Problem-solver for hire
Consultants are hired by companies to solve the complex problems that they cannot solve themselves. Consultants tend to work on projects with a team of other consultants. The day to day work can include doing research for the project, analyzing data models, synthesizing large amounts of information into a clear action plan for the client, creating powerpoint presentations, and presenting to clients.
What types of problems do consultants solve?
Firms can hire consultants for a number of projects. The tasks can include:
- Provide deeper level of expertise. Let us say you are a US based company but thinking of expanding to Asia. You do not know much about the Asian market and have never worked there before. In this case, you might seek help from a consulting firm that has worked with companies based in Asia or companies that have made similar market entry moves such as the one you are considering.
- Offer a fresh perspective. Sometimes having a group of people who are immersed in the business for years can hinder creativity. Bringing in a consulting firm with people who have not looked at the problem before can bring new ideas.
- Fill temporary staffing/expertise holes. Sometimes a firm can encounter a temporary issue such as installing new software system or acquiring another company that needs extra staffing to support. In these cases, a firm might hire a consulting firm who is an expert in these types of transitions and can provide extra resources for a limited amount of time.
- Make touch decisions. Companies sometimes hire consultants to make the hard decisions such as layoffs or company reorganizations.
Via AtashaJordan.com
Pros & Cons of Consulting
The pros and cons of consulting will vary by each individual person’s preferences as well as what firms they are interested in. Here are some standard points to start considering.
| Pros | Cons |
| Variety of the work. No two days are the same. Constantly working with different industries on different types of problems. This can be a good step for students who want to explore what industries are out there. | Long hours. When a client wants something done in 2 days even though it should take 4, sometimes you have to work extra-long to meet that demand. Work life balance can be a challenge for many consultants. |
| Access to senior leadership. Interns and analysts can work with the C-suite (CEO, CFO etc.) of a company on a project. This exposure can help develop your leadership and professionalism. | High pressure and stress. Since you are working for clients and trying to meet their expectations, the job can come with pressure and stress. |
| Immediate impact. Consultants work on complex and high priority problems that can have a huge impact on your client’s company. | No real ownership of your work. At the end of the day, your work is done for the client and it is up to them to see the execution through. It’s also the client who will make the go and no-go decisions. As a consultant you can really only produce recommendations and those recommendations may never come into fruition. |
| Professional growth. Young consultants receive frequent feedback at most firms. This can be after a project is completed, every 6 months, or every 12 months. There tends to be a lot of mentorship at consulting firms and many opportunities to learn and grow new skillsets and competencies. | Frequent travel. Consultants tend to travel all over the world while working on different projects for their clients. While this may seem exciting, the travel is not a vacation. The client site can be in the middle of nowhere, or sometimes the hours mean that you cannot explore the place you are in. |
| Accelerate your career path. A consultant’s toolkit is highly recognized in the professional world and can translate to a number of additional jobs after a tenure in consulting. |
The lifestyle
No two days are the same in consulting, and there is often a fair amount of travel involved as consultants tend to work at the client’s site. The work can have long hours, but is also dynamic and can have large impact on how companies operate.
To learn more about a day in the life of a consultant, check out this article from The Muse or ask a consultant themself.
What makes a good management consultant?
Management consultants tend to come from a variety of disciplines and backgrounds – you do not need to be an economics major to be a business consultant. Here are some of the hard and soft skills that consultants tend to have.
Hard skills –
- Data and quantitative analysis skills
- Comfortable reading and building charts, graphs, and other visual forms of data
- Business acumen
- Can create beautiful, clear powerpoint presentations
Soft skills –
- Critical thinker, clear communicator
- High level of professionalism
- Strong client relationship skills
- Authentic
- Intellectually curious
- Fast learner
- Strong team player
- Optimistic, go getter attitude
- Ambitious and hard working
- Organized, can handle many tasks at once
Other types of consulting
Management consulting is a branch within the umbrella term consulting. The primary types of consulting are management consulting, economic consulting, implementation, and boutique or industry specific consulting.
- Strategic/management consulting: These firms help companies answer large business challenges such as “how do we market our product in China?” or “which new product should we invest in?”, but are less involved in the implementation of the solution. They include firms like McKinsey, Bain, BCG, Roland Berger, and LEK.
- Economic consulting: These consultants tend to focus on applying economic, finance, and quantitative principles to solve complex business and legal problems. There is no travel in economic consulting.
- Implementation consulting: These firms spend the majority of their time helping clients implement strategies. For instance, they may help a client deliver a new marketing campaign in Asia or help with a software installation process. Firms that lean more towards the implementation side are firms like Accenture and Deloitte.
- Boutique consulting: These firms focus on a particular type of service. For instance, FTI Consulting is best known for financial and litigation consulting. They work with a range of clients in different industries but mostly provide this type service. Other examples include IDEO, an innovation consulting firm, or Bridgespan, a nonprofit consulting firm.
Via Medium.com
