Is Consulting Still Worth It? Ex-McKinsey Insider Breaks It Down

Recently, a group of business pros sat down to talk about the changes happening in consulting. One of them, a former McKinsey consultant, pulled back the curtain on what the job used to be, what’s changed, and if hiring a consultant is even useful these days. The talk got pretty real about AI, long hours, and whether having the right industry friends is better than hiring a big-name firm.

Key Takeaways

• Consulting is in major flux—what worked ten years ago won’t work now
• AI isn’t ready to replace the human side of deep business problem-solving
• Real-world experience and networks might get you answers that a consultant can’t

The Classic Consultant Path

The conversation kicked off with a pretty common story. After doing the whole engineering and business school thing, one of the guests joined McKinsey in 2011. Consulting sounded like the perfect first job—long hours, tons of learning, and a “cookie cutter” start to a career. But times have changed. The things new consultants worked on a decade ago? They barely matter now.

Are Consultants Still Useful at All?

The million-dollar question—literally. Even the ex-consultant called the field’s future “dying” if it doesn’t change fast. Here’s where consultants supposedly shine:

What Consultants Offer (Traditionally):

• Understanding business problems from the ground up
• Collecting and breaking down complex info (like sales channels or inventory models)
• Coming up with recommendations backed by numbers and past examples

Someone asked if AI could handle that stuff now. The answer was a strong “not yet.” AI’s good with numbers, sure, but most businesses need help figuring out what the actual problem is—even framing the right question is tough.

What About Real Examples?

They talked about a brand wanting to launch a men’s product in India. In an old-school consulting gig, someone at McKinsey would round up examples from all over the globe—how Dove for Men expanded in China, which marketing tricks worked in Brazil, and so on. The classic move? Phone up people who’ve done it before, pull insights from their wins and failures, and build a plan.

This isn’t so much about sitting around crunching spreadsheets as it is knowing the right folks. If you’ve got mates at Unilever who’ve run similar projects, you might not even need the consultants at all.

Networking Vs Consulting: Which Wins?

This led to an honest breakdown:

• Consultants have huge networks, but so do investors or board members at big companies
• A board member from Unilever Ventures, for example, could call up her own industry contacts and get top-class advice
• In terms of cost and connections, sometimes it’s a toss-up between hiring a consulting team and just talking to your network

Here’s a simple table to recap:

How Much Does This All Cost?

If you’re a growing business thinking about getting outside advice, brace yourself. The talk revealed a consultant team could cost a couple of crores (in rupees) a month. Sometimes, getting a top board member or industry investor might cost around the same, or at least pay for itself in a different way.

The founder of a beauty brand broke down how she talks about her business size:

• Net sales matter more than big headline numbers
• Ignore fluff like GMV (Gross Merchandise Value) or ARR (Annual Recurring Revenue) if you’re trying to compare apples to apples
• Use the invoice value after returns, discounts, distributor fees, and all those other bells and whistles are taken out

So, Is Consulting Dead?

Not exactly, but it’s close—especially if the big firms don’t switch up how they work. The main takeaways:

• Reading a situation, framing complicated questions, and knowing people who have “been there” is still useful
• AI might replace basic analysis, but not the weird, messy, creative side of business questions
• If you’ve got a solid network and some sharp minds on your team or board, you might skip the expensive consultants altogether

Conclusion? Consulting’s not dead. But it’s got to get a lot less cookie cutter, and a lot more real-world. Or else, more people are just going to figure it out themselves—or, at least, call their smarter friends.