The Economist: Money talks

Money Talks: Managing the consultants



The image of management consultants has taken a pounding in recent years, giving the industry a reputation for unscrupulousness on par with investment bankers. And a recent difficulties and controversies at the three most prestigious firms - McKinsey, Bain and Boston Consulting Group (BCG), known collectively as MBB - hasn’t exactly helped the perception that they serve mostly to bamboozle CEOs while collecting fat fees. Can the industry be reformed?On this week’s episode, hosts Mike Bird, Alice Fulwood and Soumaya Keynes are joined by our global business correspondent Thomas Lee Devlin to find out more about the booming business for advice, and the problems that bedevilling the industrry. They also speak with New York Times journalists Michael Forsythe and Walt Bogdanich about their newly-published book, “When McKinsey Comes to Town”, looking at failures at the most prestigious consultancy, McKinsey - failures that McKinsey says misrepresent its business. Sign up for our new weekly newsletter dissecting