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Concept
Professional services
Summary
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 architects, 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.
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.
There is no definitive list of occupations in professional services, but examples include the following:
Accountant
Actuary
Appraiser
Architect
Consultant
Evaluator
Engineer
Financial planner
Geoscientist
Investment manager
IT consultant
Inspector
Lawyer
Management consultant
Marketing
Public Relations
Physician
Supply Chain Management
Training and development
Urban Planner
Veterinary physician
Professional services can be provided by sole proprietors, partnerships or corporations.
Official source
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