UK consulting fee income rises
Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have known that UK consultants saw a hike in fees during 2014, with the Big Four outperforming their competitors.
According to the industry body’s latest report, Management Consultancies Association members, which include the Big Four’s consultancy firms, announced £5.2bn in fees during the last year, up 8.4% on the previous period. The Big Four’s consultancies grew by 10.75%.
The MCA’s members made up over half (60%) of the UK management consulting sector. Therefore this growth was faster than the majority of every other economy sector. According to Accountancy Age’s Top 50+50 2014 survey, they earned £2.7bn.
After last week’s consulting acquisitions made by KPMG and EY, it is clear that consulting has become a huge focus for the Big four in recent times.
Speaking about sectors and industries, the annual report showed that digital consulting remains the largest area of consulting activity. Most of that activity surrounds financial services, retail and energy, and figures show it rose to over 27% to £1.4bn, which is up 2% from last year and a total of 8% from two years ago, according to MCA.
Specifically strategy consulting, which last year accounted for 7% of consulting activity, saw growth of 44% in 2014, and now makes up a tenth of all activity. Also, Financial Services saw growth last year, and remains the biggest private sector buyer of consulting services. The MCA research also shows that consulting work in general has increased by 43%, with members involved in major UK projects.
Finally, the income from the public sector remains similarly to 2013. It is around £1.1bn, lower than the previous £1.8bn at the start of last parliament. Yet firms who supplied returns across 2013 and 2014 show 9.8% growth between both years.
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