CONSULTANCY NOT A PROFESSION
P.O Box 1234,
30th March, 2010
RE: CONSULTANCY MEETING PROFESSION OR NOT - A CASE OF BAIN & COMPANY
1.0 Background information
Bain & Company was established in 1973 by a group of seven former partners and managers from the Boston Consulting Group headed by Bill Bain. The company was originally headquartered in Lexington, Massachusetts on Militia Drive. By the end of the decade, the firm's headquarters were in Faneuil Hall Marketplace in downtown Boston.
Under Bain's direction, the firm implemented a number of unconventional ...view middle of the document...
But the fact they own a stake doesn't hurt."
1.1 Management consulting
Management Consulting is the practice of offering business executives third party advice, expertise, and support with the aim of enhancing the business's performance resulting in an overall increase in the value of the business for its shareholders - and other stakeholders.
Management Consulting got its start in the late 1880's when Frederick W. Taylor began to perform studies of the time required to complete processes in manufacturing. The practice developed over time and eventually, James O. McKinsey formed McKinsey & Company with Tom Kearney -in the mist of the great depression, when companies needed consultancies most. McKinsey's group set out to help troubled businesses grow and recover from economic crisis. Shortly after that, Management Consulting grew as a field and other firms began to take shape.
Today, there are many management-consulting firms. Boston Consulting Group, McKinsey & Company, and Bain & Company are all firms with which you may be familiar. Organizations typically hire management consultants for their problem-solving abilities, specialized industrial expertise and commercial acumen.
2.0 Discussions and Arguments
Whether management consultancy is a profession or not is a mystery which is still subject to controversy, however, if Management consulting grew with the rise of management as a unique field of study and that management is not a profession or even yet coming near or closer to being a profession then, how can management consultancy be subject to professional requirements?
2.1 Consultancy not a profession
A profession can be defined as "a specialized kind of work practiced through and by use of classified knowledge, a common vocabulary, and requiring standards of practice and code of ethics established by a recognized body." Whether Consultancy can be called a profession or not will be clear if one compares its features with the characteristics of recognized profession like medicine, law, accountancy, etc., which are listed below:
Systematic Knowledge: Every profession has a well defined area of organized knowledge. Management Consultancy also deals with distinct area of knowledge which is developed around functions of Consultancy. Techniques of Consultancy developed by drawing knowledge from other branches like economics, mathematics and so on facilitate Consultants to perform their job better. Coordinated decision making in organization is made possible by application of the same theory by all Consultants in their decision making. Consultants should possess experimental attitude in acquisition of new knowledge so as to prove successful in an ever-changing organizational environment.
Formalized method of acquiring knowledge: For present day Consultants, formal education and training is an important source of knowledge. Transfer of knowledge gained through experience from one living mind to another or...