INDUSTRY INSIGHT
Management consultancy: adding value

Management consultancy usually offers a good starting salary and the chance to work on exciting and varied projects. Find out what opportunities exist for graduates in this competitive field.
In the past, consultancy was primarily about providing advice to organizations. Today, clients expect consultants to help them see those strategies through, sharing some of the risks as well as the rewards.
Two vital concepts in consultancy are objectivity and adding value. Organizations tend to have a subjective angle on their business problems, so consultants are useful because they can offer an independent point of view. If that point of view doesn’t result in higher profit, however, consultants begin to look like an expensive luxury.
Consultancy has become increasingly diversified as the industry has undergone significant upheavals over the past few years. Projects can last just a few hours or take several years to complete. Consultants may work alone, or in a team and tend to specialise in areas such as IT, corporate strategy, or marketing.

What’s involved?
A typical consultancy project involves defining the problem, outlining possible solutions, and implementing the chosen option. Tasks include interviewing staff, research, writing reports and making presentations.
New recruits usually start out analysing problems and carrying out research, moving on to more client-facing roles as they gain experience. Hours can be long, especially as project deadlines loom, and, as consultants work primarily at their clients’ premises, long periods away from home are frequently needed. However, rapid career progression is possible.
JOB ROLES
If the idea of providing tailor-made business solutions appeals to you, you can take your pick from these roles:

* Change managers

What they do:

* help a client organization manage change within itself
* tend to concentrate on the human impact of the change, although will be involved in processes also. For example, integrating two teams and two different processes in a merger situation.

Key skills:
 
* expertise in personnel and human management issues
* communication skills
* working to an agreed agenda while also dealing with conflicting client priorities
* selling the ideas to all the groups involved
* ability to deal with a sceptical audience.

Training
While working under supervision and with exposure to clients slowly increasing, most training at junior level is on-the-job. Some organizations utilise an introductory training academy. This can last from between a few weeks to several months and aims to familiarise new employees with a core range of processes, for example in how to help an organization develop a strategic plan. Specific technical training is also provided as needed.

* Business process re-engineers

What they do:

* use expert knowledge to help a client organisation improve its existing business processes or develop new ones
* define and then implement the solution
* integrate all of the components of the solution
* work at the interface between the process and the IT systems that support or define it
* liaise with or work within an IT-orientated team.
Key skills:

* expertise on methods, products, tools and technologies, whether systems, applications, or processes
* communication skills
* the ability to work under pressure and to tight deadlines.

Training
Beyond the training academy (see above), there will be a mixture of on-the-job colleague-led training and course-based instruction (in-house, on-line or on-location with external providers). Each new project will always include whatever training is required in the relevant industry or in the technical environment.

* Project managers 

What they do:

* take a project from inception, through planning and execution, to closure
* are responsible for the project satisfying the client and for it being on-time and within budget
* are accountable both to their employer and the client organisation for the success of the project
* continue to sell consultancy services by spotting new opportunities for developing the client’s business.

Key skills: 

* real depth of technical expertise and client knowledge
* project management skills
* managing and maintaining the business relationship with the client for the length of the project and beyond.
 
Training
Beyond in-house training, project managers are likely also to go on short MBA-style training programmes provided by leading management schools. They may take individual MBA modules or may even be sponsored to take a full MBA (usually part-time).
 
SKILLS REQUIRED:
* intellect
* self-confidence
* business awareness
* maturity
* enthusiasm
* self-motivation
* decision-making skills
* IT skills.