Consulting Professions

Actuary - Consulting
An Actuarial Consultant is essentially a freelance Actuary who works with different companies to forecast the likelihood of future events, brainstorm ways to reduce the prospect of unwanted events, and curtailing the repercussions of these events, should they occur.

Analyst - Consulting
Analysts gather and analyze data, draw conclusions from their analyses andinsert their results into the “stories” the team presents to the client. Analysts spend their first two or three years learning the consulting ropes.They join projects that span multiple industries, functions and technologies.They start to build reputations for being reliable, spectacular, insightful orquick. They also start to understand what areas of specialization they prefer. Analysts typically spend two to three years at consulting firms before gettingan MBA or abandoning the field altogether. Some consulting firms nowpromote leading analysts directly to the associate level. At some of the topconsulting firms (Bain, BCG and McKinsey, for instance) the typical analystpath includes business school before promotion to associate. In rare cases, asterling analyst is given the option of promotion without business school. Inother firms (e.g., Booz Allen Hamilton), analysts routinely win promotions toassociate after two to three years. Among the Big Four’s IT consultingpractices, an MBA is not necessarily a prerequisite for promotion. In fact, thepursuit of an MBA may be encouraged or discouraged, depending on theconsultant’s area of specialization. Analysts are selected for inquiring minds, quantitative aptitude andwillingness to learn, rather than any specific industry or functionalexperience. Most consulting firms offer training programs, but the mainlearning occurs on the job. Analysts come to play more important roles withinthe firm as they gain experience. When client members are involved in the team, an advanced analyst mightalso manage the client’s work on the team to some extent. Take advantage ofsuch circumstances as your opportunity to shine.

Associate - Consulting
The associate role evolves rapidly as the consultant gets up to speed and earnsthe confidence of a more senior consultant. At the beginning, the associate’srole might differ from the analyst’s if the associate is on an accelerated careertrack; otherwise, the first year can look identical. A year or so later, however,the associate manages the team’s work (client members and analysts) andday-to-day client relationships. She or he generates hypotheses, analyzesphases and structures (and occasionally delivers) presentations at clientreview meetings. More often than not, associate consultants in a large, diversified consultingfirm focus on their desired specialization (usually industry) after two to threeyears. Ten years ago, specialization was encouraged earlier on in one’scareer; now new MBA consultants are encouraged for the most part to stickto being a “generalist” for a little while before choosing a specific focus.During this period, associates also begin to learn management skills, as theyare responsible for managing the team’s results and activities hands-on.Networking—both within and outside the firm—becomes increasinglyimportant, because associates will often have to work with other consultingteams (e.g., a reengineering team working with an IT team, or working withanother consulting firm for the same client). Sometimes there’s a senior associate role after a consultant has been anassociate for a couple of years. This role recognizes the associate as havingprogressed beyond the entry level, but not to the level where they can be leftalone to run the day-to-day operations of an engagement. After two to four years as an associate, the consultant is promoted to amanager position. Consultants at this level manage and develop the day-todayrelationships with key client personnel. They also manage the team’sactivities in an official capacity. The key differences in this role are the needto step back from the details more often and to manage staff. Unlike theassociate who manages the tangibles, managers oversee the team, resolvemajor issues and make key decisions. Following manager comes the senior manager position (again, all titles varyby firm), where the consultant begins developing more off-engagementrelationships with clients and prospecting for new business. At this stage, thesenior manager is also given a broader range of projects to oversee at a higherlevel. Networking at this level is especially important, since many firmseventually ask their other lines of business to evaluate your partnershipworthiness. Also, a large part of partnership status depends on the amount ofbusiness you are able to build.

Consulting - Other
A consultant is someone brought in from the outside because of their expertise in a certain areas, including HR, finance, marketing, technology, and graphic design.

Engagement Manager/Case Team Leader
Engagement managers, or case team leaders (titles vary by company), have responsibility over the entire client case, and work to ensure that the consulting team they oversee structures the problem-solving methodology correctly and executes that methodology effectively. The role requires business knowledge, project management capabilities and a focus on people, in order to deliver impactful results for clients. Consultants in these positions own a significant piece of a case and are involved in complex client interactions. Generally, the next rungs on the corporate ladder are manager, followed by partner.

Healthcare Consulting
With a market worth over $20 billion, health care consulting continues to be a core growth area. As the U.S. population and that of other industrialized countries ages, as scientists make further advances in genetic engineering and as patents for blockbuster drugs expire, the health care industry thrives. The National Coalition on Health Care reports that total U.S. health care expenditures were $2.3 trillion in 2007, and are expected to hit $4.2 trillion by 2016. Furthermore, health spending in the U.S., at 16 percent of GDP, accounts for a larger share of GDP than in any other major industrialized country. With so much cash at stake, the industry is predictably overrun with players. That's where health care and pharmaceutical consulting firms come into play--helping clients, such as life sciences companies, hospitals, HMOs and drug companies, navigate a complicated maze of legislation, tackle competition, manage costs on vendors and equipment, and implement new technology.

Human Resources Consulting
Even with fine-tuned strategies and streamlined operations, businesses won't succeed without the right people in place. HR consulting addresses the issue of maximizing the value of staff and placing the right employees in roles that suit them. HR consulting firms are also hired for organizational restructuring, talent management, HR systems implementation, benefits planning and compensation. This segment is expected to grow at a compound annual rate of 83 percent through 2010, according to Kennedy Information. Increased demand for benefits consulting, due to revisions in the U.S. Pension Protection Act and Financial Accounting Standards Board changes to pension plans, is Acontributing to growth in the market.

Management and Strategy Consulting
What is it you do? Consulting may sound nebulous, but it's a booming industry, even if many aren't quite sure what consultants actually do. Basically, consultants are hired by a company (or sometimes, a government entity or a nonprofit) to help assess its problems, plan its future, or improve operational efficiency and profits. These companies believe that consultants are neutral outsiders, sometimes with more overall industry experience than the client itself. Teams of consultants then work on projects—usually called "engagements"—for the client that can last anywhere from a couple of weeks to several years. Because consultants are always moving to new engagements and learning new information about their clients and their industries, management consulting—whether strategy, operations, or information technology in nature— is a unique career that offers the chance to work within many industries and companies, rub shoulders with CEOs, and travel throughout the country and the world. Consulting firms sell knowledge, and the skill and expertise of their employees. Expect long hours, lots of travel, the inability to make firm weekend plans, and an insider's view of sick and hypochondriac companies and organizations around the world. Popular profession Consulting is one of the best-paid professions for recent grads, offering lucrative salary packages and the chance to hobnob with top management of Fortune 500 companies, while working on some of the most interesting issues that these clients face. At first glance it looks like a no-brainer. But don't be hasty. A career in consulting has many positives, but it is certainly no walk in the park. Pressures are high, travel is onerous and the interview process can be painful. Before setting off down the consulting route, you should develop a good understanding of where the industry is going, what your role will be and how closely it fits with your needs and personality. Career Path While job titles between consulting firms may differ, the levels and promotion path across firms is remarkably similar. Students graduating from undergraduate institutions come into a firm at an analyst stage, while those with an MBA or similar degree, enter at an associate (also called consultant) level. (At Booz Allen Hamilton, recent grads of undergraduate programs are called consultants.) After one-and-a-half to three years as an associate, the next promotion is to manager. Consultants at this level have a day-to-day relationship with the client and responsibility for managing the activities of the team. The key difference in this role is the need to step back from the details more often, and an increased use of people management skills. Following manager, the senior manager position allows the consultant to begin to develop more off-engagement relationships with clients and to prospect for new business. At this stage, the senior manager is also given a broader range of projects to oversee at a somewhat higher level. The ultimate aspiration of a career consultant is to achieve the partnership/director position. This level is about building and maintaining client relationships and developing the intellectual capital of the firm. As most consultancies are still partnerships, promotion to director normally involves a hefty increase in compensation, as directors begin to benefit directly from the firm's profits. Analysts typically spend two to three years at a consulting firm before returning to get an MBA or abandoning the field of consulting altogether. Some consulting firms will now promote top analysts directly to the associate level. At most top consulting firms (Bain, The Boston Consulting Group, and McKinsey, for instance) the typical path for analysts includes business school before a promotion to associate. In rare cases, a sterling analyst may be given the option for promotion without an MBA. At other firms (e.g., Capgemini, Booz Allen Hamilton), analysts routinely win promotions to associate after two to three years. Not all firms are so cut-and-dry in their career paths, though, allowing for some flexibility and customization according to the individuals' needs and preferences (e.g., Deloitte). Survey says Like separate countries, consulting firms have their own cultures. One associate at a consulting firm says "the camaraderie here very appealing, because this industry is somewhat cutthroat and it's good to have that human touch." Part of that competition is engendered by the "up or out" policy that many firms sport—which means that consultants must advance at a certain pace or find a new job that's more suitable for them. "At my former firm" says one consultant, "you're either promoted or told to leave after two years. That creates a lot of insecurity. It's survival of the fittest, and I don't know how much teamwork that culture can really support. My new consulting firm doesn't have that policy and that makes it a nicer place to work." Consultants are generally bright overachievers, and so it's no surprise that one consultant thinks his firm "attracts very aggressive businesspeople who are well-rounded and down to earth. The company values leadership and integrity." Another consultant says he's "surrounded by brilliant people," which "makes it harder to stand out." Some consulting firms are defined by their socialization. "My firm will spend to create a friendly work environment," says one insider. Another insider reports that his firm's atmosphere is "totally convivial—like an elite fraternity or sorority." Firm culture can be affected by outside forces as well: "My firm had some problems two years ago, and people are still a little nervous and still look over their shoulders," says one consultant, while another Big Four consultant says: "The culture is still pretty much dominated by the accounting side, as you can tell by all the blue and gray ugly suits walking around here, even though the consulting side of the firm is increasingly profitable." Despite these separate traditions and quirks, all consulting firms emphasize and value teamwork. "The culture is very collaborative," say insiders. "People in Australia will get on a plane and fly to your client in the middle of the night to help you out with a project," says another consultant. "Most firms look "for extraordinarily smart people who have the ambition, the ability and the self-discipline to give 200 percent where only 100 percent would suffice. Consultants are experts in fields you've never heard of. They are mavericks and builders and it is a true joy to work with them," gushes one insider.

Management Consultant
What is it you do? Consulting may sound nebulous, but it's a booming industry, even if many aren't quite sure what consultants actually do. Basically, consultants are hired by a company (or sometimes, a government entity or a nonprofit) to help assess its problems, plan its future, or improve operational efficiency and profits. These companies believe that consultants are neutral outsiders, sometimes with more overall industry experience than the client itself. Teams of consultants then work on projects—usually called "engagements"—for the client that can last anywhere from a couple of weeks to several years. Because consultants are always moving to new engagements and learning new information about their clients and their industries, management consulting—whether strategy, operations, or information technology in nature— is a unique career that offers the chance to work within many industries and companies, rub shoulders with CEOs, and travel throughout the country and the world. Consulting firms sell knowledge, and the skill and expertise of their employees. Expect long hours, lots of travel, the inability to make firm weekend plans, and an insider's view of sick and hypochondriac companies and organizations around the world. Popular profession Consulting is one of the best-paid professions for recent grads, offering lucrative salary packages and the chance to hobnob with top management of Fortune 500 companies, while working on some of the most interesting issues that these clients face. At first glance it looks like a no-brainer. But don't be hasty. A career in consulting has many positives, but it is certainly no walk in the park. Pressures are high, travel is onerous and the interview process can be painful. Before setting off down the consulting route, you should develop a good understanding of where the industry is going, what your role will be and how closely it fits with your needs and personality. Career Path While job titles between consulting firms may differ, the levels and promotion path across firms is remarkably similar. Students graduating from undergraduate institutions come into a firm at an analyst stage, while those with an MBA or similar degree, enter at an associate (also called consultant) level. (At Booz Allen Hamilton, recent grads of undergraduate programs are called consultants.) After one-and-a-half to three years as an associate, the next promotion is to manager. Consultants at this level have a day-to-day relationship with the client and responsibility for managing the activities of the team. The key difference in this role is the need to step back from the details more often, and an increased use of people management skills. Following manager, the senior manager position allows the consultant to begin to develop more off-engagement relationships with clients and to prospect for new business. At this stage, the senior manager is also given a broader range of projects to oversee at a somewhat higher level. The ultimate aspiration of a career consultant is to achieve the partnership/director position. This level is about building and maintaining client relationships and developing the intellectual capital of the firm. As most consultancies are still partnerships, promotion to director normally involves a hefty increase in compensation, as directors begin to benefit directly from the firm's profits. Analysts typically spend two to three years at a consulting firm before returning to get an MBA or abandoning the field of consulting altogether. Some consulting firms will now promote top analysts directly to the associate level. At most top consulting firms (Bain, The Boston Consulting Group, and McKinsey, for instance) the typical path for analysts includes business school before a promotion to associate. In rare cases, a sterling analyst may be given the option for promotion without an MBA. At other firms (e.g., Capgemini, Booz Allen Hamilton), analysts routinely win promotions to associate after two to three years. Not all firms are so cut-and-dry in their career paths, though, allowing for some flexibility and customization according to the individuals' needs and preferences (e.g., Deloitte). Survey says Like separate countries, consulting firms have their own cultures. One associate at a consulting firm says "the camaraderie here very appealing, because this industry is somewhat cutthroat and it's good to have that human touch." Part of that competition is engendered by the "up or out" policy that many firms sport—which means that consultants must advance at a certain pace or find a new job that's more suitable for them. "At my former firm" says one consultant, "you're either promoted or told to leave after two years. That creates a lot of insecurity. It's survival of the fittest, and I don't know how much teamwork that culture can really support. My new consulting firm doesn't have that policy and that makes it a nicer place to work." Consultants are generally bright overachievers, and so it's no surprise that one consultant thinks his firm "attracts very aggressive businesspeople who are well-rounded and down to earth. The company values leadership and integrity." Another consultant says he's "surrounded by brilliant people," which "makes it harder to stand out." Some consulting firms are defined by their socialization. "My firm will spend to create a friendly work environment," says one insider. Another insider reports that his firm's atmosphere is "totally convivial—like an elite fraternity or sorority." Firm culture can be affected by outside forces as well: "My firm had some problems two years ago, and people are still a little nervous and still look over their shoulders," says one consultant, while another Big Four consultant says: "The culture is still pretty much dominated by the accounting side, as you can tell by all the blue and gray ugly suits walking around here, even though the consulting side of the firm is increasingly profitable." Despite these separate traditions and quirks, all consulting firms emphasize and value teamwork. "The culture is very collaborative," say insiders. "People in Australia will get on a plane and fly to your client in the middle of the night to help you out with a project," says another consultant. "Most firms look "for extraordinarily smart people who have the ambition, the ability and the self-discipline to give 200 percent where only 100 percent would suffice. Consultants are experts in fields you've never heard of. They are mavericks and builders and it is a true joy to work with them," gushes one insider.

Operations Consultant
Operations consultants put strategy into action. In years past, operations consulting focused on saving money and increasing efficiency. In the recent booming economy, however, clients were more focused on expansion and profit growth, so operations consulting now revolves around responding to market changes, globalization and customer interaction (though today, with clients taking a cautionary stance toward spending, there has been a slight shift back to earlier conventions). While strategy involves making out clear goals, operations consulting focuses on the practical means of reaching these goals, which might include allocating resources, shifting value chain priorities, evaluating benefits of outsourcing or examining customer service and distribution--all to help clients alter processes in response to competition or react to shifts in the market. Kennedy Information estimates that the $45 billion operational consulting market will grow at a compond annual growth rate of 7.1 percent through 2010.

Operations Consulting
Operations consultants put strategy into action. In years past, operations consulting focused on saving money and increasing efficiency. In the recent booming economy, however, clients were more focused on expansion and profit growth, so operations consulting now revolves around responding to market changes, globalization and customer interaction (though today, with clients taking a cautionary stance toward spending, there has been a slight shift back to earlier conventions). While strategy involves making out clear goals, operations consulting focuses on the practical means of reaching these goals, which might include allocating resources, shifting value chain priorities, evaluating benefits of outsourcing or examining customer service and distribution--all to help clients alter processes in response to competition or react to shifts in the market. Kennedy Information estimates that the $45 billion operational consulting market will grow at a compond annual growth rate of 7.1 percent through 2010.

Partner/Managing Director - Consulting
The ultimate aspiration of a career consultant is to achieve the partner (or principal) position. Most consulting firms are LLPs or LLCs, with the partners being partners in the legal sense of the word, each owning a significant equity stake in the firm. Compensation for partners is overwhelmingly tied to both their individual performance in drumming up business as well as the firm’s fortunes. Being a partner requires building and maintaining client relationships and developing the intellectual capital of the firm. Most consultancies operate as partnerships. A promotion to partner normally involves a hefty increase in compensation, as partners contribute directly to the firm’s profits. Many firms have upped the ante by lowering their partners’ base salaries and tying compensation more directly to how much the partner sells. This creates a strong incentive for the partner to sell new work, though it also creates lots of pressure and sometimes competitionamong partners. Some partnerships also have the equivalent of a director position. The director normally declines taking the risks and rewards associated with partnership, but shares the same responsibilities. (This position is known as associate partner.) Few consultants who enter the field ever make it to partner, as most of them are either let go from their firms or leave to pursue other opportunities (often to reduce the burden of consulting on their family life). ]]>