what is management consulting and how do they make so much money?
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Management consultant here. Clients pay extra for a few things.
1. Specific domain expertise. Since most of us solve only one or two types of problems and do it for many clients, we frequently have knowledge and experience the client may lack.
2. Temporary employment. I often tell people that I get fired for a living. I am self-employed and have ZERO job security. I have been told on Friday not to come back for Monday without any severance or unemployment. In exchange, I make about double what I would make as a practitioner.
3. We are often used as a temporary labor force during periods of higher activity, for example: mergers or turnarounds. The stakes are often pretty high if we’re involved.
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