\t\t\t\t\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t