Consulting’s Crisis of Confidence

I had the chance to address graduate students earlier this week on careers in consulting. These forums are always one of the more enjoyable parts of my job, primarily because I’m interacting with newcomers who have yet to be jaded by consulting’s harsher realities.

The room was overflowing, which seemingly would bode well for firms nervous that the talent spigot is slowing. Such interest level would also indicate that consulting remains an attractive option for those entering the workforce. But increasingly, I’m finding that consulting doesn’t seem a final destination for the next generation. Furthermore, I think interest in consulting as a career appears to be waning.

To combat this trend, more firms are telling me they’re foregoing MBAs and pushing a different message for young people interested in doing more than just shaving costs. Additionally, staid Big 4 and old-guard strategy firms are embracing the gig economy’s hip and flexible (and hyper-caffeinated) persona. Baristas and “pod rooms” are ubiquitous. And yes, I’ve seen partners in skinny jeans … some wear them better than others.

Consulting has always been a chameleon business, meaning firms assumed their clients’ personas. High-brow strategists impressed with burled walnut paneling, while manufacturing specialists kept a pair of steel-toed shoes handy.

Now, to attract skeptical newbies, firms are looking beyond mimicking their clients, and, instead, articulating what they do, how they do it – and, most importantly, why they do it.

A partner at another event I attended put it this way: “we have to change because this generation wants to aspire to a higher cause.” Translation: consultants who just act like — and lackey for — their clients do a disservice to everyone.

admin