Consultants looking to exit will struggle unless they are ‘top 10pc’
Management consultants will struggle to land new roles until Easter next year, but accounting, tax, audit and cyber experts continue to be sought after by the major consulting firms, according to recruiters.
The mixed employment market, caused by a widespread slowdown in public and private sector demand for management consultants, has already led to big four firms Deloitte, EY, KPMG and PwC, as well as Accenture, taking various measures to reduce or defer costs.
So far only KPMG and Deloitte have made job cuts, but it is likely other firms will follow suit if the downturn continues, as expected, into 2024.
Brook Coxon from recruitment company Lemon Talent.
While the big four are looking to hire for in-demand areas, recruiters note there are fewer pay bumps and sign-on bonuses on offer compared with the bumper COVID-19 and post-pandemic period when professionals were suddenly in short supply.
The lack of increased pay is particularly evident for big four accounting, tax and audit roles despite continued demand for these types of professionals. (Accenture doesn’t offer accounting and tax services.)
The fall in demand for general advisory services was evident from the start of the year, said Brook Coxon, co-founder and director of specialist recruitment business Lemon Talent.
“It normally starts again in February after summer, but it was clear it was going to be slower this year,” said Mr Coxon, who specialises in placing strategy and operations consultants.
“The news with PwC in May and the Labor government trying to cut down on consulting hasn’t helped, either.”
Big four consulting partners were not expecting demand to pick up again this year.
“They tell me it’s not going to pick up before the end of the year; they don’t
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