Modern consulting traces its roots to 1886

Consulting encompasses a wide range of expertise—from management and tech, to finance and PR

At their core, consultants—whether independent or part of firms—help organizations solve problems, refine processes, and achieve goals.

Consulting is more than just giving advice

A deep-dive article from Harvard Business Review argues that many clients of consulting firms need to ask more from these firms and to understand their capabilities, which range from accounting to growth strategy and more.

The Big Three consulting firms are McKinsey & Company, Boston Consulting Group, and Bain & Company

Some also refer to this group as “MBB.” As a nearly century-old company that’s well known for its prestige, McKinsey has some famous alumni—including Chelsea Clinton and Sheryl Sandberg. The other two consulting firms in the Big Three have employed some famous faces over the years, too.

Consulting firms are known for their relatively high starting salaries

The “Big Three” and the “Big Four” consulting firms especially are known for high pay. Top firms often offer entry-level salaries well over $100K per year.

The 'Big Three' and 'Big Four' consulting firms have grown more similar in recent years

The “Big Three” consulting firms—McKinsey & Company, Boston Consulting Group, and Bain & Company—and the “Big Four”—Deloitte, PricewaterhouseCoopers (PwC), KPMG, and EY—actually have a lot in common these days. But it wasn’t always that way.

The 'Big Four' consulting firms specialize in accounting

The "Big Four" refers to Deloitte, PwC (also known as PricewaterhouseCoopers), KPMG, and EY. They more recently built out their business consulting practices in addition to accounting services.

The global consulting industry was worth roughly $710B in 2023

From 2017 to 2021, the consulting firm McKinsey took in $77M in consulting contracts with just the US Food and Drug Administration alone.

Many of the projects major consulting firms work on are kept secret, some firms provide a few examples of real-world client work

A list of client work examples from McKinsey includes a case study on how the firm helped Starbucks design more inclusive stores, and many more.

In 2018, roughly 13% of Yale University graduates became consultants

Consulting is a popular career path for today’s top college students. A student newspaper article dives into a Yale University student’s brief love affair with the consulting industry, starting with a depiction of the interview process.

The American Research and Development Corporation is considered the first modern VC firm

Best known for investing in companies that wanted to utilize some of the technology developed during World War II, the ARDC’s cofounders all held prestigious positions at places like MIT and the Federal Reserve Bank of Boston.

Management consultants deal with solving complex business challenges

Specifically, according to an article from careers site The Muse, a management consultant can be loosely defined as someone who is “a problem solver for some of the more complex business and org structures out there.”

Some argue that America is too dependent on consulting

Many major companies in America—not to mention the federal government—spend thousands of dollars a month paying to contract major consulting firms.

A lot of what consultants do all day is intentionally kept a secret

Consulting firms also often keep their clients private to maximize the sectors they’re able to secure contracts for and avoid any perceived conflicts of interest.

'The Firm' is a book about the influence of top consulting firm McKinsey

The author argues that consulting firms are so valuable to the companies that hire them because the clients don’t have to take the blame for any changes the consulting firm decides to make within the organization.

Governments are arguably very dependent on consulting firms like McKinsey and Deloitte

This podcast episode discusses the consultancy industry’s rise and how these firms make billions of dollars, even amid significant scandals.

In 2018, roughly one-third of Yale graduates went into either finance or consulting

Every year, top consulting firms head to career fairs at Ivy League universities like Yale across the country. They end up recruiting a significant population of the student body by graduation.

How venture capital firms came to be

The venture capital firm that kickstarted an industry.

David Ogilvy once worked for the man who created the Gallup Poll

In 1938, when Ogilvy came to the United States, he started working for George Gallup’s Audience Research Institute in New Jersey. He took his learnings with him through the rest of his career, including during World War II, when Ogilvy worked with the Intelligence Service at the British Embassy in Washington.

An inside look at what it's like to be a consultant

This video explains the basics of consulting, as well as what it's actually like to be a consultant—from the lifestyle and hours to compensation.

From 19th-century whalers to startup accelerators, venture capital has a pretty exciting history

While the aforementioned whaling industry has a lot of similarities to today’s venture fund models, the first modern venture capital firm wasn’t founded until 1946.

Credit reporting's earliest origins in the 1700s resemble a game of telephone, with rural merchants asking their most esteemed neighbors to vouch for them to sleuthing urban lenders.

A Yale student wrote a critical essay about the consulting industry's influence on college students

Marina Keegan was a recent Yale graduate set to start her career writing for The New Yorker when she died in a car accident. But before her death, she wrote an essay criticizing the consulting industry's impact on not only her classmates' lives but also their ability to impact the world at large.

VisiCalc was the first electronic spreadsheet, released with Apple II's personal computer in 1979

Before 1979, managers were essentially information processors working off paper ledgers. Scenario modeling was slow, manual, and expensive. Companies were understood as organizations that built things with financial analysis as secondary. VisiCalc made calculation so cheap that you could work iteratively, setting out forecasts and tweaking assumptions until you got the answer you wanted. Oks argues It created a new way of seeing the world.

NASA purchased about 60% of all integrated circuits from 1961 to 1965

The US government adopted the new technology to support the development of the Apollo Guidance Computer, which would help astronauts fly to the moon. This drove manufacturing up and costs down, setting the stage for the modern computing era.

Early MBA curricula were influenced by a movement in ‘scientific management’

The Scientific Management movement was pioneered by Frederick Winslow Taylor in the early 1900s and posited managers should take a scientific approach to work, studying each task and system in the workplace from an objective lens. It’s still considered the backbone of modern management practices.

America's oldest companies still operating today

Did you know that the Ticonderoga pencil company dates back to 1795? Or that Baker's Chocolate started in 1765? This visualization depicts the oldest American companies that are still in operation today in a timeline—see it here.

The origins of modern family offices date back to the 1500s

Wealth management for families with massive fortunes has evolved over the centuries, with the Rockefellers establishing the first single-family office in 1882.

Slick interfaces and bundling helped solidify Excel as the corporate planning tool

First initiated in the 1980s, the Excel spreadsheet built off predecessors like Lotus and VisiCalc, leveraging a novel graphic interface to entice new customers and packaging the program with other Microsoft Office products. Forty years later, the tool faces challenges from Google and AI, but retains devoted users.

The first private equity fund was launched in 1960

At the time, the industry—and the public's understanding of it—was rather limited, and few private equity firms existed until the 1980s. The first leveraged buyout is thought to have taken place in 1955.

Computer scientists first started trying to optimize dating using computers in the 1950s.

Visualize where the first batch of founders from the famous startup accelerator Y Combinator are now.

Ray Dalio started his career as a golf caddy in Long Island

When Dalio was 12 years old, he worked as a golf caddy at the Links Golf Club. That's where he heard about the stock market for the first time and decided to invest in Northeast Airlines—the only stock he knew that was selling for less than $5 a share. Dalio ended up tripling his profit and became fascinated with the stock market—ultimately laying the foundation for his legendary career as a hedge fund manager.

Explore an alternative investments timeline

From what’s known as the first leveraged buyout, when JPMorgan acquired the Carnegie Steel Company, to the creation of the first-ever hedge fund, alternative investments have a long history.

Concierge medicine officially began in 1996, with the first concierge practice

MD2 International, a concierge medical office that opened in Seattle, Washington, was founded based on the idea of unrushed, no-wait-time visits and personalized care offerings with strong relationships between patients and their providers.

CES debuted in 1967 amid a wave of miniaturization in at-home electronics

The rapid development of integrated circuits—the basis of computing power—in the 1960s catalyzed an industrial shift toward miniature devices, including pocket transistor radios, smaller TVs, and more. This first consumer electronics trade show (with a slate of 117 exhibitors and 17,000 attendees) sought to make everyday electronics accessible and portable. See a timeline of early consumer tech with photos.

Bill Hewlett and Dave Packard are known for creating the 'founding' Silicon Valley company Hewlett-Packard

During the company's early years, Hewlett and Packard established a management approach called "the HP Way." The approach, which was considered radical at the time, helped shape the way Silicon Valley is run today.

The winding journey from Standard Oil to the modern oil industry

Standard Oil’s impact on the business world can be clearly seen today in oil giants like Exxon and Chevron. But the journey from the Rockefellers’ trust to the modern firms was a windy road. After the Supreme Court ordered Standard Oil’s break up, the first step saw it separate into many state-based companies like Standard Oil of California and the Ohio Oil Company. Visualize it here.

See a timeline of American Express' history

Since its founding in 1850, American Express has evolved from a mail delivery service to a multinational financial services company. Small additions to the company over time, such as taking money orders and inventing traveler's cheques, were key drivers of the company's transformation.

Building the first atomic bomb required unprecedented coordination

Creating the first atomic bombs demanded breakthroughs in physics, engineering, and logistics—uniting elite scientists with tens of thousands of workers across the US. This in-depth history explains how the Manhattan Project overcame those challenges.

Read about Palantir's early days—from a Stanford University dorm to an investment from the CIA

Palantir was originally founded after the 9/11 attacks as a private-sector solution to the government's growing need for advanced intelligence. One of its earliest investors was In-Q-Tel, the CIA's non-profit venture capital firm.

How John D. Rockefeller became the world's first billionaire

From a young age, John D. Rockefeller knew he was interested in business. He worked as a bookkeeper and sold candy prior to starting the business empire that would help cement the Rockefeller name in history: Standard Oil.

David Ogilvy—one of history's most famous and influential advertising executives—wrote multiple books, including 'Ogilvy on Advertising,' a career memoir full of his favorite copywriting advice.

Key moments in fintech history include the transatlantic cable’s invention and E-Trade’s founding

Founded in 1982, E-Trade was the first-ever online brokerage, pioneering a method of investing that is common today. Its story is part of a timeline that the New York Times put together of key moments in early fintech history.

The story of the debut 1967 Consumer Electronics Show

Read an account of the origins of the first CES in New York in 1967, a story which is surprisingly difficult to find information about.

Lewis and Clark’s journey became a blueprint for future exploration

Combining science, diplomacy, and logistics, the Corps of Discovery created a model for later expeditions—from charting the Arctic to NASA’s space missions.

'Most of man's problems upon this planet, in the long history of the race, have been met and solved either partially or as a whole by experiment based on common sense and carried out with courage.'

-Frances Perkins (1880-1965), first female member of US Cabinet

Amazon sold its first book on April 3, 1995

Before selling everything on the internet, Amazon started as an online bookstore. The company's first customer was a man named John Wainright, who purchased "Fluid Concepts And Creative Analogies: Computer Models Of The Fundamental Mechanisms Of Thought" by Douglas Hofstadter. There's a building named after Wainwright on Amazon's Seattle campus.

Ogilvy & Mather rebranded to just ‘Ogilvy’ in 2018

This was far from the first brand evolution the agency itself has gone through in its more than century-long history. The agency now known as “Ogilvy” started as a London advertising agency founded in 1850 by Edmund Mather. By 1964, it became known as Ogilvy & Mather after merging with a New York City agency that was founded in 1948 by David Ogilvy.

The history of chemistry up to World War I, from alchemists seeking gold to probing atomic structure

Those involved in the predecessor of the modern scientific discipline engaged in experimentation to develop recipes that would transform ordinary matter into gold and to create medicines, cosmetics, dyes, and alloys. Over the course of centuries, scientists identified unique elements, organized them based on their properties in the periodic table, and eventually developed the technology to discover the internal structure of atoms.

NASA was created in 1958 in the wake of the Sputnik 1 launch

The launch of Sputnik 1 in 1957 jolted US political leaders, who urgently consulted scientists and defense experts on how to respond. Concerns about Soviet technological dominance—and the promise of civilian space applications—led directly to NASA’s creation in 1958.