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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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2. Types of Consulting (2/3)
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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2. Types of Consulting (3/3)
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 !!