Consulting is one of the most sought-after career paths for MBA students, and consulting jobs are highly competitive. This means that there are many talented individuals vying for a limited number of prestigious positions. The biggest challenge is that many applicants don't have a clear understanding of what they're getting into. Above all, there are not many openings in major consulting firms.
The reason for this is simple. In a single consulting project, the “heavy lifting” doesn't take up much time. If you compare it to a law firm or an investment bank, their core cases or M&A deals require an immense amount of effort. And that's just to carry out their most basic tasks.
Essentially, they need to hire numerous graduates to do the proofreading in a law firm and the numerical calculations in a bank. I just discussed some of the advantages of consulting, however, there are also many drawbacks and risks associated with this career path. To begin with, it's a lot of hard work. When it comes to consulting work, there are also case studies where solving a particular problem is necessary.
As a new consultant entering the industry, it's essential that you know what the professional consulting and job search process looks like. For instance, if you are a Ford manager, you should look for consulting partners who specialize in the automotive industry. However, what really sets good consultants apart from great consultants is the ability to think critically before work and concentrate on tasks. Consultants regularly receive new challenges to address, and their interviewers will want to see how you approach the problem-solving process.
A consulting club can help you better understand new trends in the consulting industry and connect you with various consulting firms. Clients have some kind of issue that they don't think they can solve on their own, so they hire you as a consultant. However, these courses can make you a viable candidate, especially if you have the industry-specific qualifications and experience desired by consulting firms. Every year, consultants from McKinsey, BCG and Bain review tens of thousands of applications, but less than 1% of them are accepted. Your consulting network should always be ready when you need it, whether it's to look for work or even to advance your consulting career.
When you become a consultant, regardless of whether you start working as a consulting employee or launching a consulting business, you'll get multiple job opportunities that will help you broaden your experience, knowledge and professional network. Consulting positions, which are highly sought after by many companies and individuals, are very prestigious, as they offer very attractive salaries and benefits. However, the basic approach remains the same: deciphering the mechanisms and identifying efficient strategies while also working to improve your consulting skills. You should focus specifically on events organized by consulting firms or those with consultants as speakers.