Management consulting aims to make positive
changes to a client's business. There are many
areas where such transformational changes
can occur, including improving efficiency
or profitability, reducing costs or improving
sales, and consultants are frequently engaged
when organisations are seeking improvements
in the underlying business performance.
A consultant's role is often to devise and /
or implement actions which will lead to the
desired improvement. The external viewpoint,
in-depth knowledge and experience offered
by consultants are critical to achieving the
goals of the business and to explore avenues
which will benefit its overall performance.
The consulting sector is not easily categorised,
but in general, consultancies offer a range of
services (e.g. strategy, implementation etc.)
across a number of sectors (e.g. healthcare,
energy etc.), while some consulting firms
specialise in either a particular service or
sector.
The general trend across the consulting sector
is that consulting firms are expanding in order
to serve more clients and more of their needs.
In addition to this, consulting firms are also
reaching out to clients on a global scale and
are working where their clients are based.
This has led to recruitment remaining high
on the agenda for 2008, with firms looking to
recruit in a variety of services and sectors.
For those entering firms which offer a
variety of services in different sectors, very
often they are given the chance to try out a
number of combinations before specialising.
The variations between consulting firms are
enormous, as well as the differences between
the sectors and markets they operate in, the
work they do, the packages and opportunities
they offer, and their size, culture and people.
Graduate careers in consulting
With the barrage of headlines proclaiming
the continuing credit crunch and the
downturn in the UK and global economies,
the consulting industry has been better than
most at weathering the economic storm that is
currently affecting many industries in the UK.
In terms of growth, figures have almost halved
from previous years - 6% - 10%, however,
the rate of staff attrition has remained steady
at around 10%, the same as in 2007.
Although growth in the consulting sector as
a whole has undoubtedly slowed recently, it
is still an expanding industry, and demand
for consultancy skills remains. Recruiters are
expecting to make more hires overall in 2008
than in 2007, and despite the crunch, only
18.9% of firms have cut back their hiring
targets as a result of economic conditions, and
1.3% have put recruitment on hold . This is in
a climate where redundancies and cut backs
on hiring have been brutal in some quarters.
Graduates trying to enter the popular and
competitive world of management consulting
will need to possess the right skills, education
and attitude to succeed. More than ever, firms
will be selective about the applicants that
they accept, and will therefore select only the
best candidates.
Consulting requires an array of skills to
be successful: analytical skills, the ability
to think creatively and be innovative yet
practical, good interpersonal skills and the
ability to stay cool under pressure when
faced with competing deadlines and exacting
clients.
Most firms offer a very structured graduate
training programme, where trainees are
provided with basic business and consulting
skills and are exposed to a wide range of
project work, including, for example, research
on market trends, identifying issues and
making recommendations for change. The
learning curve can therefore be a very steep
one. Graduates will spend most of their time
working in teams of consultants at different
levels in the firm, which is an excellent way
to learn from more experienced colleagues.
Working hours in consulting can fluctuate
wildly according to the work and the client.
The industry itself is a constantly changing
one, as client demands change over time.
Each project demands different skills and
different thought processes. However, the
rewards tend to be worthwhile, with job
satisfaction in a constantly challenging work
environment, a competitive benefits package,
generous salaries (£25,000+), a good support
network and skills that truly make the world
your oyster.
Consulting provides the opportunity to
experience different industries, work
on a variety of projects, and develop a
comprehensive toolkit of business and
management skills. As a result, it offers a
wide range of career opportunities.
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