If you’ve heard me speak at a business school or university you’ll know that one of the points I stress is to do research before approaching consulting firms. And one of the easiest ways to research is to read firms’ press releases, or subscribe to consultancy news sites. Here’s some of the news about strategy and management consultancy from these sources which has landed in my inbox over the last few weeks. These snippets can help you if you are currently looking for a consultancy role, or are starting your research into the sector.
Consulting in Asia – the top firms in Asia-Pacific – bankers and strategy consulting – Capgemini Consulting rebrands – partner profits at Deloitte and PwC – work/life balance in Ireland – AI, robotics and consulting – creative job-hunting in consultancy – listicles: healthcare consultants
Both Deloitte and PwC UK have released annual reviews of their performance for the 2017-18 financial year. Deloitte’s Consulting North West Europe arm (which covers the UK and Switzerland) grew at a rate of 1.7% (which is below the UK consulting industry’s average of 6%) to £875m. (https://www2.deloitte.com/uk/en/pages/press-releases/articles/deloitte-revenue-grows-to-3580m.html). The firm opened an internal centre of excellence for robotic process automation and an artificial intelligence studio, as well as establishing a new legal service line. Deloitte partners trousered an average £830k profit share each. (But they won’t have the time to spend it.)
PwC’s consulting arm grew 1% to £780m, (https://www.pwc.co.uk/press-room/press-releases/pwc-uk-reports-growth-as-it-invests-in-skills-and-technology-for-the-future.html). Amongst other new technology-related initiatives it has established a drones team. And perhaps PwC’s partners will get the opportunity to spend their £712k profit share as a result of the firm’s new flexible hours scheme (https://www.pwc.co.uk/careers/experienced-jobs/opportunities/flexible-talent-network.html)
The consulting industry in the Far East generates $50bn, according to a new report from researchers ALM (www.alm.com). Website Consultancy.asia has studied the report and provides a detailed analysis of the market in locations ranging from China, Japan and India to Bangladesh, Taiwan and Vanuatu. https://www.consultancy.asia/news/1411/asia-pacific-management-consulting-industry-breaks-50-billion-barrier An accompanying piece on the site highlights the top 15 strategy consultancies in Asia and Asia-Pacific. MBB, ATK and Strategy& top the list. https://www.consultancy.asia/news/1442/the-top-15-strategy-consulting-firms-in-asia-and-asia-pacific
PA Consulting is opening a digital innovation centre in Northern Ireland, which will be home to more than 400 consultants. http://www.irishnews.com/business/businessnews/2018/09/04/news/pa-consulting-group-to-create-400-jobs-in-belfast-1424322/ And I discovered some interesting facts about the consultancy market in Ireland on my recent trip to UCD – not least about the work/life balance. (http://www.donleslie.uk/newsletter/ – see 27th Sept’s blog.)
Self-employed / independent consultants are doing well, says a new study by PE investors Livingstone (https://livingstonepartners.com/uk/insights/rise-self-employed-gig-consulting/ ). As are data scientists – an in-demand group, reveals two articles from Consulting.uk and mid-sized strategy house OC&C (https://www.consultancy.uk/news/18522/how-data-analytics-are-changing-the-consulting-industry and https://www.occstrategy.com/en/insights/analytics-blog, the latter helpfully explaining what data analytics is all about.
Why is strategy consulting attracting junior bankers? City job board efinancial careers (www.efinancialcareers.co.uk ) has been talking to them, and it seems that “junior staff have limited future career prospects, and are over-burdened by under-stimulating and repetitive work.” Consulting.uk investigates (https://www.consultancy.uk/news/18531/growing-number-of-junior-bankers-switching-to-mbb-consultancies ) But maybe they are just worried about losing their jobs to robots. ( https://poetsandquants.com/2018/09/23/at-iese-preparing-for-the-ai-revolution/?utm_source=Poets%26Quants&utm_campaign=1b0129fe51-PQNL_2018_09_25&utm_medium=email&utm_term=0_4c36110279-1b0129fe51-148761285 )
Although AI and robotics will have an impact on consultancy too. ( https://www.consultancy.uk/news/18753/three-benefits-of-ai-and-automation-for-consulting-businesses
The UK’s National Health Service has just published a list of approved consultancies who can bid for strategy, organisational and change projects. Anyone interested in specialising in healthcare consulting should check out the 107 consultancy names. ( www.sbs.nhs.uk/ica-consult-18-multidisciplinary-consultancy-services )
Goodbye Capgemini Consulting and hello Capgemini Invent. A trendier-sounding name (Strategy&, anyone?) to reflect the consultancy’s move into the digital innovation space. https://www.capgemini.com/news/capgemini-launches-capgemini-invent-a-new-digital-innovation-consulting-and-transformation-global-business-line And not connected with Capgemini Consulting’s 50% drop in UK profits. (See September’s newsletter at http://www.donleslie.uk/newsletter/ )
Success story: an MBA student who heard me mention that a mid-sized international management consultancy group were looking for Portuguese speakers to service Lusophone countries from Lisbon, has written to tell me that he has joined a strategy house in Africa. Prompted by my mention, he researched the offices of strategy firms who required their consultants to be Portuguese speakers. And although the firm he joined was not advertising for new staff, he nevertheless persuaded the firm to hire him. And who was he competing against for that job? No one. Now that’s creative job-hunting.
The next Newsletter will appear in November.
My tour of business schools and universities in the UK has kicked off with the start of the new academic year. I’ll be presenting seminars on careers in strategy and management consultancy and providing follow-up 1:1 coaching. Do let me know if I can help you explore consultancy.