Question about the Deloitte Risk and Financial Consultant Role
I saw some people posting about being a Deloitte risk and financial consultant, but I also saw others simply writing consultant at Deloitte. I was wondering if these two roles were separate in the sense that the former isn't actually consulting but just another phrasing for the audit role of Deloitte. I'm a bit confused and just wanted to know since most of the people with "risk and financial consultant" came from not so great schools, while the latter had a great pedigree.
Hoping someone could shed light on what this actually entails and if it's even considered management consulting.
The Deloitte Risk and Financial Advisory role is distinct from traditional management consulting roles. While it may carry the title of "consultant," the work typically focuses on areas like risk management, compliance, cybersecurity, and financial advisory services. This is not the same as the strategy-focused consulting work done by Deloitte Consulting, which is more aligned with management consulting and involves advising clients on business strategy, operations, and large-scale transformations.
Key differences include:
Nature of Work:
Skillset and Background:
Career Trajectory:
In summary, the "Risk and Financial Consultant" role is not synonymous with management consulting. It is more specialized and often overlaps with audit-related functions, though it can still offer a solid foundation for future career moves.
Sources: Is Management Consulting just a glorified Audit?, https://www.wallstreetoasis.com/forum/consulting/difference-between-corporate-consulting-vs-corporate-strategy-vs-normal?customgpt=1
Risk and financial advisory (RFA) has a different name but is essentially the same position. There's definitely a perception of consultants being from better schools/harder roles to land but day to day is the same; I think for the internship the consultants made a slightly higher sign on bonus, but that was it. Additionally, I've heard they're combining the two titles/departments because they literally do the same thing and it never made sense.
They are very similar now and all rolled into “Deloitte Consulting LLP”. RFA advises on more finance transformation and implementation (controls, SOX, finance processes) work, while Deloitte Strategy works on what would be considered your traditional “management consulting”. However, most of the work is pretty similar across the board from what I’ve heard and pay isn’t great in both departments.
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