Management Consulting Vs Strategy Consulting (Differences Explained)

My Consulting Offer
29 Mar 202311:11

Summary

TLDRThis video script outlines the distinction between management consulting and strategy consulting, crucial for career paths. Strategy consultants focus on high-level planning, often working with executives, while management consultants handle both planning and execution, interacting with mid-level managers. Strategy consultants generally earn more but work longer hours. The choice between the two depends on post-consulting goals, with strategy consulting being beneficial for those aiming for C-suite roles or exploring various industries.

Takeaways

  • 🔍 Management consulting and strategy consulting are distinct paths that can lead to different career outcomes.
  • 💼 Strategy consultants focus on defining 'what' a company should do, while management consultants address both 'what' and 'how'.
  • 👔 Strategy consultants often work with top executives like CEOs and CFOs, whereas management consultants may engage with mid-level managers.
  • 🌐 Strategy consultants are management consultants but not all management consultants are strategy consultants.
  • 💰 Strategy consultants typically earn 20-30% more than management consultants, but this can vary based on expertise and project risk.
  • 🏥 An example given is Dwayne 'The Rock' Johnson's tequila brand considering expansion to a new country, where strategy consultants would decide the country and management consultants would execute the plan.
  • 📈 The expertise and rarity of a consultant's skill set can significantly impact their earning potential.
  • ⏱ Strategy consultants generally work longer hours, averaging 50-60 hours per week, compared to management consultants who may work 45-55 hours.
  • 🛠 Management consultants with specialized knowledge in critical areas, like safety in the oil industry, can earn more due to the high stakes of their work.
  • 🌟 If post-consulting goals are unclear, strategy consulting offers broader exposure to various industries and functions, aiding in future career decisions.
  • 🚀 For those aiming for top leadership roles in large companies, strategy consulting provides valuable C-suite exposure and problem-solving experience.

Q & A

  • What is the main difference between management consulting and strategy consulting?

    -Management consulting deals with both what a company should do and how to do it, while strategy consulting focuses primarily on determining what a company should do.

  • Who do strategy consultants typically work with in a company?

    -Strategy consultants often work with the highest level of the company, such as CEOs, CFOs, and other C-suite executives.

  • Can strategy consultants also be considered management consultants?

    -Yes, all strategy consultants can be considered management consultants, but not all management consultants are strategy consultants.

  • What is an example of a scenario where a company might hire a strategy consultant?

    -An example is when Dwayne 'The Rock' Johnson, who owns a tequila brand, wants to decide which country to expand to next, and he hires a strategy consultant to analyze and recommend the next market.

  • How do management consultants contribute after a strategy has been set?

    -After a strategy is decided, management consultants come in to figure out how to implement it, such as by addressing supply chain, sales, and risk management.

  • On average, how much more do strategy consultants earn compared to management consultants?

    -Strategy consultants are typically paid about 20 to 30 percent more than management consultants.

  • What factors can cause a management consultant to earn more than a strategy consultant?

    -A management consultant can earn more if they have rare expertise that is highly valued or if the work they do could be very costly if done incorrectly.

  • How does the work-life balance differ between strategy consultants and management consultants?

    -Strategy consultants typically work more hours, averaging around 50 to 60 hours per week, compared to management consultants who work between 45 to 55 hours.

  • What should someone consider when deciding between becoming a strategy consultant or a management consultant?

    -One should consider their post-consulting career goals, whether they want exposure to C-suite executives, operational experience, or the ability to explore various industries and functions.

  • What advice does the speaker give for those who are unsure of their post-consulting career path?

    -For those unsure of their post-consulting path, the speaker recommends becoming a strategy consultant to gain exposure to a variety of projects and industries.

  • How can the speaker's team assist someone in becoming a consultant?

    -The speaker's team, composed of former McKinsey, Bain, and BCG recruiters, interviewers, and consultants, offers a program with an 89.6% success rate in helping people land consulting jobs.

Outlines

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Mindmap

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Keywords

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Highlights

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Transcripts

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Связанные теги
Consulting CareersStrategy vs ManagementProfessional AdviceWork-Life BalanceCompensation InsightsConsulting IndustryCareer GuidanceBusiness StrategyManagement ExpertiseJob Opportunities
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