Management Consulting

Management consulting is the practice of providing consulting services to organizations to improve their performance or in any way to assist in achieving organizational objectives (Wikipedia)

  • $111,950 Average salary
  • 58.4% Of Men Make Up This Industry
  • 41.6% Of Women Make Up This Industry
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History & Future

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Future

Management Consulting has always been pioneering industry strategies, methodologies, and technology developments. The corporate world is becoming increasingly complex, with more interdependencies, less transparency, more uncertainty, and more competition. These growing challenges require more independent expertise and experience provided by management consultants. Management Consulting is here to stay and has a great future. Parts of it may disappear, but new opportunities will appear. Will it change? Of course, it will change like everything is constantly changing. Service offers and business models may change, which may be significant, but the industry will remain and thrive.

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History

Management Consulting began to develop shortly after the rise of management as a unique field of enterprise in the late 19th Century, along with the Industrial Revolution. The early firms were started by university professors. The first management consulting firm was named Arthur D. Little, after the founding MIT professor, in the late 1890s. This firm initially specialized in technical research, but later became a general Management Consultancy. Booz Allen Hamilton was founded as a Management Consultancy by Edwin G. Booz, a graduate of the Kellogg School of Management at Northwestern University, in 1914. He was the first to serve both industry and government clients. This firm later changed its name to Booz & Co. The first pure Management Consulting company was McKinsey & Company. McKinsey was founded in Chicago in 1926 by James O. McKinsey (known as Mac to most people), an accounting professor from the University of Chicago.