career strategies for consulting
DESCRIPTION
Presentation made to graduating students at Argosy University, Rosslyn, Virginia on Consulting as a career and some career strategies.TRANSCRIPT
Outline
• What is Consulting • Market for Consulting • Some Career Strategies • Reality Check • Q & A
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 2
Consulting is Problem Solving or Addressing A Business Goal
• Strategy • Business or Business Unit • Functional Area (e.g. HR, Marketing) • Operations • Technology • Product • Niche area (e.g. Board facilitation)
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 4
A Consulting Assignment Has These Characteristics
• A problem to solve or a business goal to achieve
• Sponsor/s • Finite Duration (beginning and end) • Expected Business Benefit • Finite Scope • Stakeholders
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 5
A Consulting Assignment Is Different From A Project
• Every consulting assignment is a project (for the consultant) but a client project is usually larger than a consulting assignment.
• A project may involve one or more consulting assignments
• Management of client project budget and schedule is not part of the consulting assignment in most cases.
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 6
Consulting is Not….
Freelance work Or
Temporary job Or
Work that a routine job position involves Or
Staff augmentation
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 7
US Consulting Industry
• $40 Billion – US 2012 Consulting Spend • High Growth Areas
Marketing and Sales Operational Improvement Technology
• High Growth Sectors Healthcare Energy Pharmaceuticals
Source: Bloomberg Business – June 2013
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 9
Need For Consulting Services
• New venture or initiative • Industry Expertise • Technology or Product Expertise • Regulatory Compliance • Independent/outsider perspective • Functional Skill Augmentation • Other Unique Factors
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 10
Sectorial View of Consulting Markets
Government • Federal • State • Local
Commercial • Start-ups • Small • Medium • Fortune 500
Non-Profit • Charitable orgs. • Trade Associations • Professional Orgs.
International • Federal • UNO, World Bank • EBRD
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 11
What Makes a Consultant Marketable
Skills and Experience
Track Record
Market Credibility
• Industry • Market • Technology • Product • Regulation • Functional
• Research • Employment • Consulting • Clients • Competitors
• Books • Speaking • Publications
At least one item from each box is needed
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 12
Career Strategy 1 Employment with a Large Consulting Company
Large Consulting Companies
Employment in a large consulting company 0-5 years after college
Advantages • Excellent training • Flexibility to change industry • Good marketability
Pitfalls if Tenure < 2 years • Limited skill building • Limited marketability • No leverage in salary in new job
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 14
Career Strategy 2 Employment with a Small Consulting Company
Small Consulting Companies
Employment in a small consulting company 0-5 years after College
Advantages • Good Hands-on experience • Easier to get a mentor • Quicker niche development
Potential Pitfalls • Difficult to change industry • Susceptible to market changes • Limited stability of job
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 15
Career Strategy 3 Mid-Career Transition to Consulting
Consulting Companies
Employment in a consulting company, 7-10 years after College
Advantages • Good position/compensation • Leverages prior experience • Can leap frog career
Potential Pitfalls • Limited time to partnership • Work-life balance challenging • Difficult to change industry
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 16
Career Strategy 4 Late-Career Transition to Consulting Business
Consulting Companies
Self-employment or own consulting business after 20+ years of experience
Advantages • Leverages prior experience • Independence and flexibility • Higher income potential
Potential Pitfalls • Susceptible to economy • 50 Hour + weeks • Needs more staying power
2013 © Dash Group, Inc. and Parag Ambardekar slide # 17
What Makes A Consultant Successful
Hard Skills • Specialization • Industry Experience • Two or more functional
skills • Communication and
Presentation Skills • Relevant Industry
Certifications • Analytical Skills
Soft Skills • Flexibility • Ability to handle fast paced
change • Initiative • Continuous sharpening and
broadening of skills • Self-confidence • Problem Solving • Ability to Multi-task well
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 20
Some Career Building Tips
• Three to four years of consulting experience is very beneficial to most Careers
• Consulting experience with the Big-4 is highly valued
• Lifelong consulting career needs to be considered carefully
• Entry into consulting in the early part of a career is extremely valuable
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 21
Pros and Cons of a Consulting Career
Pros • Can start anytime • Low barrier to entry • Needs Minimal Capital • Never becomes routine • Highly rewarding • Challenging Work • Shields from Company Politics • Provides independence and
flexibility • Catapults corporate career • Good consulting experience
highly regarded
CONS • Extremely competitive • Difficult to last long • Pace of change can become
overwhelming • Needs constant sharpening
of skills and techniques • Difficult work-life balance • Hard on relationships • Feast or Famine Workload
2013 © Dash Group, Inc. and Parag Ambardekar Slide # 22