- The management consulting market declined by $30 billion due to decreased client demand during the coronavirus pandemic, but certain areas are still growing.
- Experts told Business Insider that technology, healthcare, and strategy consulting remain steady areas of growth for major firms like KPMG, McKinsey, and Boston Consulting Group.
- Consultants with specializations in digital transformation, corporate turnarounds, and cybersecurity are in higher demand right now.
- Here are the practice areas that will expand in response to the coronavirus and how much they pay.
- Visit Business Insider’s homepage for more stories.
If you’re looking for a job in management consulting right now, it pays to be in a booming sector.
The coronavirus pandemic has upended the management-consulting industry. The market for consultants has declined this year to an estimated $132 billion from $160 billion because of decreased client demand, according to research platform Statista. The crisis put a strain on corporate budgets, forcing some to cancel or pause projects with major clients.
But even in the midst of an unstable financial market and a rapidly-spreading virus, there are certain areas within consulting that are growing in demand.
While consultants working in the motor, manufacturing, aerospace, and travel industries are among the most impacted by the health crisis, there are certain areas, such as turnaround and bankruptcy, strategy, and healthcare that are set to grow.
This means consultants may have to be flexible about the jobs they take on. For example, workers previously handling operations for an airline might be moved to strategy operations for a high-growth client. Stephan Chase, partner and US consulting leader at KPMG, said there’s also been “an explosion of opportunity” in specialized areas such corporate turnarounds, cybersecurity, and government-related work.
“We tend to flow toward where those opportunities are being generated, and we’ve been pretty good about moving