54161 management consulting in the us industry report

WWW.IBISWORLD.COM Management Consulting in the USOctober 2014 1
IBISWorld Industry Report 54161
Management Consulting
in the US
October 2014 Jeremy Edwards
Help wanted: Businesses will seek consultants’
advice on restructuring as the economy recovers
2 About this Industry
2 Industry Definition
2 Main Activities
2 Similar Industries
3 Additional Resources
4 Industry at a Glance
5 Industry Performance
5 Executive Summary
5 Key External Drivers
7 Current Performance
9 Industry Outlook
11 Industry Life Cycle
13 Products Markets
13 Supply Chain
13 Products Services
15 Demand Determinants
15 Major Markets
17 International Trade
18 Business Locations
20 Competitive Landscape
20 Market Share Concentration
20 Key Success Factors
20 Cost Structure Benchmarks
22 Basis of Competition
23 Barriers to Entry
24 Industry Globalization
25 Major Companies
25 Accenture PLC
26 McKinsey Company
27 Deloitte Touche Tohmatsu
31 Operating Conditions
31 Capital Intensity
32 Technology Systems
32 Revenue Volatility
33 Regulation Policy
34 Industry Assistance
35 Key Statistics
35 Industry Data
35 Annual Change
35 Key Ratios
36 Jargon Glossary
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Management consultants advise
businesses, nonprofits and public-sector
agencies in the following areas:
organizational design, human resources,
corporate strategy, information
technology strategy, marketing and
sales, finances and logistics. This
industry excludes establishments
providing day-to-day administrative
services and establishments that are
concentrated in recruitment, training,
public relations, market research,
engineering design, computer systems
design and investment advice.
The primary activities of this industry are
Actuarial, employee benefits and compensation consulting services
Administrative and general management consulting services
Human resources consulting services
Marketing consulting services
Process and logistics consulting services
54121c Accounting Services in the US
Accounting firms provide financial and associated management services.
54121d Tax Preparation Services in the US
Tax preparation firms provide financial and associated management services.
54133 Engineering Services in the US
Consulting engineers help oversee the planning and designing of construction and industrial operations.
54151 IT Consulting in the US
IT consultants help plan and design computer systems. This industry is being increasingly linked with
management consulting.
54182 Public Relations Firms in the US
Public relations firms are brought in to ensure that a client’s image and perception among customers and
competitors is positive.
54191 Market Research in the US
Market research is conducted when firms wish to know more about the market in which they operate.
61143 Business Coaching in the US
This is an education-based industry adjunct to management consulting, whereby employees develop skills
necessary for effective and efficient implementation.
Industry Definition
Main Activities
Similar Industries
About this Industry
The major products and services in this industry are
Corporate strategy
Financial advisory
IT strategy
Marketing and sales
Organizational design
Process and operations management

About this Industry
For additional information on this industry
www.consultingmag.com
Consulting Magazine
www.imcusa.org
Institute of Management Consultants USA
www.consultant-news.com
Top-Consultant’s Consultant-News
Additional Resources
IBISWorld writes over 700 US
industry reports, which are updated
up to four times a year. To see all
reports, go towww.ibisworld.com

%change
30
−20
−10
0
10
20
2008 10 12 14 16 18Year
Corporate proﬁt
SOURCE: WWW.IBISWORLD.COM
%change
10
−15
−10
−5
0
5
2006 08 10 12 14 16 18Year
Revenue Employment
Revenue vs. employment growth
Products and services segmentation (2014)
36.9%Process and operations
management
2.4%
Marketing
and sales
20.3%
Corporate strategy
20.2%
IT strategy
13.1%
Organizational
design
7.1%
Financial advisory
Key Statistics
Snapshot
Industry at a Glance
Management Consulting in 2014
Industry Structure Life Cycle Stage Mature
Revenue Volatility Medium
Capital Intensity Low
Industry Assistance None
Concentration Level Low
Regulation Level Light
Technology Change Low
Barriers to Entry Low
Industry Globalization Medium
Competition Level High
Revenue
$153.4bn
Profit
$18.7bn
Wages
$69.5bn
Businesses
590,160
Annual Growth 14-19
3.3%
Annual Growth 09-14
5.1%
Key External Drivers
Corporate profit
Aggregate private
investment
Number of businesses
Government consumption
and investment
Market Share
Accenture PLC
4.0%
McKinsey
Company
3.3%
Deloitte Touche
Tohmatsu
3.2%
p. 25
p. 5
FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 35

Key External Drivers Corporate profit
Corporate profit measures profit earned
across the entire economy and not just
the Management Consulting industry. A
rise in corporate profit generally
increases the number of businesses that
are able to afford consulting services.
Therefore, an increase in corporate profit
precipitates an increase in industry
revenue. Corporate profit is expected to
increase in 2014, representing a potential
opportunity for the industry.
Aggregate private investment
Aggregate private investment includes
spending by individuals and businesses
on physical structures, equipment and
software. As firms increase their
investment in software and other
equipment, they are more likely to
Executive
Summary
Management consultants provide
advisory services to businesses,
nonprofits and public sector agencies to
assist in organizational design,
corporate strategy, information
technology strategy, marketing and sales
and logistics. The industry experienced a
small downturn at the start of the
five-year period due to plummeting
corporate profit, poor businesses
sentiment and falling aggregate private
investment. Firms cut back on general
expenses, including the need for
management consultants, as profit
margins thinned and workforces were
cut. However, following 2009, the
industry experienced an uptick in
demand driven by rapid increases in
corporate profit and a rising number of
businesses. This fueled new growth in
investment and, therefore, precipitated
new demand for management
consultants, who were able to help with
new organizational structure and focus
on developing profitable business areas.
Additionally, the industry has
experienced stronger growth over the
past five years as new opportunities have
risen. The rapid development of
information technology helped create
new demand for management
consultants who provided assistance to
businesses in a new digital landscape.
Furthermore, consultants rely on
financial institutions and professional
firms such as private equity and asset
management businesses. Therefore,
growing potential in emerging markets
has caused more consultants to provide
advice on globalizing business
operations and investing in new
businesses overseas. Consequently, the
industry is estimated to grow at an
average annual rate of 5.1% to $153.4
billion in 2014. This includes growth of
3.4% in 2014 alone, fueled by rising
corporate profit and new investment.
Over the next five years, the industry is
expected to grow more consistently as the
general US economy recovers from the
recession and subdued macroeconomic
conditions. Information technology will
continue to be a key growth area for
firms, while other sectors such as
healthcare also provide new business
opportunities. Consolidation from the
largest industry players is forecast to
continue; however, the overall industry
structure will continue to be dominated
by small, nonemploying industry firms.
These businesses focus on servicing local
or niche markets and, therefore, control
exceptionally small proportions of total
industry revenue. Overall, industry
revenue is forecast to increase an
annualized 3.3% to $180.2 billion.
Industry Performance
Executive Summary | Key External Drivers | Current Performance
Industry Outlook | Life Cycle Stage
Corporations that delayed spending will
reinvest profit in consulting, boosting revenue

Key External Drivers
continued
increase their use of management
consultants to maximize utility gained
from additional capital. Additionally,
firms will use consultants to understand
what aspects of their business are most
profitable and where investment should
be focused, which boosts industry
revenue. Aggregate private investment is
expected to increase in 2014.
General growth in the number of
businesses directly affects aggregate
demand for management consulting.
An increase in the number of US
businesses expands the potential pool
of clientele for management consultants
and increases demand for industry
services, such as administrative,
organizational and strategy consulting.
The number of businesses is expected
to increase in 2014.
Government consumption
and investment
Although the corporate sector accounts
for the majority of industry revenue,
government agencies are responsible
for the remainder. Industry revenue is
closely linked to government
consumption and investment via public
sector consulting demand. Concerns
about the federal deficit have limited
the potential for further expansion of
federal spending. Government
consumption and investment is
expected to increase slightly in 2014;
though, any decrease in government
consumption would represent a
potential threat to industry revenue.
%change
3
−3
−2
−1
0
1
2
2008 10 12 14 16 18Year
%change
30
−20
−10
0
10
20
2008 10 12 14 16 18Year
Corporate proﬁt

Business conditions
rebound
The general US economy was devastated by
the onset of the recession and collapsing
property prices, which caused consumer
spending to plunge and many businesses to
close or at the least, reduce expenditure.
Management consultants were not immune
to the crash and recorded a drop in revenue
for 2009, though, were quick to recover with
the overall economy. The industry benefited
from many businesses that sought to reduce
operating costs in the wake of the recession.
Management consultants were hired by a
variety of businesses to examine which
business segments were profitable and,
therefore, were worth investing in.
Meanwhile, consultants also provided
recommendations on business divisions
that were underperforming or failed to
be lucrative.
In addition, according to the Bureau
of Economic Analysis, corporate profit
jumped 25.0% in 2010, which helped
trigger a recovery in aggregate private
investment. Private businesses, which
account for the vast majority of
industry revenue, began to invest in
new facilities and bring on new staff as
profit margins grew. This helped
precipitate a 7.8% and 5.0% increase in
revenue in 2010 and 2011, respectively,
as companies explored and invested in
new business opportunities that
consultants complement. Over the five
years to 2014, aggregate private
investment across the United States is
expected to increase an annualized
5.8% and, therefore, create new
demand for consultants.
Current
Performance
Firms in the Management Consulting
industry provide advice and assistance to
businesses, organizations and government
bodies on organizational planning,
financial planning, budgeting and
strategic marketing objectives. The
industry is reliant on strong economic
conditions and high corporate profit,
which encourages investment in advisory
services as businesses expand and look to
maximize efficiency. However, the
industry also displays some
countercyclical demand. As company
profit margins shrink, many firms seek the
advice of management consultants to
increase profitability by cutting off
unnecessary operations. Therefore,
although the industry experienced an
11.3% decline in revenue during 2009 as a
result of the recession, industry operators
have since recorded growth in each year.
Over the past five years, improving
business conditions following the
recession have surged industry revenue
forward. A rising number of businesses
and recovering corporate profit have
been key to management consultant
success. Additionally, increased business
outsourcing and rapid digitalization
have boosted growth as firms hire
consultants to help enter emerging and
high-growth product and service
segments. As a result, the industry is
expected to grow at an average annual
rate of 5.1% to $153.4 billion over the
five years to 2014. Improving conditions
and business expansion will also foster a
3.4% increase in revenue for 2014.
%change
10
−15
−10
−5
0
5
2006 08 10 12 14 16 18Year
Industry revenue

Addressing
investment and
equity gaps
Asset management and private equity
companies represent a key market for
management consultants. These firms look
to invest through venture and growth
capital, which is becoming increasingly
attractive when compared with public
equity due to higher returns. Growing
interest in alternative investments,
movement towards defined-contribution
pension schemes and new financial
regulation continue to alter how companies
and individuals invest their money. The
overwhelming majority of wealth is held in
developed economies; however, emerging
economies are growing at a relatively rapid
rate. Therefore, management consultants
are playing a larger role in assisting US
company strategy, including advising
which emerging markets to invest in
overseas, as investment moves away from
nonequity investments.
Currently, the majority of international
wealth is concentrated in bank deposits, but
many asset management and private equity
firms are looking to move money into
equities. This trend has also been
exacerbated by relatively low returns and
higher volatility in developed markets,
according to McKinsey Global Institute.
Therefore, over the five-year period,
management consultants have become
involved in helping businesses allocate their
investments, as well as helping smaller firms
receive investment as a potential equity gap
between the amount investors desire and
what firms need to fund growth.
Consolidation and
growth
The Management Consulting industry
is hyper fragmented, as a large
proportion of the industry consists of
small, nonemploying firms. Over the
past five years, the industry has
remained highly fragmented and no
significant change in the market
concentration has occurred. However,
larger industry players have continued
to acquire smaller firms with interests
in high-growth services. Furthermore,
major acquisitions have occurred, such
as the purchase of Booz Company by
PwC in 2014. Nonetheless, the
industry has continued to expand as
rising profit margins and low barriers
to entry encourage new entrants. Over
the five years to 2014, the number of
Digital strategy
demand
The skyrocketing demand for smartphones
and mobile internet connections has
helped boost demand for management
consultants over the past five years.
Although a number of businesses have
cashed in on the rising importance of a
digital presence, many firms have struggled
to keep up to date with the rapidly
changing landscape of online systems.
Management consultants have benefited
from providing custom computer
application design and development
services to businesses. Management
consultants are increasingly working with
information technology (IT) professionals
to help businesses understand the market
and transform IT functions. In fact,
according to McKinsey Company and the
Interactive Advertising Bureau, the amount
consumers are willing to pay for services
has nearly doubled, which has primarily
been due to the acceleration in consumer
use of wireless through smartphones and
other online services.
The industry has
continued to expand
thanks to rising profit and
low barriers to entry

Segments of growth In the coming five years, all
management consulting segments are
expected to grow, with particularly
robust growth in organizational
advisory services and information
technology (IT) consulting services. As
the economy improves, positive growth
in the industry’s core market, private
sector businesses, will drive
performance. Both the number of
businesses and corporate profit are
expected to experience robust growth.
Furthermore, corporations that
weathered the recession but delayed
consulting expenditures will put
retained earnings to use by making
strategic adjustments to their business
structure and strategy. This trend will
encourage management consulting
firms to expand their corporate
strategy and organizational design
arms. At the same time, revenue from
process and operations management
consulting is expected to recover as
firms continue to pursue cost-effective
supply chain management.
Private businesses that shed
employees during the recession will also
need to hire aggressively as demand
recovers in the next five years.
Management consulting firms will play a
crucial role in assisting expanding
businesses as they decide how many and
what type of employees to hire.
Furthermore, consultants will play a
large role in deciding organizational
structures and how many employees are
needed in business divisions. Although
the US economy is expected to grow
consistently over the next five years,
businesses remain somewhat cautious
following the economic downturn and
will be wary of over hiring.
The industry is forecast to have an
increasingly technological focus as IT
becomes more important to the effective
operation of business. The likely result of
this trend is a growing overlap between
management consulting firms and IT
consulting firms, and the division
between these industries’ service
offerings will likely blur.
industry enterprises is expected to
grow at an average annual rate of 2.3%
to 590,160. Similarly, rising industry
demand is forecast to help
industry employment expand 3.6% to
1.2 million.
Consolidation and
growth continued
Industry
Outlook
Continued growth in corporate profit and
rising aggregate investment is forecast to
help increase demand for management
consultants over the next five years. As
companies make new investments,
management consultants will be
increasingly called in to advise firms on
how to integrate current business units
with expanding divisions. Furthermore,
consultants will continue to provide
advice to companies on which segments
require investment and which should be
divested due to poor profitability.
Therefore, industry revenue is projected
to increase at an annualized rate of 3.3%
over the next five years, underpinned by
an estimated 3.4% annualized increase in
corporate profit during the same period.
In 2019, industry revenue is projected to
total $180.2 billion.
Overlap between the
services of management
consulting and IT
consulting firms will rise

High-salaried
employment
opportunities
The industry will experience an
increase in employment in the next five
years, as management consulting firms
will need to bolster their workforce to
meet increased demand. Employment
in the industry is forecast to increase at
an annualized 3.3% in the five years to
2019, to 1.4 million workers. As
competition among major companies
increases, employers vying to expand
capacity will bid up wages for highly
qualified consultants. As a result, total
industry wages are projected to
increase at an average annual rate of
3.6% over the five-year period.
Therefore, average wages are high and
are expected to continue growing over
the next five years, though part-time
employees help drag down the overall
industry average wage.
Consolidation and
profit
In the five years to 2019, the number of
enterprises in the Management
Consulting industry is expected to
increase as higher projected demand will
likely encourage new specialty
consulting firms to enter the industry.
During the five-year period, the number
of firms operating in this industry is
expected to increase at an average
annual rate of 2.3%, reaching 666,665
companies in 2019.
However, consolidation through
mergers or acquisitions will be common
for the larger companies in this industry.
Companies from external industries, such
as accounting services firms, will
continue to offer the same services and
pursue the same multinational clients as
management consulting firms. Healthy
competition between the two industries
will likely transition into opportunities
for mergers during the next five years.
However, there will still be opportunities
for smaller, niche firms to enter the
industry due to low barriers to entry. As a
result, firm size is expected to become
polarized, with higher numbers of very
large and very small firms.
Historically, the Management
Consulting industry has been highly
profitable, with typical profit margins
over 10.0% of revenue. However,
increased competition from internal and
external firms, as well as rising industry
wage costs, will constrain industry profit
growth. Profit is expected to increase
marginally in the next five years, rising
from 12.2% of industry revenue in 2014
to 12.6% in 2019. Stronger corporate
profit and downstream demand will
ultimately drive margin growth, but an
increasing number of industry players
will eat into overall profit and restrain
additional profitability.
MA activity will continue
as larger companies aim
to be the one-stop shop
for consulting

Growth is slowing to a rate roughly in
line with overall GDP growth
Increased consolidation, through merger
and acquisition activity, is occurring
among the industry’s larger players
There is widespread acceptance and adoption of the
services being offered, limiting growth in new markets
Life Cycle Stage
20
15
10
5
0
-5
-10
%Growthinshareofeconomy
% Growth in number of establishments
-10 -5 0 5 10 15 20
Decline
Shrinking economic
importance
Quality Growth
High growth in economic
importance; weaker companies
close down; developed
technology and markets
Maturity
Company
consolidation;
level of economic
importance stable
Quantity Growth
Many new companies;
minor growth in economic
importance; substantial
technology change
Key Features of a Mature Industry
Revenue grows at same pace as economy
Company numbers stabilize; MA stage
Established technology processes
Total market acceptance of product brand
Rationalization of low margin products brands
Accounting ServicesComputer Stores
Tax Preparation
Services
Office Supply Stores
Engineering Services
Management
Consulting

Industry Life Cycle The Management Consulting industry
is in the mature stage of its life cycle.
The industry is characterized by
growth in line with the overall
economy, an increasing number of
industry players and technological
change based on improving efficiency
rather than developing entirely new
services. Over the past five years, the
industry has enjoyed strong growth on
the back of rebounding corporate
profit and new demand for advisory
services as digital technologies change
the way companies do business.
Furthermore, consultants continue to
be a key component in helping firms
navigate a constantly changing
business landscape.
During the 10 years to 2019, industry
value added (IVA), which represents the
industry’s contribution to the overall
economy, is projected to increase an
annualized 4.5%, compared to average
annual GDP growth of 2.7% over the
period. The value of management
consulting is well accepted in the
business community, particularly in the
realms of corporate strategy and
organizational design. Accordingly, the
industry has achieved a high degree of
market saturation, with third-party
management consulting widely
considered to be a vital source of
impartial analysis
This industry is undergoing high
merger and acquisition (MA) activity.
The MA activity of the past five years is
expected to continue into the next
five-year period as major companies
scramble for market share, which is a
characteristic of mature industries. In
addition, firms from external industries
are increasingly offering the same lines of
services. In the next five years, large
corporate clients will increasingly look
for firms that offer “end-to-end business
solutions” (i.e. a firm that is involved in
every step of the process, from advisory
to execution to assessment). As a result,
the distinction between the services
offered by the Management Consulting
industry, the IT Consulting industry and
the Accounting Services industry will
ultimately blurred.
This industry
is Mature

Products Services Process and operations management
Process and operations management
comprises the largest service group in the
management consulting industry at an
estimated 31.0% of industry revenue. This
service area includes process, physical
distribution and logistics consulting.
Under the heading of logistics consulting,
production scheduling and supply chain
management form a consistent source of
revenue for management consultants:
Profit-motivated companies seek
strategies to generate cost savings and
increase operational efficiency, regardless
of the macroeconomic climate. As a result,
this service segment has slightly increased
during the past five years.
Corporate strategy
Corporate strategy services contribute an
estimated 17.0% to management
consulting revenue. This service area
includes strategic advice in the areas of
general growth strategy, leadership
development, performance improvement,
mergers and acquisitions, and corporate
portfolio design. In the area of leadership
development, consultants view employee
engagement as a potential source of
competitive advantage. As online
learning methodologies have reduced the
cost of providing employee training, this
service area has experienced growth. In
general, however, demand for corporate
strategy services is cyclical, having only
recently (in 2010 and 2011) recovered
from sluggish corporate profit growth
prior to 2008.
IT strategy
Information technology (IT) strategy
services contribute an estimated 17.0%
Products Markets
Supply Chain | Products Services | Demand Determinants
Major Markets | International Trade | Business Locations
KEY BUYING INDUSTRIES
22 Utilities in the US
Utilities companies use this industry for organizational, budgeting, and human resources
consulting.
31-33 Manufacturing in the US
Manufacturing companies require a wide range strategic and organizational planning services
that this industry offers.
52 Finance and Insurance in the US
The Finance and Insurance industry requires consultancy services for general, actuarial and
compensation consulting.
62 Healthcare and Social Assistance in the US
The Healthcare and Social Assistance industry uses this industry for administrative and general
management consulting services.
92 Public Administration in the US
The Public Administration industry uses a wide range of services offered by this industry in
general management, human resources, budgeting, and financial consulting.
KEY SELLING INDUSTRIES
44312 Computer Stores in the US
Computer stores supply computer hardware and software to consulting firms.
45321 Office Supply Stores in the US
Consulting firms purchase office equipment and stationery from office supply stores.
53112 Commercial Leasing in the US
The Commercial Leasing industry provides office space to consulting firms.
Supply Chain

Products Markets
Products Services
continued
to management consulting revenue.
Although IT consulting is excluded
from this industry (refer to IBISWorld
report 54151), management consulting
does include the following IT solutions:
custom computer application design
and development services, computer
systems design, development and
integration services, and IT
infrastructure management services. In
some areas, management consulting
firms directly compete with specialist
consulting firms in the IT consulting
industry. However, many clients have
recognized that review of an
organization’s structure and technology
are part of an integrated process. As a
result, management consulting firms
increasingly integrate IT strategy into
their services, making this a growth
area during the past five years.
Organizational design
Organizational design services are
estimated to account for 11.0% of
management consulting revenue. As the
name implies, organizational design
involves reorganizing a company to
change the way it operates. Such
reorganization may involve providing
advice to firms facing major changes,
making a fresh and independent review
of a company’s overall business model,
creating a strategy for global expansion
and evaluating underperforming business
segments. As firms expand
geographically, organizational design
consulting offers solutions to integrate
global operations. Demand for this
service segment is cyclical and is
expected to slightly increase as the
economy continues to recover over the
next five years.
Financial advisory
Financial advisory services contribute an
consulting revenue. Consulting firms
engaged in financial advisory services
provide finance and risk management
executives (such as CFO’s) with financial
and economic analysis of the risks and
uncertainties facing their companies.
These uncertainties include business and
legal issues that result from changes in
demand, public policy, financial
conditions, competition, and the
regulatory environment. Financial
volatility increases the difficulty of
providing solutions to these issues, and
thus the demand for financial advisory
consulting. This service segment has
been a growth area for the industry over
the past five years.
Products and services segmentation (2014)
Total $153.4bn
36.9%Process and o
perations management
2.4%
Marketing
and sales
20.3%
Corporate strategy
20.2%
IT strategy
13.1%
Organizational
design
7.1%
Financial
advisory

Products Markets
Major Markets About 90.0% of the industry’s total revenue
is derived from the private sector. Financial
services, manufacturing, consumer
products, telecommunications, energy,
utilities and healthcare are all major clients
of the Management Consulting industry.
The remaining 10.0% of industry revenue
comes from government agencies and
nonprofit groups.
Financial services companies
Financial service providers are the
management consulting industry’s
largest consumer, accounting for an
expected 22.0% of industry revenue in
2014. This market uses a variety of
services, from strategic planning to
organizational restructuring. Major
international banks, for example, employ
management consultants to streamline
operations and maintain profit levels.
While many businesses have since
reduced their spending as a result of the
recession, this market has also undergone
a significant amount of restructuring,
which has mitigated losses for many
operators. Demand from the financial
service industry is expected to increase
Demand
Determinants
The demand for this industry’s services is
closely linked to the availability of
budgetary resources and other
discretionary expenditure by business,
public sector, and nonprofit clients. As
such, business confidence, corporate
profit and government investment are
important factors that strongly affect the
growth of this industry.
The demand for management
consulting services is strongly linked to
the economic cycle. It is particularly
sensitive to business and government
activity levels in areas such as mergers,
acquisitions, financial planning,
feasibility studies, human resources,
strategic planning and corporate profit.
Governments’ hiring of consultants,
particularly at the federal and state level,
has increasingly become a political issue,
in terms of actual expenditure and the
value obtained from these assignments.
Management consultants must prove that
the value of their services is worth the
money that is spent because the federal
government has a rigid budget.
Unfortunately for industry operators,
expenditure on consultancy services by
governments and businesses tends to be
one of the first areas to be reduced when
the level of business confidence and
economic growth decreases. Slow
economic growth leads to a tightening of
the overall budgetary and financial
resources. In some instances, however,
management consulting can be a
countercyclical industry, whereby
consulting companies are hired to
improve a company’s performance
during a downturn.
Global economic conditions, including
changes in clients’ particular industries
and markets, also affects revenue in the
consulting business. Revenue
fluctuations are also subject to the
introduction of new products, including
competing services, and the effect of
government policies and regulations.
Products Services
continued
Marketing and sales
Marketing and sales services contribute an
consulting in the areas of brand strategy
and design, corporate identity and image
consulting. Because marketing and sales
expenditures can be delayed or terminated
in a climate of poor business confidence,
revenue from this segment has remained
low during the past five years.

Products Markets
Major Markets
continued
slowly over the next five years as the
industry continues to rebound from steep
losses incurred during the credit crisis
and recession.
Consumer products and
manufacturing companies
The consumer products and
manufacturing markets focus on the
branding and logistics consulting
segments because sales and shipping are
significant factors in these fields. For
example, typical customers in this market
include manufacturers, wholesalers,
retailers and distributors in industries
such as consumer products, apparel,
automotive and aviation and aerospace.
In 2014, the consumer products and
manufacturing markets are expected to
account for a combined 22.0% of
industry revenue. Higher US industrial
production and manufacturing activity
has increased demand for management
consultants, who offer expertise in
streamlining the production process. In
addition, the prospect of the high
economic growth in many emerging
economies over the next five years is
leading to a rush by many consumer
goods manufacturers to enter these
developing markets. Management
consulting firms will continue to assist in
the transition to South American and
Asian markets, making consumer
manufacturing a likely source of demand
growth over the next five years.
Telecommunications and
other companies
Telecommunications is a rapidly
changing field that is strongly influenced
by technological change. Currently, the
introduction of voice over internet
protocol (VoIP), the ability to conduct
conversations over the internet without
the associated costs of telephones, is a
high growth industry. In 2014, this
market is expected to account for 10.0%
of industry revenue. Because traditional
wireline operators provide the data
connections used by VoIP, revenue and
thus demand from this market are
expected to remain steady over the next
five years.
Government, institutions
and nonprofit agencies
The Government and nonprofit market is
expected to account for 10.0% of industry
revenue in 2014. Management
consultants are hired by federal agencies
to advise these organizations on methods
to better administer grants, deliver
benefits and entitlements to their
Major market segmentation (2014)
Total $153.4bn
22%Financial services
companies
10%
Telecommunications
companies
18%
Other
9%
Energy and
utilities companies
9%
Healthcare
companies
11%
Consumer products
companies
11%
Manufacturing
companies
10%
Government, institutions
and nonproﬁt agencies

Products Markets
International Trade International trade does not occur in this
industry due to the service-based nature
of activities management consultants
provide. Many of the largest firms in this
industry are, however, global players
generating an increasing proportion of
their revenue through non-US operations
(for more information on this trend, refer
to the Industry Globalization section of
this report).
Major Markets
continued
employees and provide necessary services
to their citizenry. Consultants may work
for governments at the federal, state and
local level. In addition, management
consultants also work for private
endowments, institutions and nonprofits.
The prevalence of many cash-strapped
state and municipal budgets, combined
with debates about a smaller federal
budget has the potential to cut into this
market’s share of industry revenue
during the next five years.
Healthcare companies
The healthcare market, which is
primarily composed of hospital
management and pharmaceutical
companies, uses the industry’s logistics,
human resources and public relations
services. This market is expected to
comprise 9.0% of total industry revenue
in 2014. Healthcare science and
technology are rapidly expanding
frontiers, even as economic and financial
pressures reduce profit margins, intensify
competition and constrain the funds
available for investment. This changing
environment is encouraging healthcare
companies to hire management
consultants to aid in improving cost while
maintaining standards in treating ill
patients. This market is expected to grow
over the next five years.
Other
Firms in the Management Consulting
industry serve nearly every other industry
in one way or another. Many
management consultants specialize in
serving very specific segments of the
market in order to differentiate their
services. Examples of such industries
included in this segment are agriculture,
forestry, chemicals, fisheries, sports
entertainment and events, hospitality
and gaming. Consequently, a significant
portion of industry revenue is generated
in other industries.

Products Markets
Business Locations 2014
MO
1.5
West
West
West
Rocky
Mountains Plains
Southwest
Southeast
New
England
VT
0.1
MA
4.9
RI
0.2
NJ
4.7
DE
0.2
NH
0.2
CT
2.6
MD
2.7
DC
2.2
1
5
3
7
2
6
4
8 9
Additional States (as marked on map)
AZ
1.4
CA
12.7
NV
0.7
OR
0.6
WA
1.3
MT
0.1
NE
0.2
MN
2.0
IA
0.3
OH
3.0
VA
5.1
FL
4.9
KS
0.5
CO
2.0
UT
0.6
ID
0.1
TX
6.9
OK
0.4
NC
1.5
AK
0.1
WY
0.0
TN
1.4
KY
0.5
GA
5.0
IL
8.4
ME
0.1
ND
0.1
WI
0.9 MI
3.2
PA
4.6
WV
0.1
SD
0.0
NM
0.2
AR
0.2
MS
0.1
AL
0.5
SC
0.5
LA
0.4
HI
0.1
IN
1.1
NY
8.4
5
6
7
8
3
21
4
9
Mid-
Atlantic
Revenue (%)
Less than 3%
3% to less than 10%
10% to less than 20%
20% or more
Great
Lakes

Products Markets
Business Locations The geographic distribution of
establishments in this industry reflects
the US population distributions as well as
the distribution of overall US business
activity, with increased consulting
density in proximity to key demand
markets, including financial service
companies, large corporations and
government clients.
The Southeast contains the highest
share of industry establishments,
accounting for an expected 26.3% of total
industry establishments in 2014. In
keeping with its large population, the
Southeast produces the greatest share of
industry revenue and employment.
The Mid-Atlantic region is strategically
important for management consulting
firms. The region accounts for an
estimated 18.1% of total industry
establishments; however, consulting
firms in this region contribute 23.0% to
industry revenue. This region comprises
the offices of some of the industry’s
largest players, who primarily serve
high-profile clientele, many of which are
located in New York. New York City
ranks first amongst US cities in terms of
Fortune 500 corporations. Also within
the Mid-Atlantic region is Washington,
DC, home to a majority of federal
agencies. Consulting services in these two
cities target the industry’s largest- and
highest-value corporate and institutional
clients. Consequently, revenue per
establishment in this region is higher
than the national average, as is the
average regional wage.
The West region accounts for an
estimated 16.7% of total industry
establishments. Among states in this
region, California ranks first in
industry revenue with a contribution of
12.8%. With a large concentration of
high-growth tech and finance firms
located in the San Francisco Bay
Area, California produces the greatest
share of management consulting
revenue, establishments and employment
of any state.
%
30
0
10
20
Southwest
West
GreatLakes
Mid-Atlantic
NewEngland
Plains
RockyMountains
Southeast
Revenue
Establishments
Distribution of revenue vs. establishments
%
30
0
10
20
Southwest
West
GreatLakes
Mid-Atlantic
NewEngland
Plains
RockyMountains
Southeast
Revenue
Population
Distribution of revenue vs. population

Cost Structure
Benchmarks
Profit
Cost structures within the Management
Consulting industry vary based on a
variety of firm-specific factors, including
business size and markets served.
Industry profit margins, defined as
earnings before interest and tax, are
anticipated to account for 12.2% of
industry revenue in 2014. Industry
profitability is significantly higher for
larger companies such as Deloitte, who
have recorded margins in excess of
20.0% over the past five years.
Economies of scale and vertical
integration with taxation and audit
procedures allow the company to bundle
Key Success Factors Ability to compete on tender
Most consultancy tasks are subject to
competition, so competitiveness on price
and service offerings is crucial.
Well-developed internal processes
Given the generally labor-intensive
nature of the industry, operators need to
ensure that appropriate cost- and
time-management systems are in place
on a project basis so that these can be
closely monitored.
Access to highly skilled workforce
Often, consulting contracts are entered
into on the basis of the consultant
possessing specialized knowledge that
relates to clients’ operations. Without
this skill base, the consulting firm has
little bargaining power.
Access to niche markets
Firms can be more successful if they have
specialized skills or services and can
serve a niche market.
Having good working relationships with
subcontracting building trade specialists
Subcontractors are used to ensure that
quality output can be guaranteed on time
and budget. Many skilled consultants
operate as independent contractors.
Market Share
Concentration
The Management Consulting industry is
hyper fragmented and primarily consists
of small, nonemploying firms that
service narrow geographic or niche
markets. However, the industry still
contains a number of large businesses
that are renowned for their customized
business solutions and organizational
and strategy services. This includes
specialized industry players such as
McKinsey Company, Bain Company
and Boston Consulting Group, who
maintain a prestigious reputation in the
industry. Additionally, the largest
accounting firms such as Deloitte and
PwC have extensive industry operations
as they combine audit and tax solutions
with advisory services. In 2014, the
largest industry player is Accenture,
though, the company is estimated to
only control 4.0% of total industry
revenue. Consequently, the four largest
industry players are estimated to
account for 13.0% of total revenue.
Over the past five years, the
Management Consulting industry has
continued to exhibit a similar share of
market concentration. Although the
largest industry firms have continued to
pursue mergers and acquisitions, these
have not been sufficient to change the
structure of the overall industry. The
most notable acquisition over the five-
year period was PwC’s acquisition of
Booz Company. The acquisition was
finalized in 2014 and Booz Company
will now operate under the PwC brand
name as Strategy.
Competitive Landscape
Market Share Concentration | Key Success Factors | Cost Structure Benchmarks
Basis of Competition | Barriers to Entry | Industry Globalization
Level
Concentration in
this industry is Low
IBISWorld identifies
250 Key Success
Factors for a
business. The most
important for this
industry are:

Cost Structure
Benchmarks
continued
a number of products and record high
margins. Smaller industry operators tend
to record low profitability in this
industry, which is due to the majority of
earnings being recorded as wages as
opposed to profit.
Profit margins have increased during the
past five years from 10.4% in 2009 and a
low of 9.8% in 2010. During the recession,
falling corporate profit across the United
States caused firms to reduce expenditure
on external consulting. Lower demand for
industry services led to price based
competition, as management consulting
companies lowered their prices in order
gain or maintain clients. However, a
rebound in the economy and corporate
profit, helped facilitate an increase in
industry profit from 2011 onward.
In the next five years through 2019,
industry margins are projected to
marginally increase. Continued
strength in the US economy will lead to
higher employment and a greater
number of US businesses. This will
increase the potential pool of clientele
for management consulting firms and
increase demand for industry services
such as administrative and benefits
consulting. However, increasing
competition from a rising number of
industry entrants in a highly
competitive market place will mitigate
the growth in profitability.
Wages
Wages are the industry’s largest expense
and expected to comprise 45.3% of
industry revenue in 2014. Management
consulting firms employ highly educated
individuals, most of whom possess either a
bachelor’s degree or graduate degree in
business or a related field. In addition,
work in this industry requires a high degree
of client engagement and client service
skills, which commands higher salaries.
Sector vs. Industry Costs
■ Profit
■ Wages
■ Purchases
■ Depreciation
■ Marketing
■ Rent Utilities
■ Other
Average Costs of
all Industries in
sector (2014)
Industry Costs
(2014)
0
20
40
60
Percentageofrevenue
80
100
11.1
24.2
5.2
2.11.5
13.5
42.3
12.2
25.0
4.1 1.81.0
10.6
45.3

Basis of Competition The Management Consulting industry is
composed of firms with the skills,
expertise and flexibility to meet the needs
of a variety of clients with varying budget
constraints. Given the high level of
competition for large consulting projects
and the importance of repeat business,
there is a strong emphasis placed not just
on the quality of the insights provided,
but also on generating tangible results in
a cost-effective manner.
Internal competition
Before submitting a bid, a management
consulting firm has already submitted a
crucial component of its offer for
scrutiny: its reputation. Over time, a
management consultancy develops a
record of success or failure in terms of
the strategies implemented as a result of
its advice. It is this reputation,
substantiated by past client performance
against a benchmark such as stock price,
that is the biggest selling point for
management consultancies, particularly
large industry players.
Increasingly, management consulting
firms advertise as one-stop shops,
boasting an ability to provide insights
and implementation strategies for the
whole of large, complex corporations. In
this area, consolidation among top firms
Cost Structure
Benchmarks
continued
Over the past five years, wages have
declined as a proportion of revenue. The
recession caused many firms to cut
employment in order to cut costs.
Furthermore, many employees were
forced to accept wage freezes while firms
sought to maintain profitability. When
the economy improved this trend began
to reverse itself and total industry wages
started to increase in line with revenue
growth. As a result, wages as a portion of
industry revenue are expected to stabilize
in the five years through 2019.
Purchases and depreciation
Purchases are expected to account for
10.6% of industry revenue in 2014.
Businesses typically require the
procurement of software, office related
products. Reimbursing agents for
expenses, such as travel are included in
the purchases segment. Depreciation in
this industry is relatively low, estimated
at 1.0% of industry revenue, which
includes investment in office equipment
and building locations.
Rent and utilities
Rent and utilities combined are expected
to account for 4.1% of industry revenue in
2014. Firms in the industry often
consider their offices and buildings a
representation of their brand and invest
in modern, attractive properties.
Although a large share of consulting work
is done offsite, at a client’s place of
business, facilities for consultants are
necessary for day-to-day work, client
meetings and training sessions.
Meanwhile, utility costs represent
payments for water, gas, electricity and
communication networks.
Other
Other industry costs relate to expenses
such as accounting, insurance, bank
service and legal fees. In addition,
marketing costs are estimated to account
for 1.8% of industry revenue in 2014.
Marketing expenses are an essential
component of a consulting firm’s
operating costs, as management
consulting companies attempt to
differentiate themselves from
competitors in their own or other related
industries. However, marketing costs are
significantly higher for large industry
players, while smaller firms operating in
local markets rely on recommendations
and reputation in a narrow market.
Level Trend
Competition in
this industry is
Highand the trend
is Increasing

Barriers to Entry Management consulting firms face a
low level of regulation and minimal
startup costs. However, firms
attempting to enter this industry will
face a variety of impediments.
Attracting skilled and talented
employees will be difficult for new firms.
Employees in this industry are highly
knowledgeable, attaining at minimum a
bachelor’s degree and often possessing a
graduate degree in business or a related
Basis of Competition
continued
evidences a race among consulting firms
to expand their service base through
acquisitions and mergers.
Simultaneously, small and large firms
compete for niche markets, promoting
their industry-specific expertise and their
experience in a particular set of topics
important to management (e.g. corporate
strategy, human resources and logistics).
As demand for consulting services
fell during the recession, price-based
competition intensified, with many
firms offering lower fees or more
flexible contracts. Although the largest
firm accounts for less than 5.0% of
industry revenue, the industry’s largest
firms benefit from economies of scale
in marketing and service distribution,
giving them a greater capacity to serve
clients around the country and win
high-value contracts. Small- and
medium-size firms, however, may have
lower overhead costs, enabling them to
provide a high quality service at a
lower cost. Furthermore, small
consultancy firms have greater
flexibility and may undertake
consultancies at a strategic loss in
order to establish a hold within a
particular consulting area.
External competition
As a result of this push to train specialist
consultants in a variety of fields,
competition has recently increased from
firms in other industries, especially in
the information technology (IT), finance
and human resource areas. For example,
the services provided by the IT
Consulting industry (IBISWorld report
54151) have increasingly overlapped
with this industry because IT has
become more relevant to management,
production and logistics strategy. Use of
the terminology “managed services,”
which encapsulates this merger of
advisory and implementation services, is
growing. In fact, Accenture is considered
one of the largest players in both the
management consulting and IT
consulting sectors.
In addition to competition from
consulting firms external to this
industry, the Accounting Services
industry has emerged as a significant
competitor to traditional management
consultants. Consulting services
represent the top-performing segment
for each of the Accounting Services
industry major players. At
PricewaterhouseCoopers (PwC), for
example, the consulting or advisory line
of business accounts for about 30.0% of
total global company revenue. Many of
the industry’s largest firms are
transitioning into full-service consulting
providers, as this higher-margin,
less-competitive service offers more
growth potential than traditional audit
and assurance practices.
Barriers to Entry checklist Level
Competition High
Concentration Low
Life Cycle Stage Mature
Capital Intensity Low
Technology Change Low
Regulation Policy Light
Industry Assistance None
Level Trend
Barriers to Entry
in this industry are
Lowand Steady

Industry
Globalization
The industry’s largest players, such as
Deloitte, have expanded globally by
establishing branch offices in Europe and
the Asia Pacific and Middle East regions.
Increasing connectivity between
developed and developing economies is
allowing large industry players to
broaden their international approach,
conducting consulting projects across
international borders and increasing
industry globalization. As a result of
further growth opportunities, the overall
level of industry globalization is projected
to continue increasing gradually.
Industry clients demand a high level of
customization of services and personal
attention, minimizing the ability of firms
to offer internationally homogeneous
services. Client firms require advice
tailored to the business culture of the
geographic region in which they operate.
For this reason, the major companies
have focused on developing local offices
around the world; this strategy produces
a cost-effective and qualitatively superior
product compared to alternative
strategies that ship US experts to
countries with which they may lack
familiarity. Larger firms in this industry
are increasing their offices around the
world to build a global management
consulting brand.
Barriers to Entry
continued
field. As such, total wage costs in this
industry are high, accounting for just
under 50.0% of industry revenue. In
addition, developing a network of clients
that can provide regular flow of work can
be a significant challenge for new
entrants. Work in this industry is done on
a contract basis and successful firms are
usually able to secure repeat business
from satisfied clientele.
The industry’s largest players bring
strong brand recognition, as these firms
tend to target big-name clients and
offer services across a wide variety of
industries and activities. Such firms can
provide services on a global basis and
have the staff and capacity to work on
large projects. In general, firms
entering the industry cannot expect to
compete with these operators,
particularly for high-value clients. New
entrants, by contrast, tend to be highly
specialized in a certain skill set or
geographic region.
Level Trend
Globalization in
this industry is
Mediumand the
trend is Increasing

Player Performance Accenture Ltd. is one of the world’s
leading management consulting,
technology services and outsourcing
companies. Accenture began as the
consultancy arm of accounting firm
Arthur Andersen but split from its parent
company in 2000, just a year before
Andersen Worldwide effectively dissolved
as a result of its participation in the
Enron scandal. Chartered in Dublin but
headquartered in New York, Accenture
has a global presence, with operations in
54 countries and about 260,000
employees in 2013. In fiscal 2013, the
company generated $28.6 billion in
global revenue.
Accenture’s business is structured
around the five major operating groups of
its clients: consumer goods and services
(e.g. consumer packaged goods or
industrial equipment); communications,
high technology and media; financial
services (e.g. banking and insurance);
resources (e.g. utilities, chemicals and
energy); and government. Within each
group, the company provides core services
in management consulting, technology
and business process outsourcing. This
industry focus allows Accenture to provide
clients with high-value expertise and
insights from industry experts and
professionals with local market
knowledge. During fiscal 2013, all five
operating groups experienced growth in
revenue from consulting activities. In the
second half of 2013, the company has
pursued an aggressive strategy of
expansion, with plans to acquire as many
as seven companies in five countries.
These new acquisitions will strengthen the
company’s ability to help clients in the
areas of business solutions, product
lifecycle management, military healthcare,
mortgage processing and procurement
business process outsourcing.
Accenture’s management consulting
division works closely with
professionals from relevant operating
Major Companies
Accenture PLC | McKinsey Company
Deloitte Touche Tohmatsu | Other Companies
89.5%
Other
Accenture PLC 4.0%
McKinsey Company 3.3%
Deloitte Touche Tohmatsu 3.2% SOURCE: WWW.IBISWORLD.COM
Major players
(Market share)
Accenture PLC
Market share: 4.0%
Accenture Ltd. (US consulting segment) – financial performance
Year*
Revenue
($ million) (% change)
Net Income
2009-10 4,453.6 -1.5 602.4 8.8
2010-11 5,223.4 17.3 710.6 18.0
2011-12 5,602.3 7.3 778.6 9.6
2012-13 5,999.4 7.1 911.4 17.1
2013-14** 6,209.3 3.5 956.9 5.0
2014-15** 6,526.0 5.1 1,002.7 4.8
*Year-end August, **Estimates
SOURCE: ANNUAL REPORT AND IBISWORLD

Major Companies
Player Performance McKinsey Company is a premier
provider of management consulting and a
top employer for new MBA graduates.
The company was founded in 1926 in
New York. Currently, it employs 17,000
workers in 97 offices across more than 50
countries. In 2013, the company
generated an estimated $7.8 billion in
total revenue.
Although McKinsey competes directly
with other major players, it possesses a
competitive advantage in its ability to
attract top corporate and government
clients due to its reputation, as well as its
extensive board relationships. McKinsey
boasts a client list that includes over
90.0% of the world’s 100 largest
companies and two-thirds of the Fortune
1000 list. The company specializes in
management consulting in a number of
specific industries, including the finance,
media and entertainment and consumer
goods sectors. It also provides strategic
advice to clients in areas such as
Player Performance
continued
groups to develop and deliver solutions
to clients in the areas of customer
service, finance and performance
management, process and innovation
performance, risk management,
strategy, supply chain management and
organization performance.
Financial performance
Accenture’s US consulting revenue is
expected to increase at an annualized
rate of 6.4% to $6.2 billion in the five
years to fiscal 2014. Revenue declined
during fiscal 2010, due to falling
demand for consulting services as a
result of the recession. Because of the
short-term nature of Accenture’s
consulting contracts, which are
typically shorter than 12 months and
easily terminated, the management
consulting segment is vulnerable to
declines in business sentiment, as
evidenced by weak performance during
2010. In fiscal 2011, management
consulting revenue increased 17.3% as
rising corporate profit renewed demand
for management consulting. In fiscal
2014, US industry-specific revenue at
Accenture is expected to increase by
2.7%. Clients will continue to look to
Accenture to identify operational
efficiencies and deliver cost savings.
Accenture, like other management
consulting firms, have experienced high
growth in digital services and analytics
and will likely expand these business
lines in the next five years, either
organically or through acquisitions.
McKinsey
Company
Market share: 3.3%
McKinsey Company (US consulting segment) – financial performance*
Year
Revenue
Employees
(People) (% change)
2009 4,032.0 N/C 10,080 N/C
2010 4,095.0 1.6 10,395 3.1
2011 4,410.0 7.7 10,710 3
2012 4,725.0 7.1 10,710 0
2013 4,914.0 4.0 10,750 0.4
2014 5,110.6 4.0 11,000 2.3
*Estimates
SOURCE: IBISWORLD

Major Companies
Player Performance Deloitte Touche Tohmatsu Limited
(DTTL) is well known as one of the Big
Four accountancy firms, but it also ranks
high in consultancy. In 2010, Deloitte
was reorganized as a private British
company headquartered in New York. It
operates as a global professional services
network of member companies working
in over 150 countries with about 185,000
employees in 2013.
A relative newcomer, Deloitte Consulting
(formerly the Deloitte and Touche
Consulting Group) was founded in 1995. In
2014, industry-relevant consulting revenue
Player Performance
continued
information technology, pricing,
corporate finance, marketing, leadership
and organizational structure and
processes. Geographically based offices
act as the main organizing cells, but the
firm maintains cross-geographical
practices around industry sectors and
management areas.
In September 2013 McKinsey
acquired Henry Rak Consulting
Partners, a premier US-based growth
strategy and analytics consulting firm.
Acquisition of this company will
strengthen the company’s ability to
develop actionable growth strategies
that identify where and how
companies should compete profitably,
based on an in-depth understanding of
actual consumer behavior. The
company also acquired Lixto Software,
a Vienna-based solution, which will
enhance their suite of revenue
management solutions.
Although the firm’s financial records are
not publicly available, IBISWorld expects
McKinsey’s US consulting revenue to
have increased at an annualized rate of
4.9% to $5.1 billion over the five years to
2014. This growth represents a slight
slowing from prerecession levels because
corporate clients have become
increasingly reluctant to enact the
expansions for which they would require
consulting. However, McKinsey stands
out among the major players for
consistently positive revenue growth
during the five years to 2014.
Additionally, this growth reflects a
moderate improvement in demand as US
business outlook improves.
Deloitte Touche
Tohmatsu
Market share: 3.2%
Deloitte Touche Tohmatsu (US consulting operations) – financial
performance*
Year**
Revenue
Operating income
2008-09 3,179.0 N/C 897.8 N/C
2009-10 3,115.6 -2.0 903.2 0.6
2010-11 3,629.6 16.5 935.1 3.5
2011-12 4,083.0 12.5 993.3 6.2
2012-13 4,473.2 9.6 1,095.9 10.3
2013-14 4,696.8 5.0 1,152.9 5.2
2014-15 4,964.5 5.7 1,216.3 5.5
*Estimates, **Year-end June
SOURCE: ANNUAL REPORT AND IBISWORLD

Major Companies
Other Companies While there is some consolidation
among the industry’s larger players, no
single company controls more than
5.0% of the industry’s revenue. Many
industry operators are independent
management consultants. The
majority of these firms account for a
very small portion of market share, so
even firms with a 1.0% market
share are significant players. Even
though larger firms have increasingly
pursued expansion through
acquisition, the industry remains
highly fragmented and continues to be
very competitive.
PricewaterhouseCoopers LLP
Estimated market share: 2.4%
PricewaterhouseCoopers, trading as
PwC, is as UK-based accounting and
advisory firm. The company was
founded in 1998 through the merger
between Price Waterhouse and Coopers
Lybrand, which made it one of the
largest accounting and audit firms in
the world. The business is focused on
the provision of audit and assurance,
tax and consulting services.
Additionally, the company provides
human resource, forensic and other
services. PwC is headquartered in the
Player Performance
continued
contributed to about 30.0% of total DTTL
revenue. Deloitte Consulting provides
management consulting and
implementation planning across industries
in the areas of strategy and operations,
human capital and technology. Based on the
reputation of its parent company, Deloitte
Consulting is able compete with top-tier
players, such as McKinsey, but also has the
global scale to compete against larger firms,
such as Accenture, on the basis of cost.
As a number of mid-tier firms have
merged or been sold in the recent
economic downturn, Deloitte Consulting
has drawn on the financial resources of
parent company DTTL to expand through
aggressive acquisition activity. For
example, DTTL acquired the vast
government consulting practice of
BearingPoint (formerly KPMG
Consulting) in 2009. Furthermore, in
2011, DTTL acquired two more
consulting firms specializing in
sustainability. In late 2013, Deloitte
Technology Consulting continued to
aggressively chase growth with the
acquisition of two Australian technology
companies, Quattro and NXG, which
specialize in customer relations
management software and Systems
Application Product (SAP) software.
These acquisitions will enable the
company to better service the needs of
their clients’ finance functions and will
help solidify Deloitte’s position as leading
player in the design and implementation
of next generation enterprise resource
planning solutions.
IBISWorld expects Deloitte’s US
industry-relevant consulting revenue to
grow 8.1% to $4.7 billion in fiscal 2014.
The company generated $32.4 billion in
total revenue for fiscal 2013, which
represented an increase of 3.5% on the
previous year. However, the company’s
US and consulting-specific both grew at a
relatively faster rate than the company.
Consulting revenue grew from 42.1% of
revenue in fiscal 2012 to 43.0% of
revenue in fiscal 2013. This is expected to
continue in fiscal 2014, when US
industry-specific revenue is forecast to
grow an additional 5.0%. Deloitte is
continuing to focus on providing more
advisory and consulting services to
clients as these operations tend to be
highly profitable when compared with
other taxation and accounting services.

Major Companies
Other Companies
continued
United Kingdom and generated $32.1
billion in global revenue and had about
184,200 staff in 2013.
PwC operates through three main
business segments: assurance, advisory
and tax. The company’s assurance
segment, which includes financial
statement and internal audits, corporate
reporting and regulatory compliance,
comprises the majority of revenue. In
2013, PwC generated 46.0% of revenue
through its assurance segment; however,
advisory services have experienced the
most growth. In fact, advisory services
accounted for 28.5% of revenue in 2013,
which is up from 21.7% in 2009. The
company is increasingly moving to
providing consulting services due to the
increasing demand for business
intelligence and higher profit margins
associated with advisory services. Over
the five years to 2014, PwC’s US
industry-specific revenue is expected to
increase an annualized 17.0% to $3.7
billion. The company has finalized the
acquisition of Booz Company, which
will now operate as Strategy under the
PwC brand and bolster US management
consulting revenue.
Marsh McLennan Companies Inc.
Marsh McLennan Companies Inc.
(MMC) is a US-based global
conglomerate headquartered in New
York City. MMC provides professional
services in two operating segments: risk
and insurance services and consulting.
MMC currently operates in more than
100 countries with 51,000 employees. In
2013, Marsh McLennan generated
$12.3 billion in global revenue.
In the past five years, MMC has
become a major presence in the US
management consulting market
through its holdings in Mercer and the
Oliver Wyman Group. Mercer has more
than 25 years of experience providing
consulting services in human resources
and related financial advice. The
company counts among its clients a
majority of the companies in the
Fortune 1000 and FTSE 100. Some of
its largest clients include Bristol-Myers
Squibb, Corning and the New York
Times Company. MMC’s Oliver Wyman
Group provides economic and
management consultancy through
about 3,400 professionals in 25
countries. Wyman pairs clients with
industry experts specializing in
strategy, operations, risk management
and organizational transformation.
Together, the consulting operations of
MMC account for about 46.5% of
company revenue.
IBISWorld estimates MMC’s US
management consulting revenue in
2014 to be $2.6 billion, representing a
3.0% increase from the previous year,
which is attributable to a resurgence in
demand following weak performance in
2009 and 2010. Mercer consulting
revenue increased 5.0% in 2010, driven
by renewed demand for health,
benefits and compensation
consultation. Oliver Wyman Group
revenue increased 6.0% in 2010, driven
by double-digit growth in financial
services, healthcare, transportation and
consumer sector consulting.
Boston Consulting Group
The Boston Consulting Group (BCG) is a
global management consulting firm with
more than 70 offices in over 40 countries.
The firm prides itself on an employee-
focused culture and is recognized as one
of the best consulting companies to work
for in Fortune magazine. The company
was formed in 1963 when Bruce
Henderson became the head of a new
management consulting division of the
Boston Safe Deposit and Trust Company.
BCG works with some of the world’s
largest and most innovative companies.
The majority of BCG clients rank among

Major Companies
Other Companies
continued
the 500 largest corporations in North
America, Asia, Europe and Australia.
BCG also advises midsize companies,
nonprofit organizations and government
agencies. Worldwide, the firm also works
on a pro bono basis for worthy
organizations and efforts.
Boston Consulting has been one of the
industry’s star performers over recent years.
The company generated an estimated $2.6
billion in revenue in 2014. The majority of
growth over recent years has been the result
of geographical expansion into strategic
emerging markets such as China and India.

Capital Intensity Because the Management Consulting
industry is fundamentally service-
oriented, capital intensity remains low
despite economy-wide increases in the
use of labor-saving technology.
IBISWorld estimates that for every
dollar spent on labor, industry operators
spend an average $0.02 on capital
investment in 2014. Both capital
depreciation expenditures and capital
intensity have remained stable during
the past five years.
In 2014, direct labor costs account for
about 48.3% of industry revenue. Total
wage costs in this industry are high,
primarily due to the high level of
education and experience required of
management consultants. Further, a
premium is paid for consultants with a
name, reputation, and professional
network that will draw business to the
firm; contracts can be won or lost if a
Operating Conditions
Capital Intensity | Technology Systems | Revenue Volatility
Regulation Policy | Industry Assistance
Tools of the Trade: Growth Strategies for Success
LaborIntensive
CapitalIntensive
Change in Share of the Economy
New Age Economy
Recreation, Personal Services,
Health and Education. Firms
benefit from personal wealth so
stable macroeconomic conditions
are imperative. Brand awareness
and niche labor skills are key to
product differentiation.
Traditional Service Economy
Wholesale and Retail. Reliant
on labor rather than capital to
sell goods. Functions cannot
be outsourced therefore firms
must use new technology
or improve staff training to
increase revenue growth.
Old Economy
Agriculture and Manufacturing.
Traded goods can be produced
using cheap labor abroad.
To expand firms must merge
or acquire others to exploit
economies of scale, or specialize
in niche, high-value products.
Investment Economy
Information, Communications,
Mining, Finance and Real
Estate. To increase revenue
firms need superior debt
management, a stable
macroeconomic environment
and a sound investment plan.
Accounting Services
Computer Stores
Tax
Preparation
Services
Engineering Services
Management
Consulting
Capital intensity
0.5
0.0
0.1
0.2
0.3
0.4
Dotted line shows a high level of capital intensity
Capital units per labor unit
Management
Consulting
Professional,
Scientiﬁc and
Technical Services
Economy
Level
The level of capital
intensity is Low

Revenue Volatility The Management Consulting industry
has a moderate level of revenue
volatility. In the five years to 2014,
year-on-year revenue changes averaged
4.8% in absolute value. Industry
revenue has increased every year from
2010 onward, with growth rates
ranging from 6.4% in 2010 to a low of
2.9% in 2013.
Management consulting revenue is linked
to, but not determined solely by,
macroeconomic conditions. Corporate profit
levels determine the availability of funds
private sector consulting, while tax revenue
largely determines the funds available to the
public sector. In some cases, consulting
expenditures are viewed as discretionary
and firms facing compressed profit margins
Technology
Systems
Although the Management Consulting
industry benefits from rapid innovations
in communications technologies, the
general mix of inputs required to produce
and deliver consulting services has not
changed dramatically in the past five
years. The industry is labor intensive;
productivity is more dependent on the
human capital embodied in its employees
rather than the technology those
employees put to use. Nonetheless, major
companies in the Management
Consulting industry devote considerable
resources to maintain their technological
infrastructure. Most technological
investments are dedicated towards data
security, as compromising sensitive client
data could result in a loss of business.
The most important technological
innovations for management
consultants are those that improve the
speed and connectivity between firms
and their clients. Familiar
communications technologies, including
email and telecommunications services,
enable firms to quickly and efficiently
transmit time-sensitive information.
For large firms, specialized intranet
systems facilitate information-sharing
through internal company databases,
web sites and documents.
Consequently, consultants can
increasingly take advantage of the
knowledge, techniques and lessons
learned within their company through
access to previous reports and
evaluations. At the same time, many
firms are expanding their access to
external internet-based libraries and
databases for research purposes.
Capital Intensity
continued
certain expert enters or departs a
company. The consultation process is
very personalized, and a firm’s most
respected consultants are often requested
by name.
Because the majority of industry
expenditures go toward personnel
costs rather than the purchase of
equipment, depreciation of these fixed
assets represents just 1.0% of revenue
in 2014. Capital intensity within the
Management Consulting Industry is
relatively low compared to the sector-
wide average. Though still labor-
intensive, the other industries in the
sector, Environmental Consulting
Services and Scientific Economic
Consulting Services (IBISWorld
reports 54162 and 54169, respectively)
have a relatively greater reliance on
costly scientific equipment, resulting
in a higher level of capital intensity. In
contrast, management consulting
firms’ capital investments are largely
limited to the computer programs,
networking and computer hardware
necessary to conduct analysis and
communicate with clients.
Level
The level of
Technology
Change is Low
Level
The level of
Volatility is Medium

Regulation Policy As a whole, the Management Consulting
industry is subject to a light and steady
level of regulation, with variation
depending on the firm’s consulting
specialization. While there is no generic
licensing for management consultants,
human resources consultants are subject
to additional regulation and licensing.
Human resources consulting companies,
such as Marsh McLennan subsidiary
Mercer, provide public and private sector
companies with assistance in the design
and management of their employee
healthcare and pension plans. Firms
engaged in similar benefits and insurance
consulting are subject to the same
licensing requirements and regulatory
oversight as insurance intermediaries.
Similarly, retirement-related consulting
services, including trustee services are
subject to pension law and financial
regulation within the United States under
the SEC. Both health and retirement
consultancies must comply with
numerous state and federal laws
governing the protection of health and
other personally identifiable information.
While the licensing requirements for
human resources consultants have not
changed dramatically in recent years, the
laws with which their clients’ pension
and healthcare plans must comply will
likely change in the near term under the
Affordable Care Act of 2010. This has
represented an opportunity for
consulting firms. As the law’s provisions
go into effect, clients will require
consulting to bring existing employee
healthcare plans into compliance. As the
funded status of defined benefit pension
plans has declined in recent years, many
employers are switching to defined
contribution pension plans to more
easily comply with local pension laws.
Revenue Volatility
continued
can quite often defer them. However,
volatility within the industry can be
mitigated by countercyclical demand, as
management consultants have been
employed to restructure client companies
during periods of slow growth or decline. In
addition, large consulting companies
employ expert consultants in a variety of
fields; this practice can minimize the effect
on revenue of economic shocks
affecting only one or two industries. The
benefits of diversification, unfortunately,
dissolve in widespread economic crisis, such
as in 2009.
Volatility vs Growth
Revenuevolatility*(%)
1000
100
10
1
0.1
Five year annualized revenue growth (%)
–30 –10 10 30 50 70
Hazardous
Stagnant
Rollercoaster
Blue Chip
* Axis is in logarithmic scale
Management Consulting
A higher level of revenue
volatility implies greater
industry risk. Volatility can
negatively affect long-term
strategic decisions, such as
the time frame for capital
investment.
When a firm makes poor
investment decisions it
may face underutilized
capacity if demand
suddenly falls, or capacity
constraints if it rises
quickly.
Level Trend
The level of
Regulation is
Lightand the
trend is Steady

Industry Assistance The industry obtains no special assistance
or protection from government. The
Association of Management Consulting
Firms (AMCF) provides professional
development opportunities, industry
research, legislative monitoring and
referrals, and other services to its
members. Since the mid-1980s, it has
undertaken an annual survey of the
management consultancy industry in
which it publishes operating and financial
ratios for member firms. Membership is
only open to firms that meet minimum
size requirements and have been in
operation for at least five years. Although
membership is voluntary, members are
required to observe a strict code of
professional conduct.
Regulation Policy
continued
This trend represents a threat to the
industry because these plans are easier
to manage and are less likely to require
extended consulting expenditures. For
more information on the legislative
changes facing the Human Resources
Consulting sub-sector, refer to
IBISWorld report 54161B.
Level Trend
The level of
Industry Assistance
is Noneand the
trend is Steady

Key Statistics
Revenue
($m)
Industry
Value Added
($m)
Establish-
ments Enterprises Employment Exports Imports
Wages
($m)
Domestic
Demand
Corporate
profit
($b)
2005 131,186.7 69,821.4 476,829 471,282 1,107,655 -- -- 58,670.5 N/A 1,477.7
2006 133,046.0 76,503.7 435,077 428,879 1,106,846 -- -- 62,533.9 N/A 1,646.5
2007 131,258.7 77,717.2 525,893 520,331 1,153,491 -- -- 63,410.1 N/A 1,529.0
2008 135,152.3 69,479.9 509,602 508,091 1,016,946 -- -- 54,883.5 N/A 1,285.1
2009 119,897.0 69,367.1 529,618 527,525 1,016,813 -- -- 55,698.8 N/A 1,392.6
2010 129,256.9 73,505.0 533,582 531,402 1,041,527 -- -- 59,545.3 N/A 1,740.6
2011 135,753.3 77,389.9 552,721 549,127 1,089,089 -- -- 62,457.0 N/A 1,877.7
2012 144,177.0 84,821.1 571,514 566,699 1,154,434 -- -- 65,645.5 N/A 2,009.5
2013 148,354.2 85,235.7 579,515 575,766 1,178,677 -- -- 67,284.9 N/A 2,123.6
2014 153,399.2 89,754.4 594,582 590,160 1,216,395 -- -- 69,505.7 N/A 2,229.8
2015 159,842.0 94,941.9 612,419 607,865 1,269,916 -- -- 72,564.0 N/A 2,323.5
2016 167,194.7 99,315.6 616,706 610,904 1,333,412 -- -- 76,409.9 N/A 2,397.8
2017 171,374.6 102,504.7 639,524 634,118 1,361,414 -- -- 78,855.0 N/A 2,474.6
2018 174,973.5 104,543.9 652,314 646,166 1,391,365 -- -- 80,747.5 N/A 2,580.1
2019 180,222.7 107,357.2 666,665 659,089 1,428,932 -- -- 82,846.9 N/A 2,636.6
Sector Rank 5/74 5/74 2/74 2/74 4/74 N/A N/A 7/74 N/A N/A
Economy Rank 59/1302 26/1302 14/1301 13/1301 32/1302 N/A N/A 18/1302 N/A N/A
IVA/Revenue
(%)
Imports/
Demand
(%)
Exports/
Revenue
(%)
Revenue per
Employee
($’000)
Wages/Revenue
(%)
Employees
per Est.
Average Wage
($)
Share of the
Economy
(%)
2005 53.22 N/A N/A 118.44 44.72 2.32 52,968.21 0.49
2006 57.50 N/A N/A 120.20 47.00 2.54 56,497.38 0.52
2007 59.21 N/A N/A 113.79 48.31 2.19 54,972.34 0.52
2008 51.41 N/A N/A 132.90 40.61 2.00 53,968.94 0.47
2009 57.86 N/A N/A 117.91 46.46 1.92 54,777.82 0.48
2010 56.87 N/A N/A 124.10 46.07 1.95 57,171.15 0.50
2011 57.01 N/A N/A 124.65 46.01 1.97 57,347.93 0.52
2012 58.83 N/A N/A 124.89 45.53 2.02 56,863.80 0.55
2013 57.45 N/A N/A 125.87 45.35 2.03 57,085.10 0.54
2014 58.51 N/A N/A 126.11 45.31 2.05 57,140.73 0.56
2015 59.40 N/A N/A 125.87 45.40 2.07 57,140.79 0.57
2016 59.40 N/A N/A 125.39 45.70 2.16 57,304.04 0.58
2017 59.81 N/A N/A 125.88 46.01 2.13 57,921.40 0.58
2018 59.75 N/A N/A 125.76 46.15 2.13 58,034.74 0.58
2019 59.57 N/A N/A 126.12 45.97 2.14 57,978.20 0.58
Sector Rank 31/74 N/A N/A 51/74 24/74 56/74 45/74 5/74
Economy Rank 133/1302 N/A N/A 994/1302 117/1302 1164/1301 469/1302 26/1302
Figures are inflation-adjusted 2014 dollars. Rank refers to 2014 data.
Revenue
(%)
Industry
Value Added
(%)
Establish-
ments
(%)
Enterprises
(%)
Employment
(%)
Exports
(%)
Imports
(%)
Wages
(%)
Domestic
Demand
(%)
Corporate
profit
(%)
2006 1.4 9.6 -8.8 -9.0 -0.1 N/A N/A 6.6 N/A 11.4
2007 -1.3 1.6 20.9 21.3 4.2 N/A N/A 1.4 N/A -7.1
2008 3.0 -10.6 -3.1 -2.4 -11.8 N/A N/A -13.4 N/A -16.0
2009 -11.3 -0.2 3.9 3.8 0.0 N/A N/A 1.5 N/A 8.4
2010 7.8 6.0 0.7 0.7 2.4 N/A N/A 6.9 N/A 25.0
2011 5.0 5.3 3.6 3.3 4.6 N/A N/A 4.9 N/A 7.9
2012 6.2 9.6 3.4 3.2 6.0 N/A N/A 5.1 N/A 7.0
2013 2.9 0.5 1.4 1.6 2.1 N/A N/A 2.5 N/A 5.7
2014 3.4 5.3 2.6 2.5 3.2 N/A N/A 3.3 N/A 5.0
2015 4.2 5.8 3.0 3.0 4.4 N/A N/A 4.4 N/A 4.2
2016 4.6 4.6 0.7 0.5 5.0 N/A N/A 5.3 N/A 3.2
2017 2.5 3.2 3.7 3.8 2.1 N/A N/A 3.2 N/A 3.2
2018 2.1 2.0 2.0 1.9 2.2 N/A N/A 2.4 N/A 4.3
2019 3.0 2.7 2.2 2.0 2.7 N/A N/A 2.6 N/A 2.2
Sector Rank 38/74 23/74 39/74 36/74 32/74 N/A N/A 34/74 N/A N/A
Economy Rank 465/1302 292/1302 394/1301 371/1301 349/1302 N/A N/A 400/1302 N/A N/A
Annual Change
Key Ratios
Industry Data

Jargon Glossary
BARRIERS TO ENTRYHigh barriers to entry mean that
new companies struggle to enter an industry, while low
barriers mean it is easy for new companies to enter an
industry.
CAPITAL INTENSITYCompares the amount of money
spent on capital (plant, machinery and equipment) with
that spent on labor. IBISWorld uses the ratio of
depreciation to wages as a proxy for capital intensity.
High capital intensity is more than $0.333 of capital to
$1 of labor; medium is $0.125 to $0.333 of capital to $1
of labor; low is less than $0.125 of capital for every $1 of
labor.
CONSTANT PRICESThe dollar figures in the Key Statistics
table, including forecasts, are adjusted for inflation using
the current year (i.e. year published) as the base year. This
removes the impact of changes in the purchasing power of
the dollar, leaving only the “real” growth or decline in
industry metrics. The inflation adjustments in IBISWorld’s
reports are made using the US Bureau of Economic
Analysis’ implicit GDP price deflator.
DOMESTIC DEMANDSpending on industry goods and
services within the United States, regardless of their
country of origin. It is derived by adding imports to
industry revenue, and then subtracting exports.
EMPLOYMENTThe number of permanent, part-time,
temporary and seasonal employees, working proprietors,
partners, managers and executives within the industry.
ENTERPRISEA division that is separately managed and
keeps management accounts. Each enterprise consists
of one or more establishments that are under common
ownership or control.
ESTABLISHMENTThe smallest type of accounting unit
within an enterprise, an establishment is a single
physical location where business is conducted or where
services or industrial operations are performed. Multiple
establishments under common control make up an
enterprise.
EXPORTSTotal value of industry goods and services sold
by US companies to customers abroad.
IMPORTSTotal value of industry goods and services
brought in from foreign countries to be sold in the
United States.
INDUSTRY CONCENTRATIONAn indicator of the
dominance of the top four players in an industry.
Concentration is considered high if the top players
account for more than 70% of industry revenue.
Medium is 40% to 70% of industry revenue. Low is less
than 40%.
INDUSTRY REVENUEThe total sales of industry goods
and services (exclusive of excise and sales tax); subsidies
on production; all other operating income from outside
the firm (such as commission income, repair and service
income, and rent, leasing and hiring income); and
capital work done by rental or lease. Receipts from
interest royalties, dividends and the sale of fixed
tangible assets are excluded.
INDUSTRY VALUE ADDED (IVA)The market value of
goods and services produced by the industry minus the
cost of goods and services used in production. IVA is
also described as the industry’s contribution to GDP, or
profit plus wages and depreciation.
INTERNATIONAL TRADEThe level of international
trade is determined by ratios of exports to revenue and
imports to domestic demand. For exports/revenue: low is
less than 5%, medium is 5% to 20%, and high is more
than 20%. Imports/domestic demand: low is less than
5%, medium is 5% to 35%, and high is more than 35%.
LIFE CYCLEAll industries go through periods of growth,
maturity and decline. IBISWorld determines an
industry’s life cycle by considering its growth rate
(measured by IVA) compared with GDP; the growth rate
of the number of establishments; the amount of change
the industry’s products are undergoing; the rate of
technological change; and the level of customer
acceptance of industry products and services.
NONEMPLOYING ESTABLISHMENTBusinesses with no
paid employment or payroll, also known as nonemployers.
These are mostly set up by self-employed individuals.
Industry Jargon
IBISWorld Glossary
DEFINED BENEFIT PENSION PLANA retirement
pension plan in which an employer commits to paying
its employee a specific benefit for life beginning at his or
her retirement.
DEFINED CONTRIBUTION PENSION PLANA
retirement pension plan in which an employer’s annual
contribution is specified. The value of future benefits at
the time of retirement is not specified.
HUMAN RESOURCES CONSULTINGThe contracting
of a consultant for advice on structuring human
resource and personnel policies, employee benefits,
compensation systems and wage and salary
administration.
MANAGEMENT CONSULTANTA consultant who
provides advice and assistance to businesses and other
organizations on various issues, including management.
STRATEGIC CONSULTINGThe contracting of a
consultant to advise on long-term planning with an eye
toward minimizing costs and maintaining profit, often in
conjunction with the development of new products and
services.

Jargon Glossary
PROFITIBISWorld uses earnings before interest and tax
(EBIT) as an indicator of a company’s profitability. It is
calculated as revenue minus expenses, excluding
interest and tax.
VOLATILITYThe level of volatility is determined by
averaging the absolute change in revenue in each of the
past five years. Volatility levels: very high is more than
±20%; high volatility is ±10% to ±20%; moderate volatility
is ±3% to ±10%; and low volatility is less than ±3%.
WAGESThe gross total wages and salaries of all
employees in the industry. The cost of benefits is also
included in this figure.
IBISWorld Glossary
continued

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54161 management consulting in the us industry report

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