CONSULTING AS A CAREER Consulting as a Career Option ?

July 23 , 2013 An Introduction to the Consulting industry

OPTION

An Introduction to the Consulting Industry

Questions on your mind

What is Consulting ? Who is a Consultant ? Why is a Consultant hired ?

What does a Consultant do ?

Exposure to a number of sectors

Public Sector

Financial Services

Tech & Telecom

Industrial Goods

Consumer Goods

Energy

Healthcare

Transportation and Logistics

Utilities Sector

IT Sector

Outsourced managerial expertise

Data Analysis
Collection and unification of data

Capacity Augmentation
Supplement weaknesses in client staff Quick deployment of project critical skills

Best Practices
Draw on vast collective knowledge pool Apply lessons learnt across previous engagements

Perspective
Remove the blinders of preconceptions

Autonomy

No sacred cows

Data driven insight

Ensure no losses in translation across units

Provide cover for difficult decisions

Add meat to gut feel

Labor Force Multiplier

Hindsight Foresight

See the whole as more than the sum of its parts

Act without fear or favor

Companies hire Consultants because..

Technical Expertise Advantages of being an outsider Experience

Distress Management
Cross-industry knowledge and application

Basic Framework for a Consulting Project

Implement

Recommend
Research and Analysis Sell
Research prospective clients and industries Suggest areas of improvement Deliver a detailed proposal Meet the management Generate hypotheses Interview clients, market research to build models Synthesize findings Generate and deliver recommendation

Decide the action plan Run a pilot Complete implementation

Types of Consulting (1/3)

Strategy
Macro-level strategic challenges for the client Design and implement an action plan

Operations
Study existing operations Benchmark against industry best practices

Analytics
Leverage statistical techniques to identify trends and predict future behavior of customers

Recommend a new strategic direction for a growing pharma company

How to streamline purchasing processes How to optimize supply chain costs

Determine optimum pricing policy for potential credit card customers

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

McKinsey, BCG, A.T. Kearney, Accenture, Deloitte

Genpact, Inductis, Fractal, Dunhumby, Opera, Symphony

Types of Consulting (2/3)

IT
Understand clients business requirements Design and implement the optimal IT solution How to design and implement the customer database How to implement MIS/ERP system

HR
Compensation and Benefits Recruitment, training and development Org dynamics

Boutique
Sector specific work content

Examining fit across cultures in M&A Implementing employee incentive programs

Feasibility study and valuation of infrastructure projects

IBM, EDS, TCS, Wipro, Deloitte, Accenture

Hewitt, Hay Group, Mercer, Towers, Perrin, Watson Wyatt

Feedback Ventures, ICF International, ZS Associates, Meibach

Types of Consulting (3/3)

Internal Consulting

Some corporations have captive internal consulting divisions

Cost Savings Dedicated team of experts

Project based on corporate strategy, business development, project management etc for various business units Examples of projects

Product selection and long-term strategic planning for autocomponents manufacturing division of a conglomerate

P&G Strategic Planning Group, Johnson & Johnson Decision Sciences Group, JP Morgan Chase Internal Consulting Services

Skill Set for Consulting

Skills Required
PROBLEM SOLVING a. Analytical abilities b. Business acumen c. Ability to listen and learn PERSONAL IMPACT a. Presence b. Communication skills c. Teamwork abilities LEADERSHIP AND DRIVE a. Integrity and Maturity b. Track record

How are they tested?

How to prepare?

Case Interviews, Guesstimates, Response to hints in interviews Confidence in an interview Is it enjoyable to talk to you?

Case discussion groups Case books

Mock Interviews

Your CV Highlights

Cannot be prepared

Career Path (1/2)

Partner / Principal / Director

Primarily a selling role Equity owner in the firm Thought leadership in the industry Responsible for delivering projects Manages client relationships Manages teams Analyzes data Draws conclusions Manages day-to-day client interactions Gathers and analyzes data Draws conclusions
~ 3 - 6 years

Engagement Manager / Project Leader

Consultant / Associate

~ 3 - 5 years 2 yrs in B-school ~ 2 - 4 years

Analyst

Career Path (2/2) - The Pyramid

EXIT OPTIONS
Entrepreneurial Ventures, CEO/Senior Management at a company, Other consulting firms, Technical business advisors, Public Sector Roles

Partners

Managers

Entrepreneurial Ventures, Middle to Senior management at a company, PE Firms, Client companies, Other consulting firms
PE Firms - Analyst/Associate, Niche Consulting firms, Middle management at companies

Consultants

Food for Thought

Work Profile

Salary Lifestyle & Flexibility

Exposure Opportunities for Growth Responsibility Job Security Exit Options

Some First Hand Experiences

All the best !!