Global POV Weekly: Is AI Changing Management Consulting For Good?

Global POV Weekly: Is AI Changing Management Consulting For Good?

McKinsey & Company is expanding its partnership by approximately 200 employees, representing one of the most modest additions in recent years, according to sources privy to the matter.

This represents a decline of approximately 20% compared to the previous year and a reduction in the number of new partners by half compared to previous years.

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Our Featured NetworkPulse™ Questions:

  • What insights does this development provide regarding the future trajectory of the company and the strategic management consulting industry?
  • In the context of heightened competition and limited career advancement opportunities due to the advent of artificial intelligence, what recommendations would you suggest for junior and mid-level consultants within these consultancies to enhance their professional development and advancement prospects?

Within hours, we received 9 responses from senior management consulting executives. See what insights they shared:

Key Takeaways:

  • McKinsey's reduced partner promotions reflect a shift in the consulting industry, with less emphasis on traditional strategy work and more on execution and implementation. This change is driven by public backlash and the need for future-proofing through execution experience.
  • Consultants should focus on achieving P&L targets and securing projects via their network to ensure promotion within the firm. Alternatively, they should consider exiting to a sales role or a management role in corporate with P&L responsibility.
  • McKinsey's operations are impacted by high inflation rates in a highly competitive market with softening demand. Junior consultants are advised to build their all-round skillset, strong networks, and play the long game for promotions.
  • The integration of AI into McKinsey's work reduces the need for people and places a premium on those who can work with AI. This has resulted in fewer promotions as many choose to exit voluntarily.
  • The decline in partner promotions at McKinsey signals a cautious approach to growth due to economic uncertainty and changing client demands. Junior consultants are advised to develop expertise in emerging areas like AI implementation, digital transformation, and sustainability

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