As a consultant you’ll have plenty of things to think about as you build your career.
This article looks at some of the key questions to consider as you pursue a career in the management consulting industry.
Is consulting for you?
Probably a good question to ask upfront.
When wondering whether consulting is for you, passion is the primary consideration. Do you have the energy to work 60+ hour weeks, the willingness to live out of a suitcase, and the heart to miss important social events?
Of course, the challenges of the management consulting industry are offset by many benefits: an attractive salary, formal training, real world business experience, variety of projects in different industries, and strong networking opportunities.
Should you start your career at a top tier consulting firm or a small boutique?
Boutique consulting firms have less hierarchy and fewer consultants to get the work done. This provides opportunities to gain more responsibility earlier in your career, which is likely to be challenging, but also provide a steeper learning curve and better client access, allowing you to learn skills and build valuable connections more quickly. Since smaller firms also have less established processes, you are likely to have more bargaining power when it comes to promotions, salary negotiations, and getting staffed on projects.
On the other hand, top global firms provide a more structured graduate program, formal training and development opportunities, and typically pay higher salaries. Since they generally hire a large cohort of Business Analysts each year, you will also have an opportunity to build a broad based global network of smart energetic business minded young people. Working for a large consulting firm with a globally recognised brand name will also be a valuable asset on your resume, which can help you get into a top business school or secure an attractive exit opportunity.
How much should you expect to be paid?
Another big concern for many ambitious young consultants is being paid what they are worth.
Do not overestimate your worth, especially early on, because you are basically being paid to learn and receiving a large amount of formal training for free.
Consider also the value of other aspects of the job: your work hours, equipment, and workplace environment and culture. From the interviews I had with consultants, it seems unfortunately difficult to determine these factors before you join a firm. Online searches through sites like Careers 24 only provide a rough gauge.
It’s best you first prove yourself to be a safe pair of hands that can handle responsibility well. If you perform well you will be promoted up through the ranks, and you’ll be earning six figures before you know it.
Should you ask for feedback?
For some people, constructive feedback is not an easy pill to swallow. You spend hours trying to complete the task perfectly, only to be told that your efforts should be redirected.
Receiving feedback should not be seen a criticism, it is a learning opportunity. However, if you are not sure how to proceed on a project, should you actively ask for feedback?
Many junior professionals are worried about asking for feedback because they don’t want to show any signs of weakness. To some extent this concern is warranted. As a junior consultant, you are being paid good money to analyse problems and produce solutions. Asking a question that could have been answered with a little research could show lack of initiative. However, at the same time, there is virtue in being open and honest, and being a quick learner. It may be better to ask a seemingly dumb question upfront than to spin your wheels unproductively for half a day.
Is networking important?
Networking can be difficult, but consultants expend a lot of effort building and maintaining relationships because it is key to success in the industry.
When it comes to establishing a name for yourself, reflect on your strengths. Be aware of your knowledge level and capacity in order to pace yourself. You don’t want to undersell yourself and be overlooked for the next project. At the same time, you don’t want to oversell your work, and then fail to meet expectations. Expectation management is key, and a good general rule of thumb is to always “under promise and over deliver”.
Conclusion
Building your consulting career is a continual process and key issues should be monitored over time. To make the most of your review, look at the factors that matter most to you.
Ruce Ndlala is an accounting student at the University of Cape Town, and former President of the UCT Consulting Club.
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