Business Careers Handbook

Page 40

38

SPECIALISATIONS

Management consulting – strategy What is management consulting – strategy? In any organisation, decisions must be made about the most critical issues. Perhaps this is deciding which market to enter or product to launch. Maybe it’s figuring out how to stave off competition through increased research spend. Or maybe it’s simply discovering how to leverage the skills of employees and structure of the organisation in the best way possible. With so many decisions to make at any point in time, it’s easy for management to become overwhelmed – they may not have the resources, time, people or even objective lens, to figure out the priorities. Helping the most senior levels of management to make these important decisions is why management consulting exists. Management consultants are essentially trusted advisers, typically hired by CEOs for their capacity to wrap their head around an organisation’s predicament and apply expertise and knowledge. In other words, management consultants are business problem-solvers. They look at the most pertinent issues facing an organisation, form an initial hypothesis about how to solve these and then go about gathering the evidence to support (or disprove) this. Management consultants are typically generalists – they work across multiple industries and functions and are comfortable operating in an ambiguous environment. Their speciality is www.gradaustralia.com.au

The Business Careers Handbook 2020

The path to becoming a career consultant is well-documented and requires dedication, commitment to learning and excellent performance.

in business strategy at the highest level.

requires dedication, commitment to learning and excellent performance.

What is the graduate experience in management consulting – strategy? The first couple of years as a graduate are a steep learning curve. As the most junior person on the team, you will be expected to perform much of the financial modelling and analysis. It is critical you understand the implications of your analysis, or what consultants like to call the ‘so what?’ Communicating this to your team (and eventually client) in an articulate manner, is a required skill.

After two to three years’ experience, it is common – and typically encouraged – for consultants to pursue further study such as an MBA. Most large organisations provide financial compensation and study leave on the condition that you return upon graduation.

Over time, you will gain greater exposure to clients and their organisations. Whether you are interviewing employees or presenting your findings, you will hone your interpersonal skills. The lifestyle of a management consultant can be intense. While there may be some downtime between projects, most projects will demand you to work at least 60 hours per week. Being in professional services also means you are often expected to put your clients’ needs ahead of personal commitments. Most management consultants are expected to travel, or at the very least, work from their clients’ offices throughout a project. It is common to be on site from Monday to Thursday and back in your office on Fridays. What are your career prospects in management consulting – strategy? The path to becoming a career consultant is well documented and

As you become more senior, you will begin to manage larger projects on your own and will be expected to contribute to winning new business. If you decide not to become a career consultant, many other doors will be open to you. It is common for consultants to go in-house and join a corporate – often a previous client – and to work in their strategy team. Alternatively, you may decide to join a start-up or start your own business. An increasing trend is the use of contract consultants to plug resource gaps within organisations or provide discrete analysis. With freelance consulting becoming increasingly popular, this may be another path to consider in the future. Choose this if you have: ■ Strong analytical and critical thinking skills ■ The ability to construct and communicate sound and logical arguments ■ A desire to learn and understand what makes organisations tick. Interested in this specialisation? Jump to Professional services

Page 86


Turn static files into dynamic content formats.

Create a flipbook

Articles inside

Maintaining mental health

2min
pages 130-132

Establishing strong professional relationships

5min
pages 126-127

Handling performance reviews

3min
page 125

Learning how to resign

1min
page 129

Managing your time

3min
page 128

Managing social media

3min
pages 121-123

What to expect at an assessment centre

2min
page 119

Understanding probation

3min
page 124

Getting an offer

2min
page 120

How to ace an interview

3min
page 118

Writing a CV and cover letter

7min
pages 114-115

Sample cover letter

4min
pages 116-117

Researching and choosing the right organisation

6min
pages 112-113

The ultimate career readiness checklist

6min
pages 110-111

Professional services

47min
pages 88-109

In-house and corporate

51min
pages 66-87

Government sector

30min
pages 54-65

Freelance and start-ups

6min
pages 52-53

Community sector

8min
pages 48-51

Academia

5min
pages 46-47

Restructuring and insolvency

3min
page 42

Tax advisory

3min
pages 44-45

Management consulting – operations, process and technology

3min
page 40

Insurance

3min
page 39

Risk management

3min
page 43

Management consulting – strategy

3min
page 41

Forensic accounting

3min
page 38

Economics

3min
page 37

Assurance and audit

3min
page 36

Financial planning

3min
page 34

Funds management

3min
page 30

Hedge funds

3min
page 31

Venture capital

3min
page 33

Operations and supply chain

3min
page 27

Private equity

3min
page 32

Sales and customer service

3min
page 28

Marketing

3min
page 26

Innovation and digital

3min
page 25

Human resources

3min
page 24

Communications and public relations

3min
page 23

Accounting

3min
page 22

M&A and capital markets

3min
page 17

Trading

3min
pages 19-20

Corporate and institutional banking

3min
page 16

Corporate and asset finance

3min
page 15

Business banking

3min
page 14

Introduction

1min
pages 4-5

Retail banking

3min
page 18
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.