Consulting

Employment in management, scientific, and technical consulting services is expected to increase by 13.5 percent by 2031, according to the U.S. Department of Labor (DOL). Approximately 221,100 new jobs are projected to be added during this time. The DOL reports that “businesses will continue to need expertise and advice on how to address complex challenges such as adopting new technologies, incorporating sustainability practices, complying with regulations, managing global supply chains, and more. Sustained demand for consulting services in market research and analysis and management strategy should also support employment over the 2021–31 decade.”

Revenues in the global consulting industry reached $891 billion in 2021, according to The Business Research Company. Industry revenue is expected to exceed $1.3 trillion by 2026.

There were 908,966 management consulting firms in the United States in 2023, according to industry research publisher IBISWorld. There are four major consulting sectors: management/strategy, financial, information technology, and human resources/staffing. Some firms specialize in only one of these areas, while others may provide expertise in all or several of these sectors—or in additional areas.

The U.S. management consulting sector employs more than 1.9 million workers, according to IBISWorld. Employment settings for management consultants breaks down like this (according to the DOL):

• management, scientific, and technical consulting services firms: 33 percent
• government: 17 percent
• self-employed: 15 percent
• finance and insurance: 13 percent
• management of companies and enterprises: 4 percent

Each year, Vault.com compiles a list of the best management consulting firms in terms of prestige and a good work environment. In 2023, the leading firms were:

1. Bain & Company
2. The Boston Consulting Group
3. McKinsey & Company
4. EY-Parthenon
5. The Bridgespan Group
6. ghSMART
7. Kearney
8. E.K. Consulting
9. Analysis Group
10. Alvarez & Marsal

There is little financial and employment information available for financial consulting firms because there are very few stand-alone firms. Large professional-services firms such as Deloitte and PwC have specialized sub-practices in finance. In 2023, Vault.com ranked the following financial consulting firms as the best in terms of prestige and a good work environment.

1. The Boston Consulting Group
2. EY LLP Consulting Practice
3. Bain & Company
4. Deloitte Consulting LLP
5. KPMG LLP (Advisory)
6. PwC Advisory/Strategy&
7. Accenture
8. Oliver Wyman
9. FTI Consulting
10. Booz Allen Hamilton

The U.S. information technology (IT) consulting sector employed more than 2.5 million workers in 479,574 businesses in 2022, according to IBISWorld. The IT consulting sector is very fragmented, with the four largest companies accounting for only about 10 percent of revenue. There are many independent contractors and small firms in this sector.

In 2023, Vault.com ranked the following IT strategy consulting firms as the best in terms of prestige and a good work environment.

1. Accenture
2. IBM Global Services
3. Deloitte Consulting LLP
4. The Boston Consulting Group
5. Bain & Company
6. PwC Advisory/Strategy&
7. Capgemini
8. KPMG LLP (Advisory)
9. Infosys Consulting
10. Booz Allen Hamilton

The U.S. human resources (HR) consulting sector employed approximately 189,206 workers in 46,916 businesses in 2022, according to IBISWorld. In 2023, Vault.com ranked the following HR consulting firms as the best in terms of prestige and a good work environment.

1. Deloitte Consulting LLP
2. Korn Ferry
3. Mercer LLC
4. The Boston Consulting Group
5. Accenture
6. Bain & Company
7. Willis Towers Watson
8. KPMG LLP (Advisory)
9. EY (Consulting Practice) NA
10. PwC Advisory/Strategy&

Consulting firms are located throughout the United States and the world. Many are headquartered in large cities such as New York and Boston, although smaller firms are located in cities and towns of all sizes. In 2023, nine of the top 20 consulting firms as ranked by Vault.com were headquartered in Boston. Four were located in New York City, four were headquartered in Chicago, and the remaining companies were headquartered in Detroit, San Francisco, and Washington, DC.

Many of the top U.S. firms have offices in dozens of foreign countries. Kearney, for example, has offices in nearly 50 countries, and McKinsey & Company boasts offices in more than 65 countries. Accenture has offices in 51 countries.

There are several major professional organizations for those working in the consulting industry:

• The Institute of Management Consultants USA (IMC USA) is a nonprofit organization that offers certification and continuing education in addition to representing the professional interests of consultants. It offers professional and student (college) membership options.
• The Association of Internal Management Consultants represents consultants who are full-time, salaried employees of companies and other organizations. It also offers membership for college students. The association holds skill-building workshops and offers continuing-education opportunities at its annual conference.
• The Association of International Certified Professional Accountants is the leading membership organization for accountants, many of whom provide consulting services to clients. It has more than 431,000 members in 130 countries and territories.
• The institute offers continuing education, develops and grades the Uniform CPA Examination, and offers specialty credentials in personal financial planning, financial forensics, valuation of financial instruments, entity and intangible valuation, business valuation, management accounting, and information technology.
• The Investments & Wealth Institute provides certification, continuing education, and other resources to its members, which include investment consultants, accountants, investment analysts, and others who provide financial services and advice to corporations, individuals, nonprofits, and retirement/pension plans. It publishes Investments & Wealth Monitor, Journal of Investment Consulting, and other resources.