consulting as a career option

8/8/2019 Consulting as a Career Option

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July 13 , 2010

An Introduction to the Consulting industry

Consulting as a Career Option ?


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Agenda

1. What is Consulting?

2. Types of Consulting

3. Skill Set for Consulting

How is it tested ?

How to prepare ?

4. Career Path

5. Consulting vs. Other Careers

6. Exit Options


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1. What is Consulting?

Consulting

a $345bn Industry

Public Sector

Financial Services

Technology, Media, Telecommunications Industrial Goods

Consumer Goods

Retail

Energy

Healthcare Utilities

Business Services

Transportation

Dominant

practice areas


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Companies hire Consultants because..

They Need An Expert

They Need An Outsider

They Need More Capacity

They Need Guidance In Project Mgmt.


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Framework of a Consulting Project

Sell

Research prospective clients and industries Suggest areas of improvement and possible solutions Deliver a detailed proposal

Research & Analysis Meet with the Management Generate Hypothesis Interview Clients/Market Research, Build models

Recommend

Synthesize findings Generate and deliver Recommendations

Implement

Decide the Action Plan

Run a pilot / complete implementation


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2. Types of Consulting (1/3)

Work Content

Answer macro-level strategicchallenges that the client is facing

Design an action plan and help clientimplement the same

Client profile

Across Industries

Firm Examples

McKinsey &Co., BCG ,Bain & Co.,Booz & Co. , AT Kearney, Alvarez &Marshal, Monitor Group

Sample Project

Recommending a new strategicdirection for a growing pharmacompany

Work Content

Study existing operations

Benchmark against industry best

practice to identify room forimprovement

Client profile

Secondary Sector Firms

Firm Examples

Accenture, Deloitte, McKinsey, BCG,Bain, ATK

Sample Project

How to streamline purchasing process

How to reduce supply chain ormanufacturing cost

How to expedite plant construction

Strategy Operations


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Work Content

Leverage statistical techniques to identifytrends and predict future behavior ofcustomers

Recommend marketing or risk strategybased on above analysis

Client profile

Data intensive industries like retail banks,credit cards, telecom, airlines, and nowretail

Firm Examples Genpact, Inductis, Fractal, Dunnhumby,

Opera, Symphony

Sample Projects

Determine optimum pricing policy forpotential credit card customers

Design effective promotions strategy forhomogenous customer segments

Analytics Information Technology

Work Content

Understand clients business requirements

Design and implement the optimal ITsolution

Client profile

Across Industries

Firm Examples

IBM, EDS, TCS, Wipro, Deloitte, Accenture

Sample Projects

How to choose among the mainframesystems

How to design and implement thecustomer database

How to implement a new ERP/MIS system


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Work content

Compensation & Benefits

Recruitment, Training & Development

Organizational Dynamics

Client Profile

Across industries

Firm examples

Hewitt , Hay Group, Mercer, TowersPerrin, Watson Wyatt

Sample projects Examining fit across cultures in M&A

Implementing employee rewards andincentive programmes

Work Content

Sector specific

Client Profile

Sector specific

Firm Examples

InfrastructureFeedback Ventures

Energy & EnvironmentICFInternational

Pharmaceuticals & BiotechZS

Associates Financial servicesOliver Wyman

Sample Projects

Feasibility study and valuation ofinfrastructure projects

Human Resources Boutique ConsultingBoutique Consulting


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2. Internal Consulting

Some corporations have captive internal consulting divisions Cost savings Dedicated team of experts for the company

Projects based on corporate strategy, business development, projectmanagement, etc. areas for various business units

Some examples: Product selection and long-term strategic planning for auto components

manufacturing division of a conglomerate

Popular internal consulting practices: Tata Admin. Services (TAS) , Proctor & Gamble Strategic Planning

Group, Johnson & Johnson Decision Sciences Group, J.P Morgan ChaseInternal Consulting Services

Advantages Disadvantages

Time pressures are less

Less travel

Higher job security

Lack of variety of engagements

Paid corporate salaries, lower than

consultant salaries


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4. Career Path (1/3)

Partner / Principal / Director Primarily a selling role

Equity owner in the firm

Thought leadership in the industry

Engagement Manager / Project Leader Responsible for delivering projects

Manages client relationships

Consultant / Associate Manages teams

Analyzes data

Draws conclusions Manages day-to-day client interactions

Analyst Gathers and analyzes data

Draws conclusions

~ 3 - 6 years

~ 3 - 5 years

~ 2 - 4 years

2 yrs in

B-school


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4. Career Path (2/3) - Time Allocation


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4. Career Path (3/3)The Pyramid

8Partners

35 Managers

50 new MBA consultants

The numbers are only representative


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5. Consulting vs. Other Careers

Consulting Banking General Mgmt/

Marketing

Work Profile

Salary

Lifestyle &

Flexibility

Exposure

Opportunity

for Growth

Responsibility

Job Security

Exit Options


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6. Exit Options

Consulting

PrivateEquity

Clients

SeniorMgmt.

PolicyMaking

EntreStart-Up

Expert


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All the best !!

consulting as a career option

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