Consultancy is an industry that many individuals start off their career due to the breadth of work, the broad range of skills you can develop and the knowledge of having many ‘exit opportunities’ available afterwards.
In basic terms, consulting is a profession which provides expert advice and assistance to companies who need it for a variety of reasons: these can be financial goals they want to achieve, how to expand in another market, how and where they should cut costs, strategies to grow revenue or sales and many, many others. Consultancy is also more than just offering advice or solving problems; it’s about delving deep into the heart of businesses, understanding their issues and challenges, and ensuring the correct strategies are in place to develop, adapt and improve.
The scope of consulting:
Consultancy is not a one-size-fits-all. It encompasses a diverse array of projects and specialisations, each tailored to address specific business challenges and opportunities. As a result, there are many types of categories of consulting, with some of the most common being:
- Strategy Consulting: This branch of consultancy focuses on crafting long-term strategies to help businesses achieve their goals and navigate competitive landscapes. Consultants in this field analyse market trends, competitor behaviours, and internal capabilities to develop robust strategic plans.
- Management Consulting: Management consultants specialise in optimising organisational performance and effectiveness. They work closely with businesses to streamline operations, improve processes, and implement best practices in areas such as operations management, supply chain optimisation, and organisational restructuring.
- Technology Consulting: In today’s digital age, technology plays a crucial role in driving business success. Technology consultants assist businesses in leveraging the latest innovations to enhance efficiency, productivity, and customer experience. From implementing enterprise software solutions to harnessing the power of data analytics, technology consultants help businesses stay ahead of the curve.
- Financial Consulting: Financial consultants provide expert guidance on matters related to finance, investments, and risk management. They help businesses make informed decisions regarding capital allocation, financial planning, and investment strategies. Financial consultants also play a key role in mergers and acquisitions, conducting due diligence and financial analysis to ensure successful transactions.
Types of Projects
In consulting, the standard job is often very changeable, with consultants working on different client ‘projects’. Consultants will engage in a wide range of projects; each designed to address specific business needs and objectives and have a different client.
Some example projects and consulting problems include:
- Conducting market research and competitive analysis to identify growth opportunities and market trends.
- Developing strategic plans and business models to guide international expansion of a business.
- Implementing a process improvement and operational optimisations to enhance efficiency and reduce costs.
- Providing advisory services on mergers, acquisitions, and divestitures to maximise value and mitigate risks.
- Designing and implementing technology solutions, such as CRM systems, ERP systems, and custom software applications.
- Maximising revenue with a specific division, internal function, or area of the business.
Day-to-Day Responsibilities
A consultant’s day-to-day activities can vary depending on the nature of the project and the client’s needs. However, common responsibilities may include:
- Engaging with clients to understand their business objectives, challenges, and requirements.
- Conducting research, data analysis, and market assessments to gather insights and inform decision-making, often using tools like Microsoft Excel and other data analysis software’s.
- Collaborating with cross-functional teams to develop strategic recommendations and action plans.
- Presenting findings, proposals, and project updates to clients and stakeholders.
- Monitoring project progress, managing timelines and budgets, and ensuring deliverables meet quality standards.
- Continuously learning and staying abreast of industry trends, emerging technologies, and best practices and identifying strategies for the client to utilise and take onboard.
Consultancy progression path:
Career progression in consultancy follows a structured path, starting from entry-level positions and advancing to more senior roles over time. Here’s a typical career trajectory:
- Analyst/Consultant: Entry-level roles where you’ll support project teams, conduct analysis, and contribute to client engagements.
- Senior Consultant/Manager: As you gain experience, you’ll take on more responsibility, lead project components, and mentor junior team members.
- Director/Principal: At this level, you’ll oversee multiple projects, manage client relationships, and contribute to business development efforts.
- Partner/Principal: The pinnacle of consultancy, where you’ll have significant leadership responsibilities, drive firm-wide initiatives, and shape the strategic direction of the organisation, as well as a more sales role focused on client engagement and acquiring projects for the team
Progression varies from firm to firm but generally in consultancy, the path is structured and promotions are regular which makes it an appealing prospect for a number of many.
How to maximise chances of getting in:
Consultancy is a very competitive environment due to all the above reasons and can be difficult to secure a place within. With that said, there are several things you can do to ensure you stand out, including:
- Acquire relevant skills: Try to develop relevant skills such as critical thinking, problem-solving, communication, and project management. If you are reading this as a student, you can still aim to gain these skills from university societies and college clubs.
- Gain practical experience: Look for internships, start-up roles, volunteering, or even leadership positions of any clubs and societies. This practical experience will help you build your CV and gain exposure to real-world projects.
- Network: Connect with consultants, alumni, and industry professionals through networking events, informational interviews, and online platforms like LinkedIn. Networking can help you learn about career opportunities and gain valuable insights into the consultancy industry.
- Showcase your achievements: Highlight your academic achievements, extracurricular activities, and relevant projects on your CV and LinkedIn profile. Be sure to tailor your resume to highlight your skills and experiences relevant to consultancy.
- Prepare for interviews: Familiarise yourself with case study interviews, behavioural questions, and industry trends. Practice mock interviews with friends, family, or career advisors to improve your interview skills.
This in essence summarises everything about consultancy, from the day-to-days, to the tips and tricks to help break in.
