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 Industry Structure, How Firms Opertate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Quarterly Insight, Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 75,900 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 8-9 workers, and generates about $3 million annually.
- The management consulting services industry consists of about 75,900 firms that employ about 664,000 workers and generate about $232 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
Coronavirus Update
May 15, 2022 - US Sanctions Ban Provision Of Consulting Services To Russia
- Expanded US government sanctions against Russia in response to the war in Ukraine include a ban on accounting and management consulting services by US citizens. The sanctions, effective June 7, "prohibit US persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation," a White House statement said.
- The hybrid workforce, with its combination of some workers in a central location and others logging in remotely, is here to stay, according to Brooke Weddle, a partner in the Washington office of management consulting firm McKinsey & Company. Some employees want to continue in the hybrid mode because they like the flexibility it offers. A remote option also allows employers to tap into new job markets, Weddle said, which means they can diversify their staff and create a more inclusive culture.
- The COVID-19 pandemic had had a significant effect on the number of hours that people wished to work, according to a report from the National Bureau of Economic Research, a Cambridge, MA, nonprofit research organization. “The labor market is tighter than suggested by the unemployment rate and the adverse labor supply effect of the pandemic is more pronounced than implied by the labor force participation rate,” the report authors said. “Our evidence does not support the notion that the contraction in labor supply is driven mostly by women responding to child-care demands,” the researchers added. “Instead, the drop in desired hours is pervasive across most demographic groups, with somewhat larger declines among those with less than a college degree.”
- Corporate executives are increasingly comfortable using freelance management consultants, according to a report from Harvard Business School. Pandemic-induced cost controls, remote workforces, and a growing familiarity with freelancers are important drivers of freelance consultancy growth.
- Employment in the management consulting services industry increased 9% year over year in March and 15.8% from the pre-pandemic month of March 2019, according to the US Census Bureau.
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