Most consultants enter the field by working for an established consulting firm. This way, they can gain experience and develop a portfolio and a list of references before venturing out on their own as an independent consultant or moving to a different firm in a higher position. Graduates with BA or BS often take entry-level positions spanning two to three years. Titles like research analyst or junior consultant are common for these types of positions, depending on the industry. Afterward, many attend business school or other graduate and professional schools or take positions with client companies. As their careers progress, consultants usually specialize in a certain industry or type of consulting.
The daily activities of an analyst might include:
- Interviewing clients for case information and sharing it with other team members
- Researching client-related industries
- Locating data needed for cases through library and internet resources
- Creating financial models in Excel
- Performing competitor benchmarking analyses and identifying savings opportunities or possible product and service enhancements
- Conducting analyses of key business processes: gathering and organizing information on problems and procedures, analyzing data, developing solutions or alternative methods of proceeding
- Writing and presenting final recommendations to management
- Creating client presentations
Most consultants travel frequently, as they go and work at the clients' work sites, which may be in another city, state, or country. Consultants often spend several weeks or months away from home in order to complete their projects and working long hours to meet tight deadlines is typical.
Consulting is a field with a wide variety of exit options including graduate or business school, internal consulting, jobs in finance, nonprofits or the public sector, and entrepreneurial ventures.
