Guides / Career guides / Consulting
Management consulting: solving business problems.
Consultants help companies and governments solve their hardest problems, from strategy to cost cutting to digital change. It’s the main alternative to banking for ambitious graduates, with broad training and strong exits.
Last checked 15 November 2026
Strategy consulting
Firms like McKinsey, BCG and Bain advising leadership teams on growth, markets and big decisions.
Implementation and specialist consulting
Big Four firms and specialists that also deliver the changes, such as technology or operations projects.
Consulting or investment banking?
| Compare | Consulting | Investment banking |
|---|---|---|
| The work | Structured problem solving, research, workshops with clients | Financial models, valuations, deal execution |
| Hours | Usually 55 to 70 a week, with travel | 70 to 100 a week |
| First-year pay (US, top firms) | About $125k to $170k | About $170k to $250k |
| Where people go next | Strategy roles, startups, private equity portfolio teams, MBA | Private equity, hedge funds, corporate development |
Consulting pay is less variable than banking bonuses.
A typical day in consulting.
A realistic junior day on a normal week. Live deals, results seasons and market shocks make it longer.
- 8:00
Travel to the client’s office or join the team room.
- 9:00
Team check-in: what each person needs to finish today.
- 10:00
Interviews with the client’s managers to understand a problem.
- 13:00
Analyse data in Excel and turn it into slides.
- 16:00
Review with the manager; rework the story of the presentation.
- 19:00
Finish slides for tomorrow’s meeting. Travel weeks mean nights in hotels.
The career ladder and pay.
| Level | Typical years | What you do | All-in pay |
|---|---|---|---|
| Business analyst or associate | 0 to 3 years | Research, analysis, slides, client interviews | $125k to $170k |
| Consultant (often post-MBA) | 3 to 5 years | Owns a part of the project and its client relationships | $250k to $290k |
| Engagement or project manager | 5 to 8 years | Runs the project and the team day to day | $300k to $450k |
| Partner | 10+ years | Sells work and leads client relationships | $1m+ |
Approximate all-in pay (base plus bonus) in US dollars at large firms in New York in recent years. London is usually 20 to 30% lower; smaller firms and other cities pay less. Bonuses swing with the market.
How recruiting works.
Top firms recruit mainly from universities, through internships and graduate programmes, plus MBA programmes for more senior hires. Applications usually open in late summer and autumn for the following year.
Expect online tests, then several rounds of case interviews and fit interviews. Practise cases with a partner, out loud, many times: 30 or more is common for successful candidates.
Who hires.
| Type | Examples | What it’s like |
|---|---|---|
| Strategy firms | McKinsey, BCG, Bain | The most selective, with the highest pay and strongest exits. |
| Second-tier strategy and specialist firms | Oliver Wyman, Kearney, L.E.K., Roland Berger, Strategy& | Strong in particular sectors or regions. |
| Big Four and implementation firms | Deloitte, PwC, EY, KPMG, Accenture | Large firms that advise and deliver change; easier entry points. |
Firm names are examples, not a ranking or an endorsement.
Are you ready to apply?
Tick what you can honestly do today.
Your plan, step by step.
- 9 months before
Learn the basics
Read a case interview guide and learn common frameworks, but don’t rely on them.
- 6 months before
Practise cases weekly
Find practice partners at your university.
- 3 months before
Prepare fit stories
Leadership, teamwork, failure, and why consulting.
- Interviews
Lead the case
Drive the analysis, talk through your thinking, and end with a clear recommendation.
Where it leads.
Industry strategy and leadership roles
The most common move.
Private equity portfolio and operating teams
Helping companies owned by private equity firms improve.
Startups and business school
Many consultants do an MBA or join growing companies.
Myths and reality.
“Consulting is just making slides.”
Slides are how ideas are communicated; the work is the thinking behind them.
“AI will replace consultants.”
AI changes the research and analysis, but clients still pay for judgement and getting change done.
What to read.
- Case in Point by Marc Cosentino. The classic case interview book.
- The Pyramid Principle by Barbara Minto. How consultants structure ideas and writing.
- Firm insights pages from McKinsey, BCG and Bain. See how they think and write.
What they ask in consulting interviews.
Case interviews dominate, plus fit questions. Maths is mental arithmetic and quick estimates.
Case Our client’s profits have fallen. Why?
Structure it: profit is revenue minus costs. Revenue is price times volume; costs split into fixed and variable. Ask for data on each, find where the change is, then dig into why and suggest what to do.
Estimate How many coffees are sold in London each day?
State your assumptions clearly: population, share who drink coffee, cups each, share bought rather than made at home. Round numbers, keep it simple, and sense-check the answer at the end.
Case Should our client enter a new market?
Look at the market (size, growth, profitability), competition, the client’s ability to win, and the economics of entering (cost, time, risk). Give a clear recommendation with the main risk and next steps.
Fit Tell me about a time you led a team.
Use a clear structure: the situation, what you did, the result. Firms look for leadership, personal impact and drive, so show what you personally changed.
Fit Why consulting rather than banking?
Talk about variety of problems and industries, working directly with client leaders, and building broad business skills. Be specific about what you’ve done that shows you’ll enjoy it.
The consulting interview prep pack
Every interview question on this page with answers, the readiness checklist and your step-by-step plan, as a printable PDF.
Here it is.
Test yourself: consulting
Questions from the Mandate app. Try each before you open it.
A stock falls 20%, then rises 20%. Overall it is…
Down 4%. 0.8 × 1.2 = 0.96, so down 4%.
You win the face value of one roll of a fair die. What is the expected value?
3.5. The average of 1 to 6 is 3.5. A trader would pay less than that to have an edge.
You roll two fair dice. What is the probability the total is 7?
1/6. Six of the 36 combinations sum to 7.
You roll a fair die twice. What is the probability of at least one six?
11/36. 1 − (5/6)² = 1 − 25/36 = 11/36, about 31%.
Practise mental maths and your story in the app.
The mental maths and fit units help with case maths and behavioural questions.