Can someone please explain the difference between Advisory and Consulting?
4
Deloitte 1
I can explain in the context of Deloitte.
Also, if there are other people at D, feel free to correct me if I'm wrong.
Advisory is usually longer term projects. 6+ months, sometimes years. They tend to revolve around an Audit, Tax, other accounting related work, or "Risk" (risk is thrown around a lot at D and usually falls within Advisory). It is similar to consulting but the underlying objectives and scope of work are different.
Consulting is a lot more open ended. Consulting tends to revolve around strategy, implementation, change management, etc. These are all things that companies consult for. The projects are usually shorter (although some can span years). You can get some of this in Advisory but generally the work in Consulting will be more separated from the typical accounting work I mentioned above. (M&A Consulting may be an exception)
Also, Consulting at D tends to pay more than Advisory. (Although I'd also argue that Advisory folks are more immune to lay offs during hard times)
3
Deloitte 2
Well explained.
Google 1
Advisory means accounting advisory services that aren’t specifically Tax or Audit services. Consulting is more open ended in type of services eg can be tech consulting, strat consulting, ops consulting, etc.
1
EY 2
EY use the term interchangeably forever, before finally switching to consulting recently (or just dropping any name off all together in the case of SaT)
For the old guard who loved the term, it represented that we were advising clients on what to do, versus just being consulted.
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I can explain in the context of Deloitte. Also, if there are other people at D, feel free to correct me if I'm wrong. Advisory is usually longer term projects. 6+ months, sometimes years. They tend to revolve around an Audit, Tax, other accounting related work, or "Risk" (risk is thrown around a lot at D and usually falls within Advisory). It is similar to consulting but the underlying objectives and scope of work are different. Consulting is a lot more open ended. Consulting tends to revolve around strategy, implementation, change management, etc. These are all things that companies consult for. The projects are usually shorter (although some can span years). You can get some of this in Advisory but generally the work in Consulting will be more separated from the typical accounting work I mentioned above. (M&A Consulting may be an exception) Also, Consulting at D tends to pay more than Advisory. (Although I'd also argue that Advisory folks are more immune to lay offs during hard times)
Well explained.
Advisory means accounting advisory services that aren’t specifically Tax or Audit services. Consulting is more open ended in type of services eg can be tech consulting, strat consulting, ops consulting, etc.
EY use the term interchangeably forever, before finally switching to consulting recently (or just dropping any name off all together in the case of SaT) For the old guard who loved the term, it represented that we were advising clients on what to do, versus just being consulted.