What Is Management Consulting? How Firms Work, Types and Careers (UK 2026)
Management consulting is when a firm of outside advisers is paid to help an organisation solve a business problem: cut costs, enter a new market, fix a process, install new technology or restructure. A management consulting firm is the business that sells that advice, usually by putting a small team on a client’s problem for weeks or months.
It is a big industry. UK consulting revenues grew 3% to about £21.8bn in 2025, and firms forecast 6% growth in 2026 and 8% in 2027, according to the Management Consultancies Association (MCA). Large firms generated 77% of fee income (Consultancy.uk).
What does a management consulting firm actually do?
A consulting firm sells expertise and spare capacity. A typical project follows four stages:
- Diagnose: the team interviews staff, collects data and works out what the real problem is.
- Analyse: they test options with numbers and benchmarks from other clients.
- Recommend: findings go to senior client leaders as a presentation.
- Implement: either the same team or a separate delivery team helps put the change in place.
For a day-in-the-life view, see What does a consultant do?
Why do companies hire consultants?
- Capacity: staff are busy running the business and cannot drop everything for a one-off project.
- Specialist skills: large transformation, pricing or technology projects need expertise a company only needs once.
- An outside view: leaders can be too close to the problem to see the answer.
- Credibility: a recommendation from an independent firm can help get a hard decision accepted.
- Hard calls: restructuring or cost programmes are easier to run with an impartial outsider.
Public-sector bodies hire consultants too, usually to streamline services and cut costs.
The main types of consulting firm
| Type | Examples | What they do | Typical graduate entry |
|---|---|---|---|
| MBB (strategy) | McKinsey, BCG, Bain | Top-level strategy for boards and CEOs | Business Analyst / Associate Consultant |
| Big Four | Deloitte, PwC, EY, KPMG | Broad consulting plus audit, tax and deals; often implementation-heavy | Graduate Analyst on a scheme |
| Tier 2 / generalist | Accenture and similar | Large technology and operations consulting | Analyst on a structured scheme |
| Boutiques | Specialist firms | One sector or function (healthcare, pricing, private equity, energy) | Analyst, often with earlier responsibility |
| Economic and HR specialists | Niche firms | Economics, regulation, people and communications | Analyst / Associate |
Sources: Umbrex, PrepLounge. The difference to remember: MBB firms lean towards strategy advice for senior leaders, while the Big Four lean towards wider, implementation-led work.
See how real graduate routes compare: McKinsey Graduate Scheme, Accenture Graduate Scheme, Deloitte, PwC, and the head-to-head McKinsey vs Accenture.
Management consulting vs strategy consulting
Strategy consulting focuses on high-level choices such as market entry or M&A. Management consulting is the wider field and also covers operations, IT and organisational change. Strategy is one part of management consulting.
How do you get into a consulting firm?
- Apply to a graduate scheme or analyst programme. Most large firms hire graduates from any degree. Analytical ability matters more than subject. See the Graduate Scheme hub.
- Prepare for online tests. Expect numerical or situational tests, and at some firms a game-based assessment such as McKinsey’s Solve.
- Prepare for the case interview. A case interview is a 30–60 minute problem-solving exercise where you work through a business problem with an interviewer. McKinsey’s format is more interviewer-led, BCG’s more candidate-led, and Bain’s blends the two (CaseCoach).
- Prepare the fit interview. McKinsey calls its version the Personal Experience Interview.
- Tailor your CV. See our consultant CV example.
Our assessment centre guide covers group exercises and presentations.
Pros and cons of a consulting career
Pros: fast learning, variety of industries, strong CV value and structured training.
Cons: long hours and travel, pressure from client deadlines, and delivering unwelcome findings.
FAQ
What is a management consulting firm?
A business that sells independent advice and project teams to organisations that want to improve performance.
Do I need a specific degree?
No. Top firms hire from any degree, but strong analytical and problem-solving skills are essential.
What is the difference between management and strategy consulting?
Strategy consulting handles top-level decisions, management consulting covers a wider range including operations, IT and change.
How much do graduate consultants earn?
See the level-by-level table on What does a consultant do? and use our Paycheck Calculator for take-home pay.
