Intellectual leadership isn't there like it used to be. Again, I think this criticism could be launched at the top 3 consulting firms, but BCG in particular, hung its hat of path breaking concepts in the 70s and that's just not there anymore. Consulting really drove the intellectual agenda of management then, pulling academia in its wake. Not sure any business school or economics professors will be calling up partners to get new insights nowadays. Along the same lines, I worry about the generalist model. Only so much can be taught in two years at business school and, unlike the medical profession, there is no obligation to continue to learn the latest evidence based research, or even theories for that matter. So few do. As business disciplines continue to bend to the scientific research process (finance went first, now parts of marketing are starting), MBAs will be left saying only the most general of platitudes. Do we still add value, you bet. But perhaps not on the pure "intellectual" part - more so on solving political log jams, organization hurdles, synthesis of all the pieces parts.
As great as the people are, they (and I'm of course generalizing here) can get a bit detached from the average Joe and that sometimes manifests itself in off putting ways e.g. whining about issues people would die to have elsewhere. Really gets under my skin to hear my colleagues play into the prima donna stereotype. That's us at our worst moments.
Yes, work/life balance is tough in consulting but I don't think it's out of whack with other professional jobs - law, investment banking, etc. I'm convinced the labor market has its own efficient frontier of sorts in the tradeoff between money/achievement and work/life balance. You can't have the good of consulting without the bad. We wouldn't be what we are if we worked half the time. The mix it brings is not right for everyone or for all times in your life/career.
Ok - enough for now. I really need to get back to work. These decks aren't going to write themselves! :-)
