Are you considering a career in management consulting or accounting?

I've had careers of over 20 years in each discipline. One of my accounting clients once said to me: "Being an accountant is a passport to mediocrity". Naturally, that made me quite defensive, but then he sold his business for ￡7.2m and I understood what he meant. Selling time is hard to scale...I mean really scale. That's OK, as the careers will provide a sensible income, but shareholder value can be limited, especially now PE are buying so many accounting firms. Consulting is different. The key is to build retainer clients, otherwise it is lumpy, providing feast and famine if just doing project work. It takes a long time to master any career and these are no different. Consulting/coaching is however the best job in the world (in my view).

Consulting for management is usually about problem solving, increase understanding of specific issues, contribute to better efficiency or work to clarify existing strategies or offer alternative new strategies. The consultation can be used by all managers regardless of the level or industry. There are consultants who focus more on overviews/strategies, organizations, public companies, HR, communication, finance and a number of other areas. There are companies that are very local, regional and work internationally. Often they offer knowledge in their specialist areas, alone or in teams. The projects can vary from weeks to several years.The smaller companies often use their customers' resources more.The consultant is a time-limited activity.

Management consulting is the practice of helping organizations improve their performance and operations. Consultants work closely with clients to identify issues, analyze data, provide recommendations, and implement solutions. The goal is to help companies become more efficient, productive, and profitable. Management consultants bring an outside, objective perspective. They have expertise in areas like strategy, operations, technology, human resources, and more. Consultants gather data, interview employees, observe processes, and conduct research to fully understand a client's business. Then they develop strategies to address pain points, capitalize on opportunities, and achieve the client's objectives.

It is about getting into shoes of management and thinking strategically so that strategic decision can be taken with the help of experience of consultant??

Management consulting faces several challenges in the next decade, shaped by evolving business landscapes, technological advancements, and shifting global dynamics. Key among these challenges is the integration of emerging technologies. Consultants must stay abreast of developments in artificial intelligence, big data analytics, and blockchain, integrating these technologies to offer cutting-edge solutions. Additionally, the rise of digital platforms demands that consulting firms redefine their service delivery models, embracing virtual consultations and digital collaboration tools to meet client expectations.

Accounting is the language of business. As a very good friend and successful investors told me . If you don't understand Accounting you are just guessing..I spent my 5 years at Arthur Andersen and it has always served me well. Understanding business processes through compliance testing is the basis of Knomatic Software.

Accounting is used to show how a company, organization or nonprofit develops financially by recording all costs and revenues. The regulations look different for different countries, but generally they prepare documents, book and report the development of figures, graphs and results. There are private accounting firms that offer services locally, regionally and even internationally. When companies get bigger, they want to have their own finance function and they may buy in special which is mandatory as accountants, but it can also be about management accounting, taxes or budgeting/forecasting. The larger departments include ledger management as customer ledger and supplier ledger, payroll, checking, accounting and planning.

La contabilidad es una herramienta fundamental. En mi disciplina, la ingeniería financiera, dependo mucho de esa información y de su calidad y oportunidad. Un principio contable que para mí ha sido muy importante es la partida doble. Muy sencillo un par de ejemplos de partida doble en finanzas: ?Quieres más liquidez? entonces obtendrás menos rentabilidad; ?Quieres crecer? entonces aumentará tu deuda. Este principio, puede llegar a ser hasta filosófico en algunas discusiones de trabajo.

In order to become a good management consultant and contribute actively as an account you need/should ideally have your own experience from company management. You need to be analytical, communicative and action-oriented. In the work, there are often questions that are complex, time-consuming and often very challenging. You will be dependent on developing knowledge around data, formulas and models in order to draw conclusions. These must also be able to be communicated to many different interest groups from owners, boards, management and not too rarely both outside and inside a company. Often the projects must be financially motivated, have clear deadlines and with advanced reports.You need to have integrity, be ethical and professional.

Needs to be disciplined & diligent, have good understanding of different management techniques suitable for different kinds of enterprises, should be tech savvy, must have a critical thinking & analytical mindset, and must be good at communication.

The globalization of markets introduces complexity in navigating diverse regulatory environments and cultural nuances. Consultants will need to enhance their global expertise and adaptability to provide effective solutions in varied contexts

Empathy to understand the needs of the clients. Consultants can provide the opinion based on the understanding of the current situation. Consultants are providing solutions to people who need can be of some best practices. Understanding, analyzing real live data, people, communication skills to understand adaptability, flexibility, and resilient with changing demands, deadlines, and other pressing challenges. Think Global, Act Local is a fine example!

Professionals: Communicate Your Value! Numbers are your base, but clear communication builds trust. You'll partner with clients, advising on finances and collaborating with teams. Enjoy explaining complex financial concepts? Consulting lets you shine. Public accounting is ideal for those who love precision and reporting. Whichever path you choose, strong technical skills are essential, but don't forget human skills and business acumen. Today's consultants are trusted advisors, not just number crunchers.

Why not combine the best of both worlds? You can also start in a BIG 4 CFO Practice! There you can advice clients on digital finance, enterprise performance management, shared services and finance transformation. I took that path and got offered multiple "head of finance" roles during my career. So it is a choice where you actually do not have to choose but can keep both the consulting and the finance line role career as options!

La trayectoria de estos profesionales, pienso que radica en las características de su espíritu. Profesionales con alta capacidad de reflexión conceptual y práctica, amantes de la libertad para explorar escenarios más volátiles, innovadores, arriesgados, deseosos de aportar muchas veces en el día y enfocados en el futuro. Creo que esos elementos, esas fuerzas, más la lucha por la vida, van construyendo la senda del consultor.

Acredito que determinar se um ponto é pró ou contra irá depender das suas experiências e objetivos. Com isso, ao longo dos meus 18 anos atuando como consultor (interno ou externo), gostaria de destacar algumas características que a carreira como consultor de gest?o apresenta, sendo: - Atua??o dinamica e com ausência de rotina; - Visibilidade em vários setores da organiza??o e níveis hierárquicos; - Atua??o em situa??es de press?o (alta responsabilidade); - Aprendizado contínuo, inclusive com a atua??o em diferentes empresas e setores; - Grande potencial para a realiza??o de networking; - Desafios contínuos para implementar o aprendizado obtido ou ir atrás de novos conhecimentos.

To thrive in management consulting, professionals need a blend of critical skills: analytical prowess for problem-solving, strategic thinking for long-term planning, clear and persuasive communication, strong interpersonal abilities for relationship building, adaptability to navigate changing environments, proficient project management to ensure timely delivery, leadership to inspire teams and drive innovation, technical knowledge for leveraging industry tools, a solid grasp of business fundamentals to offer actionable insights, and unwavering ethical standards to build trust with clients. These competencies are foundational for delivering high-quality advice and solutions in the fast-paced consulting industry

Pros of management consulting include exposure to problem solving toolkit, diversity of project and industry exposure along with refinement of structuring/communication with senior executives while pros of accounting includes exposure to analytical and process driven approach along with development of eye to detail. Cons of management consulting include longer work hours, short turnaround time etc. while for accounting it’s routine job with lesser scope to go wide in terms of breadth of work etc.

Recomendaría la consultoría de gestión a personas con: 1. Habilidades analíticas sólidas 2. Capacidad para resolver problemas de manera creativa 3. Habilidades de comunicación 4. Un deseo de trabajar en un entorno dinámico y colaborativo 5. Idealmente con cierta experiencia previa en negocios