You mentioned in your article that "pressure is expected from offshore consulting hubs", eg India. While they have a lot of very bright and educated folks in India, there is no subsitute for the experience gained from working in large Western multinationals and under seasoned partners.
Having been in consulting for 20+ years (AT Kearney+Accenture:U.S.,Europe and Latin America) and having friends in many other firms, I have seen a decline in the calibre of consultants. This is attributed to the explosive growth that we witnessed in the last decade: supply could not keep up with the demand. Having an MBA from a top tier school is no guarantee of a good consultant. In a rush to gain market share, a lot of green consultants were put in positions beyond their capability.
So having good academic credentials is good raw material, but not fissionable intellectual capital. Kam