Can someone please explain the difference between Advisory and Consulting?
4
How much better did your WLB get after leaving consulting? I’m moving to an internal strategy role at a client. Financial Services - Banking. In consulting - standard day was closing my laptop between 9pm - 10pm and eating dinner at my desk. I’m expecting industry to be better, but not that much. Maybe closing my laptop between 6pm - 7pm? I haven’t been able to ask anyone in the bank what it’s like, as this is a new team. I’m benchmarking on other client strategy offices.
Didn’t get promoted and thinking of leaving Deloitte for the next level at Guidehouse. It’s a title bump so I would get a raise, but I’m trying to weigh the opportunity cost of going to a “lower tier” firm known for more niche services. Has anyone else been in this situation and what did you choose? Would this limit my exit opps?
People being let go bc of comparing performance against peers is bs. upgrading the team? how come other rigorous fields (investment banking, medicine, Big Law, oil & gas engineering, trading firms, etc) don’t feel the need to do this, yet they have the right people the teams need every year 😂 consulting isn’t the most rigorous/difficult/or prestigious career. just say it’s for the greed of the firm, at the cost of unempathetically uprooting employees lives & at least you’ll be honest.
I can explain in the context of Deloitte. Also, if there are other people at D, feel free to correct me if I'm wrong. Advisory is usually longer term projects. 6+ months, sometimes years. They tend to revolve around an Audit, Tax, other accounting related work, or "Risk" (risk is thrown around a lot at D and usually falls within Advisory). It is similar to consulting but the underlying objectives and scope of work are different. Consulting is a lot more open ended. Consulting tends to revolve around strategy, implementation, change management, etc. These are all things that companies consult for. The projects are usually shorter (although some can span years). You can get some of this in Advisory but generally the work in Consulting will be more separated from the typical accounting work I mentioned above. (M&A Consulting may be an exception) Also, Consulting at D tends to pay more than Advisory. (Although I'd also argue that Advisory folks are more immune to lay offs during hard times)
Well explained.
Advisory means accounting advisory services that aren’t specifically Tax or Audit services. Consulting is more open ended in type of services eg can be tech consulting, strat consulting, ops consulting, etc.
EY use the term interchangeably forever, before finally switching to consulting recently (or just dropping any name off all together in the case of SaT) For the old guard who loved the term, it represented that we were advising clients on what to do, versus just being consulted.