Updated: Sep 23, 2020

What is a Consulting Firm

A consulting firm or a consultancy is a service providing business comprising of a panel of experts or consultants who offer professional advice to a person or an organization at a specific cost or fee. A consultant is an individual who is adept in his or her field and is experienced and qualified enough to attend to the needs of his clients. A consultancy firm basically targets the company’s executives and provides them with consultants often referred to as industry specialists. They are the ones to guide down the company’s plan of action in order to achieve the company’s objectives or make up a strategy before the start of a new project. A consulting firm might also come handy in the time of crisis.

How to become a consultant?

In order to become a consultant, a bachelor’s degree in business or related field is a standard. Apart from that, you need a certification, at least 2 years of experience and the required skill set.

A degree in the area of business, management, finance or analytic studies is the basic prerequisite when planning your career in a consulting firm. Good communication, interpersonal, analytical and critical thinking skills, strong time management abilities, organizational skills are the skills necessary to be a consultant.

Experience and sophistication is another important factor when making a career as a consultant.

After completing the basics of becoming a consultant, one needs to be more specific about the area of consultancy he or she is willing to head. There are six types of consultants :

  • Strategy consultant

  • Management consultant

  • Operations consultant

  • Financial advisory consultant

  • Human Resource consultant

  • IT consultant

1. McKinsey Company

Once you are through the process of being a consultant, you would like to know about the top consultancy firms willing to hire you. So, if becoming a consultant at one of the top consulting firm is your dream, check out the list of top consulting firms in the world.

McKinsey & Companymay be aworld-renownedadviserfirm. The company is predicated in America and was founded 92 years ago in 1926 by James O McKinsey and Marvin Bower.

The company provides its service worldwide. Its headquarters is located in New York City with 127 offices spread across the world. It has a network ofquite27,000 employees making it a billion dollar company with a revenue ofquite10 Billion!

It follows a strict cultureof laborand ethics with highly motivated and zealous employees. The company values traits like loyalty, integrity, and dynamism.

2. The Boston Consulting Group, Inc.

Boston Consulting Group, Inc, also known as BCG. is a privately incorporated management consulting firm.

It was founded by Bruce Hendersonwithin theyear 1963. The company has a revenue of $6.3 million as of 2017 with more than 90 offices at different locations across the world. It has more than 16,000 employees working worldwide.

BCG was ranked 4th in Fortune’s list of “100 Best Companies to Work For” in 2018.

3.Bain and Company

Bain and Companymay be atopconsulting companyspecializedwithin thearea of management consultancy. It was founded in the year 1973 and its headquarters are located in Boston, Massachusetts.

The company is an incorporated partnership with William W. Bain and Patrick F as its founders. The company showed rapid growth in the early ’80s and was successful in generating a revenue of $3.7-$4.5 Billion in the year 2017.

The company has its network spread in 59 locations worldwide with a force of 8,000 employees.

It hasvarietyof awards in its namelikeConsulting Magazine’s 2016 “Best Firmsto figurefor” and was rankedwithin theFortune magazinebecause the“100 best companies to work for” in the year 2018.

4. Deloitte

Deloitte Consulting LLPis that theworld’s largestconsulting companyandone amongthe largefour accounting firms and hasone amongthe most importantprofessional networks worldwide.

It was founded in 1845 by William Welch Deloitte in London and further expanded its operation in New York in 1880.

The major services provided by Deloitte include Audit, Tax,service industry, Financial advisory, Risk Advisory, and Legal.

Inside Public Accounting named Deloitte as #1firmin 2017, andis additionallylistedtogetherof the “100 Best Companiesto figureFor” by Fortune magazine.

The company generated revenue of US$43.2 Billion in 2018 and features a working staff of 286,200 across the planet with quite 100 operational locations, including China, India andHong Kong.

5. PWC

PricewaterhouseCoopers is a multinational business offering professional service to its clients since 1998.

The company’s headquarters is based in London, United Kingdom and is known as the second largest professional services firm and also has its name amongst the Big Four Auditors.

It has a revenue of $41.3 Billion as of 2018 with 250,930 employees working worldwide. PwC has a network of firms in 158 countries, at 743 locations.

PricewaterhouseCoopers offers services in assurance, advisory, tax advisory, strategy consulting, tax controversy, data and analytics, management consulting, financial advisory, actuarial and legal.

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