Cracking the Code: A Peek into the World of Consulting
What is consulting? If you have gone to a few networking events, walked around YNCN’s career fair, or delved into numerous job portals , you may have seen and/or considered the world of consulting. However, the term “consulting” encompasses a diverse portfolio of jobs, each appearing somewhat distinct. This article will provide a glance into what consulting is, the difference between different consulting “firms”, what life in consulting may look like. Note, this advice is tailored to the undergraduate internship/recent graduate level.
Defining Consulting
Consulting, or being a “consultant” can mean many things. Fundamentally, it involves aiding businesses in overcoming challenges to enhance their operations. Much like a medical practitioner helps troubleshoot your personal health, a consultant helps businesses troubleshoot their business’ health. While a business may be able to solve the problem themselves, there are many reasons why consultants may be brought in, including but not limited to:
- Resource and time constraint
- Gaps in industry/technology expertise
- Projects that don’t require creation of a permanent full-time position
- Offering an external perspective on internal challenges
Sounds vague? It should, because consultants are hired as a professional service in practically every industry for a wide array of purposes.
A Sampling of Consulting Types
While there are so many different paths for a consultant, we are going to focus on two common pathways UofT STEM students take after graduation; engineering/technical consulting, and management consulting. Within these two groups, there is a wide range of firms, types of work, and specializations.
Engineering/Technical Consulting
For those of you in engineering, you probably have done some mock engineering consulting within your program. At UofT Engineering, design classes like Engineering Strategies and Practices (APS111/112) and Praxis (ESC101/102/204) are introductions to some of the types of work you might see at an engineering consulting firm. Example projects may range from developing a new bridge for a city, to designing a new wastewater treatment process, to engineering and constructing a new underground mine and its associated infrastructure.
Engineering consulting firms are typically hired to design, and often implement/construct a solution to solve a problem. They require technical knowledge developed from related engineering programs. The types of projects you work on will depend on the firm you work at, and the division you work within. For example, you may work specifically within metallurgy projects at a company specializing in metals and minerals.
The type of firm may also have different types of specializations for projects, and divisions within each firm may specialize on specific phases of a project, ranging from concept/feasibility, to detailed engineering, procurement and construction to assisting the entire lifecycle from concept to start-up and implementation. When exploring different engineering consulting firms, it is important to find firms who work in project areas and project phases that resonate with both your educational background and interests. Some examples of engineering consulting firms include:
- Worley
- Hatch
- AtkinsRealis (formerly SNC-Lavalin)
- Mott Macdonald
Management Consulting
While engineering consulting often requires a set of technical expertise, management consulting attracts a broader range of academic backgrounds and experience. There are also a broad range of firms, who all have different specializations. While they can be segmented in various ways, one broad stroke approach is outlined below. Note, this segmentation is not a one size fits all. For example, large firms recognized for their “implementation” projects such as Deloitte, also operate within other domains including strategy. Similarly, boutique firms tend to specialize in strategy or implementation work.
Large Strategy Focused Management Consulting Firms
Large strategy house firms include large firms such as “MBB” firms, which includes McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company, but also a large collection of lesser-known companies also providing great career opportunities. These types of firms tend to focus on strategic projects. This may mean different things, but an example is assessing the competitive landscape and developing the go-to-market strategy for a new product launch.
“One Stop Shop” and Implementation Focused Management Consulting Firms
Implementation focused firms often also work on strategic projects, but more so will focus on designing, developing, and implementing new solutions, processes and operating structures for a team to meet a more specific goal or address a specific challenge. Many of these projects rely on the use of in-house or third-party developed technology solutions. Some example firms include Accenture, Deloitte, KPMG, and EY.
Boutique / Specialty Firms
While consultants love MECE (mutually exclusive collectively exhaustive) lists, this bucket is unfortunately a bit of a sub-bucket for the two previous types of firms. These firms tend to specialize within specific industries, or practice areas, instead of the wide range of offerings larger firms mentioned above may cover. A company like Jarvis Consulting focuses on IT solutions across industries, while ZS Associates focuses on a wide range of projects predominantly within the life sciences and pharmaceutical industries. There are also companies such as Konrad Group, who focus on digital and technology design and consulting across multiple industries.
Common Threads
While all types of consulting may have a wide range of work, cultures and project types, there are a few common threads between the various firms:
- Project based work: You won’t spend your entire career at a consulting firm working on one specific project, but often will have the opportunity to try out multiple projects, in different functional areas of a business, or different industries.
- Collaboration: Consulting is a team-based sport, meaning you will be working and meeting with your team and clients on a regular basis.
- Fast Paced: Consulting is often not a traditional 9–5 job, and as you will often be given ownership of your work early on, this can mean less consistent hours.
- Project Management: You will often be responsible for your own work, and accountable for maintaining its progress. It is a very self directed career!
- Learning opportunities:. Many consulting firms invest and provide professional development coaches, regular manager/employee development chats and many internal resources for employee growth.
What’s Next?
Finding which firm fits you best is easier said than done. Having coffee chats with current employees at different firms you may be interested in is a great step to better understand the differences between firms, and attending networking and information sessions can give you better insight into the types of projects you may work on, and company culture. Some questions to ask yourself as you explore whether consulting is right for you includes:
- Are you interested in a career with regular change, uncertainty and ambiguity?
- Do you like to learn, and synthesize information?
- Do you want to manage and be accountable for your own work?
- Are you interested in developing a lot of your “soft skills” (e.g., communication, collaboration, adaptability)?
- Are you comfortable working on projects where you may not always see the end product, or be responsible for the upkeep and maintenance of a product?
Asking yourself these questions and exploring can guide you into the dynamic and versatile world of consulting, offering valuable perspectives as you consider launching your career in this field.
Written by Hannah Kot.
References to Learn More About Consulting, Networking and Interviewing:
Consulting
- https://yncnuoft.medium.com/zoom-into-consulting-d8373680cad7
- https://www.rocketblocks.me/guide/consulting-primer.php
Networking
- https://yncnuoft.medium.com/first-year-series-speed-networking-f2076ac215b
- https://yncnuoft.medium.com/beyond-the-handshake-balancing-authenticity-and-professionalism-in-networking-a6d8ea7f6019
Interviews
