Management Consulting Services

Industry Profile Report

Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters

Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.

Call Preparation Call Prep Questions, Industry Terms, and Weblinks.

Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.

Industry Profile Excerpts

Industry Overview

The 90,000 management consulting firms in the US assist businesses and organizations with administrative, strategic, and management-related issues. Major revenue categories include strategic and financial management consulting and implementation services. Firms may also offer operations and supply chain, marketing, and human resources management consulting services. Customers include businesses, institutions, non-profit organizations, and government entities.

Competitive Bidding

Many clients use competitive bidding when soliciting management consulting services and preparing bids is a costly process for consulting firms and requires significant amounts of managerial time and effort.

Dependence On Highly-Skilled Labor

Management consulting firms solve complex business problems and rely on highly-skilled, educated, and experienced industry professionals to provide consulting services.

Industry size & Structure

The average management consulting services provider operates out of a single location, employs fewer than 5 workers, and generates about $3.4 million annually.

    • The management consulting services industry consists of about 90,000 firms that employ about 845,000 workers and generate about $307 billion annually.
    • The industry is fragmented; the top 50 companies account for 41% of industry revenue.
    • Large companies include McKinsey and Company, Booz Allen Hamilton, Boston Consulting Group, Bain, and Accenture. Most large firms offer comprehensive services and operate nationally and internationally.
                              Industry Forecast
                              Management Consulting Services Industry Growth
                              Source: Vertical IQ and Inforum

                              Recent Developments

                              Jan 29, 2025 - Return--To-Office Mandates Increase
                              • Return-to-office mandates continue to increase as employers increasingly sour on employees working from home. A KPMG survey from 2024 found that among 400 US CEOs, about 80% thought employees would be back in the office full time by the end of 2027. Big employers that have recently mandated a return to full time in-office work include Amazon, JPMorgan Chase, WPP, and AT&T. Employees, though, after finding more work-life balance during and after the pandemic, still favor remote or hybrid work in some form. The issue has become a heated push and pull between employers who want more in-person collaboration, and employees who have grown accustomed to the flexibility remote work provides. Per LinkedIn, 1 in 10 workers want to change jobs over the issue. Industries where remote/hybrid job listings increased last year included non-profits, insurance, finance, and technology, according to ZipRecruiter.
                              • Spending intent among US high-income consumers dropped in January, according to a recent report by consultancy Bain & Company and market research firm Dynata. The Consumer Health Indexes (CHI) fell 10.8 points in January to 96.5 from 107.3 in December. The CHI reading saw a similar drop in early 2024, and spending intensions never rebounded back to earlier average levels. The average CHI reading in 2024 was seven points below 2023’s average of 113.8. While the Bain/Dynata report notes that one month’s data doesn’t necessarily herald a trend, the January decline in spending intentions by high earners could be an early sign of broader economic weakness. High-income consumers account for about half of US discretionary spending.
                              • US companies should brace for an increase in immigration enforcement as the Trump administration enters the White House, according to Bloomberg Law. Trump campaigned on a stricter immigration stance, which could bring an increase in immigration-related investigations, audits, and worksite enforcement. Some legal experts suggest a key enforcement area is likely to be greater scrutiny of Form I-9. Employers must have employees fill out an I-9 to verify work authorization status and identity. Form I-9 compliance enforcement – in the form of audits – hit an all-time high during Trump’s first term, and Immigration and Customs Enforcement fines for I-9 errors can range from about $280 to nearly $27,900. Since companies may employ workers with varying immigration statuses, some legal experts suggest that firms conduct internal audits to ensure compliance.
                              • More than three-quarters of CEOs at some of the world’s largest companies are optimistic about the global economy, according to a recent survey by advisory firm Teneo and reporting by The Wall Street Journal. The Teneo survey of CEOs of firms with at least $1 billion in sales showed that 77% expect the global economy to improve in the first half of 2025. CEOs are generally optimistic that a Trump presidency will help reduce corporate taxes and regulations. Over 80% of big company bosses foresee an uptick in M&A activity in 2025. An anticipated easing of access to capital also buoyed the CEO outlook.
                              Get A Demo

                              Vertical IQ’s Industry Intelligence Platform

                              See for yourself why over 60,000 users trust Vertical IQ for their industry research and call preparation needs. Our easy-to-digest industry insights save call preparation time and help differentiate you from the competition.

                              Build valuable, lasting relationships by having smarter conversations -
                              check out Vertical IQ today.

                              Request A Demo