Independent and Professional Advice

A management consultant can be defined as an independent and qualified person who provides a professional service to business, the public and other undertakings. Typically, a management consultant:

• Identifies and investigates problems concerned with strategy, policy, markets, organisation and processes.

   

• Formulates recommendations for action based on factual investigation and analysis, taking into account broader managerial and business implications.

   

• Agrees a course of action with the client.

   

• Ensures the client receives the assistance needed to implement the recommendations.

Management consultancy is one of the fastest growing industries in the UK. It offers qualified accountants the opportunity to leverage their finance knowledge in either a generalist or a specialist environment.

The management consultancy industry is often broken down into three key sectors: the 'Big Five' management consultancies, global strategy houses and niche players. However, the choice open to candidates is much wider than this rather loose categorisation might suggest, as each firm is different, with its own culture and consultative style. So it is worth taking the time to thoroughly research the marketplace to find what will ultimately be the most appropriate fit for your skills and drivers.

A move into management consultancy offers the opportunity to work with global blue-chip companies, as a consultant you will also be exposed to continuous training and development, adapting to and utilising the most advanced tools of the profession.

Individuals moving into consultancy must possess: excellent academic results, integrity, objectivity and impartiality, an analytical mind, a sense of humour, exceptional energy and the ability to display empathy and sensitivity, recognising and respecting the perspectives of clients and colleagues. See the following page for the main attractions of management consultancy:

The nature of their business and their client base means that consultancies, on the whole, operate on an international basis. Designing and facilitating global change in a client organisation, consultants gain exposure to a wide variety of cultures and develop a true appreciation of and aptitude for international business drives.

Travel is a given in the life of a consultant, so candidates looking to move into the sector should be prepared to spend the majority of their working week away from home.

Consultancy is a highly competitive industry, with quality and innovation high on the agenda of successful players. Consultants therefore gain constant exposure to, and training in, leading-edge technologies and methodologies. Most consultancies conduct annual or bi-annual appraisals and offer their employees a flexible and fixed training scheme. Individuals are encouraged to manage their own careers, establishing personal and professional objectives for year-on-year development, which in turn leads to greater levels of client exposure and the opportunity to focus on specific industry sectors and/or operational areas.

TYPICAL EMPLOYER'S INCLUDE: Cap Gemini Ernst & Young, Andersen Consulting, Deloitte Consulting, Bain & Co, marchFIRST, The Berkeley Partnership, ITIM, Impact Plus, Monitor/MAST, REL

If you are considering a move into the sector with no prior consulting experience, you will be offered and expected to work across a broad range of industry and operational areas. Experienced consultants naturally move into an area of industry or operational specialisation, thus developing stronger networks both internally and externally and building their career prospects and market value.

Remuneration

There is a misconception within the job market that consultancies pay vastly more than companies in other industries. This is not the case for new entrants, although experienced consultants can earn significant amounts. Candidates must bear in mind that they will be balancing their starting salary against the 'name' of the employer organisation and the wealth of training that they will receive as a consultant in the future.

If you are moving into consultancy with no prior experience, you will be expected to go through a period of assimilation when your remuneration will be similar to that of your peers pursuing other career routes. Once you have gained a suitable level of expertise, you should see a significant rise.

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