I assume you are talking about generalist and specialist roles within the same consultancy (rather than generalist firms vs. specialist firms).Generalists will usually undertake the tasks that involve core consulting skills and activities, such as selling, interviewing, client relationship management, synthesis and creation. They will work across a range of projects, involving different industries and functions. They lead projects and sell new work.Specialists will usually undertake the tasks that involve a more focussed knowledge base, such as research, data collection and analysis, reporting and reviewing. They will work only on particular kinds of projects, specific to a particular industry or function. They may provide specialist input to a range of projects without being heavily involved in any of them. They get involved once a project has been set-up, to liaise with the more junior, "detail-focussed" client representatives.In many consultancies (particularly those with higher standards), the career tracks will be different. Generalists will usually have joined straight from university or after a couple of years in a fast track development programme. Specialists will usually have joined later in their career after spending an extended period in industry.The generalist track is the more stereotypical consulting path, with rapid career progression, high pressure, and opportunities for sponsorship. It is the consultancy's front-office career path. The specialist track is an important one to give the firm credibility with clients (they can refer to having x years experience in the client's business across the team) but is more of a mid-office or back-office role. It offers more work-life balance, lower pressure and slower progression (there are fewer career opportunities with the typical specialist skill set).In general, generalists and specialists will be on similar pay scales, but specialists are lower paid for a given age and experience bracket. In reality, specialists tend to be older and more settled so although their pay will be higher than a new Analyst, it will still be less than someone of equivalent age who has pursued a consulting career. The other important factor to bear in mind is that specialists are usually hired from non-fast track roles in industry and therefore sit at a lower point even if on the same salary scale as the front-office consultants' group. This is particularly the case for the energy sector where candidates from industry are plentiful and come from low-wage backgrounds.As a final note, generalist and specialist are relative terms. For example, a generalist consultant will often start out as an Analyst working on absolutely any kind of project. After a few years they will identify a particular interest or skill, or develop strong relationships with a particular client group. They therefore become a "go-to" person for particular work and occupy a more "specialised" role. However, as their career progresses towards partner, they will become more generalist again in order to become a more effective cross-seller of consulting work.
