Outside of the corporate world, most people really have no idea how entrenched consultancy services are in the way businesses operate. For instance, in 2018, the consulting firms around the world raked in almost $500 billion in revenues.
In the United States alone, there were nearly 660,000 people employed by management consultancy firms. So it’s really a huge industry.
But why do CEOs bring in consultants when they have their own employees?
There are many reasons but here are some of them:
- They make a diagnosis and recommend solutions
- They help improve the effectiveness of the organization’s workflow
- They provide objective assessment because they are not part of the organization’s hierarchy and thus, immune from office politics
- They help CEOs make an unpopular decision. The CEO can also deflect the blame when something goes wrong. It’s sad, but it’s true.
Things to consider when Choosing a Consulting Career
Whether you are looking to study management consultant or in the process of shifting careers from employee to consultant, there are things you need to consider first.
- Think about whether you want to be a freelancer or join a management consultancy firm. This will impact on what type of training and knowledge you acquire.
- You are no longer a person but a brand. Make sure you are okay with that fact.
- There will be days when you have no clients so consider a steady stream of income, at least during the early stages of your career.
- If you are going up the corporate ladder, you should know that successful management consultancy firms want somebody with a master’s degree.
Types of Consulting Careers
The good news is that if you want to pursue consultancy as a career, there are many specialties. You will really find something you are passionate about.
Here are just some of the consulting careers you can choose:
- IT consultancy
- Management consultancy
- Strategy consultancy
- Financial advisor
- Human resource consultancy
- Operations consultancy
- Risk and compliance consultancy
- Environmental consultancy
- Business consultancy
Tips to Succeed in Your Consulting Career
Below are just some of the tips to help you with your new path:
- Save up for the rainy day –As already said, there will be days when no new client is coming in.
- Find a mentor–You need somebody to guide you and point at pitfalls as you carve your own niche in the industry.
- Nurture relationships–Companies would remember you if they feel like they are being treated like a VIP no matter how small they are.
- Show your true value–Don’t focus on your billable hours. When people think that they are more than a cash cow and you are really interested in helping them, they will overlook your hourly rate, as well.
- Act and think success –What this means is that you should never let doubt creep in. If you are the first to doubt yourself, don’t expect others to believe in you. Act and think like a leader until you can really develop into one.
As you can see, it’s not easy to become a consultant but at the same time, it’s very extremely rewarding. For freelancers, you become your own boss and every day is different so you get a chance to do a lot of problem-solving along the way. Lastly, the satisfaction of helping a company in need is unlike any other feeling. It’s really worth all the hard work.
Want to learn more about Consulting Career? here are few tips on Transitioning from a Corporate to Consulting Role