What is consulting?
Consulting is a broad term. It can have a variety of meanings. It is also subjective to the referred industry. For instance, a marketing consultant facilitates a company in creating an optimum marketing campaign. On the other hand, a software consultant may help to design software systems for a company.
However, Consulting Business is generally used for management or strategic consulting. Companies seek the help of consulting giants like McKenzie and Company, Bain and Company, and Boston Consulting Group (BCG) to increase their efficiency and profits. It is because professionals at these firms are equipped to address the significant operational or strategic challenges they’re facing.
Consulting Business’s roles vary a lot. They depend on the type of consulting firm you are working for and the companies you are working with. If you are working for any of the large management consulting companies, you can expect a structured career path. You start as a junior consultant and move up the ladder to a senior consultant role within two to three years.
When you work in a large consulting firm, you are likely to work in a general discipline rather than a specific one like finance. In the case of smaller consulting firms, the scope of context reduces to a particular industry. You work exclusively within that industry.
What is the main challenge of working in a Consulting Business?
Being a consultant is an exciting opportunity because it helps you learn how to run the business effectively and profitably. However, you will come face to face with some challenges. Consulting is usually a travel intensive job. Many consultants have to travel a lot. The non-traveling time consists of weekends only in several cases.
What is the benefit of working in a consulting firm?
The primary benefit of being a consultant is the opportunity to learn about multiple industries and business models. Consultants also become trained to spot operational and managerial problems and come up with creative solutions to solve them.