How to Get into Consulting (A Step-By-Step Guide)
Do you consider yourself to be an expert in a particular field or vocation? Are you self-directed, ambitious, and a problem-solver? You may want to look into a career in consulting.
But what is consulting, exactly? Simply put, a consultant is someone who offers expert advice in a specific field, whether to an individual or an organization. Consultants may work in a variety of fields, such as management, tech, or marketing. Regardless of field, a consultant aids an individual or organization in decision-making and business problems.
Are you interested in a consulting career, but not sure where to start? This article will provide a step-by-step road map of how to enter the consulting field and why it can be a rewarding career path.
Exploring a Career in Consulting
Consulting is a broad career term that encompasses a variety of different career fields. The purpose of this guide is to help you explore the different types of consulting and understand what a career in consulting entails.
A consultant provides business advice on various topics, helps companies define and understand the problems they face, and plans the implementation of solutions. Regardless of the particular field, all consultants must be willing to engage effectively in strategic decision-making processes and offer actionable insight. Understanding the different types of consulting can help you decide whether consulting is a potential career move for you. Some of the most common ones are:
- Management. Management consulting provides external perspectives on problem-solving, whether addressing specific industries like marketing or adopting a broader approach to various business issues.
- Strategy. Strategic consulting is a form of management consulting in which consultants advise on business decisions that affect a company’s operations and profitability.
- IT. Information Technology (IT) consultants work to evaluate and improve a company’s software and technology to help it run as efficiently as possible.
- Healthcare. Healthcare consultants act as advisors to clients in the healthcare sector, providing medical-related organizations with problem-solving expertise.
Is Consulting Right for You?
Good consultants must possess a variety of skills and educational training. A consultant must also be proactive as they often have to find their own clients and network with other industry professionals. Consultants also need to be expert communicators who are able to effectively exchange information both verbally and in written form. Finally, consultants must be creative problem solvers—organizations often look to consultants to find creative solutions. Consider each of these traits as you contemplate a career move into consulting.
It’s also important to consider the pros and cons of the industry before taking the leap into a consulting career. On one hand, consulting offers a great deal of flexibility, both in which contracts you pursue and your working conditions. Consulting work is an excellent way to build a professional network and gain multiple clients. Additionally, the field is extremely lucrative, as you are providing profits for a company that in turn will compensate well.
While consulting can be an excellent career path, it’s also necessary to be informed of the downsides. Working independently often means a lack of benefits such as healthcare or retirement. Contracts often come and go at different rates, and you may have periods of high-volume work and others that are silent. Since the industry is results-driven, the field of consulting is also considered high-pressure and can be quite demanding in terms of performance. When considering a career in consulting, it’s important to look at the big picture—the pros and the cons—in order to make the most informed decision in terms of a career change.
Educational Pathways
In addition to personal skills, an educational background is typically required for consulting roles. Most companies seek out consultants with both a bachelor’s and an advanced degree. Educational training at a business school or within an MBA program is often preferable, depending on the company and type of consulting.
While an advanced degree in a relevant major is often favored, a certification in consulting is also a viable option. Professional certifications demonstrate competency and help you build employable skills. All potential consultants should strive to be lifelong learners and exhibit a hunger for knowledge and growth to one’s potential employer.
Gaining Industry Experience
To appeal to a top firm or employer, it’s important to gain some experience before applying for a job. Apprenticeships or internships offer industry exposure and on-the-job training that will later be useful, and these are often flexible if you are simultaneously working on completing a degree. Internships are also a great segue into an entry-level position in consulting work.
Networking is another important consulting skill that will help propel you into a consulting career. It’s crucial to connect with other professionals in the field and build rapport while potentially securing internal recommendations. Building a networking funnel can help you develop relationships that may lead to future job opportunities.
Getting into Consulting: A Step-by-Step Guide
To increase your chance at a successful consulting career, it is imperative to understand what the career path will look like—from choosing a niche to education and experience and preparing for a job interview. This guide provides a comprehensive roadmap for individuals seeking to enter the consulting field.
Step 1: Self-Assessment
Take a look at your own skills, interests, and goals. Do you consider yourself to be an effective problem-solver? Are you a creative thinker with strong communication skills? These are all key traits that potential employers consider relevant to consulting. Consider your strengths—as well as your weaknesses—and continue to develop these essential qualifications as you assess a career move. While these skills are broadly important to a vast number of consulting jobs, your unique interests should also help inform you of your consulting niche.
Step 2: Choose Your Consulting Niche
When selecting a consulting niche, you should consider both your personal interests and market demand. Consider fields that you have prior experience and interest in. For example, if you have previously worked in the healthcare industry, consider a niche in healthcare consulting. Niche specialization will help you gain expertise and credibility, as you can leverage your specialized knowledge into a specific career.
In addition to personal interest, you should also consider market demand, although demand is often based on the industry itself. Management, financial, and technology are some of the most sought-after consulting industries.
Step 3: Educational Preparation
Consultant educational requirements are often subjective, although continuous learning is always desired in the field of consulting. If you are entering a bachelor’s or master’s program, consider choosing a major relevant to consulting such as management, accounting, or public relations. An MBA program will also give you the core skill set required to be a consultant.
Additional certifications, extracurriculars, or a summer internship can provide valuable experience and insight into a future consulting career. While a certification is not a requirement, it may help your employer see your level of dedication and commitment.
Step 4: Gain Industry Experience
Gaining practical experience in the consulting field is a great way to begin a consulting career. While aspiring consultants may wish to jump straight in, an internship or a part-time job can offer experience as well as a way to connect with other professionals in the field. Applying for an entry-level position will also help you build confidence and knowledge in your particular niche area.
Step 5: Develop Analytical and Soft Skills
The importance of analytical and soft skills should not be understated, as these skills will help you to work well with others and make an impact for your future employer. Analytical skills such as problem-solving and communication are highly valued by both employers and clients. Soft skills, such as emotional intelligence and curiosity, are key skills to develop for any line of work. There are a myriad of resources, books, and courses available to help you learn how to incorporate these skills.
Step 6: Build a Strong Resume and Online Presence
You will need to create a consulting-focused resume that highlights relevant consulting experience and skills. If you are just entering the consulting field, consider highlighting your analytical and soft skills if relevant to the job description. A professional online presence is also important as you seek to move into the consulting field. Consider creating a personal website or using a professional networking platform such as LinkedIn to connect with potential employers or clients.
Step 7: Networking and Building Relationships
Because a consultant often transitions between multiple clients, a career in consulting means being comfortable with networking and relationship building. Companies often look for internal recommendations, so it’s important to leverage personal connections by attending industry events and building rapport with other consultants.
Step 8: Prepare for Interviews
To prepare for a consulting job interview, consider common interview questions and be ready with thoughtful, well-considered answers. Always be prepared to showcase relevant experience and analytical skills such as problem-solving and good communication. Additionally, consider preparing for case interviews, an opportunity to showcase these analytical skills by solving a specific case study.
Step 9: Job Search and Application
Begin your job search by researching consulting job opportunities on job boards, company websites, and professional networking. Start gathering application materials such as a cover letter that highlights relevant work experience and your desired career path. You should tailor your application materials to fit the specific job description of your desired consulting job. Professional referrals are also an important component of a thorough and thoughtful application.
Step 10: Interview and Offer Negotiation
When navigating consulting interviews, be sure to highlight all relevant experience and skills. Be authentic, listen carefully, and ask questions that emphasize your level of motivation. You want to be prepared for a variety of questions, but your answers should not sound rehearsed. Once a job offer has been made, you should take time to research salary expectations and negotiate your desired salary.
Step 11: Launch Your Consulting Career
Once your consulting career has gotten off the ground, consider taking steps to ensure long-term career growth and development. This is especially important if you are pursuing freelance consulting. It takes time to build momentum in securing clients, but engaging in a consulting network and gradually building a client base will ensure a long-lasting consulting career.
Top Consulting Firms
Consulting firms are vast and offer a myriad of services to various industries. Ultimately, companies look to hire a consulting firm that will help them implement business solutions with industry-specific expertise. This guide is meant to provide an overview of some of the top global consulting firms, their impact on businesses, and how they rank based on revenue, client satisfaction, and global presence.
The Big Four Consulting Firms and Other Options
The big four consulting firms that account for nearly 40% of the industry are PwC, Deloitte, EY, and KPMG; however, the top three global firms are respected as McKinsey, Bain, and BCG. Take a closer look at these consulting firms in order to determine what may be the best fit for your career path.
Deloitte: A top consulting firm, Deloitte has been ranked one of the most prestigious global firms by publications such as Forbes. It is the largest of the “Big Four” accounting firms in both revenue and number of employees, with over 400,000 worldwide. The company touts fast professional growth and a vibrant work community with a heavy emphasis on teamwork.
PricewaterhouseCoopers (PwC): The second largest of the “Big Four,” PwC was the first firm to use the term “management consulting.” The company currently provides services to more than 400 Fortune 500 companies and combines expertise in strategy, technology, and management consulting services. The firm is largely considered to be an excellent place to start a consulting career, as its projects allow fast and valuable consultant exposure.
Ernst & Young (EY): Ernst & Young was founded in 1989 and is headquartered in the UK. As an accounting firm, it primarily provides assurance, tax, consulting, and advisory services to its clients. The firm is well-regarded for its high employee satisfaction rate and a congenial and team-minded workplace. Flexibility and work-life balance are high priorities for the firm; however, the firm is not known for exceptional pay or benefits compared to its competitors.
Klynveld Peat Marwick Goerdeler (KPMG): The last of the Big Four accounting firms, KPMG is based in the Netherlands and has around 200,000 employees. The company is known for years of fast and aggressive growth in China and Hong Kong and is considered one of the top leaders in risk management. KMPG places a high value on communication in the workplace and employee satisfaction is generally high.
McKinsey & Company: McKinsey is often considered the world leader in consulting prestige, and makes up a third of The Big Three, or MBB. Founded in Chicago and currently based in New York, its prestige makes it a prime option for building a high-powered career. Their areas of expertise include management, organization, and IT, and the company culture is extremely competitive.
Boston Consulting Group (BCG): The second consulting firm of the “Big Three,” BCG was founded in 1963 by a Vanderbilt University and Harvard Business School alumnus. It employs around 25,000 people, and its areas of expertise include corporate development and innovation. While BCG is not especially known for its work-life balance, the company has been consistently featured on the best firms to work for lists in the past two decades.
Bain & Company: The firm was founded by former BCG founder Bill Bain when he left the company in 1973. Bain pioneered a concierge business model with one client per industry. Areas of expertise include private equity, mergers and acquisitions, and retail. The company has had one of the top ratings on Glassdoor for a consecutive number of years, and it stands out with its culture of ownership and strong career progression.
Accenture: Accenture is a technology consulting firm with a strategy consulting arm. With nearly 700,000 employees across the world, the company has a massive global footprint. The company is known to highlight diversity in its workplace, as employees have reported a positive trend of increased diversity since 2016. Accenture is focused on young talent, and career progression is often linear.
How to Choose the Right Consulting Firm
After reviewing some of the top global consulting firms, how does an individual or company choose which firm is most suitable for their needs? Many factors should be considered, including the firm’s level of expertise, track record, and budget. Pay specific attention to these steps before making your selection.
Define Your Objectives
It’s important to determine and analyze your goals and objectives when making a consulting offer. What goals are you hoping to achieve in working with a consulting firm? Does the firm have a proven track record of success in the specific challenges of your project? When you have a clear picture of the end result you’re aiming for, you can seek out a consulting firm that offers strategies for your particular needs.
Assess Their Expertise
When evaluating a firm’s expertise and experience, consider how long they have been in business and what types of projects they have worked on in the past. Additionally, take into consideration the success rate of those projects and if they have remained on budget. You should also take into consideration their reputation in the industry, along with credible references who can attest to their expertise.
Evaluate Industry Experience
An experienced team of consultants will care about your time and will have extensive knowledge of their specific areas of expertise; this should be evidenced from their first pitch to you as a client. This is where references will again prove to be useful—asking a reference about the quality of a consultant’s work will help you determine their level of experience. Make a thorough list of the experience you would like your consultant to have before finalizing your choice.
Check Credentials and Certifications
Typically large firms are more structured and credentials will be easy to check. However, if you are interested in a smaller or more niche consulting firm, it’s important to research their background and experience in the industry. Individual consultants are often certified with a Project Management Professional (PMP) certification or a Certified Management Consultant (CMC) certification. It’s imperative to investigate a consultant’s background and experience level to ensure they are a good fit for your project.
Assess Cultural Fit
Finally, it’s important to consider a consulting firm’s company culture when choosing consulting work. Larger firms inevitably come with larger, more diverse teams, whereas a smaller firm may be able to offer a more niche area of expertise. Keep in mind that when you join a consulting firm, you are in turn joining the firm’s collective experience and resources.
Conclusion
Whether you are looking to break into the field of consulting or are searching for the perfect fit for your own project, it’s imperative to take action and fully research what each firm and niche specialization has to offer. Ultimately, you should be aware that breaking into consulting may take a great deal of work upfront. However, if you consider yourself to be a passionate self-starter, then taking these steps can help accelerate your progress and launch into a consulting career.
Choosing to get an MBA from a respected institution such as Crummer could serve as a great platform to launch your career in consulting. If you would like to learn more about our award-winning MBA programs, click here.
