There may be additional training or education to help you specialize in a particular type of consulting, but there are also other considerations that require some forethought. Due to longer projects, https://www.bookstime.com/articles/accounting-and-bookkeeping-services you’ll likely specialize much more quickly at the Big Four accounting firms than at MBB. At MBB, you remain a generalist for many years, working on projects across different industries and functions.
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By now you may have gathered that project accounting, while useful, can be quite complicated and cost-effective to set up, and in many cases may not be well suited to giving you the insights you need, when you need them. This makes it impossible to compare projects over time and understand if the profitability of the work itself is going up or down. These overhead costs fluctuate completely independently from a project’s life cycle and shouldn’t be included in this calculation. This is a fundamentally flawed approach because some of these inputs in overhead aren’t directly related to the performance of a particular project.
With a fixed consulting fee, you charge for your value, above and beyond your time. Your clients pay you for your expertise, knowledge and guidance, and you will likely reap the rewards of that relationship in terms of more business from them and their referrals as well. When you ask what accounting consultants do, there are many different answers, depending on the different needs accounting consulting their clients have, the areas of specialization they focus on, their geographic region, and many other factors. These groups do the type of consulting work that is most similar to the consulting work done at traditional management consulting firms. Management consulting has been a major area of investment for the Big Four, with many of them acquiring management consulting firms.