What is Consulting?

Understanding the consulting industry, its history, major players, and what consultants actually do, helps you make informed decisions about where to focus your recruiting efforts and how to position yourself effectively.

What Consultants Actually Do

At its core, consulting is about helping organizations solve problems they can’t solve on their own. This might be because they:

Lack the expertise (specialized knowledge)
Lack the capacity (not enough people)
Lack the objectivity (too close to the problem)
Need external validation (board/investor credibility)

The Day-to-Day Reality

A typical week as a junior consultant might include:

Monday: Team kickoff, review workplan, divide analyses
Tuesday-Wednesday: Build models, conduct research, synthesize findings
Thursday: Internal team check-in, refine storyline
Friday: Client working session or steering committee presentation

The work is intellectually demanding, fast-paced, and highly collaborative.

The History of Management Consulting

Early Roots (1880s–1920s)

Birth of Scientific Management

Frederick Winslow Taylor: Often considered the father of management consulting, Taylor pioneered scientific management or “Taylorism” in the late 19th and early 20th centuries, emphasizing efficiency and productivity through time-and-motion studies.
Arthur D. Little (founded 1886): Initially a chemical consulting firm, it became one of the first to advise on broader business strategy and innovation.

Institutionalization (1920s–1950s)

The Rise of General Consulting Firms

Booz Allen Hamilton (founded 1914): One of the first firms to offer consulting on organization and strategy.
McKinsey & Company (founded 1926): James O. McKinsey introduced accounting-based management principles and later, under Marvin Bower’s leadership, pioneered the professional ethos and structured problem-solving approach still used today.

Focus during this period was on organizational structure, cost control, and formal management systems.

Post-War Expansion (1950s–1970s)

Strategy Takes Center Stage

The post-WWII boom led to globalization and complex operations, creating demand for external strategic advice.
Boston Consulting Group (BCG) was founded in 1963 by Bruce Henderson and introduced landmark strategic tools like the Experience Curve and BCG Matrix.
Strategic consulting emerged as a distinct domain, emphasizing market positioning, competitive advantage, and long-term planning.

Professionalization and Globalization (1980s–1990s)

Bain & Company (founded 1973) differentiated itself by focusing on long-term client relationships and measurable impact.
Firms expanded internationally, serving Fortune 500 clients across industries.
Consultants became influential in mergers & acquisitions, privatization, and operational restructuring.
The 1990s saw the rise of IT consulting (e.g., Accenture, IBM Consulting) alongside traditional strategy firms.

21st Century (2000–present)

Diversification, Digital, and Disruption

The Big Three (McKinsey, BCG, Bain) have continued to dominate high-end strategy work.
Consulting has expanded into:
- Digital transformation (e.g., McKinsey Digital, BCG X)
- Data analytics & AI
- Sustainability and ESG
Boutique firms and freelance platforms (e.g., Toptal, Catalant) challenge traditional models.
There is growing scrutiny around ethics, diversity, and impact.

Key Contributions to Business Thinking

Frameworks like Porter’s Five Forces, the GE-McKinsey matrix, value chain analysis, and zero-based budgeting were either developed or popularized by consulting firms. Management consulting has significantly influenced MBA education, corporate strategy, and even public policy.

Overview of Major Firms

MBB (McKinsey, BCG, Bain)

The Strategy Elite

The “MBB” firms represent the pinnacle of strategy consulting, known for their prestigious client base, rigorous analytical approaches, and significant influence on global business practices.

McKinsey & Company

Founded: 1926 by James O. McKinsey
Headquarters: New York City
Focus Areas: Corporate strategy, organizational transformation, operations, digital, and analytics
Distinctive Features:
- Largest of the MBB firms with over 130 offices globally
- Known for thought leadership through McKinsey Quarterly and McKinsey Global Institute
- Alumni network includes numerous CEOs and public sector leaders
- Pioneered the professional consulting model under Marvin Bower

Boston Consulting Group (BCG)

Founded: 1963 by Bruce Henderson
Headquarters: Boston, Massachusetts
Focus Areas: Strategy, digital ventures, innovation, corporate development
Distinctive Features:
- Created foundational strategy frameworks (BCG Matrix, Experience Curve)
- BCG X focuses on tech build and digital products
- Strong emphasis on social impact work
- Known for collaborative, intellectually rigorous culture

Bain & Company

Founded: 1973 by Bill Bain
Headquarters: Boston, Massachusetts
Focus Areas: Strategy, private equity consulting, customer strategy, M&A
Distinctive Features:
- Pioneered results-based consulting with focus on measurable outcomes
- Dominant player in private equity consulting
- Smaller and more selective than McKinsey
- Strong emphasis on long-term client relationships

The Big Four

Audit Origins, Consulting Power

Originally accounting firms, the Big Four have evolved into massive professional services organizations offering consulting alongside audit, tax, and advisory services.

Firm	Consulting Arm	Strengths
Deloitte	Deloitte Consulting	Largest Big Four practice; government, digital
PwC	Strategy&	Strategy (via Booz acquisition); financial services
EY	EY-Parthenon	Strategy, transactions; corporate finance
KPMG	KPMG Advisory	Risk, compliance, regulatory

Boutique Firms

Specialized Excellence

Boutique consultancies offer deep expertise in specific industries or functional areas:

Type	Example Firms	Focus
Strategy	Oliver Wyman, L.E.K., Roland Berger, Innosight	High-end strategy, often industry-specific
Operations	Kearney, AlixPartners	Supply chain, turnaround, performance
Technology	Credera, Accenture, ThoughtWorks, West Monroe	Digital transformation, implementation
Economic/Litigation	Charles River Associates, Bates White, FTI Consulting	Expert testimony, antitrust, damages analysis
Human Capital	Mercer, Korn Ferry	Compensation, talent, organizational design
Industry-Specific	ZS Associates, Huron, Cicero Group	Healthcare, pharma, higher education, public sector
Specialized	Cornerstone Research, Anglepoint, Leader Factor	Niche expertise areas

Key Differences Across Firm Types

Factor	MBB	Big Four	Boutiques
Prestige	Highest	High	Varies (top boutiques very prestigious)
Compensation	Highest	Competitive	Varies widely
Work-Life Balance	Most demanding	Generally better	Varies by firm
Exit Opportunities	Big Tech, PE	Corporate functions	Industry-specific roles
Project Types	CEO-level strategy	Implementation & tech	Specialized domains

Finding Your Fit

As you research firms, consider:

What type of work excites you? Pure strategy, technology implementation, turnaround, industry-specific?
What culture do you want? Highly competitive? Collaborative? Mission-driven?
What exit opportunities matter? Tech? Private equity? Industry leadership?
What lifestyle trade-offs are you willing to make? Hours, travel, compensation?

There’s no universally “best” firm. The best firm is the one that aligns with your goals, values, and working style.

Research Consulting Firms

Management Consulted’s Firm Directory and Top Consulting Firms list provide detailed profiles to help you research firms by type, specialty, and culture.

Beyond “MBB or Bust”

A common trap in consulting recruiting is the “MBB or bust” mentality. Let’s put some numbers in perspective:

The math is humbling. McKinsey, BCG, and Bain each typically hire about 3 students per year from BYU, and that’s from the entire university, all majors combined. That means roughly 9 MBB spots total. With hundreds of qualified candidates competing, landing an MBB offer involves significant luck alongside preparation and fit.

MBB isn’t now-or-never. Many successful MBB consultants didn’t start there. Common paths include excelling at a Big Four firm, boutique, or in industry for 2-3 years and then lateraling into MBB, or returning to business school and recruiting for MBB as a post-MBA candidate. If MBB is your long-term goal, an initial role elsewhere isn’t a detour. It’s building the experience and skills that make you a stronger candidate later.

MBB tenure is often short by design. The “up or out” culture at MBB firms means average tenure is just 2-4 years, with roughly 40% of consultants leaving within their first two years. The intensity is the point: these firms are designed to be career accelerators, not career destinations for most. By contrast, many boutique and Big Four practices offer paths to longer tenures without the same relentless pressure, allowing you to build deep expertise and sustainable careers over 5-10+ years.

Other firms may be a better fit. Consider what you actually want from your career and life:

Do you want to be home for dinner most nights?
Do you want bandwidth for church callings, family time, or community involvement?
Do you want deep expertise in a specific industry rather than generalist exposure?

Many boutique and Big Four firms offer excellent work, strong compensation, and more sustainable lifestyles. A firm where you can thrive, grow, and maintain balance may serve your long-term career better than burning out at a more “prestigious” option.

Don’t let prestige distort your judgment. The consulting industry is vast. BYU students have placed at 30+ firms, each offering meaningful work and strong career trajectories. Cast a wide net, stay open-minded, and optimize for fit, not just brand name.

Recruiting Timeline

For BYU sophomores targeting summer 2027 internships:

Timeline	Activity
Fall 2025	Start networking, join MCA, research firms
Winter 2026	This course! Resume building, case practice, active networking
Spring 2026	Applications open at many firms, continue networking
Summer 2026	Peak recruiting season, interviews

Early engagement matters. Start networking now, even if applications seem far away.

Session 1 Activity: Getting Started

Recruiting: Research Target Firms

Your first task is to understand the consulting landscape and identify firms that match your interests and goals. Using what you learned about firm types (MBB, Big Four, boutiques), research 2-3 firms you’re considering.

I'm starting to research consulting firms for recruiting. Help me build a profile of [FIRM NAME]:

**Firm Basics**
1. What type of firm is this? (MBB, Big Four, boutique, other)
2. What industries or functions do they specialize in?
3. How large are they? (approximate headcount, office locations)

**Value Proposition**
4. What do they say makes them different from competitors?
5. What's their reputation in the market? What are they known for?
6. What types of projects or clients do they emphasize?

**Hiring Criteria**
7. What do they say they look for in candidates? (check careers page)
8. What's their typical hiring process and timeline?
9. Do they recruit from BYU? If so, how many hires typically per year?

**Fit Assessment**
10. Based on this profile, what excites me about this firm?
11. What concerns or questions do I have?
12. How does this firm compare to others I'm considering?

Compile this into a 1-page firm profile I can reference throughout recruiting.

Client Work: Select Your Target Company

For your semester project, you’ll analyze a real company using outside-in research. Today, evaluate whether a company you’re interested in is a good fit for the project.

I'm selecting a company for a semester-long consulting analysis project. Help me evaluate [COMPANY NAME] as a potential target:

**Data Availability Check**
1. Is this company publicly traded? (I need access to 10-Ks, earnings calls, investor presentations)
2. If private, is there sufficient public information available? (news, industry reports, competitor filings)
3. What data sources can I access for this company?

**Project Suitability**
4. What industry are they in? Who are their main competitors?
5. Are there visible strategic challenges or opportunities I could analyze?
6. Is this company complex enough to sustain a semester of analysis, but not so large that it's overwhelming?

**Personal Interest**
7. Why am I interested in this company?
8. Do I have any prior knowledge or connection to this industry?

**Recommendation**
Based on this evaluation, is this a good target company for my project? If not, what type of company should I look for instead?

Good Target Company Criteria:

Publicly traded (best) or well-covered private company
Clear industry with identifiable competitors
Visible strategic questions (growth, competition, transformation)
Size: Large enough to have rich data, small enough to understand