Exploring the World of Strategy Consulting

When internal recruitment cannot solve the problem within the necessary time frame. When the entire IT infrastructure needs an overhaul. When big governments, private companies, and non-profits feel stuck. When staff mediates after the merger. Strategy consultants step in.

Do you think you have what it takes?

Consulting is a space where every project arises from a client’s need for help. It’s where consultants work with top executives on the toughest problems.

Are you professionally certified and qualified to provide advice?

Consulting is consistently ranked as the most desired job among all age groups. Every year, thousands compete for a coveted spot in the Big Three and Big Four – and only the best get in.

What do they own?

Advisors are like chameleons. From Google to Shell Oil and SMEs, they work with an extensive group of clients and adapt to every project. Management consultants become the part the client has been missing, the solution to the problem.

They have an instinct to identify value and opportunity wherever they look. They are razor-sharp when it comes to numbers. They are problem solvers who focus on yet another level of detail in a case. And above all, they have an excellent strategic mindset and solid business acumen.

The path to strategy consulting is certainly challenging, but the rewards are pleasant. If you’ve decided to go into consulting, take some time to understand the industry, the nature of the work, and the best ways to prove your smarts.

A Profile of Consultancy Careers

Consulting firms exist in virtually every sector, from pharmaceuticals to manufacturing and from high-tech to green energy. What you will work on as a consultant depends on the type of consultancy firm you work in and your 3Es: education, experience, and expertise.

Management advice touches on all types of ‘purely strategic’ problems that companies face. Marketing, HR, operational, financial, or technological functions. That said, the uninitiated need to know

There are many areas of business consulting that do not fall within the scope of management consulting
. Take technology consulting, for example. Much of it is not strategic (even though the boundaries between management and IT consulting sometimes seem unclear). In
Accenture, more than lakhs work as ‘technology consultants’ within systems integration and programming, while only a small portion (several thousand at most) work as ‘technology strategy consultants’. The latter is part of management consultants. The same is the case with operational and financial advice.

According to Statista, all management consulting markets will experience average annual growth.

Source: Vault 2021 Rankings

Consulting firms are further organized based on the types of projects they carry out in which industry. A company can only focus on solving strategic problems in all six areas (shown in the figure) across all industries (known as generalists). Bain & Company is one such management consultancy. Then some may focus on specific industries and advise them on all functional areas (called boutiques). Blue Matter is a boutique company focused on the life sciences industry.

Taking this macro perspective, the bottom line is this: Regardless of the company, individual consultants and partners may specialize in one functional area or some type of strategic problem.

Typical Projects You Will Work On

Pure strategy advice concerns projects that are completely strategic in nature and not specific to marketing, operations, and HR, among others, and that is where strategy consultants find their home.

They often work with senior management and advise them on macro-level challenges. To give a few examples of the projects they help CEOs and boards with:

• Evaluate and propose the best investment opportunities across all industry sectors to lead a multinational’s growth ambitions

• Recommend a strategic direction for an Internet company

• Find out why theaters are losing money and how they can make a profit in new markets

• Examine the value of a computer manufacturer and propose possible divestiture options for its non-core businesses

But don’t be too magnanimous about it! Companies and people who hire consultants are not amateurs. They are often better aware of the problem and the possibilities of the solutions than the consultants. They engage consultants for additional industry knowledge and unique turnaround expertise.

Consultants must spend hours researching, conducting meticulous analysis, and maintaining thoughtful communications with the client to convince them of their knowledge and proposed changes. Below, we go beyond their job descriptions to discover which types of wizards actually deliver value in consulting.

What Makes a Great Business Strategy Consultant?

There is no one-size-fits approach to strengthening your resume for advice. If you’re a working professional transitioning into consulting, you’re in a very different position than a recent college graduate looking for an entry-level job.

Whatever path you take to developing business insights and technical knowledge, some basic principles will help. Here are five expert tips you can consider to pursue a career in business strategy consulting:

• Earn a professional certification.

People from different backgrounds – accounting, economics, finance, engineering – become management consultants. If you don’t have direct relevant business training, don’t worry too much about it. A professional certificate in business strategy can help you build a global perspective and acquire skills in a way that is flexible and convenient.

• MBA before consulting is not essential.

It is common among consultants to obtain an MBA after a few years of experience. If you don’t have a master’s degree, you can work as a business analyst at consulting firms. Boutique companies even recruit senior positions from a variety of sources, including non-MBA graduates and specialists (MSc, MA, MD, Ph.D. and others). Non-MBA, but postgraduate students may strongly consider these options.

• Develop backroom skills.

Consultants only fly solo with their ideas after a number of good years of experience. They start out as a backroom race. The projects they work on span countless hours (sometimes even a semester). From essential business frameworks and basic math to analytical skills, you’ll rely on your technical knowledge in your early years.

• Personality and soft skills are huge swing factors.

In addition to competencies, consulting is also a lot about ideation. Consultants are smart people who know how to create their own brand, and perhaps a patented problem-solving approach. Your social skills, attitude, and leadership style can turn the tide in your favor during the job interview.

• Network is more valuable than anything.

A 2021 study on business education by FT shows that networking, and connecting alumni, has a major impact on career progression. In consulting, it reflects your ability to impact people and potential customer engagement skills.

Do you have your sights set on business consultancy? Combine the high competition with an equal amount of enthusiasm and passion.

Arm yourself to the teeth with a global business strategy certification curated by industry experts to secure the dream job you’ve been looking for. Deepen your business intelligence and strengthen your CV!