McKinsey and other management consultants are often criticized but provide a valuable service to the economy. They have faced scandals and controversies, such as criminal charges in South Africa and tentacular links with the state in France. However, their revenue and employee numbers have been steadily increasing. The industry adds value by providing outside opinions and specialized knowledge to help make informed decisions. However, better disclosure and a code of conduct are needed to ensure responsible practices and avoid conflicts of interest. Overall, consultants have much to offer but need to address their reputation and prove their worth.
| Signal | Change | 10y horizon | Driving force |
|---|---|---|---|
| Consultants’ reputation | Perception from negative to positive | Increased trust and recognition of value | Providing valuable services to the economy |
| Growth in revenue and employment | Increased revenue and employment | Further growth in revenue and employment | Demand for outside opinions and specialist knowledge |
| Secrecy around industry value | Better disclosure and transparency | Improved accountability and trust | Need for better understanding of value and impact |
| Call for a code of conduct | Adoption of ethical standards | Improved integrity and responsible practices | Ensuring consultants prioritize the interests of the institutions they serve |