There are many different types of consulting.
As an aspiring consultant, you would be well advised to understand your options so that you can make an informed decision about which kind of consulting is right for you.
Here are five (5) of the main types of consulting that might interest you:
- Strategy: Think BCG, McKinsey and Bain (although it is worth noting that these firms are doing less and less “pure” strategy work and more operations, implementation and restructuring). Strategy consulting is the kind of consulting that you probably think of when people say “management consulting”. Strategy consultants work with the CEO and senior management to address strategic problems including declining profitability, growth strategy, market entry, product development, or responding to a competitive threat.
- Operations: While strategy consultants give recommendations about what a client “should” do, operations consultants help clients actually improve existing operations. Operations consultants might work on projects relating to supply chain management including streamlining procurement or improving manufacturing efficiency.
- Information Technology: In an increasingly competitive digital world organisations are increasingly looking for digital solutions. IT consultants work with the CTO and senior management to develop software solutions to improve efficiency and organisational performance.
- Human Resources: For many firms wages are their biggest expense and people are their biggest asset. HR consultants help organisations attract, select, train, compensate and assess employees.
- Economic: Economic consultants normally work with government and law firms to provide economic forecasts and expert evidence based on statistical analysis and econometric models.
[For more information on the management consulting industry, download our “Guide to Management Consulting“.]