Career Choices In Management Consulting:
To begin with, a consultant is like a doctor for companies. Revenue fall, subsiding profitability, product failure, and market transition are some of the problems addressed by consultants daily. An ideal consultant is efficient in qualitative and quantitative data analysis, can cope with pressures and challenges, is an excellent communicator, a team player, and, most essentially, has a knack for solving problems. Having understood what a consultant is, let us look at the pros and cons of being a consultant. Traveling, lucrative pay, scope to connect, and learn are some of the brighter sides of consulting, whereas high work stress and long working hours are the cons.
It is evident that a business problem can span over several domains, and therefore each case requires a dedicated consultant. Let us have a look at different kinds of management consultants:
Strategy consultant:
The term strategy consultant refers to consultants who operate at the consultancy market’s elite level, with specialization in strategic topics like corporate and organizational strategy, economic policy, government policy, and functional strategy. For this very reason, strategy consultants generally carry out work assigned by top managers, like CEOs, directors, and senior executives. A strategy consulting’s character differs for implementation and operational driven areas, hence enabling them to have a unique profile compared to their peers. Their focus lies more on quantitative/analytics skills, and their description revolves around advising and overseeing implementation. Firms best known for pure strategy services are McKinsey, Bain, and Boston Consulting Group (BCG).[ Also known as the Top 3]
Financial Advisory Consultant:
Consultants who operate within the Financial Advisory domain generally work on issues that address financial capabilities and, in many cases, also the analytical capabilities within an organization. Subsequently, the profiles of consultants active in these segments can differ significantly, from Mergers & Acquisitions to risk management, tax, or restructuring. Consultants specialized in market research also fall into the Financial Advisory category. The majority of monetary consultants work for the massive combined accounting and consulting firms, alternatively for niche advisory offices.
Operations consultant:
Operations consultants are consultants who help clients improve the inner workings of a business. In this field, consultancy activities vary from advisory services to hands-on implementation support for both primary functions (e.g., Sales, Marketing, Production, etc.) and secondary functions (e.g., Finance, HR, Supply Chain, ICT, Legal, etc.). Operations Consultants form an essential segment within the advisory branch, and therefore the majority of consultants are active within one among the various underlying operating areas. Since the operations are usually related to the strategy and technology side of a corporation, active operations consultants regularly work side by side with experts from these domains.
Partners in Performance (PIP) and the ‘Big 4’ advisory firms have a strong presence in operations consultancy.[ Big 4 refers to EY, Deloitte, KPMG, PwC]
HR Consultant:
HR consultants help clients with questions around human capital within their organizations and improving the HR department’s functionality. Chief topics central to HR consultants’ work description are organizational changes, change management, terms of employment, learning & development, talent management, and retirement. HR consultants also are brought in by organizations to help them transform the business culture within their organization or transform their HR department, which incorporates changes within the area of organizational design, processes, and systems, among others. HR consulting firms, alongside strategy consulting, are the two smallest segments of the consultancy industry. Therefore, the number of consultants active in this domain is less than those in other parts of the industry.
IT Consultant:
Technology consultants, also referred to as IT, ICT, or digital consultants, specialize in helping clients develop and apply data Technology (IT) within their organization. IT consultants practice transitioning projects within the ICT-landscape, contrary to regular IT-employees, who work on day-to-day IT operations. The majority of ICT-consultants work on implementation projects, such as extensive ERP (Enterprise Resource Planning) systems applications, where their role may vary from project management to process management or system integration. The fastest-growing markets are digital, data analytics (also referred to as data science), cyber security, and IT forensics within IT consulting. Prominent firms in this space are Accenture, Capgemini, and IR.
You can delve deeper into a domain, once you find a consulting profile that suits your interest. For broader insights, you can visit MConsultingPrep/Case Coach channel on YouTube.
‘A consultant is someone who takes your watch away to tell you what time it is’- Ed Finkelstein.
