THE CAREER PATH OF CONSULTING
You might have heard “consulting” in the same sentence as “Wall Street”. You might have a vague impression that consultants make a high annual salary. But I would bet that you haven’t pinpointed consulting as your dream career. Why? Most people simply don’t know enough about consulting.
For instance, did you know that the Lebanese government hired management consulting firm McKinsey & Co. to help restructure their economy? Or A.T. Kearney helped modernize Taiwan, bridging between international brands and strengthening IT infrastructure? Scroll to the end to read more!
To maximize your takeaway from this competition, which mirrors the work of a consultant, we thought a good way to start is by introducing the profession to you.
Strategy consultant helps company see the bigger picture and set long-term goals (guide companies on implementation); increase company’s profitability and competitiveness; evaluate ongoing strategies for results.
Biggest names: McKinsey, Bain and Boston Consulting Group (BCG)
Operational consultant concerns: improve the performance clients’ operations; support with specifically sales, marketing, production etc.; work closely with tech experts as often operations is associated with tech development.
Biggest names: ‘Big 4’ – Ernst & Young, Deloitte & Touche, KPMG, PricewaterhouseCoopers (PwC)
Financial advisory consultant helps their business better manage their finances; provide information and advice on investment strategies, tax issues, insurance, saving and everyday expenses.
Biggest names: Oliver Wyman
HR consultant works with clients in recruitment process; research and implement well-being systems; focus on effective communication; also help manage remuneration, structural change, outsourcing; advise on possibility of mergers and acquisitions.
Biggest names: Randstad, ManpowerGroup
IT Consultant advises clients on how best to use technology to improve business; test efficiency of current technology; design new software; assist with technological transitions; ensure cybersecurity.
Biggest names: Accenture, IR, Capgemini
BENEFITS OF CONSULTING AS A CAREER
Experience
Consultants are exposed to a wide variety of industries, problems, contexts, people, and situations. Take your case in hand: you might receive the files of a large corporation or a unicorn. Your case might be set in your home country or abroad, and you might conclude, after careful research and analysis, that the problem lies in HR, in Marketing, or in Operations. Are you excited yet?
As a real consultant, be prepared to also travel all the time, make unique connections, and discover yourself as if you’re eating alone in a random foreign town.
If you’re the type to want to fully experience life, then consulting might just be for you.
Discipline
Because of the competitive nature of the consulting industry (more and more job applicants are attracted by the lucrative pay), consulting agencies have to constantly be at the top of their game. “Top of the game”- ness is measured by the result they bring their clients, so they have endless pressure to give their work 100%.
Problem-solving skills
People think that if you’re born creative, you can problem solve. However, the reality is much more complicated. For many, their natural capacity to innovate or to think outside the box is restricted by the stress of facing a problem. Tackling a career in consulting means accepting a training program in problem-solving.
The greater the quantity of problems you encounter, the greater the variety of problems you meet, and the higher the stakes are for resolving it for your client, the more you physically and mentally adapt to the high intensity and exhilaration of problem-solving. That, is true mastery of the skill.
Excitement and expertise
Actors will often say that they love their jobs because they get to assume any and every profession. In some sense, a path in consulting is the same. With every new client in a different industry, you’ll inevitably feel the excitement of entering a new world.
However, don’t forget that consultants are paid handsomely because of the expertise they offer, otherwise known as “knowledge advantage”. Thus the career is equal parts exciting and truly demanding.
Focus
A consultant’s job is essentially to be faced with big problem after big problem. Consultants are thus trained to not crack under pressure and maintain a healthy level of stress to focus at all times.
Further career prospects
Following on from above, with a consulting experience on your CV, many new doors are opened for you. If you discover you have a knack for tech-related problems in your consulting career, you might want to explore the tech industry further – and you can thanks to the exposure you’ve already gained via consulting.