An exclusive survey in Management Consultancy reveals that consultants are experiencing an overall drop in project values to the financial sector. By its nature the sector has always been a volatile market for consultants, but the #32,000 average fall in project values represents a sizeable decrease on last year’s figure. The research also breaks down the individual areas within the financial sector. The clearing banks still claim the greatest share of consultancy work, but this year’s survey shows that the insurance sector is closing fast. Consultants working in the finance sector will already be aware of the near collapse of the merchant banking contribution.
The survey shows that the sector still hankers after IT services more than any other. BPR and project management are also making healthy contributions, while the financial sector’s need for strategic consultancy is at an all-time low.
The survey offers hope for those selling to the clearing banks and insurers but suggests that the securities, pensions and merchant bank markets will experience a contraction.
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