As the title suggests, what is the difference between those two? I am college student looking for a career at consulting but get confused between those two areas, especially at the case of Deloitte
What is Advisory?
Advisory works similarly to an audit, in which you will be providing reports and evaluations to upper and middle managers. These reports can vary from financial and accounting advice, to a wider range of transactions and events. Although it can be similar to consulting in which you are offering recommendations to consumers through reports and research, you are not actively working on strategy projects.
What is Consulting?
Consulting can be defined as assisting in strategy, structure, management, and operations of an organization to pursue a long term project. In consulting, you will be working for C-Suite executives on various large-scale projects such as new products, target markets, and feasibility studies. Typically a consulting position will revolve around excel sheets, powerpoints, and client meetings.
Deloitte's Advisory vs Consulting
Deloitte does offer both an advisory and consulting position but their description can be vague in what is the difference between the two. Both Deloitte Advisory and Deloitte Consulting are different entities within the firm and have differing recruitment processes as well.
Deloitte Advisory can be described as the risk management of the firm. As @nyny18 describes, this branch is quite diverse:
It is divided into Business Risk and Tech Risk, and then there's also a bunch of other ways to divide it as well (Regulatory & Compliance, Cyber Risk, Financial Transactions etc.). There is a Financial Transactions Advisory arm of Deloitte Advisory.
On the other hand, Deloitte Consulting consists of strategy and operations, human capital, and technology. With that being said, Deloitte's consulting aspect does not deal much with strategy, but more operations and management consulting.
User @1600mPenn describes the difference based on majors:
If you're an Accounting major, you probably lean more towards Advisory. If you're interested in business more broadly, you'll want Consulting.
Want to Learn More About Consulting Salaries?
If you would like to learn more about consulting's compensation, company statistics, click on the industry report below!