Welcome to the World of Consulting!
The long study nights, the short coffee breaks, the constant stress. It has all slowly come to an end. Your efforts have paid off and it is now time to move onto bigger things. As a fresh graduate, the myriad number of career paths can seem confusing and disorienting. Every path brings with it a range of new possibilities, opportunities, and experiences.
Amidst the various career fields, the field of consulting is one that has gained a lot of prominence lately, but what exactly is consulting?
Broadly speaking, consulting refers to the practice of helping companies or firms increase their profits and efficiency by providing them with advice and helping them address the major challenges and obstacles they are facing. Consulting also spans across different industries and sectors. Consultants can work in the fields of strategy, operations, financial advisory, risk, tax, legal, and many more. Some sectors tackled include manufacturing, media, healthcare, hospitality, financial services, and the public sector. This field is dominated by large consulting firms such as McKinsey, Bain, and Boston Consulting Group (BCG). Other big players in the field include Deloitte, Price Water House Coopers (PwC), Ernst & Young (EY), and KPMG. While the prior firms focus more on management and strategic aspects, the latter ones place more focus on financial advisory, risk, tax, and legal.
As a consultant, the nature of work varies depending on the industry and type of consulting; however, a consultant is generally expected to perform the following tasks: attend client meetings, lead and manage the team, engage in discussions, draft the scope of work, conduct research, analyze statistics, assess different strategies, compile information, prepare proposals, and present the findings and recommendations to the client.
Consulting comes with a lot of perks and challenges. It can serve as a valuable experience for anyone wanting to upgrade their skillset, while gaining exposure in a multinational context. When deciding to pursue a career as a consultant, it is important to keep the following points in mind:
Consulting is very diverse and the projects vary from client to client. One day you might be working on a big project in the real estate sector, and the next day you can find yourself working for a client in the field of media. Each client comes with different requests, which is very appealing to those willing to kick-start their career in the field as it ensures maximum exposure and understanding of the various underlying aspects of the business world and the on-going trends.
Learning can be seen as an ongoing process from the first day and gaining an impressive skillset is a sure outcome. There are a lot of formal training opportunities to take advantage of; however, most learning will be the result of the day-to-day work. The projects are fast-paced, diverse, and working with teams will allow you to learn from those who are experts. You can expect to enhance your skills in communication, leadership, problem solving, writing, analysis, and time management.
Your list of professional networks can be expected to greatly expand throughout the course of your work. This network can be formed of individuals who span across different positions, companies, cities, and even countries.
Due to the fast-paced nature of work and the merit-based rewards, any hard work usually pays off and it is possible to grow very quickly in your career as a consultant. Hence, the high-earning potential is also great, and you might quickly find yourself sitting with the partner discussing the next projects.
With consulting, it is possible to see the results of your handwork when you see clients implementing your proposals and delegating you with more work afterward. This gives a great sense of achievement and accomplishment.
However, consultancy work can be very demanding and the working hours can sometimes go beyond the official working hours, depending on the type of project and the urgency of deadlines.
You will be working with different people from different industries and sectors. Each person can have a different working methodology; and it is common for clients to change their minds and perspectives regarding the work they require. Sometimes changes and updates are required after you had spent hours working on a report. Therefore, it is very important to have patience and remain as flexible as possible and be willing to adjust your working methods accordingly.
Lastly, be prepared to have a friendly and professional attitude at all times and brace yourself for the thrill of the ride!
So if you are looking to pursue consultancy, hopefully this has given you an idea of what you should expect. If you are still unsure, the diverse nature of work in consultancy can help you explore what industry or sector you would be interested in working for. Finally, be sure that even if consultancy is not your long-term career plan, the label “consultant” stands out in the market and it can give you an edge and open a lot of other career opportunities for you in the future!
Mergers & Acquisitions Consultant
At Deloitte, I engaged with a number of diverse clients from both the private and public sector in the fields of energy, defense, media, real estate, and many more. My experience has taught me the multi-dimensional aspects of the market and the value of consultancy work.
