Interested in pursuing a career in consulting? What is it exactly and why is it so important? Read more to find out!
Consultants are professionals who provide expert advice to other businesses. There are several forms of consulting, including strategy, operations, management, and financial consulting. Consultants can also be found in a variety of industries, including consumer goods, education, hospitality, government, and healthcare, among others. Each industry can be further subdivided. For example, the healthcare business is separated into Life Sciences, Health Systems, Digital Technology, HR, IT, Private Equity, and more.
A consultant’s job is to be an expert in their subject and provide counsel to businesses. A strategy consultant assists businesses in developing a strategy for how to proceed. After developing a plan, consultants must assist the organization in implementing that strategy and determining how to do so. Other types of consultants are function specialists, who specialize in a certain function, such as finance.
Where they work
Prior to the pandemic, consultants’ jobs required them to travel across the country to meet with clients. COVID-19, however, changed this industry by requiring everyone to work from home. Consultants typically work in groups of 4 to 6 persons on a given project. There is usually a manager who oversees the day-to-day operations, a few analysts who report to them, and a consulting partner who provides recommendations based on their knowledge in a specific industry or function.
Education and training
Although each organization is different, candidates for business consultants often need a bachelor’s degree in business management, marketing, economics, engineering, or a related field. When employed, employees often go through a training period that can take anywhere from 5/6 months to 1 or 2 years. While some students go straight into consulting, it is more common for students to start as business analysts and then become consultants after a few years of experience. Other abilities necessary for a consultant include:
- a love of problem-solving
- understanding the client’s demands
- demonstrating obvious value
Pay and benefits
Pursuing a career in consulting can be profitable in terms of both money and networking prospects. Being a consultant entails being able to communicate with a company’s CEO and board members, as well as spending a significant amount of time with them in order to assist their company’s success. A consultant’s compensation normally varies between $80,000 and $100,000 on average.
If you would like to have more information, please don’t hesitate to email me firstname.lastname@example.org or schedule an appointment on Handshake.
Oliver De Croock ’24, Student-Athlete at Lawrence University majoring in Economics and Career Peer Educator. Connect with me on LinkedIn.