The consulting career in transition: from partnership to corporate

Abstract

PurposeThe consulting industry is facing an inflection point as it shifts to being more populated by publicly traded entities than by private firms. Associated career patterns are affected in ways that have not yet been explored.Design/methodology/approachIn this paper we describe the industry shift to public ownership and resulting changes in consulting careers from a psychological contract perspective. We conclude by discussing the impact of emerging career dynamics that could impact the future effectiveness of the consulting industry.FindingsThere are dramatic transitions underway regarding career dynamics of professionals in major consultancies. We foresee a troublesome picture in some respects and a promising outlook in other respects for individuals and their firms in the consulting profession.Practical implicationsAspiring consultants will find this paper informative as a way to assess fit with career models offered by consulting firms. Firms can use points in the paper to understand their potential shortcomings associated with their current and evolving career models to manage career transitions and negative consequences.Originality/valueThis conceptual paper draws attention to the potentially negative consequences of inappropriate career models for consultancies in general, and with different firm strategies. It is a first look at career changes in consulting due to the drastic shift of the industry to public entities.