You started a small business, but now it is growing into a big one. You hired managers, created more departments, new opportunities. Now you want to get your new products on the market. But you don’t have enough knowledge or ideas on how to market your product, make decisions and a lot of things. So, what do you do? You go to someone who has that kind of Knowledge, right? And who is that? An expert or a consultant. A strategy consultant helps the managing persons of a company to find out and maintain a strategy that leads the company towards less cost and more net revenue. Generally, strategy consulting jobs are the most prominent in the consulting business. This article would help you to give an overview of this career. You will also have Knowledge about the top 15 companies in Asia in this industry.
What is Strategy Consulting?
In a world of competition, every company or organization has to maintain a policy. As the leading members of an organization have to look after overall all the sectors of an organization, they need help to make policies. A strategy consultant can help the leading panel to maintain the strategy of the organization. If you are aspiring to be a management consultant, strategy consulting can be a smart choice. Being a strategy consultant, you can help the C.E.O., managing committee, and other leading people of the organization by providing the right strategy. You will do a market analysis and competitive analysis. Then you, along with your team, will figure out the policy that the company will follow.
Why should you consider becoming a Strategy Consultant?
Strategy consulting is an essential segment in making proper plans. In this world, a business can’t run smoothly without consultants. Things you will face in this adventure are,
- You will meet new people every day.
- You will face new challenges that will help you grow yourself and expand your limits.
- You get to work with top-level executives.
- You will have in-depth knowledge of every sector of the business.
- You help a good company means you help people who purchase the business’s product or service. That means you put some value into society.
Besides all of that, you will experience a great journey in that business.
What Strategy Consultants do?
Consulting means experts who specialize in some sectors who give guidance or advice to some business or organization to help them grow their business, make a profit, and reach the organizational goals.
Strategy consulting is one of the significant consulting sectors. They give you the expert perspective on the market, how you can improve hour products and services, and sometimes help you to make crucial decisions on your business. Strategy consultants need to have inside and outside Knowledge, because they work with the top-level managers.
Now, what are the top-level managers’ responsibilities?
- They make long-range plans.
- They establish organizational policies.
- They represent the company or the business.
Hence, strategy consultants need to have a piece of in-depth Knowledge and have the ability to help the managers to reach and do better in those areas. They help managers to formulate and paint the big picture for the business what it is going to look like.
How do you become a Strategy Consultant?
Well, If you think, just a business degree like B.B.A. will get you a job in this sector, you are not quite right. It will take a bit or a few ahead to get a job, but the main thing you need is more in-depth knowledge and skills. You may ask what skills? I’m talking about management skills, communication skills, diagnostic skills, analytical skills, and fantastic problem-solving skills. That’s not all.
You will get priority if you have an M.B.A. degree because organizations want more mature experts. It will be additional support if you have previous experience of internship or work in a similar kind of field. Knowledge is the most crucial thing in this sector. The more you learn, the more you gain.
It is a tough job. However, you will get there. To gain the skillsets and experience, it will take time. You will work with a lot of executives; you also get to learn from them; you will establish a personal and professional relation relationship with them. It is an exciting field, and you will gain experience day by day.
Strategy Consultant Salaries
Strategy consultancy is one of the most reputable jobs nowadays. Most companies hire consultants with high-level pay grade. That’s why people are interested in this sector more.
The average pay for strategy consultants is between $80K to $$100K. But, it may vary for some levels.
If you have an M.B.A. degree, your salary may start from $120K or more. Strategy consultants’ leaders are highly paid. Their average income is between $150K to $200K. And there is also some salary level related to job titles.
- Strategic planning consultants are paid between $55K to $65K.
- Strategy analyses are usually paid between $70K to $80K.
- One of the Less competitive but highly paid jobs is an associate consultant. It is paid between &65K to $75K.
- Corporate strategy consultancy is the job you’re looking for if you have the desire for how it feels to work in the core of the business. And also, it is the most high-profile title. The salary of the consultants is between $95K to $110K.
Let’s take a look at the salaries of the company.
- Adventure: $75K to $140K.
- I.B.M.: $65K to $180K.
- E.Y.: $ 80K to $120K.
- MetLife: $70K to $90K.
- Deloitte: $80K to $110K.
- Humana: $50K to $110K.
Top 3 consulting firms in the world
Ever heard the word “Big 3”? No, I’m not talking about WWII history where Winston Churchill, Josef Stalin, and Franklin D Roosevelt is referred to as “Big 3”. Also big three referrer many things. Let’s not go into that. In the consultancy business, there are king companies that dominate this sector. They are,
McKinsey
It is one of the biggest firms in the consulting industry by revenue. It was found in 1926, almost a hundred years old company. It has a staff of over 26,000 in more than 100+ offices. It’s headquartered is in New York, and the last year, it generated over $8B in revenue.
Boston Consulting Group (B.C.G.)
One of the largest companies with over 18,000 employees. In 2018, it received almost $5B in revenue. It was founded in 1963, based in Boston. The starting salary is between $75K to $85K.
Bain & Company
This company and quality are similar words. They will give you the experience of professionalism. With 11,000 staff, they received almost $4B in revenue. It’s headquartered in Boston, and the great rivalry is B.C.G.
Let’s take a look at other companies now.
Top 15 consulting firms companies in Asia
The greatest are everywhere, right? You would wonder how again you are going to see those three names. Yeap! That’s right. Whenever we are going to talk about a consultancy firm, there will always be those names. B.C.G., McKinsey, Bain & Company.
McKinsey
Even in Asia, you will find that McKinsey is the prestigious and largest consulting company in this region. Most of the Asian biggest companies are likely to hire this company. From Asia, it received considerable revenue. It has offices in India, Indonesia, Japan, Kazakhstan, Malaysia, Myanmar, Pakistan, Singapore, South Korea, Sri Lanka, Thailand, and Vietnam. So, in all these countries, they have earned respect even though they are foreign and private companies.
Boston Consulting Group (B.C.G.)
They have a unique kind of reputation in Asia. Even though they are only a consulting company, they also worked in numerous sectors. They have donated a massive amount of money in “Save the Children.” They also helped in Jordan for Syrian refugees. They have invested and given a considerable amount of money in social, healthcare, tech, energy, media, and so many sectors in Asia. Well, what about consultancy? They have offices in Thailand, China, India, Vietnam, Japan, Indonesia, Malaysia, Philippines, South Korea, and Singapore.
Bain & Company
This company has been doing business in the Asia and Asia-Pacific region for a long time. The company works with major multinational companies and some key sectors. Finance, tech & and telecommunications, energy, industrial service and also some more sectors which this company is working with. It has offices in Thailand, China, India, Malaysia, Japan, Singapore, and South Korea.
A.T. Kearney
This company was founded in 1926, the same year as McKinsey. It is highly reputed and known for the highest-paying company for staff. It has sixty offices in forty countries. In 2018, it received more nearly $2B in revenue. Almost four thousand employees work for this company. In Asia, It is mainly focused on the industrial and entrepreneurial sectors and has offices all over the region.
Strategy&
This company is one of the oldest consulting firms. It was founded in 1914, before WWI. It is a subsidiary of PwC. It has almost seventy all over the globe. Nearly a thousand people work here. Its reputation dropped for a bit because of the separation of its’ mother organization. But later it survived the situation and on the track now. Its main consulting sectors are finance, chemical, energy, aerospace, tech, and health care.
Roland Berger
It was established in 1967. It became the largest consulting firm in Germany. In 2018, the company tried to merge with Deloitte but failed. However, they tackle the situation and become one of the largest firms. It provides services to almost all sectors. In Asia, it has a high reputation for their service.
Deloitte
This company is the oldest consulting firm on the list. It was established in 1845, almost a hundred and seventy-five years old. It is one of the largest accounting firms. It’s headquartered in London. Its revenue is a huge number. It has earned over $46.2B in revenue in the last year. And the company has employees over 312,000. The company and its service are vast. Mainly it assists in tax, audit, finance, legal sectors.
Accenture
One of the big fours. It established only 31 years ago but has this vast revenue and stuffs. In 2019, it earned $43.2B in revenue, and it has over 500,000 employees, headquarter is in Dublin, Ireland. In Asia, it has an impact like it has more than 150,000 workers only in India.
KPMG
Another biggest organization. In 2019, it earned almost $30B in revenue and had over 200,000 employees. It was founded in 1987. Their service is mainly focused on legal, tax, accounting. In Asia, mostly in India and other regions, it has a significant impact on consulting jobs and markets.
Ernst & Young
Another U.K. based professional consulting firm. One of the big four. One of the most important strategy consulting firms around the world. Even in Bangladesh, it has a branch. In 2019, it gained almost $35B in revenue and had employees over 200,000. As for the other big four, it also has the same services like legal, audit,
Oliver Wyman
This company is not a giant like others on the list, but in terms of employee satisfaction, growth, and prestige, it has an excellent reputation. In the last year, it earned more than $2B in revenue. It came this far and took place in this list because of their continuous effort to maintain the quality. It gives services in aviation, energy, health care, finance, and other sectors.
PwC
This company is one of the leading firms in this business. It earned more than $42B in revenue in the last year. In operates in more than 150 countries. It has more than 200,000 employees. It gained a reputation in consulting business Asia for their quality service.
L.E.K. Consulting
Undoubtedly, L.E.K. Consulting is one of the prestigious firms in Asia and the Asia-pacific region. It is based in England, but other branches are only in the Asia region and Australia. Their leading service is in main management consulting. Though it is a small firm, it has a reputation for quality service.
Arthur D. Little
This 134 years old firm has a long history with a prestigious reputation. With 1000 employees, it runs 40 offices throughout the world. It has a profound impact on the Asia-Pacific region. A business strategy, operations research, word processor, and so many unique services usually they provide.
F.T.I. Consulting
This advisory firm usually earns between $2B to $5B in revenue per year. With more than 2000 employees it provides services in more the ten countries. It provides services in legal, financial, political, Nd so many other sectors.
F.A.Q
What are the big five consulting firms?
Answer: Experts recognize Mckinsey, Boston Consulting Group, Bain & Company, A.T. Kearney, and Strategy& firms are the big five firms. But it doesn’t matter that much because firms are specialized or have unique qualities on their own.
What is the best consulting company?
Answer: It is a tough question because there is no scale to determine that. But in terms of revenue and other things, Big 3 and Big 4 would be on the list.
Who is the largest consulting firm?
Answer: M.B.B. and Big 4 companies will be on the list because they generate the most revenue, and a massive number of employees work on these organizations.
What are the top 10 consulting firms?
Answer: The top 10 consulting firms would be Mckinsey, B.C.G., Bain and Company, A.T. Kearney, Strategy&, Ronald Berger, Deloitte, Accenture, KPMG, Ernst & Young.
Conclusion
Nowadays, consultancy is recognized as one of the most prestigious and honorable jobs to do. Because you can help business and organizations to help them grow, better their services and products that would make an impact on the society positively, and the market would make the right decisions at the right time; employees do their job effectively and efficiently. All it needs is dedicated to the sector. Consultancy is nowadays demanding and one of the best career choices. So, if you want to join this business, welcome. Have a pleasant journey.
