Management Consulting Vs Strategy Consulting (Differences Explained)
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- čas přidán 9. 07. 2024
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Are you interested in a career in consulting but unsure of the different paths available?
In this video, we explore the key differences between management consulting and strategy consulting and help you determine which career is the best fit for your interests and goals.
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Oh wow, I never knew there was more to management and consulting. My degree in Business Management could be a great asset to me... 🤔
Absolutely! Your degree in Business Management is a great foundation for a career in consulting. Both BCG and Accenture value diverse skills and backgrounds. Consulting offers opportunities to apply your knowledge in real-world business challenges. Good luck!
Hi, I think that what you're referring to is simply the difference between 'strategy' and 'implementation'. I'd rather see Management Consulting as an umbrella term which constitutes of Strategy and Implementation (Operations) as two different components in general, rather than seeing 'Management Consulting' and 'Strategy Consulting' as separate roles altogether. The reason is that although there are firms that specialise in one of those (like MBB specialise more in Strategy and Big 4 have more Implementation work), they still try to expand into the other. That is, MBBs are increasingly trying to up their implementation game, while B4s are trying to up their strategy game (Monitor Deloitte for example). This means that an MBB 'Strategy Consultant' may be required to do implementation work too if the project so required and similarly for Strategy work in B4. Therefore, I feel both may be more or less transferable enough to each other so much so that we can group them under the same term 'Management Consulting' while seeing them (Strategy, Operations) as two different kinds of work within it. In fact, that's how I've seen people use the term 'Management Consulting' mostly.
About which career path is more suited for C-Suite roles - I saw a video by another Consulting CZcamsr 'Firm Learning', an Ex-McKinsey guy who works in C-Suite now with a retail company. He says that 'implementation' work is equally important to his role and also cited example of how implementation of PayPal took his company 3 months instead of originally estimated 3 weeks, the gap he didn't really imagine would be there when he was working in Strategy. Judging by this at least, what I understood is that implementation (i.e. what you refer to as Management Consulting in the video) is equally important for a C-Suite role
What are your thoughts on this?
Hey Naman,
That is correct, I also view management consulting as an umbrella while strategy consulting is under that umbrella. I mentioned this at 1:04 to 1:16 and for a business to succeed you need both a strategy and implementation, but it seems my wording could have been stronger to emphasize this point. Would that have helped if I had a graphic for example with an umbrella?
Also, you're right, MBBs are venturing into implementation and Big 4s into strategy but that doesn't mean Strategy Consultants will get into full-blown implementation as the expertise needed in both cases is different.
The essence here is to help the viewers decide which type of work would they be more interested to do. Showing the difference in the type of work, working hours, and level of engagement between strategy consulting vs. other consulting roles is the best way to get that understanding. Thanks for watching!
@@myconsultingoffer Sure. I think simply mentioning the term 'implementation' separately along with remarking that 'not all management consultants are strategy consultants' would have made it clearer.
Thanks for the video.
Thank you for your suggestion. Your feedback will definitely help us improve the quality of our content, and we hope to receive more feedback from you in the future!
You are spot on mate. Thank you for clarifying
Awesome video! It helped me decide which way to go.
Thank you for watching! If you need further help with your preparation, we invite you to book a free strategy call with us here: bit.ly/3zeLAmO. Our team of experts is always here to support you in achieving your career goals.
Hello from Thailand!!! Your video is very good. I’m really interested in the world of management consulting right now and your video helps me a lot. Thank you very much
Thanks for watching! You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help with your preparation, we invite you to book a free strategy call with us here: bit.ly/45Ezbr5. Our team of experts is always here to support you in achieving your career goals.
Great explanation and video! Thank you :)
Thanks for watching! You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help with your preparation, we invite you to book a free strategy call with us here: bit.ly/45Ezbr5. Our team of experts is always here to support you in achieving your career goals. Good luck!
ahh! thank you for this video🥰
Thanks for watching! You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help, we invite you to book a free strategy call with us here: bit.ly/3PGob78. Our team of experts is always here to support you in achieving your career goals.
Great vid mate
Thanks for watching! You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help with your preparation, we invite you to book a free strategy call with us here: bit.ly/3PGob78. Our team of experts is always here to support you in achieving your career goals.
Can you get into this at age 38?
Also, I think plenty of SMEs cant afford these big firms have great need for someone who advice on strategy AND assist with implementation.
Have an MBA admission interview in a few days and this video really helped me gain clarity on my answers for career goals! thank you so much. Will definitely look forward to your program once I get into my dream B school. Cheers!
I'm glad it helped. You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help with your preparation, we invite you to book a free strategy call with us here: bit.ly/45Ezbr5. Looking forward to connecting with you soon. Good Luck!
Why do you look like you are Elon Musk's brother
Haha, I've heard the Elon Musk resemblance comment a few times. I'll take it as a compliment. If you enjoyed the video, please like and subscribe!
quick question?? is strategy or management consultant the more stressful??
Both can be stressful, but strategy consulting often involves high-stakes decisions and tight deadlines, which can be more intense. Management consulting can also be stressful, especially during large-scale changes or turnaround projects. It depends on the specific role and individual. Good luck!
Yi Long Ma
Haha, thanks for watching! You can check our free resources here: www.myconsultingoffer.org/resources/. If you need further help, we invite you to book a free strategy call with us here: bit.ly/4ckhtfU. Our team of experts is always here to support you in achieving your career goals. Good luck!