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tdottoker
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Consulting practises? 19 Feb 2011, 02:39
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Can anyone explain what exactly "practises" are in the consulting world? I have been reading MBB websites and for undergraduates their are certain practises you can be placed in but I do not know what that means!
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Jerz
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Consulting practises? 19 Feb 2011, 10:22
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Practices generally mean specialities (whether functional or industry-specific). So a consulting firm's healthcare practice would be a group of consultants who specialize in working with clients in the healthcare industry.
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tdottoker
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Consulting practises? 19 Feb 2011, 17:35
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Ah ok thanks! I was confused because some websites made it seem by function and some by industry. Is it safe to say that the majority mean industry though? Say for McKinsey?
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Jerz
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Consulting practises? 20 Feb 2011, 08:10
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They mean both. So specifically for McKinsey, if you look on their website under "Client Service" they list industry practices and functional practices. So their Chemicals (industry) practice focuses on a variety of functional areas related to the chemical industry, while their Marketing and Sales (functional) practice focuses on marketing and sales related issues across a variety of industries.
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lhomme
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Consulting practises? 03 Mar 2011, 10:25
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A lot of firms have a matrix: industry (retail, healthcare, government, etc) and function (marketing, finance, etc). The unique terms they use varies by consulting firm. People might end up specializing by industry or function (or sometimes both).
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