# data[].attributes.body
Pwc boasts strong revenues of $41.3 billion for the fiscal year ending 2018.

# data[].attributes.attachment_link.readable_text
Tax & Legal

PwC's Tax & Legal revenues grew by 8% to US$10.4 billion, driven by the scale and complexity of change in many domestic and international tax systems, including the impact of US tax reform.

This change and complexity has driven demand across the whole range of our services from domestic compliance advice to international tax and transfer pricing. We have experienced particularly strong demand for indirect tax advice such as value added tax and customs, underpinned by our new suite of cutting edge technologies in this area. In addition, our deals tax business experienced very strong growth, driven by our market leading position for M&A advice around the world.

Revenues from our global Legal Services business continue to grow as our reach and capabilities in this area expand. We now have over 3,500lawyers serving clients in over 90 countries. In the last few weeks we have also announced an alliance with leading immigration lawyers, which will augment the breadth and depth of our capabilities.

Demand for our services on HR transformation and labour mobility also grew strongly across the world with over 10,000 people now working in our People and Organisation network.

With over 50,000 professionals - who are enabled with the latest technologies - PwC has the largest tax and legal network in the world, focused on advising our clients in line with our Global Tax Code of Conduct and contributing to the dialogues about much needed change to tax systems locally and globally.

# data[].attributes.attachment_link.title
Revenues: How we're doing: PwC's Global Annual Review 2018

# data[].attributes.attachment_link.description
For the year ending 30 June 2018, PwC firms around the world earned total gross revenues of US$41.3 billion. Topping US$40 billion for the first time and marking 21 years of uninterrupted revenue growth. This is down to the talent, professionalism and hard work of our people around the world.

# data[].attributes.headline
Deloitte's 2018 Revenue surpasses both EY and KPMG

# data[].attributes.subject
Deloitte's 2018 Revenue surpasses both EY and KPMG

# data[].attributes.body
Deloitte's revenue was nearly double the revenue of KPMG and was greater than EY. Recorded a revenue of $39.9 billion fiscal year ending 2017 which increased to $43.2 billion which is a record revenue for the company.

# data[].attributes.attachment_link.title
Deloitte announces record revenue of US$43.2 billion | Deloitte | Press release

# data[].attributes.attachment_link.description
Deloitte announces revenues of US$38.8 billion. Read the full press release to learn more.

# data[].attributes.body
Strong competition amongst the big four consultancy and audit firms with EY ahead of KPMG on revenues. EY had a revenue of $34.8 billion.

# data[].attributes.attachment_link.title
EY reports record global revenues of US$34.8b in 2018

# data[].attributes.attachment_link.description
EY today announces combined global revenues of US$34.8 billion for the financial year ended June 2018.

# data[].attributes.headline
Biggest challenges facing Management consultancy firms

# data[].attributes.subject
Biggest challenges facing Management consultancy firms

# data[].attributes.body
Increased competition from small mid sized management consultancies aiming to tackle the standings of the established "big four"

# data[].attributes.attachment_link.readable_text
Anyone in the management consulting industry knows that today's firms face a host of business challenges, some age-old and some brand new.

The forces driving change are many and various. Disruptive technology, the rise of new business models and the pressures exerted by intense global competition are transforming the marketplace. At Hinge, we wanted to build a focused understanding of the top issues that are occupying firms - and what that means for the industry at large. So we got down to research.

Diving into the Research

In order to find the answers, the Hinge Research Institute surveyed over 1,000 professional services firms, representing over $176 billion in combined revenues and more than 1 million employees. The study covered a range of firm sizes and industries. In addition, we investigated a subset of these firms (almost a third of the full sample) that deliver consulting services to understand the challenges and drivers of success in that industry.

In one section of the study, respondents discussed their outlook for the industry over the next 3-5 years, as well how they planned to respond to those challenges.
Download the 2018 High Growth Study: Consulting Firm Edition
These insights allowed us to understand the current state of both the professional services landscape as a whole and the management consulting industry in particular. Ultimately, we were able to identify both broad trends and industry-specific issues.

In this post, our aim is to examine the business challenges and priorities of management consulting firms. So, what are those priorities, and what do they mean for the industry?

The Top Business Challenges

The top five overall business priorities for management consulting firms paint a striking picture of the marketplace today.

Let's go over these challenges one by one.
1. Increased competition
The top concern mentioned by almost 40% of firms was the specter of increased competition. Respondents from management consulting firms and all professional services reacted similarly: they worry a lot about competition coming from both new firms and larger competitors, with a slight edge to the emerging-firm threat.

That these threats topped both categories (consulting firms and all professional services firms) can't be a coincidence. In fact, it appeared at or near the top of almost every industry segment we studied (the lone exception being Accounting and Finance, where it ranked 5 th).

What does this finding mean? Many firms that are not large, established industry players and don't have a disruptive business model in the works are worried about their ability to stay competitive. After all, a great deal of consolidation is happening in the consulting industry, and new technologies threaten to commoditize lucrative bread-and-butter services. No wonder firms that aren't part of either of these trends are feeling anxious about the future!

The top concern mentioned by almost 40% of firms was the specter of increased competition. Click To Tweet
2. Changes in how buyers purchase services
Almost 38% of management consulting firms are worried about the changing ways buyers go about buying services (this compares to 30% - and 6 th place - across all professional services industries). While our data don't include specific details, we suspect that this concern is driven by the increased use of online search, social media and other non-traditional channels to find and vet consulting firms.

Even the way people get referrals has changed. Many referrals today are made by people who never even hired your firm, but they know about you from other source. Increasingly, firms are building their reputations online - though sophisticated content marketing programs and direct engagement in social media. No doubt, some firms feel ill-equipped to adapt to these changes. But they must if they want to compete in this changing marketplace.
3. Unpredictability in the marketplace
Whether you are talking business or politics, these are turbulent times. The consulting marketplace is evolving quickly from one that relied primarily on interpersonal contact to develop new business (think networking or personal referrals) to a wide-open battlefield on the Internet. Increasingly, that is where firms are doing battle and buyers are selecting the winners.

But there is more feeding the market frenzy than business development changes. The whole landscape is rapidly evolving, too - acquisitions and mergers are happening at a record pace, and new well-funded firms with different business models pop up with unnerving frequency. This churning marketplace is here to stay, and the most successful firms will learn to adapt to uncertainty.
4. Downward price pressure on services
Another common concern in the industry is increasing pressure to lower prices. Mentioned by almost 36% of consulting respondents, this threat is related to several other issues surfaced by the sample, including increasing competition, globalization, commoditization and automation.

SEE ALSO: Top 5 Management Consulting Marketing Priorities

As cheaper alternatives and more efficient technologies emerge, even expertise-driven consulting services are subject to fee erosion. But this trend represents an opportunity, too. For example, firms that leverage the power of marketing automation and artificial intelligence - and marry these technology efficiencies with their expert insights - will be positioned to differentiate themselves. This is especially true given that nearly half of management consultants are struggling to use technology effectively.
Download the 2018 High Growth Study: Consulting Firm Edition 5. The need for new skills
Noted by 35% of respondents, the need for new skills is a common challenge for management consulting firms. As new technologies and techniques arise in the marketplace, firms can feel an unrelenting pressure to keep up with the constant change. If they don't, a competitor will.

There are two primary ways firms can acquire new skills: 1) by training their professionals; and 2) hiring new talent who already possess those skills. Most firms use both of these approaches, but each comes with challenges. For example, training existing staff takes people away from lucrative billable work. And hiring new talent in a highly competitive environment can be very expensive. If a firm doesn't have a compelling employer brand - i.e., if it doesn't have a reputation for being a great workplace - the best talent often look elsewhere. Savvy firms recognize that if they want to compete for the best business they first have to win the war for the best people.
Conclusion
Turbulent times generate tremendous change, and this is precisely the reality that management consulting firms are facing today. To adapt to rising marketplace pressures, to get ahead and stay there, they will have to adopt an array of marketing techniques. But deep in the forge of adversity lies opportunity - to build resilient and robust brands.
Additional Resources:

Discover what today's most successful professional services firms are doing right in the research summary 2018 High Growth Study.

Check out Hinge University, the premier place on the Web where professional services go to learn new marketing skills and grow their firms.

Find out more on becoming a sought-after expert in your industry by downloading a free copy of The Visible Expert®book.

How Hinge Can Help:
Hinge is a global leader in helping professional services firms grow faster and become more profitable. Our research-based strategies are designed to be implemented. In fact, our groundbreaking Visible Firm® program combines strategy, implementation, training and more.

# data[].attributes.attachment_link.title
Top 5 Business Challenges for Management Consulting Firms | Hinge Marketing

# data[].attributes.attachment_link.description
Anyone in the management consulting industry knows that today's firms face a host of business challenges, some age-old and some brand new. The forces driving change are many and various. Disruptive technology, the rise of new business models and the pressures exerted by intense global competition are transforming the marketplace.

# data[].attributes.body
Further issues that Management Consultancy firms are facing

# data[].attributes.attachment_link.readable_text
These are tough times for firms in the management consulting industry, who must embrace change and quickly adapt to the changing landscape in order to retain clients in a newly digitised world.

Management consulting is a client-driven industry, and as clients' needs change, the sector - and the consulting firms within it - must adapt quickly in terms of services, structure and operations. The past few years have seen significant transition, particularly in terms of technology and legislation, and management consulting firms have had to respond rapidly, while maintaining their competitive edge and ensuring their own long-term growth.

On the surface, things are looking good for the UK management consulting industry. Figures published recently by , a provider of market intelligence on the sector, revealed that UK consulting grew almost four times faster than the economy in 2015, to £6.79 billion. The report also found that the Big Four () outperformed the market, growing 11.5% to £2.55 billion - a position bolstered by a busy regulatory environment, especially in financial services. Source Global Research up 8.2% from £6.02 billion Deloitte

The consulting market in the US also enjoyed good growth in 2015, growing at a healthy 7.7% to (£45 billion). Within Europe, Source Global Research identified the countries making up the DACH region (Germany, Austria and Switzerland) as being the most attractive for consulting firms. Here, the sector has grown by €1 billion reach almost $55 billion to a value of €8.7 billion (£7.5 billion) over a two-year period.

Challenges to the consulting industry

However, the sector also faces challenges that cannot be ignored, not least the growing division of the market into two increasingly distinct parts: a low-cost, commoditi s ed part, and a high-value, more classic part. management consulting

Edward Haigh, a director at Source Global Research, says: "This is forcing consulting firms to think about how they can address both markets, which is necessary if they are going to capture a share of the lucrative digital transformation market. This then leads to discussion about the consulting business model, pricing and brand architecture."

The pace of development in digital technologies is also creating new business models at a faster speed than many current company structures are able to cope with. To deal with this challenge, consulting companies must develop a comprehensive digital strategy and rethink their business and operating models in order to deliver it. There must be cross-channel connectivity and continuous engagement with all stakeholders; but, crucially, the strategy has to be about C-level leadership, and innovation and differentiation through the business and operating models.

Learning from mistakes

"Innovation cannot be achieved purely by investing large sums," says Marco Amitrano, UK head of consulting at PwC . "We need to adopt that 'fail fast', agile mentality that is seen to work so well in small businesses; we need to learn from our mistakes. As an industry we can often have low acceptance of failure, and end up valuing accuracy over creativity. It's important to recogni s e this as a barrier to reinventing the way we operate, develop our people and, ultimately, provide our clients with greater value."

Alongside this, the remains a perennial issue. "As recruitment and retention of talent this issue becomes greater , consulting firms are forced to think more about offering services and, increasingly, products that don't rely on their ability to sell people," says Haigh.

Nevertheless, talent is a prize asset, and many organi s ations seeking talent are casting their nets beyond the traditional top universities, and focusing on the skills someone has, rather than where they acquired them. A t , recruiting a diverse workforce will continue to be one of the most crucial priorities. People and culture leader Stephanie Hasenbos-Case says: "Three years ago, we were one of the first to identify the opportunity to be , and we made some fundamental changes to the way we attract talent. Grant Thornton more representative of wider society

This year, Grant Thornton saw a 47% increase in applications for our school-leaver programme, with trainees joining the firm across 20 different office locations. Our recent analysis also found that employees who would not have met the previous academic hurdles are performing just as strongly as those who did."

Another key challenge facing the management consulting industry in the next two or three years involves multi-sourcing: working with other firms when niche or complementary expertise is required. And this isn't just about large generalists working with small specialists; consulting firms are increasingly forming partnerships with people outside the consulting industry , including digital agencies, academics and technology companies.

Andrew Moore, director at DAV Management, says: "SMEs are inherently agile and flexible and have always been good collaborators, whereas larger management consultancy firms haven't tended to be. Smaller firms typically specialise and have strengths in specific areas (e.g. attracting talent ) and naturally collaborate with other firms where there is a shared need. In such relationships there are mutual dependencies and relationships built on trust, whereby all parties are, collaboratively, focused on performing in the best interests of the client. This is more difficult for larger management consultancies, as they typically want to be in control and will protect their position, are less collaborative and often see smaller firms as a threat."

Disruptive business models, for example digital and innovations such as crowdsourced consulting firms, are also emerging and impacting the sector, driven both by new technologies and by ever-smarter clients.

"Crowdsourcing for consulting provides the ability to source specific consulting expertise from small firms or freelancers who can react quickly and provide a particular service from anywhere in the world, with little or no overhead," says Moore. "For analytical-type consulting services, crowdsourcing looks to be a good way forward. For longer-term professional services and programmes, small specialist firms are a real threat to the bigger players, especially around aspects such as quality, trust and price."

A further issue for the consulting industry to face is a growing perception of consulting as a series of more commoditi s ed, transactional interactions. Paul Heugh, CEO of strategy implementation consultancy Skarbek Associates, says: "As technical work becomes commoditi s ed and margins fall, comprehensive expertise in consultants will be more valued. There will be an outflow of purely technical staff into other industries, as consultancies promote those with a greater knowledge of the industry, geography and the customer."

Recent geo-political developments have led to ations are already identifying and preparing for potential threats and opportunities, often with consultancy support. In order to meet this demand, Peter Richardson, managing director of increased uncertainty in the market ; however, many organi s , advocates management consulting firms developing specialist teams that understand the intricacies of their clients' businesses and sectors, as well as the opportunities and challenges they face. Protiviti UK

He says: "They should also continue to move away from the traditional time-and-materials model of pricing and towards a commercial proposition based on defining and delivering outcomes, and sharing their clients' risks and rewards."

If they are to remain competitive in the future, management consulting firms will need to find innovative ways of retaining clients and solving their increasingly complex business problems, while diversifying their own product offerings and attracting the consultants of tomorrow.

This article was created in collaboration with Deltek, a global provider of enterprise software and information solutions for professional services firms and other project-based businesses. For more information download the Deltek Management Consulting Industry Snapshot.

# data[].attributes.attachment_link.title
Trends and challenges in the management consulting industry

# data[].attributes.attachment_link.description
These are tough times for firms in the management consulting industry, who must embrace change and quickly adapt to the changing landscape in order to retain clients in a newly digitised world. Management consulting is a client-driven industry, and as clients' needs change, the sector - and the consulting firms within it - must adapt quickly in terms of services, structure and operations.

# data[].attributes.body
Shows pecking order of Management Consultancies which highlights how competitive the management consultancy industry is.

# data[].attributes.attachment_link.readable_text
Every four years, the Olympic Games offer the spectacle of the world's nations going head to head in a titanic contest for the most prestigious honours in sport: not just the podium positions but also the bragging rights afforded by topping the medals table.

As in sport, so in consulting, except in one important regard. Consulting, unlike the Olympics, is about the winning, not the taking part. So which is the best consultancy in the UK, based on the views of peers and clients?

For the UK's Leading Management Consultants 2018, Statista, the research and data provider, sorted recommendations into three categories. Six stars were awarded to firms "very frequently recommended" in a consulting service or sector, five for "frequently recommended" and four for "recommended". Let us call these the gold, silver and bronze "medals" in each "event". Deloitte, KPMG and McKinsey top the table by total number of medals - they each won star ratings in 29 sectors and services, the maximum.

This version of the table tells a familiar story: there is a gap between the largest, universal consultancies and the rest. Recommendations were made in at least 21 of the categories for the Big Four accountancy firms ( Deloitte, KPMG, PwC and EY), the Big Three traditional strategy consultancies (McKinsey, Boston Consulting Group and Bain) and Accenture.

But this is only one way of arranging a medals table. At the 2016 Rio Olympics, for instance, Team GB won fewer medals overall than China, but beat China in the ranking by number of gold medals.

If one cuts the consulting medal tally in a similar way, it reveals a different picture: Accenture comes top. Despite gaining no medal ratings in two categories, it achieved 18 six-star ratings overall, against KPMG's 17, Deloitte's 12 and McKinsey's 11. This table also elevates IBM to equal fifth with PwC, for its nine "golds".

There is more to this than meets the eye. The Management Consultancies Association - a trade body whose members include Deloitte, KPMG and PwC - pointed out in its recent analysis of UK industry data that in 2016, the largest firms grew by 4 per cent on average. Medium-sized firms did better, growing by 6 per cent, and specialists' growth exceeded 20 per cent.

A similar story is told by our ranking. On overall medal tally, there is a notable gap between Bain (which garnered 21 six-, five- or four-star ratings) and the next highest groups, IBM (14) and AT Kearney and PA Consulting (13 each).

But the alternative view shows it is possible for specialists to win gold in single events. For example, Atkins Global topped the podium in the construction and infrastructure sector. OC&C was among the gold medallists in consumer goods and retail, and BAE destroyed all-comers in defence. Hay Group, part of Korn Ferry, the executive search firm, since 2015, wins gold in its specialist area of people and performance.

These companies join Oliver Wyman, Baringa and Simon-Kucher in a cluster of seven consultancies that won the top ranking in one sector or service. In this analysis of the ranking, they jump above AT Kearney and PA, which achieved no six-star ratings.

Some distinct subsidiaries of the biggest companies are winning recommendations, often by specialising, for example QuantumBlack, McKinsey's data analytics arm.

If anything, the ranking may overstate the importance of the bigger groups, whose balance sheets buy a lot of name recognition.

What an at-a-glance analysis of the table does suggest is that trying to be all things to all clients is probably futile unless you are one of the largest consultancies. On the other hand, a strategy of smart specialisation could pay off. After all, if you are a small nation that is home to the world's best weightlifters, why try to beat the USA in the track and field events?
* Appearances in 29 rankings * Gold = very frequently recommended; silver = frequently recommended; bronze = recommended

# data[].attributes.attachment_link.title
How firms fared in the UK's Leading Management Consultants

# data[].attributes.attachment_link.description
Every four years, the Olympic Games offer the spectacle of the world's nations going head to head in a titanic contest for the most prestigious honours in sport: not just the podium positions but also the bragging rights afforded by topping the medals table. As in sport, so in consulting, except in one important regard.

# data[].attributes.headline
KPMG stops consultancy work for audit clients

# data[].attributes.subject
KPMG stops consultancy work for audit clients

# data[].attributes.body
Brand damage which KPMG is facing. This could affect their public image and how they appear to clients and customers

# data[].attributes.attachment_link.readable_text
Accountancy firm KPMG has said it will no longer do consultancy work for the UK's biggest companies if it is also auditing them.

The firm's chairman said the move was to "remove even the perception of a possible conflict" of interest.

The "big four" accountancy firms are under scrutiny following the collapse of construction firm Carillion.

The industry watchdog is currently looking at banning them from doing both auditing and non-audit work.

Earlier this year, the Financial Reporting Council (FRC) said the auditing work of the "big four" firms - Deloitte, KPMG, E&Y and PwC - had deteriorated.

It said KMPG's audits in particular had shown "an unacceptable deterioration".

Removing conflict

In a leaked memo to partners from KPMG chairman Bill Michael, he said the company was "working towards" stopping non-audit work for FTSE 350 clients if it was also auditing them.

He said there continued to be a "significant commentary around the extent to which the provision by the auditor of non-audit services to listed companies creates a conflict of interest or perception of such".

"However, to remove even the perception of a possible conflict, we are currently working towards discontinuing the provision of non-audit services (other than those closely related to the audit) to the FTSE 350 companies we audit."

The Competition and Markets Authority (CMA) has also launched a probe into whether the audit sector is "competitive and resilient enough to maintain high quality standards".

Deloitte has shared its response to the CMA's investigation, including its own set of remedy proposals. These include "a ban on non-audit services provided to FTSE350 and large unlisted public interest entity audit clients".

Deloitte also suggests a cap on market share for parts of the market, and a stronger governance structure.

PwC said it was "open to embracing change" and recognised that further moves to limit non-audit services to audit clients "could be necessary".

The fourth of the big accountancy firms, EY, declined to comment.

'Erosion of trust'

KPMG audits 90 FTSE 350 companies and is the first of the "big four" auditing firms to say it will stop doing non-audit services for companies it audits.

"The roots of our profession lie in a fundamental need for trust, assurance and confidence in the capital markets," said Mr Michael.

"The recent erosion of trust in our profession is also our problem to fix and I am determined that we take the right course of action to fix it."

Auditors review the accounts of firms to see if the figures are a true and fair reflection of companies' financial health.

But the accounting industry has faced a lot of criticism in the last few years over whether their verdicts on companies' accounts can be trusted.

Apart from the collapse of Carillion and the demise of BHS, a series of accounting scandals have focused regulatory attention on the sector.

Last month, the FRC said its review of the audit industry would "include determining whether further actions are needed to prevent auditor independence being compromised, including whether all consulting work for bodies they audit should be banned".

There have also been demands from some quarters for the auditing industry to be broken up.

# data[].attributes.attachment_link.title
KPMG stops consultancy for audit clients

# data[].attributes.attachment_link.description
Accountancy firm KPMG has said it will no longer do consultancy work for the UK's biggest companies if it is also auditing them. The firm's chairman said the move was to "remove even the perception of a possible conflict" of interest. The "big four" accountancy firms are under scrutiny following the collapse of construction firm Carillion.

# data[].attributes.body
Highlighting the growth of Management Consultancies

# data[].attributes.headline
FOR PERSONAL USE ONLY- Areas to focus on in Essay

# data[].attributes.subject
FOR PERSONAL USE ONLY- Areas to focus on in Essay

# data[].attributes.body
Introduction/5

Company & Competitor Analysis/10

Marketing Objectives & Strategy Formulation – STP/10

Marketing Strategy Formulation – Branding & Internal Branding/10

Product Management /10

Pricing Management /10

Distribution Management /10

Integrated Marketing Communications Management /10

Implementation & Control /10

Academic Writing Style /5

Use of Appendices & Referencing /5

# data[].attributes.body
Article highlighting why businesses are turning to Management consultancies and why there is a growth in the industry.

# data[].attributes.attachment_link.readable_text
Often, when I explain what I do for a living being a management consultant, I get asked why companies hire consultants in the first place.

As much as I hate to hear it, the question makes sense: At first glance, it can be puzzling why companies wouldn't just solve their own problems-whether it be a cost reduction effort or a new market entry-well, themselves. But there are many reasons companies really need consultants (and why I am able to stay employed working on some of the coolest challenges in the business world!).

If you've ever considered becoming a consultant-or hiring one-read a little more below about how we can help companies out.

They Want an Outside Eye

You know how sometimes when you're dealing with an issue in your life, you turn to friends and family for their opinions? Companies often need this, too, especially when making tough decisions. Often times, clients have a perspective on how to solve the problem they are facing but want to make sure that what they're thinking is correct (or that they aren't so close to the challenge that they're missing the obvious answer). So, they turn to consultants to come in and provide their opinion.

But this isn't just any opinion: Because consultants often work with many different companies and may have worked through this problem in the past with someone else, they can really provide a perspective based on what they've seen work (or not) before. And given this experience, they can often bring new and innovative ideas or possible challenges to the table that clients probably wouldn't have been able to see on their own.

They Need Extra Horsepower

Sometimes the problems companies need solving are really important, but they don't necessarily have the manpower to focus on them. Companies still have to focus on their day-to-day operations, after all, and new projects typically require reprioritizing employees' core job responsibilities. But hiring new employees to fill these gaps doesn't always make sense either, seeing as many of these projects are one-offs. Whether it's a cost reduction program requiring a dedicated team of six for a year or even a post-merger integration that requires a team of 100 for a month, clients might struggle to get the teams in place to do this critical work.

In instances like this, consultants basically serve as temporary, highly skilled employees. We're not full-time employees of the company, so it is often cheaper to use us than hire someone new. Because we switch around companies often, we're used to the fast learning curve, and onboarding us is easier. And, by using consultants, companies don't have to pull their employees away from their actual jobs.

They Want Specialized Skills

Another, and perhaps the most common, reason that companies hire consultants is to gain access to a specialized skill set that might not exist in house. By engaging a consulting firm, you get access to a group of professionals that has skills ranging from Lean Six Sigma process design to finance organization structures. These highly specialized people would not only be expensive to hire for, but the company might not have enough work to keep said employees busy year round. But, thanks to consultants, companies can bring in that skill set on demand when they need it.

They Want a Safe Zone

Sometimes, when companies are working on a challenging problem or a controversial project, it can be hard for them to make decisions or take the necessary actions without getting wrapped up in emotions or politics. So, they bring in consultants to provide an unbiased eye and do some of the dirty work for them.

If you remember Up in the Air, George Clooney was engaged to go around the country conducting employment terminations on behalf of his clients. Likewise, clients might engage us for major restructurings or controversial projects so that they can ensure they're handled by an external party that's both experienced in and a bit removed from these types of activities. We can also provide the back-up and confirmation for a client that is attempting to run with a new idea that might not be well-received within an organization, without any risk to our day jobs or career.

As you can see, consultants really support companies in a lot of ways-and as a consultant you get to dig into a lot of tough situations. It's not easy work, but for problem-solvers like me, it's exciting work. If it sounds up your alley, learn a little more about how to get a consulting job of your own!

# data[].attributes.attachment_link.title
Good to Know: Why Companies Really Hire Consultants

# data[].attributes.attachment_link.description
Often, when I explain what I do for a living being a management consultant, I get asked why companies hire consultants in the first place. As much as I hate to hear it, the question makes sense: At first glance, it can be puzzling why companies wouldn't just solve their own problems-whether it be a cost reduction effort or a new market entry-well, themselves.

# data[].attributes.body
Revenue of $26.4 billion and a growth of 5% strengthens the need for management consultants and shows the growth in the industry

# data[].attributes.attachment_link.readable_text
Growth driven by client-focused investments in technology, innovative services, alliances and hiring.

Record high revenues for Fiscal Year (FY) 2017 of US$26.40 billion.

Revenue growth for FY2017 of 5% (in local currencies) driven by strong growth across Audit, Tax and Advisory services.

Growth in all three regions (Americas, ASPAC and EMA).

KPMG invested more than US$1 billion this year in a multi-year program focused on new technology, innovation and developing new services and solutions.

More than 37,000 new graduates and other entry-level professionals hired, with the total workforce growing to a record-high of 197,263 people.

KPMG network achieves gender parity for new hires, and an increase to 28% women in partner promotions across our 10 largest countries.

London, 14 December 2017 - KPMG International today announced record aggregated network revenues of US$26.40 billion for the fiscal year ending 30 September 2017 (FY17), representing a 5% increase in local currency terms on FY16.

"The KPMG network grew strongly while continuing to transform to meet the rapidly changing demands of clients. We are making significant, strategic investments across Audit, Tax and Advisory in technology and innovative services where clients are facing their greatest challenges and disruption. As an example, KPMG firms have built leading positions in cyber security, data & analytics (D&A) and digital transformation services, bringing together leading edge technology with world-class business expertise to offer a higher level of capabilities to clients in these critical areas," said Bill Thomas, Chairman, KPMG International.

"We remain committed to meeting our public interest responsibility and continuously improving the quality of the vital work performed for clients and capital markets. The Value of Audit and Responsible Tax forums held by KPMG around the world are powerful examples of KPMG bringing together key stakeholders to discuss our profession's most complex challenges and opportunities."

KPMG firms grew across all three geographic regions:

Americas revenues increased by 4.4%, with Tax growing by 6.7%.

Asia Pacific delivered strong growth with revenues increasing by 8.1%, with Advisory growing by 15.0%.

Europe, Middle East and Africa (EMA, including India) revenues increased by 4.0%.

Investing for future growth

"KPMG is continuing with a multi-year global investment program and this year invested more than US$1 billion in new services, technology, alliances and acquisitions, focused particularly on D&A, strategy, cyber security, digital labor and audit. This represents our most exciting, data-driven investment in the network and is transforming our technology capability and our operating model," said Bill Thomas. "Like KPMG's clients around the world, we're focused on harnessing the power of digital transformation to improve efficiency, innovation and quality."

Growth in business lines - Audit, Tax and Advisory

Audit
Total Audit revenues for the year were up by 3.1% to US$10.39 billion, building on last year's exceptional growth of 4.5%.

KPMG firms continued to win a number of significant audit appointments, particularly in Europe, where the impact of the second full year of EU audit reforms continues to drive increased movement of audit engagements.

"We remain dedicated to continuously improving audit quality by making quality the focus of everything we do. We are doing this through innovation, investing in our smart audit platform - KPMG Clara - our methodology and most importantly our people. KPMG continues to invest in new audit technology and innovation through a several hundred million dollar, multi-year, investment program. KPMG Clara now offers an automated, agile, intelligent and scalable platform for KPMG Audit professionals, bringing powerful D&A and technology capabilities together in one interface and allowing clients real-time information arising from the audit process and communication with the audit team. Through our alliance with Microsoft we are working to move aspects of KPMG Clara onto Microsoft's Azure cloud platform in certain markets, which will further enhance audit quality as well as improving efficiency," said Bill O'Mara, KPMG International's Global Head of Audit.
Tax
Tax revenues grew 5.9% over the previous year, to US$5.83 billion, driven by high demand for tax compliance services, as well as international and M&A related services, in all three regions.

"Once a highly-technical specialist capability, tax has risen on the corporate agenda. Meanwhile, the role of the tax function itself is evolving, particularly due to advancements in technology and data and analytics, highlighting new opportunities for tax departments to provide value to their organizations and beyond. Increasingly complex national and international requirements in key areas such as indirect tax, immigration, and supply chains have fueled demand for technology-enabled tax services and this is something KPMG is equipped to provide," said Jane McCormick, KPMG International's Global Head of Tax.
Advisory
Advisory revenues grew by 6.0% to US$10.18 billion, reflecting increased demand for expertise and deep industry knowledge to help clients better manage their risks, as well as plan and execute their strategy to drive growth. Investments in solutions drove strong double-digit revenue growth in Strategy services and emerging technologies such as Cyber. Particularly strong growth was seen in Asia Pacific, where Advisory revenues increased by 15%, with double-digit growth across the largest firms, including a 29% increase in China.

"The intersection between business consulting and technology is now very strong. Projects often start with a conversation with a client about a business challenge they are facing, then evolve to where new solutions with embedded technology can be developed drawing on our industry expertise, technology capability and alliances. We've focused on becoming more agile, and the speed at which we develop solutions and get them to market has increased dramatically over the past 2 years," said Mark A Goodburn, KPMG International's Global Head of Advisory.

A workforce of extraordinary talent

In FY17, the KPMG network remained a leading choice for talent, with the global workforce growing by more than 4% to 197,263 people, the highest number of individuals ever employed across the network. More than 37,000 new graduates and other entry-level professionals joined KPMG, and in our 10 largest countries we promoted more than 450 people to partner in our most recent partner class, and in FY17 we admitted more than 250 experienced hire partners across our network.

Within our leadership ranks, gender diversity continues to rise across the network. In the 10 largest countries, 28% of KPMG's latest class of partner promotions were women, and women now make up 47% of the KPMG network's workforce.

KPMG is investing significant time and resource to equip its people with digital transformation skills. As an example, KPMG in the US broke ground on a US$400 million learning, development and innovation facility in Orlando, Florida, US in mid-2017. KPMG is also working with leading universities to help educate and provide opportunities to the next generation of accounting professionals, developing the KPMG Master of Accounting with Data and Analytics Program to prepare professionals for the rapid advance of technologies that are changing the landscape of the accounting profession.

"KPMG's inclusive culture helps ensure that teams reflect the diversity of skills, backgrounds, experiences and thought expected by clients. We encourage our people to see the world through many different perspectives. We empower our people to be themselves and respect others - it's core to our values and what we believe in," said Susan Ferrier, KPMG International's Global Head of People, Performance and Culture.

KPMG member firms around the world are putting those beliefs into practice through their support for and involvement across a broad spectrum of diversity organizations and communities including Women Corporate Directors, the largest global network of women Board members, and KPMG's global citizenship priority of lifelong learning.

KPMG has been recognized as a leader in the drive toward inclusion in the workplace, including:

2017 DiversityInc Top 50 Companies for Diversity (US)

2017 Best-of-the-Best Corporation for Inclusion by the National Gay & Lesbian Chamber of Commerce (NGLCC) and the National Business Inclusion Consortium (NBIC) (US)

Business in the Community (BITC) announced KPMG in the UK in the Best Employer for Race list, and awarded the firm the Workplace Equality Award for Recruitment (UK)

Winner of the 2017 Queen's Award for Enterprise in the inaugural category of 'Promoting Opportunity' for its work on social mobility (UK)

The Times Top 50 Employers for Women for the 7th consecutive year (UK)

Silver Tier award for 2017 and a Bronze Tier award for the 2016 Australian Workplace Equality Index recognizing workplace support for LGBTI people (Australia)

KPMG was recognized as one of Canada's Best Diversity Employers for 2017 (Canada)

2016/17 Life At Work Awards Honouree, to recognize and celebrate employers with leading workplace strategies that champion I&D (Malaysia).

Our priority of citizenship

KPMG has a corporate citizenship strategy that is central to our identity that supports and reinforces our values and our purpose. KPMG member firms encourage partners and staff to engage with their local communities to inspire confidence and empower change. Over the past 12 months the KPMG network and KPMG people have invested more than US$105 million in local communities, and KPMG people have contributed 500,000 hours supporting communities, which includes more than 100,000 hours of pro-bono professional services.

KPMG firms across the world continued their commitment to lifelong learning. To date, KPMG has distributed more than 3 million books worldwide through KPMG's Family for Literacy (KFFL), and is a proud supporter of Junior Achievement, Enactus, One Young World and WE Charity, among others.

Other FY17 highlights

KPMG member firms serve 84% of Global Fortune 500 companies.

KPMG's alliances with market leaders like IBM, Microsoft and Oracle further extended the breadth of technology-based offerings for clients around the world.

The Forrester Wave™: Information Security Consulting Services, Q3 2017 has ranked the KPMG network as a leader in Information Security Consulting Services.

For further information, please contact:

Brian Bannister
Head of Global Communications
KPMG International
+44 7919 393753
brian.bannister@kpmg.co.uk

Notes to editors:

Combined revenues of KPMG member firms by region (US$ billion) The following global reports have also been issued by KPMG International today: KPMG International Annual Review
The International Annual Review reflects on our record of achievement over the past fiscal year, demonstrating the insights and expertise of KPMG professionals and the unrelenting focus on acting with integrity and quality in everything we do.
KPMG International Transparency Report
This report provides insights and details on how we continually strive to enhance audit quality, which is a direct reflection of the KPMG network's unwavering commitment to audit quality, an integral element of our business and culture.

About KPMG International

KPMG is a global network of professional services firms providing Audit, Tax and Advisory services. We operate in 154 countries and have 197,263 people working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.

The financial information set forth represents combined information of the separate KPMG member firms that perform professional services for clients. The information is combined here solely for presentation purposes. KPMG International performs no services for clients nor, concomitantly, generates any client revenue.

Headcount figures are expressed as FTE (full-time equivalent) and are based on average headcount for the financial year.

# data[].attributes.attachment_link.title
KPMG revenues grow strongly to record $26.4 billion

# data[].attributes.attachment_link.description
Growth driven by client-focused investments in technology, innovative services, alliances and hiring. Record high revenues for Fiscal Year (FY) 2017 of US$26.40 billion. Revenue growth for FY2017 of 5% (in local currencies) driven by strong growth across Audit, Tax and Advisory services. Growth in all three regions (Americas, ASPAC and EMA).

# data[].attributes.headline
How Brexit will benefit or harm professional services firms.

# data[].attributes.subject
How Brexit will benefit or harm professional services firms.

# data[].attributes.body
Major threat to Management consultancies is Brexit. One key factor in regards to brexit is labour force. Will Management Consultancy firms still be able to poach highly skilled workers from outside Britain. Although this article also argues that there will be an increase in the demand for the services of Management Consultancies to help businesses after Brexit, I aim to argue that the economic uncertainty could lead businesses to decrease their demand for management consultancies.

# data[].attributes.attachment_link.readable_text
Britain's decision to leave the EU brings both opportunities and risks for firms listed in the UK's Leading Management Consultants.

Brexit means that the UK's private and public sectors need a lot of outside help as they prepare to cope with the consequences of leaving the single market and customs union. As a result, since the June 2016 referendum, consultancy firms have been hired to advise organisations on a plethora of issues, ranging from supply chain regulation to market access.

On the other hand, consultancies face worrying times themselves as Britain prepares to clamp down on the free movement of citizens between the UK and Europe. For such firms - which rely heavily on highly skilled staff from wherever they can be found - the prospect of new migration barriers poses a risk to the future recruitment of talent.

After a pause in activity in the aftermath of the referendum, Britain's decision to leave the EU provided a boost. The domestic consulting market grew four times faster than the UK economy in 2016 - up 7.5 per cent to £7.3bn - according to a report by Source Global Research released in March 2017. That was slightly weaker growth than the previous year, reflecting a brief hiatus as companies assessed the economic impact of the EU referendum. But demand picked up later in the year as businesses considered the likely impact of Brexit on their operations.

That surge flattened somewhat in 2017. Business leaders are unsure what Brexit will mean for them as the talks in Brussels become more complex. Many are therefore postponing investment and putting decisions on hold until further notice.

"Clients are caught between uncertainty of outcome and an ever-shortening timescale," says Alex Woodhead, partner at Baringa Partners, a fast-growing, mid-sized consultancy. "Diving reactively into execution right now risks wasting time, effort and money. Clarity and prioritisation, including a clear understanding of which decisions are dependent upon the negotiations and which can be moved forward, are key."

That does not mean consultancy work related to Brexit will dry up altogether. Until now, 20 per cent of Brexit-related advice has been bought by the public sector and 80 per cent by the private sector. Once Britain is out of the EU, government-run bodies will begin to need a lot of outside advice.

"You are going to see a huge restructuring in public sector organisations covering areas like customs and immigration while there will also be a need to set up new UK regulators in areas currently covered by the EU," says Alan Leaman, chief executive of the Management Consultancies Association. "I would expect all that to require a lot of external support and advice for government."

Another consultant quoted in the Source Global report said: "There could be a need for 3,000 to 5,000 consultants, lawyers and other professionals supporting the government's Brexit negotiations."

In Source's survey of companies that contract consultants, 24 per cent said they were increasing their use of advisers in response to Brexit, and 82 per cent said they expected to call on the so-called Big Four - Deloitte, KPMG, PwC and EY.

"The Big Four will make hay out of Brexit, because of the number of trade agreements that will have to be negotiated," said an anonymous source quoted in Source's report.

None of this should diminish the concerns of consultancy firms over what Brexit might mean for themselves. "The UK industry has benefited hugely from free movement," says Mr Leaman. "It enlarges your talent pool and gives you the flexibility to recruit very specialist skills and knowledge. So fears about immigration restrictions after Brexit happens are top of the list of concerns."

There are also fears about the potential restriction in the sale of consultancy services to Europe. "Around 12 per cent of fee incomes of firms come from exports to the EU27 so this is a significant market for UK consulting," says Mr Leaman.

Where he has no doubts is that Brexit, if it happens, will be an important growth area. "Brexit will have an impact on supply chains, the transferability of data across borders, talent issues and much more. This will bring a profound change in our economic life and we are only starting to scratch the surface."

As a result, he says, consultants are saying to clients that the current period of uncertainty could be very lengthy, and warn that they don't want to end up being paralysed. "You might wake up one day and find the competition has taken over."

# data[].attributes.attachment_link.title
Management consultancy clients torn over when to act on Brexit

# data[].attributes.attachment_link.description
Britain's decision to leave the EU brings both opportunities and risks for firms listed in the UK's Leading Management Consultants. Brexit means that the UK's private and public sectors need a lot of outside help as they prepare to cope with the consequences of leaving the single market and customs union.

# data[].attributes.body
Relating to internal branding. Also a form of marketing. Why should companies select KPMG?

# data[].attributes.body
Supports earlier arguments that there is a downward pressure to reduce the fees of management consultancy firms. KPMG may need to look at their pricing strategy and if necessary reduce costs to give them an edge against other firms.

# data[].attributes.attachment_link.title
1461001745545_Fees in the consulting industry

# data[].attributes.headline
Reasons why Management Consultants are not needed

# data[].attributes.subject
Reasons why Management Consultants are not needed

# data[].attributes.body
Will support my argument that businesses may choose to move against management consultancy firms after Brexit if they begin to cut down on costs and choose axing management consultancy firms as a way to do so.

# data[].attributes.attachment_link.readable_text
Regular readers of my column already know that I've been in the management consulting game for over 25 years. In that time, I've heard every excuse imaginable for why a prospective client doesn't need my help, or anyone else's for that matter. As you might imagine, I beg to differ. Here are the top 10 excuses used for not hiring a Management Consultant and the reason why those excuses can come to hurt you and your business:

Indisputably, the most successful businesses in the world routinely seek the counsel of management consultants--many of my successful clients, in fact, keep me on retainer to ensure that they have access to a "trusted advisor" to bounce ideas off of whenever they need a different point-of-view. Yet, so many leaders refuse to use consultants. If you're one of those leaders, I hope that the ideas presented here will help you to rethink your position on the subject. After all, everyone needs a little help from time to time.

Like this column? Sign up to subscribe to email alerts and you'll never miss a post.

# data[].attributes.attachment_link.title
Top 10 Excuses for Not Hiring a Management Consultant

# data[].attributes.attachment_link.description
The most successful businesses routinely seek the counsel of management consultants. Yet, so many leaders refuse to use them. Here are the 10 most common excuses used and reasons for why those excuses may come back to haunt you and your business.