Consulting Career

Updated on March 20, 2024
Article byPrakhar Gajendrakar
Edited byPrakhar Gajendrakar
Reviewed byDheeraj Vaidya, CFA, FRM

Careers in Consulting

Consultants refer to a professional who serves their clients and employers by providing solutions to problems and sharing beneficial information related to their area of specialization. A professional or expert from any discipline can make a career in consulting. Examples include IT, legal, education, and marketing consultants. 

For a career as a consultant, subject knowledge and skills to perform efficient collaboration with clients are paramount. If prospects believe they have these skills, they can form their firm after gaining expertise to become a self-employed entity or an employee working in consulting roles.

 

Key Takeaways

  • Consulting career involves the professional journey of a consultant. The consultant is a professional in a specific discipline serving clients and employers by sharing knowledge and tailor-made solutions to the problems.
  • The career path in this role normally starts with obtaining the relevant academic qualifications, field experiences and honing the skills required for success. Essential skills include communication, teamwork, and collaboration.
  • Examples of the most popular consulting jobs are management consultant, financial consultant, IT consultant, business consultant, and tax consultant.

Career Path in Consulting

Careers in consulting are promising for candidates with the right skill set. Gaining expertise involves implicit and explicit learning. It all begins from utilizing the academic offerings. They are an integral part of serving the consulting industry. Different consulting courses like management consulting courses and career counseling courses, field experiences in consulting, and concentrations in consulting by business schools prepare students for a career in consulting by sharpening their skills such as communication, analytical problem solving, obtaining implicit needs of the client, and structured thinking, etc.

Many individuals believe that it is necessary to have an MBA to secure a consulting job. Pursuing MBA develops and refines specific skills and knowledge. Hence, it is true that MBA can enhance students’ career paths. However, this isn’t imperative in today’s environment. There are other ways a student can acquire relevant expertise in the field, like by doing internships in consulting firms. Furthermore, the relevance of an MBA depends on the area of specialization. For example, technical certifications will enrich an IT consultant’s resume more than an MBA.

Many candidates start from an entry-level position and take years of work to gain experience and climb the corporate ladder, which implies that dedication, hard work, and a learning attitude are essential. Moreover, most consulting firms like to hire new graduates since they are more adaptable to organizations’ culture, easy to train, and available at a reasonable level of compensation. Furthermore, consulting firms have stringent admission standards that force newbies to be individual contributors and bring in profit early in their consultant career path.

The majority of these tasks are not normally part of the official academic offering molding a student to become a consultant, nor do they strictly abide by government standards. Eventually, with advancement in knowledge and experience, the structure and quality of the work change. The work pattern changes, personal growth happens, consultants face job challenges in moving from new grad to senior professional.

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Let’s briefly describe a few of the most popular consulting jobs.

Consulting career

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Management Consultant

Management consultants are professionals utilizing expertise to service entities by solving their problems and advising methodologies to enhance business performance. Management consultants usually face long work hours, continuous learning, and team collaborations. Examples of management consultancy firms are McKinsey and Boston Consulting Group.

IT Consultants

IT consultants help clients deal with the integration of software, hardware or networking products into their business. In simple words, they are the professionals with technological expertise guiding the clients during the IT projects. In addition, IT consultants may keep their customers updated on new technology and suggest new products or software based on their needs. Examples of IT consulting firms providing consulting careers are IBM Global Services Europe and Capgemini Europe.

Financial Consultant

Financial consultants help clients meet their financial objectives by providing financial guidance and strategies. They analyze clients’ financial situations to develop effective solutions for their problems. Examples of their services are investment management, cash flow management, performing risk analyses for financial plansFinancial PlansFinancial planning is a structured approach to understanding your current and future financial goals and then taking the necessary measures to accomplish them. Because this does not begin and end in a specific time frame, it is referred to as an ongoing process.read more, methods to increase profitabilityProfitabilityProfitability refers to a company's ability to generate revenue and maximize profit above its expenditure and operational costs. It is measured using specific ratios such as gross profit margin, EBITDA, and net profit margin. It aids investors in analyzing the company's performance.read more, and budget creation.

Business Consultants

A business consultant deals with problems associated with business processes and helps owners optimize their business model. Consultants’ role is important specifically during the introductory phase of a business and whenever a new expansion is in the plan.

Tax Consultants

Tax laws are complicated; it accounts for innumerable deductions and exclusions associated with various activities, different tax brackets, and varying legislations with jurisdictions. Hence tax filing is a complex process, and tax consultants are a boon to taxpayers. Tax consultants are typically well-versed with tax policies. They have attention to detail, are aware of rules and new amendments, and help clients accurately discern the tax liability to file the returns while maintaining compliance with the tax laws. Examples of tax consultancy firms are H&R Block, PwC, Deloitte, Ernst & Young, and KPMG.

Frequently Asked Questions (FAQs)

What is consultancy career?

Consultants are all-knowing experts providing customized solutions for their paying clients and employers. Also, a career in this role is always rewarding where the prospects are expected to have skills like communication, teamwork and collaboration, and field experiences.

Is consultant a good career?

A career in consulting is financially rewarding. Consultants who graduated from top business schools are some of the highest-paid professionals. These profile examples are legal consultants, tax consultants, IT consultants, and management consultants. The Boston Consulting Group, Inc, McKinsey & Company Deloitte Consulting LLP are examples of well-known consulting firms.

What degree is best for consulting?

Recruiters usually favor candidates with masters, specifically MBAs. Nowadays, there are MBA in consulting concentrations also available. In addition, students can do majors in their area of interest to enrich their resumes. For example, master’s in business administration, accounting, finance, economics, management, and law.

This has been a Guide to Consulting Career and its Definition. We explain popular consulting jobs, roles, and a consultant’s career path. You may also have a look at the following articles to learn more –

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