Strategic consulting is becoming an increasingly popular industry that helps a variety of companies and organizations to identify who they are, where they want to go, how they will get there and how they measure success. Every year, thousands of international students apply for H-1B visas, temporary nonimmigrant visas that allow people to work in the United States. On August 24, Firsthand will host its second Virtual Career Fair for Women in STEM. Women studying science, technology, engineering or mathematics or who are already in STEM roles are encouraged to attend.
Strategic consulting is one of the most competitive and lucrative destinations for brilliant graduates, but it is also often misunderstood. To help you understand the ins and outs of this prestigious industry, we have compiled a guide. Depending on the nature of the engagement, three to five consultants are dedicated to each engagement (and for implementation engagements, the number can be significantly higher). As a consultant, you can schedule your vacation to take place between commitments and you can completely disconnect from your work for 2 to 4 weeks. Management consulting, along with financial services, is among the best options for most MBAs, other graduates, and even experienced professionals.
Companies come to consulting firms when they want to know if a certain course of action is worthwhile, which of their plants should be closed, how much money it will save them, how much it will cost them and how they should restructure their supply chain to manage this loss of production; this is where a strategic consultant comes in. Especially in the junior segment of the market, consultants tend to work in a variety of roles: one day they create a 5-year strategic plan for a major retailer, the next they determine a go-to-market strategy for a major technology player, or perhaps they delve into a cost-cutting exercise for a global transport agency. Companies that do strategic consulting are divided between those that do nothing more than strategic consulting (pure strategy) and those that offer it together with other professional and consulting services. The skill set that strategy consultants acquire is very similar to that used by CEOs every day: they identify how business units are interconnected and the strategic challenges they face, they learn how to influence a variety of personalities and manage key stakeholders, and work on collaboration with senior managers and executives.
Consulting firmswill seek proof of these skills during the hiring process, but you should also commit to improving these skills when you are on the job. So despite all the negative information out there, I really liked Management Consulting and committed to joining a management consulting company one day.
In management consulting, you are expected to quickly catch up with the client's position in the market, competitive advantages, financial position and overall business model. While it has its ups and downs, the consulting world prepares many for a long and lucrative career, not just in strategic roles. The four major professional services firms (PwC, EY, Deloitte and KPMG) have growing consulting practices and offer a variety of opportunities. In addition to extensive development from a functional perspective, consulting allows you to gain experience and knowledge in a wide range of industries. You may be considering making the switch to management consulting but may not be sure if you understand why you should go into management consulting versus management consulting firms that have well-oiled management machines and onboarding teams that help consultants stay on top of everything.