Within these categories are numerous project possibilities, from restructuring operations and determining best practices to building brand awareness and developing market entry plans.<\/p>\n\n\n\n\t
![\"BCG](\"https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/08\/BCG-150x100.jpg\")
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tIntroduction to 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
Learn how to think like a BCG strategy consultant as you generate ideas to help a fictional luxury clothing company increase sales revenue.<\/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\t1-2 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\tCritical thinking, creativity, brainstorming\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t <\/p>\n\n\n\n Strategy consulting is a type of management consulting<\/a>, with strategic consulting focusing more on specific goals and management consulting focusing on overall company performance.<\/p>\n\n\n\n “Many people use the terms interchangeably,” explains Alastair McKee, global business strategy and operations manager at Google and a Forage content development partner. “But strategy consulting is a subset of management consulting focused specifically on helping a company go from A to B on a particular issue, rather than looking holistically at the business as a whole.”<\/p>\n\n\n\n When hiring strategy consultants<\/a>, businesses are looking for large-scale directional changes that are often highly revenue<\/a>-focused. The shifts usually begin upstream with the CEO and provide a defining direction for the future. Questions associated with strategic consulting include:\u00a0<\/p>\n\n\n\n With management consulting, the work is more about internal strategy. Management consultants<\/a> often focus on implementation, and many changes happen downstream in the organization. Relevant questions include:<\/p>\n\n\n\n For instance, a company facing several issues across the organization may seek out management consulting services to help it identify and rectify problems the company is facing overall. A strategy consultant, on the other hand, would address specific management issues by coming up with targeted strategies.<\/p>\n\n\n\n >>MORE: <\/strong>Unsure what type of consulting is right for you? Take our consulting careers quiz<\/a> to find the type that matches your interests, skills, and goals.<\/p>\n\n\n\n\t Explore what it's like to work on PwC's management consulting team by learning how to collect and analyze data and perform basic modeling.<\/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, data collection, attention to detail, presentation, Excel, strategic communications\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t Strategy consulting is a highly valuable industry. The global strategy consulting market is estimated to reach $101.75 billion by 2027<\/a> \u2014 an increase of more than $46 billion since 2019. As companies prioritize increasing productivity and decreasing costs, strategy consulting will likely continue to be an essential component of the professional services<\/a> industry, with many potential benefits for companies.<\/p>\n\n\n\n “There are a number of ways hiring strategy consultants can benefit a business,” says McKee, also a former consultant at Bain & Company. “For one, many organizations struggle to think about where to go and how to get there when their people are busy actually running the business.”<\/p>\n\n\n\n McKee notes that companies hire strategy consultants because they’ve worked on similar issues across industries and have proven they know how to solve problems<\/a>. <\/p>\n\n\n\n “Their ability to introduce frameworks, structure, and best practices to ambiguous situations, their third-party objectivity, and also to validate a company’s own management team’s strategy before investing significant resources” can all benefit a business, McKee continues.<\/p>\n\n\n\n Other advantages for companies include:<\/p>\n\n\n\n Although strategy consulting is uniquely beneficial for companies, McKee explains that technology<\/a> can pose a threat to the industry, particularly as artificial intelligence (AI)<\/a> gets better at gathering and analyzing data. “Of course, the firms will continue to evolve to try and keep up with the times,” he says, with some firms “investing in digital capabilities, often buying up smaller, more specialized firms.”<\/p>\n\n\n\n For example, consulting firm McKinsey & Company acquired QuantumBlack AI<\/a> to blend AI and technology with strategic thinking and expertise. In this way, technology can combine with consultants’ extensive knowledge to help strategy consulting firms stay relevant in the coming years.<\/p>\n\n\n\n The key is having the right experts in place to turn data into actionable strategies. “I think firms will have to hire more expert practitioners, as well as retain people growing through the firms, to best serve the needs of tech-native companies,” McKee says.<\/p>\n\n\n\n\t Experience a day in the life of a strategic consultant at BCG with this free Forage job simulation. You\u2019ll advise your local telco client Company X on how to combat a decline in profits.<\/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, Excel, PowerPoint, stakeholder management, critical thinking\t\t\t\t\t<\/p>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t <\/p>\n\n\n\n For those looking to get into strategy consulting (more on how to do that below!), the strategy consulting career path can be quite lucrative.<\/p>\n\n\n\n According to Glassdoor<\/a>, strategy consulting careers pay a median salary of 181,000 a year. Even entry-level careers in strategy consulting can pay over six figures!<\/p>\n\n\n\nStrategy Consulting vs. Management Consulting<\/h2>\n\n\n\n
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![\"PwC\"](\"https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/07\/Working-at-PwC-150x113.jpg\")
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\tManagement 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 Do Companies Invest in Strategy Consulting?<\/h2>\n\n\n\n
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Future Investments in Strategy Consulting<\/h3>\n\n\n\n
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Strategy Consulting Salary and Career Outlook<\/h2>\n\n\n\n
![\"KPMG\"](\"https:\/\/theforage.wpengine.com\/wp-content\/uploads\/2022\/06\/KPMG-150x100.jpg\")
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