Management Consulting got its start in the late 1880's
when Frederick W. Taylor began to perform studies of the time required to
complete processes in manufacturing. The
practice developed over time and eventually, James O. McKinsey formed McKinsey
& Company with Tom Kearney -in the mist of the great depression, when
companies needed consultancies most.
McKinsey's group set out to help troubled businesses grow and recover from
economic crisis. Shortly after that, Management Consulting grew as a field and other firms began to take shape.
Today, there
are many management-consulting firms.
Boston Consulting Group, McKinsey & Company, and Bain
& Company are all firms with which you may be familiar.
Organisations typically hire management consultants for their
problem-solving abilities, specialised industrial expertise and
commercial acumen.
Over the last twenty years, the consulting industry has grown exponentially employing thousands of professionals internationally. However, simultaneously the attractiveness of the industry to graduates and industry professionals has also increased resulting in ever increasing stringent entry requirements to the profession.
