Strategy consultants act as expert advisors who help organisations achieve their goals or optimise operations in a specific area of the business, such as sales, IT, finance, marketing, supply chain management, HR, operations, engineering or security. If you are weighing up the career, this guide covers what the job involves, what firms look for, how the interview works and how the ladder runs from analyst to partner.
What Does a Strategy Consultant Do?
Working with upper management to complete the following tasks may be a consultant's responsibility:
- Boost income and sales
- Encourage the use of new techniques, tools and procedures
- Enhance worker performance
- Construct business plans
- Boost organisational effectiveness
- Implement organisational changes, such as employee recruiting and dismissal
- Perform or prepare for an audit
- Increase customer satisfaction and customer service
- Boost staff morale
Responsibilities of a Strategy Consultant
- Meeting and advising senior executives throughout the consultation process.
- Determining the needs of the business and locating its shortcomings.
- Evaluating and examining operational processes.
- Assembling and presenting recommendations based on research.
- Creating thorough project blueprints to guide upgrades and modifications.
- Project management and planning for businesses.
- Giving advice when problems, difficulties or problematic circumstances occur.
- Monitoring and evaluating a project's performance.
Strategy Consultant Requirements
- A degree in business administration or a closely related subject is usually necessary.
- Prior business consulting experience is preferred.
- An MSc or MA in a specific business subject is a benefit.
- Certification as a management consultant is a benefit.
- Strong data collection and research skills.
- Strong problem-solving and analytical abilities.
- Understanding of various business disciplines, including marketing, IT and human resources.
- Excellent interpersonal, communication and presentation abilities. (We have written separately on why communication skills matter so much in consulting.)
- Expertise with Microsoft Office.
- Familiarity with a wide range of business management tools, including word processing, asset management, CRM and database programs.
The Interview Process for Strategy Consultants
The interview process for strategy consultant positions differs significantly from other job interviews and calls for preparation and practice.
You are given a business problem that you have to address quickly in front of the interviewer. You must organise your approach to the problem, ask the interviewer for the appropriate data, rapidly and accurately compute the numbers (without a calculator), combine the relevant information, and provide a recommendation.
To perform this well, a lot of practice is required, but all the steps are highly attainable if you are prepared to put in the practice time. Working through timed prep cases and case drills is the most direct way to build that habit.
Career Path of a Strategy Consultant
Most companies offer a very organised career path for strategy consultants, based on their entry point. In general, consultants advance through multiple stages, from entry level to seasoned, although job titles differ between consulting firms.
1. Associate | Consultant | Business Analyst
The traditional entry point for professionals in strategy consulting is at the undergraduate level. Supporting the entire consulting team, acquiring and analysing data, and producing project deliverables are all part of the job.
2. Senior Consultant | Associate | Consultant
At this level, strategy consultants with MBAs join consulting firms and are able to lead teams, own functional areas and design project deliverables, in addition to conducting analysis.
3. Engagement Manager | Project Leader | Case Team Leader
Manager-level consultants often have five or more years of experience, oversee multiple teams, manage projects and communicate with clients.
4. Principal or Associate Principal
At the principal level, strategy consultants are in charge of managing client relationships, completing projects, supervising managers and soliciting new business.
5. Partner
This is a firm's highest level of strategy consulting, often reserved for consultants with nine or more years of experience. Partners manage a project portfolio, create business strategy, retain clients and sell work.
Next Steps
Still deciding? Our list of 10 reasons top strategy firms are so sought after is a useful reality check, and the Management Consulting Placement Plan is designed for candidates targeting MBB and boutique firms.
Want to upskill yourself? If yes, then join our free workshops: jobaajlearnings.com/workshop
