Types of Firms
There are many ways to organize the consulting firms, but this framework presents an example of the broadest groupings.
Management/Strategy Consulting Firms
These firms, the most popular of which are McKinsey, Bain, and Boston Consulting Group (“MBB”), provide strategy-level advice to corporations and organizations. Many other firms, however, provide similar offerings. Management consultant projects can include, but are certainly not limited to, recommending a new strategic direction for a business unit, helping a corporation improve profitability, or evaluating an opportunity for expansion into a new market.
Big Four-Affiliated Consulting Firms
The Big Four accounting firms (Deloitte, PwC, EY and KPMG) have advisory practices that work on a variety of projects for corporations and firms. The work these firms do can be similar to that of management/strategy firms or can include more implementation-based or technology-focused projects.
Besides the MBB and Big Four firms, there are countless other consulting firms that offer a variety of services to clients. For instance, Accenture and IBM are known for their work with technology, Booz Allen Hamilton is known for working on government projects, and Charles River Associates is known for its work in litigation and economic consulting cases.