Consulting

Consulting

•Consultants are hired advisors who are experts in solving a wide range of business problems in several industries. Consulting firms are hired by companies who desire a different perspective and extra help in gaining an edge over their competition by using the consultant’s expertise.

Why Consultants are Needed?

• Companies face problems that need expert input such as improving marketing plans for products, researching ways to expose new products, looking at potential investment possibilities in the company, and analyzing the finances in companies and ways to maximize their profits.

• Consultants have the experience and expertise to think of ways to resolve business problems, turn companies around, and continue their success.

Why Companies Hire Consultants

• Many companies outsource for consultants because of their new perspective on the field and their ability to problem solve saves time and stress on workers in the company that already have other jobs to do.• Consultants have the ability to juggle different projects at a time or

the clients can hire other consultants for each one, therefore it is effective and efficient for companies to outsource.• Companies save the headaches and money and hire others to deal

with the projects.

Consultants

Skills-Analytical and Quantitative Skills-Verbal and written Communication-Ability to research-Problem solving-Teach and educate others

Values-Creativity-Determination-Passion-Persuasiveness-Impactful-Personable

Positions of Consulting

• Analyst: title of one who has little experience in the career or industry. Analysts are the ones doing the research, gathering data, and analyzing for the projects.• Consultants: experts on the industry who have went to graduate

school and received a MBA or been an analyst for 2-4 years. Consultants manage the projects and are in charge of their team of analysts and present them to the companies.

Possible Industries to Consult In

• Health and Science• Manufacturing• Technology• Management/Business• Sports• Education

Education Path for Consulting

• Obtain bachelor’s degree in business administration or specialize in accounting, economics, finance, marketing, or public relations.• Internships during college because you can see which fields you like

and also gain experience in that field if you desire to pursue it.• Gain experience in the business world either directly in consulting or

in your specialized college degree.• Potentially go to graduate school for your MBA to become a high level

and high paid consultant.• Choose field you want to be in upper management with and work

your way up the ladder to complete your goal.

Current and Future Forecasts of Consulting• According to Vault, “Today, the consulting industry remains a key

source of expertise for the business world, government agencies, and nonprofit organizations. Annual revenues in the global consulting industry have begun inching up again (hitting $415 billion in 2013), and more than 3.8 million new jobs are expected to be added by 2020 in the professional and business services industry”• Consulting is a needed and growing industry, which has its

financial advantages as well.

Informational Interview

Informational Interview

Bill Jenkins, who is an independent consultant: “Consulting mashes all components of business into one job which is what I found appealing. Whether it is the problem solving or analyzing the finances, you can be the project manager, accountant, or anything business related in your projects.”

Informational Interview

“As a consultant you most likely have the pleasure of choosing whatever industry or field you desire. First I started out in pharmaceuticals and have gone all the way to fashion, but my favorite has been helping Dick’s Sporting Goods with different projects.”- Bill Jenkins

Informational Interview

“Climbing the ladder in the consulting world is quite an experience. It is cool because you have the chance to experience all the levels that you may be in charge of in a few years if you are fortunate enough. Now I understand the thought process of an analyst is when I am a senior consultant because I’ve been in that person’s shoes before!”- Bill Jenkins

ConsultingSuccess.com:Your on-site checklist should include:• Meet and greet staff right away• Keep arguments civil and resolve quickly• Discuss obstacles and budget issues with clients at scheduled meetings. Avoid

springing surprises.• Include the client’s staff in project successes• Treat meetings with the client like the first meeting• Be accessible when the client wants you• Thank clients for allowing you to work in the facility• When on the client’s premises, only work on that client’s project• As the project winds down, do not discuss your next project with employees• When your work is done, pack your bags and bid farewell• Leave your work area neat

Consulting Work Environments

• Work environments range depending on the projects at hand and the timing of the projects. If it is getting down to crunch time for projects there will be a lot of stressful, long hours and fast paced action with your team. When meeting with clients, consultants will be more relaxed with their stress and friendly to show their dependability. Other times, consultants may be arguing with their teams about ideas or resolutions, but need to be quick to put the fire out and get back to work.

Financial Standpoint of Consulting

First year out of undergraduate• Base salary: $50,000-$65,000• Signing Bonus: $5,000-$10,000• End of Year Bonus: $20,000-$40,000 (depending on firm)

• Potential end of year salary $75,000-$115,000

Financial Standpoint of Consulting

First year out of business school/MBA• Base salary: $110,000-$140,000• Signing Bonus: $20,000-$40,000• End of Year Bonus: $20,000-$40,000 (depending on firm)

• Potential end of year salary: $150,000-$220,000

Financial Standpoint of Consulting

High level experience consultants:

• Engagement manager/Project leader: $175-250K• Associate principal/Senior project leader: $250-400K• Partner/Principal: $500-800K• Senior partner/Director: $1M plus

Perks of Consulting

• Most companies give great benefit packages such as healthcare and life insurance.• Retirement contributions are very generous.• Excellent travel perks and some companies cover your living

expenses.

“Big Five” Consulting Firms

• Accenture• Deloitte Touche Consulting• PriceWaterhouseCoopers• Ernst and Young• KPMG Consulting

*Extremely popular firms that require strong expertise in consulting

LinkedIn Wake Forest Connectors

• Business related job• Fields of your desire• Engaging and energetic projects•Work independently or in teams• Financially beneficial job• Excellent perks• Stable and growing industry

If the above interest you then why not become a consultant?