Consulting 101 - What is Consulting?

Summary

Consulting 101 introduces the consulting profession to newcomers, explaining its broad scope and appeal. Presenter Michael, an accounting student, shares his journey into consulting, emphasizing its versatility across industries. The presentation outlines the three main consulting roles: strategy, management, and technology, and discusses the tiered structure of consulting firms, including prestigious MBB firms, big four, and tier two firms. It highlights the career progression from analyst to manager, the high compensation, and the extensive learning opportunities. The talk concludes by underscoring consulting's value for personal and professional development, and its role as a springboard to diverse career paths.

Takeaways

• 😀 Consulting is a service where experts help companies solve complex problems, much like doctors diagnosing and treating illnesses.
• 🎓 Michael, a fourth-year accounting student, shares his journey from accounting to consulting due to a lack of passion for the former.
• 🔍 The presentation aims to educate those unfamiliar with consulting, outlining its nature and potential fit as a career.
• 🏢 Consulting is highly versatile, allowing specialization in various industries and functions, from tech to financial services.
• 📊 Consulting services are categorized into strategy, management, and technology, each focusing on different aspects of business solutions.
• 🌟 MBB (McKinsey, BCG, and Bain) are the top-tier strategy-focused consulting firms, highly prestigious in the industry.
• 💼 The Big Four (PwC, Deloitte, EY, KPMG) offer a broader range of consulting services, including technology and management consulting.
• 🚀 Tier two firms and boutique firms offer specialized consulting services, with the latter focusing on niche areas within consulting.
• 💰 Consulting roles typically start as analysts and can progress to consultant and manager levels, with significant salary increases at each step.
• 🌐 The skills and experience gained in consulting are highly transferable, opening doors to roles in MBA programs, management positions, or entrepreneurship.

Q & A

What is the main focus of the presentation 'Consulting 101'?

The presentation 'Consulting 101' is aimed at providing an introduction to the field of consulting, explaining what consulting is, and why it might be a suitable career path for individuals who are unfamiliar with it or those seeking a career change.

Why did Michael, the presenter, decide to switch from accounting to consulting?

Michael decided to switch from accounting to consulting because he realized during his third year of studying accounting that he was not as passionate about it as some of his friends. He explored other options and found a strong interest in consulting.

What is the analogy used in the presentation to describe consultants?

In the presentation, consultants are likened to doctors. Just as doctors diagnose and treat health issues, consultants are hired by companies to identify and solve business problems.

How many main types of consulting are there, according to the presentation?

There are three main types of consulting mentioned in the presentation: strategy, management, and technology consulting.

What does MBB stand for in the context of consulting firms?

MBB stands for McKinsey, BCG (Boston Consulting Group), and Bain, which are considered the top-tier strategy-focused consulting firms.

What are the Big Four consulting firms?

The Big Four consulting firms are Deloitte, PwC, EY, and KPMG. These firms are known for their professional services, including accounting and consulting across various industries.

What are the typical roles and responsibilities of an analyst in a consulting firm?

An analyst in a consulting firm typically builds slide decks, works with data and analytics to provide insights, manages projects, and helps solve client problems through case cracking.

What is the average total compensation for a consultant role according to the presentation?

The average total compensation for a consultant role is between CAD 100,000 and CAD 130,000, including bonuses.

Why is consulting considered to offer significant learning and development opportunities?

Consulting offers significant learning and development opportunities because consultants work across various industries, functions, and projects, which allows them to gain diverse experience and knowledge rapidly.

What are some exit opportunities for consultants after leaving the consulting industry?

Consultants often pursue roles in MBA programs, management positions in Fortune 500 companies, or entrepreneurship, leveraging the diverse and strategic experience gained from consulting.