Consulting

Overview

Consulting is a broad industry focused on helping organizations solve a wide range of problems they lack the ability to address on their own. These may include anything from launching a new product to guiding large-scale organizational changes.

Consulting firms have a significant amount of influence, working with clients from Fortune 50 businesses to the federal government. But despite the global consulting industry’s size (it was valued at roughly $710B as of 2023, according to data from research and advisory firm Kennedy Intelligence) it can be mysterious. Consulting firms’ clients and the problems they help solve are typically kept confidential, and their efforts are often largely invisible to the general public.

The “Big Three” and the “Big Four” consulting firms are often considered the world’s most prestigious and well-known consulting firms. These seven firms collectively made up about 20% of the global consulting market by revenue in 2023, according to Kennedy Intelligence Managing Partner Tom Rodenhauser.

1440 Findings

Hours of research by our editors, distilled into minutes of clarity.

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.
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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.
Found via Yale University Open in new tab

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.”
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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.
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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.
Found via Morgan McKinley Open in new tab
The global consulting industry was worth roughly $710B in 2023
From 2017 to 2021, the consulting firm McKinsey took in $77M in consulting contracts with just the US Food and Drug Administration alone.
Found via IBISWorld Open in new tab
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.
Found via Management Consulted Open in new tab
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.
Found via Investopedia Open in new tab

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.
Found via Morning Brew Open in new tab
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.
Found via NPR Open in new tab

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