In recent years, the consulting industry has faced numerous challenges in major markets such as the UK, Saudi Arabia, and Australia. Now, the latest threat to the sector may come from within.
Documents reveal that around 150 former consultants from firms like McKinsey, Bain, and Binah Capital Group Inc (BCG) have been hired by a third party to train AI models, teaching them how to perform entry-level tasks in the consulting industry.
The project, codenamed Argentum, is reportedly managed by a data annotation startup that previously organized over a hundred former investment bankers to train OpenAI’s systems in building financial models. Sources familiar with the matter, who requested anonymity due to the sensitivity of the information, confirmed these details.
This development comes at a critical juncture for the global consulting industry. Amid economic uncertainty, demand for consulting services has declined, prompting many firms to turn to AI to cut costs and improve efficiency.
Previous reports indicate that McKinsey employees are increasingly using an in-house generative AI platform called Lilli to draft proposals and create presentations.
While the Argentum project aims to help consulting firms outsource tedious tasks traditionally handled by junior employees to AI systems, it also raises the possibility that clients may bypass human consultants altogether and rely solely on AI for such work.
This trend highlights how AI is reshaping multiple industries. Amazon recently announced plans to cut around 14,000 corporate jobs, while veteran Wall Street dealmaker Paul Taubman warned earlier this week that massive investments in AI could disrupt the global economic system.
According to the documents, recruitment for Argentum is handled by Mercor, an AI-driven hiring startup. Tasks involve using AI models, including Google’s Gemini. Google declined to comment.
Applicants must submit resumes and complete a 15-minute AI interview. Selected participants are paid daily, with compensation starting at $110 per hour for up to 19 hours per week, according to a source.
Mercor did not respond to requests for comment, but its website confirms the company is seeking experienced consultants to collaborate with a leading AI research lab on a long-term project to evaluate and enhance cutting-edge AI models.
Ideal candidates are required to have at least two years of experience at McKinsey, Bain, BCG, or similar top-tier consulting firms.