In the simplest definition, consultants give professional advice. However just as there are different specialties in law and medicine, there are specialties in consulting. In the broadest sense there are three types of consulting firms. First, are the large management and strategic consulting specialists that offer primarily strategy consulting but are not specialized in any specific industry. Second, there are boutique firms, which have consulting expertise in specific industries or technologies. Finally, there are large, diversified organizations that offer a range of services, in addition to a strategy consulting practice, such as IBM, Inc. and PricewaterhouseCoopers.

This Roadmap will provide an overview of these different types of consulting opportunities. As you consider a career in consulting, the Career Development Office encourages you to research and explore all three of these consulting avenues to ensure you find the right fit.

Management (Strategy) Consulting

The focus of the consulting practice differs even among large management consulting firms. For example, some companies focus on business strategy where they advise corporations’ top executives on strategic business issues, such as: mergers and acquisitions, new growth opportunities, and potential overseas opportunities. Typically the clients of these firms are large Fortune 500 companies. Consultants at these firms provide advice, but rarely do they get deeply involved in implementing their recommendations. Examples of large management consulting firms include McKinsey & Company and Boston Consulting Group, Inc.

Other firms advise clients on business strategy but, unlike pure strategy firms, continue working with clients during implementation stages, such as the government consulting business at Booz Allen & Hamilton. Still others, such as BTS USA, Inc., focus on implementation and in many cases implement the strategy that was developed by another management consulting firm.

Within large management consulting firms, there may also be an opportunity to specialize. One such example is the Human Capital Group within Deloitte Consulting LLP, where broad-based business consultants specialize in integrating people issues with business strategy.

Boutique (Domain- Focused) Consulting

These firms are also referred to as domain consulting firms due to their expertise in a particular domain, such as energy, nonprofit management, healthcare, and environmental issues. This type of consulting firm has emerged and flourished in the last few decades, when clients began expressing a need for a specialist and more personalized services for their industry. As clients further seek to work with firms that bring a depth of expertise in a specialized area, boutique firms find themselves in growing demand.

It is important to note that “boutique” does not necessarily mean small. The classification of boutique is determined by focus, not size. For example, Gartner, Inc. has approximately 4,000 employees, but is classified as boutique because of its specific focus on hardware and software purchasing, communications, and other IT-related decisions and implementations.

Another misconception is that these firms are less prestigious than larger, multi-functional firms. This too depends greatly on the area at issue. For example, a large pharmaceutical company may choose a boutique firm specializing in healthcare, such as Easton Associates or Putnam Associates, in order to gain the specialized expertise of a firm dedicated to that industry.

Internal Consulting

In recent years more and more corporations have created their own internal consulting groups, hiring internal management consultants either from within the corporation or from external firms. Internal consulting groups are usually formed around a particular practice area in the company. The most common areas are: organizational development, process management, information technology, training and development, and design services.

In some cases companies prefer internal consultants when projects involve proprietary information or tacit knowledge, which may be difficult and expensive to transfer to an outside firm. Individuals who choose internal consulting often cite the benefits to include participating in the implementation phase of projects, having a stake in the company, and significantly less travel than external consulting.

Projects of internal consultants may include working with the senior management team on business unit strategy, acquisition and divestiture, new business development, corporate strategy, corporate center support, change agency, and the recruitment and retention of high potential employees.