Should you still join McKinsey, BCG & Bain despite the Consulting Crisis? [2024]

Consulting is in a crisis at the moment. Should ambitious students still join McKinsey, BCG & Bain in 2024 or should they look elsewhere for attractive job opportunities?
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Timestamps:
00:00 Intro
00:31 Consulting crisis
01:44 Cyclical nature
03:50 The right niche
04:46 GenAI
#consulting, #mckinsey, #caseinterview, #consultant, #consultingfirm, #consultinglife, #case, #casestudy, #interviewquestions, #interviewprep, #bcg, #bain, #genai, #consultingcrisis

[@jaeyoungchoi6790]

I agree that gen AI won't completely replace consultants, but I think, it is likely to replace some practices more than some other. Maybe you can make a video about this? for e.g. optimization projects vs CDD projects vs strategy projects - how each practices will be affected?

[@CaseInterviewHub]

That's an interesting question. We would say the rule of thumb is: The more individualized and context-specific the project is, the less likely you'll see AI. That's why we would say in order of most to least affected: CDD > Strategy > Operations/Optimization.
The reasoning is that a CDD (commercial due diligence) often follows a similar structure and a similar playbook. You need to gather a lot of information about an asset and about a market. And if your AI is plugged into the right, high-quality data sources, you could relatively easily create certain market overviews, with growth rates, price changes, or market share developments. DDs are usually some of the most stressful projects with a lot of material to be produced, but part of it could be semi-automated. So, it could be an interesting proposition (even though it still needs a lot of human intelligence, reasoning, and contextualization).
A strategy project is extremely company-specific. You could establish some market overviews with AI. But to lead the discussions on where the company should be headed is way beyond the AI.
Lastly, operations projects. There are some types of optimizations where AI could be very useful (e.g., e-commerce, or logistics). But in others, where you really need to get your hands dirty, observe processes, and interview employees, it's much more difficult. That's extremely hands-on, and extremely context-specific - and therefore, not really AI territory.
But definitely a question to think about!

[@jaeyoungchoi6790]

@CaseInterviewHub that's a very interesting point. BTW I just asked chat gpt the same question, and it answered strategy > cdd > operation

[@dansmith8866]

Gen AI is a joke and could never take the job of a Consultant. News flash - if our clients could simply use Google, many consultants wouldn’t have jobs.

[@jimbojimbo6873]

Literally no one in consulting uses fen AI