Some argue that America is too dependent on consulting

Many major companies in America—not to mention the federal government—spend thousands of dollars a month paying to contract major consulting firms.

Governments are arguably very dependent on consulting firms like McKinsey and Deloitte

This podcast episode discusses the consultancy industry’s rise and how these firms make billions of dollars, even amid significant scandals.

Consulting firms are known for their relatively high starting salaries

The “Big Three” and the “Big Four” consulting firms especially are known for high pay. Top firms often offer entry-level salaries well over $100K per year.

One estimate values concierge services at $38.9B by 2032

Data Horizons Research put the value of this global market at $18.9B in 2021, but anticipates massive growth by 2032, with North America comprising the majority of the market. Chronic health conditions, their analysis suggests, will be a contributing factor to this growth as medically complex individuals seek more personalized care.

McKinsey cashed in by consulting for both companies and their regulators

While McKinsey worked with e-cigarette maker Juul, it also consulted for the US Food and Drug Administration's department regulating vaping and nicotine.

Consulting encompasses a wide range of expertise—from management and tech, to finance and PR

At their core, consultants—whether independent or part of firms—help organizations solve problems, refine processes, and achieve goals.

The Big Three consulting firms are McKinsey & Company, Boston Consulting Group, and Bain & Company

Some also refer to this group as “MBB.” As a nearly century-old company that’s well known for its prestige, McKinsey has some famous alumni—including Chelsea Clinton and Sheryl Sandberg. The other two consulting firms in the Big Three have employed some famous faces over the years, too.

'The Firm' is a book about the influence of top consulting firm McKinsey

The author argues that consulting firms are so valuable to the companies that hire them because the clients don’t have to take the blame for any changes the consulting firm decides to make within the organization.

Many of the projects major consulting firms work on are kept secret, some firms provide a few examples of real-world client work

A list of client work examples from McKinsey includes a case study on how the firm helped Starbucks design more inclusive stores, and many more.

Modern consulting traces its roots to 1886

Arthur D. Little Inc. was the first management consulting firm. Starting as a chemical analysis lab, the firm evolved to play pivotal roles in projects like developing the NASDAQ system and supporting Apollo 11.

Foodborne illnesses cost our country an estimated $74.7 billion in 2023

A US government estimate puts the cost of all foodborne illness in 2023 at almost $75 billion dollars. In a report published by the US Department of Agriculture’s Economic Research Service, government analysts detailed how the burden of foodborne illness includes medical costs, but also more hidden costs like lost wages. The analysis also breaks down estimated costs by pathogen.

In 2018, roughly 13% of Yale University graduates became consultants

Consulting is a popular career path for today’s top college students. A student newspaper article dives into a Yale University student’s brief love affair with the consulting industry, starting with a depiction of the interview process.

Consulting is more than just giving advice

A deep-dive article from Harvard Business Review argues that many clients of consulting firms need to ask more from these firms and to understand their capabilities, which range from accounting to growth strategy and more.

The US restaurant industry generates over $1T in sales

In 2024, the industry brought in $1.1T, and the National Restaurant Association anticipated reaching $1.5T in 2025, numbers that are considered a return to normal after the tumultuous years of the COVID-19 pandemic. The industry also employs a large workforce, with over 13 million employees. (Some readers may experience a paywall.)

A lot of what consultants do all day is intentionally kept a secret

Consulting firms also often keep their clients private to maximize the sectors they’re able to secure contracts for and avoid any perceived conflicts of interest.

The 'Big Three' and 'Big Four' consulting firms have grown more similar in recent years

The “Big Three” consulting firms—McKinsey & Company, Boston Consulting Group, and Bain & Company—and the “Big Four”—Deloitte, PricewaterhouseCoopers (PwC), KPMG, and EY—actually have a lot in common these days. But it wasn’t always that way.

Consumers will use digital payment processing for nearly $40T in spending by 2028

That's just one signal of the industry's massive growth. Investments in the global fintech industry have grown from $4B in 2010 to $92.3B in 2021, as both businesses and consumers seem to quickly adopt new fintech products, from digital payment apps to robo-advisers.

In 2018, roughly one-third of Yale graduates went into either finance or consulting

Every year, top consulting firms head to career fairs at Ivy League universities like Yale across the country. They end up recruiting a significant population of the student body by graduation.

The fintech industry was worth roughly $340B as of 2025

Venture capitalists have been bullish on the industry’s future in recent years, too. Some estimate that global investment in fintech increased by 12,000% between 2008 and 2020.

The dietary market is worth more than $60B

Listen to this question and answer session with the US Food and Drug Administration about dietary supplements—vitamins, minerals, probiotics and similar products people may buy in liquid, pill, or powder form. They are categorized legally as a category of food and can be legally brought to market without the FDA even knowing about it, though consumers can tell FDA about issues with the products and FDA can take action to remove dangerous or unlawful items after they're available.

The global creator economy is worth roughly $250B

That number is derived from multiple sources (such as brand deals and affiliate links), and the projections for how much the creator economy will be worth in the future are even more complicated.

Healthcare fraud may cost the US more than $100B annually—see this dashboard tracking healthcare fraud cases nationwide.

The global defense industry in one chart

The world's most valuable defense companies (for example, Lockheed Martin) make up much of the global defense industry. As of 2025, RTX led the pack with a roughly $183B market cap.

The health food industry grew significantly in the early 1990s

By 1996, there were over 6,000 health food stores in the US, which generated over $9B in sales. That was still a small number compared to traditional supermarkets, but it was a 17% improvement in annual growth over the previous five years, highlighting a rapidly growing industry.

US holiday retail sales reached $973B in 2024

In 2024, US holiday retail sales reached $973B—nearly one-fifth of annual sales. Many companies depend on this season to bolster revenues.

Management consultants deal with solving complex business challenges

Specifically, according to an article from careers site The Muse, a management consultant can be loosely defined as someone who is “a problem solver for some of the more complex business and org structures out there.”

Tech, finance, and consulting industries hire roughly 70% of students from top MBA programs.

Advertising-related activity may have supported roughly one in five American jobs as of 2024

That’s according to a study commissioned by The Advertising Coalition, conducted by S&P Global Market Intelligence, which also found that the advertising industry powered more than 20% of total US economic output at the time.

Americans spent nearly $150B in sports-related bets in 2024

These bets ranged from who would win the World Series to what color clothes famous celebrities would wear to the Super Bowl. Experts believe the industry will continue to grow.

The 'Big Four' consulting firms specialize in accounting

The "Big Four" refers to Deloitte, PwC (also known as PricewaterhouseCoopers), KPMG, and EY. They more recently built out their business consulting practices in addition to accounting services.

Sushi is an estimated $33B business in the US

US fishermen stock most of the country's more than 17,000 sushi restaurants. Distributors frequently adjust prices for different fish, based on their availability and the quality of the meat. This podcast unpacks how that industry operates.

In 2006, Macy's was worth $20B—but as of 2024, its market cap was just under $5B

Macy's went from roughly 800 to 500 stores within the same time period. Macy’s has spent the recent years since the pandemic closing swaths of stores.

In 2023, venture capital firms invested $170B in over 15,000 US companies

That's a significant drop from 2022’s $242B, reflecting market uncertainty but continuing VC’s role in scaling transformative ideas. Rooted in early risk-sharing models, venture capital took off with firms like ARDC in 1946, later evolving into today’s influential players like Sequoia Capital and Andreessen Horowitz.

US concierge and direct primary care practices surged 83.1% between 2018 and 2023

Research published in December 2025 in the journal Health Affairs indicates that these retainer-fee care models are expanding across the country. Concierge medicine charges monthly or annual fees, as does direct primary care (which doesn't take insurance).

62% of independent workers said they would prefer permanent or non-contract work

In the consulting firm McKinsey's 2022 "American Opportunity Survey," 36% of employed respondents (about 58 million Americans) classified themselves as "independent workers." But they're not all thrilled about their current professional status.

In 2024, global ad spend surpassed $1T for the first time

Organizations like GroupM and WARC began predicting this record high in 2023. Five large tech companies (Alphabet, Meta, Amazon, Alibaba, and TikTok parent ByteDance) were predicted to account for more than half of all global ad spend in 2024.

Hormone and peptide compounds imported from China soared in 2025

US customs data indicates that these imports doubled to $328M in the first three quarters of 2025, from $164M in the same period of 2024. The imports include GLPs, among other products. (Some users may experience a paywall.)

The US-led global debt settlement market is expected to expand from $4.8B in 2024 to $7.2B by 2032

While debt settlement companies aren't technically allowed to charge fees until after lowering a consumer's debt, a loophole in the Telemarketing Sales Rule (a mix of federal and state laws) gives predatory firms the opportunity to exploit consumers.