Consulting helps businesses and individuals in making informed decisions on the problems they are facing in the growth of their business. Consulting firms helps them achieve these decisions. In today’s times, the demand for the making a career in consulting has increased among the students who are more inclined towards solving problems for business or individuals.
In this guide, you’ll learn about consulting, making a career in consulting, the roles and responsibilities and the pay scale.
Let’s get started!
What do Consultants do?
Consultants helps businesses or individuals by providing their expertise in analysis, research, and finding solutions for the problems or challenges faced by the organizations or individuals in the functioning and growth of the organization through the recommendations or advises needed to solve that problem or challenge. It could a challenge in retaining customers, maintaining the brand image or outperform the competitors.
For Example: If an organization wants to expand its business globally, but is not sure what part of the world to target first, than this is a challenge! Now, the consultant would analyze the previous sales data, type of customers, the demand of the product/service offered by the business, and research about all other factors that can help in making the right decision.
Now, the consultant will give its solution to that challenge in form of a report with logical and factual explanation and an implementation plan.
Businesses need Consulting because:
- The Top Management is busy
Generally the decisions on company facing any challenge or problem are made by the top level management. But, in today’s competitive environment and high flexibility in demand curves, the top management is not able to make time for the critical decisions. And to avoid any mistake, they prefer giving such jobs to the experts in the fields and so they hire consulting firms to find the best ways for them along with an implementation strategy of it.
- Experience Consultants
The experience of consultants comes in handy because they might have already worked on consultation of the companies in your sector or industry.
- Third Party Validation
When a consulting firm comes up with solution, it is from the third party view which is beyond the business providers and business consumers. So, the decisions they make are likely to be more valid and accurate.
The consulting firms keep on working with various brands time to time. So, with hiring of a consulting firm, its networks and connections automatically comes with it. This can be a helpful factor in future from business point of view.
Aspirants/Employees can look up to Consulting for:
- Steep Learning Curve
The consultants learn at every stage of its jobs as there is always going to be new firms with new or unique problems or challenges coming around, which help you to learn all the aspects of consulting and to grow eventually.
- Brand Tag
Almost every consulting firm turns into a brand after successfully helping 50+ firms in making informed decisions for their firm. On top of that if you get a chance to start a role in the MBB firms, it will totally act as a cherry on the cake.
- Good Money
The consulting firms never fail in keeping their employees happy with the money terms from the first day of their joining in the organization. And with the increase in the experience your pay will also increase.
- Work is never boring
Working in the consulting firm can never be a boring as the new and interesting problems and challenges keep on coming and the process of finding solutions to it can bring to great insights which keep on becoming interesting with the time.
Types of Consulting Firms:
Strategy consulting firms helps the organizations or individuals in:
- Go To Marketing Strategies
- Fund Raising Strategy
- New Product Development
- Expansion in the New Markets
McKinsey & Company, BCG, Bain & Company, Dalberg are some of the strategy consulting firms.
Management Consulting Firms
Management consulting firms helps organization in:
- Supply Chain Optimization
- Research Studies
- Report Analysis
- Organization Restructuring
- Financial Analysis
Deloitte, KPMG, PWC, EY are some of the management consulting firms.
Technology and Analytics Firms
Technology and Analytics firms help organization in:
- Marketing Analysis to understand the impacts of it
- Investment Analysis
- Setting Up Cloud Infrastructure for Clients
- Maximizing the Use of Technology Opportunities
- Solving Complex Problems using Tech
- Improve Data Delivery Mechanisms
ZS Associates, Accenture, IBM, CAPGEMINI are some of the Technology and Analytics consulting firms.
Roles and Responsibilities and Pay Scales
For the Consultants, there are so many roles in consulting firm with an upward progress curve with the experience.
|Position||Roles & Responsibilities||Qualifications||Salary Range (INR)|
|Analyst||Conducting Secondary Research Data Analysis||Under Graduation||10 to 15 LPA|
|Associate||Conducting Primary Research Hypothesis Refining Guidance on structuring||MBA or 3-4 years of experience after UG||25 to 30 LPA|
|Senior Associate/ Consultant||Lead client engagements Create Hypothesis||2-3 years of experience after MBA||35 to 40 LPA|
|Manager||Manage the Team and the Clients Work on Business Development||3-4 years of experience after MBA||40 to 60 LPA|
|Partner/ Senior Partner||Work on business as well as firm development Practice Area Experts||7-10 years of experience after MBA||1 CR and above|
Making your career in consulting is a promising way of kick starting your career. There are numerous consulting jobs in India; you just need to learn a right way to land on one of them.
To get end-to-end guidance on cracking a role and making a career in Consulting from those working with McKinsey & Company, Boston Consulting Group, Bain & Company, and Kearney, you can become a part of the Career Edge Consulting Cohort.
Find more details here – https://career-edge.in/consulting-cohort/