Broadly speaking, the consulting industry is broken down along five major segments, with many small and a handful of larger companies in each sector:

Strategy – This is perhaps the best-known of the consulting segments. Strategy consultants deal with big-picture issues requiring fact-based assessments, quantitative analytics and a good dose of creativity to help companies make pivotal decisions like acquisitions, product or service development, increasing market share or solving a sticky high-level business issue. Companies such as McKinsey, Boston Consulting Group and Bain & Co. have formidable brands that go beyond the industry. There are also many smaller, boutique strategy firms like Tapestry Consulting, Geostrategy Consulting and L.E.K Consulting, that offer excellent career opportunities.

Human Resources – This segment deals with the people issues in business: compensation, talent management, leadership development and so on. The biggest players in this segment are Towers Watson, Hay Group, Mercer and AON/Hewitt, and a large pool of smaller, such as MBL Group and Guzhva & Partners, usually focused on one aspect of the broader segment.

IT – This sector is about making the most of the very latest developments in internet, digital or systems-related technologies. IT Consultants not only have to understand the newest developments in technology but also how to use the gamut of options available to make a business more efficient, more profitable and/or more cutting edge. IBM and CapGemini are the largest firms in this category, but there are literally 1000’s of smaller technology consulting companies out there, like Princeton Group, Panurgy and CAPE ventures.

Advisory Services – This segment is dominated by the Big Four Accounting Firms: PwC, Deloitte, E&Y and KPMG. Although their offerings tend to cut across multiple segments, especially IT, Human Resources and Strategy, they are best known for their work on regulatory issues and operational performance improvement. Some firms in this segment also do a lot of transaction support.

Forensic Advisory – The firms in this segment are smaller and less well-known than the other four segments and include FTI Consulting, Navigant and Huron Consulting. These firms focus on more “events-driven” consulting such as crisis management, bankruptcy consulting, litigation support, etc.

And Everything Else – That's the beauty of consulting, there is always another segment, there is always an area of expertise that you can hone in on, leverage and carve out as a niche that only you can fill. The entrepreneurial spirit is fundamental to the industry.

Depending on the project and the client's needs one or more of these segments will come together. For example, an organization wanting to improve its services might need to assess its business practices and implement new technology based on a revised strategic vision.