Haha, completely true, but you get a lot of latitude and you are actually valued as an employee — unlike most salaried jobs, there is a direct correlation between your paycheck and the company’s revenue. There is also a high incentive for the company to pay to keep your skills up-to-date.
The culture in consulting has its problems, but things are getting better and we’re seeing a lot more women entering senior roles which is starting to fix some of the bad behavior that has traditionally gone on.
As for acting self-important? It takes a fucking ego to have a 27 year old kid tell a 50 year old SVP how to do his job. But as a result, people in consulting generally respect each others large egos, which gets you some degree of professionalism.