Recently, I met a girl from Ernst & Young Advisory, who claimed she was a management consultant. Having never had experience with Advisory, I didn't know what to say. Can somebody enlighten me?
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So you think she was lying to you? I am not really sure what kind of explanation you are after. The Big 4 all have reputable consulting practices, with Deloitte being amongst the top global firms. They each have their own name for things, which I think might have to do with the whole sarbane oxley act.
http://www.ey.com/Careers/Experienced/Working-at-Ernst---Young/Advisory
I'm not really sure but I personally don't think of "management consulting" when I think of Big 4 Advisory. It is a respectable job with some similarities but the only real "consulting" from the Big 4 these days is Deloitte S&O IMO.
The kind of explanation I'm after is what do they do on a daily basis? Is it similar to consultants? I am aware of Deloitte S&O, but Deloitte also has Financial Advisory Services arm, which leads me to believe that Advisory is pretty distinct from MC.
MBB, Big 4 ∈ Management consulting
MBB ∈Strategy consulting
Big4 ∉ Strategy consulting
It's business consulting. I wouldn't say it's MC, but apparently people have different interpretations.
More process-oriented
Where does S&O fall then?
S&O falls under the "Deloitte Consulting" entity and is fully intended as Deloitte's management consulting arm.
So the work is more similar to MBB than Advisory?
From a Deloitte context, S&O would be more similar to MBB work than Advisory.
Keep in mind that all of the Big 4 had consulting arms similar to Deloitte's S&O, but Deloitte was the only one to retain its practice.
-E&Y sold to Capgemini -KPMG spun off Bearingpoint -PwC sold to IBM
I believe the noncompetes are up pretty soon, so it could be that E&Y (and possibly others) are trying to get back into the game.
The noncompetes expired about 4 years ago. PwC and EY have been rebuilding their consulting practices since then. EY has hired dozens of people out of Deloitte s&o and seems like they're getting back into proper MC. I don't know why they're reluctant to drop the advisory branding. Their work is not dissimilar to what we do.
Most of the big 4 have moved back into being "one stop shops" that include some flavor of strategy or operations consulting practice in addition to all the advisory stuff (tax, audit, risk, etc.).. Not sure about EY but PwC is definitely back in the game & recruiting ex-MBB, ACN Strategy, and Deloitte S&O in my market.
There are similarities but I personally don't think advisory = management consulting. MBB focuses on top management, generally work in teams on single projects (BCG might double staff not sure tho), is extremely hypothesis driven and works on more "bet your company issues" where advisory from the big 4 doesn't exclusively focus on top management, tend to play more individual contributor roles and tend to be staffed on multiple turn key type issues (projects the firm has done 100 times where they simply rewind and hit play). I'm over generalizing here to make a point.. but you get the picture..
Depends, my work with a Big 4 Advisory is with VP-C-suite mostly, and it is a combination of limited strategy, a fair bit more of process-design/improvement, and quite a few one off projects. We do, however, certainly step up and do some individual contributor type work as part of it, as sometimes you just can't say no when you need the results of it for your projects.
As happens, in our area we compete a bit with McKinsey over jobs as there isn't a lot of strategy work, so McK bids on a wider variety of work, so there is more competition between McK, the Big 4, and Accenture.
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