Professional services are occupations in the
service sector requiring special training in
liberal arts and pure sciences education or
professional development education. Some professional services, such as
architect
An architect is a person who plans, designs, and oversees the construction of buildings. To practice architecture means to provide services in connection with the design of buildings and the space within the site surrounding the buildings that h ...
s,
accountants,
engineers,
doctors, and
lawyers require the practitioner to hold professional degrees or licenses and possess specific skills. Other professional services involve providing specialist business support to businesses of all sizes and in all sectors; this can include
tax advice, supporting a company with
accounting,
IT services,
public relations services or providing
management services.
Definition
Many industry groups have been used for academic research, while looking at professional services firms, making a clear definition hard to attain. Some work has been directed at better defining professional service firms (PSF). In particular, Von Nordenflycht generated a taxonomy of professional service firms, defining four types:
# Classic PSFs (e.g. law and accounting firms): characterized by a high knowledge intensity, a professionalized workforce, and low
capital intensity
# Professional campuses (e.g. hospitals): characterized by high knowledge intensity, a professionalized workforce, and high capital intensity
# Neo-PSFs (e.g. management consultants): characterized by high knowledge intensity and a low capital intensity
# Technology developers (e.g.
R&D firms,
biotechs): characterized by high knowledge intensity and a high capital intensity
Frameworks such as this aid the ability of managers and academics to better understand how such firms manage themselves and how to judge benchmark practices.
Example occupations
There is no definitive list of occupations in professional services, but examples include the following:
*
Accountant
*
Actuary
*
Appraiser
*
Architect
An architect is a person who plans, designs, and oversees the construction of buildings. To practice architecture means to provide services in connection with the design of buildings and the space within the site surrounding the buildings that h ...
*
Consultant
*
Doctor
*
Evaluator
*
Engineer
*
Financial planner
*
Geoscientist
*
Investment manager
*
IT consultant
*
Inspector
*
Lawyer
*
Management consultant
*
Marketing
*
Public Relations
*
Social Workers
*
Supply chain management
*
Training and development
*
Urban planner
*
Veterinary physician
Provision
Professional services can be provided by
sole proprietors,
partnerships or
corporations. A person providing the service can often be described as a
consultant. In law,
barristers normally organise themselves into
chambers. Businesses in other industries, such as banks and retailers, can employ individuals or teams to offer professional services for their customers. Major cities such as
London
London is the Capital city, capital and List of urban areas in the United Kingdom, largest city of both England and the United Kingdom, with a population of in . London metropolitan area, Its wider metropolitan area is the largest in Wester ...
and
New York are leading global centres for professional services firms.
Marketing
The
marketing and selection of professional-service providers may depend on skill, knowledge, experience, reputation, capacity, ethics, and creativity. Large corporations may have a formal
procurement process for engaging professional services. Prices for services, even within the same field, may vary greatly. Professional-service providers may offer fixed rates for specific work, charge in relation to the number or seniority of people engaged, or charge in relation to the success or profit generated by the project.
See also
*
Big Four auditors
* ''
pro bono''
*
Outline of consulting
*
Professional services networks
*
White-shoe firm
References
External links
Indicators of regulatory conditions in the professional services€”
Organisation for Economic Co-operation and Development
Better Regulation of Professional Services€”
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
Key Facts about UK Financial and Related Professional Services€”
TheCityUK
Professional Service Firms€”
University of Cambridge
{{DEFAULTSORT:Professional Services
Business occupations
Service industries