Management consulting vs. strategy consulting - that is the difference!

Many people are wondering what the difference between management consulting and strategy consulting is. In this video, I will provide a very simple answer to this question and talk about the main differences of these types of consulting.

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[stocksmadness]

🎯 Key points for quick navigation:

00:00:18 *📚 Consulting Outline: The video will cover the general concept of consulting, differentiate management and strategy consulting, and discuss their specific focus areas.*
00:00:45 *💡 Consulting Basics: Consulting is described as problem-solving as a service for clients, encompassing various niches like health, finance, and social media.*
00:01:26 *🏢 Management Target: Management consulting targets all management levels—top (c-suite), middle, and lower management, solving diverse management-related problems.*
00:03:02 *🤝 Big Players: Typical management consulting firms include big names like KPMG, PwC, Ernst & Young, and Deloitte, focusing on management issues at various levels.*
00:03:31 *🎯 Strategy Focus: Strategy consulting is a subcategory of management consulting, primarily targeting the c-suite and addressing revenue, cost, and organizational change.*
00:05:11 *🌍 Top Firms: Leading strategy consulting firms include McKinsey, BCG, and Bain, known for their market dominance and emphasis on strategic projects.*
00:05:49 *🔄 Market Overlap: Although distinct, strategy and management consulting firms increasingly overlap, with strategy firms expanding into broader management consulting areas.*
00:06:32 *🏆 Strategy Prestige: Strategy consulting is viewed as more prestigious, with higher entry barriers, salaries, and workload compared to management consulting.*
00:07:56 *⚖️ Decision Point: Prospective consultants must decide between strategy and management consulting based on personal preference for prestige, salary, and work-life balance.*

[natalyastark]

Finally I've got a structure of Strategy & Management Consulting by simple words! Thank you indeed!

[Abu_sufyaan]

Excellent way of breaking things down in a way that everyone can understand

[hifzanadil]

Any take on how to get into Consulting firm as a fresher