Consulting is a career many students don’t discover until university, yet it’s one of the most popular paths after graduation.
What exactly do consultants do, and how can you prepare yourself to succeed as a student?
What do consultants do?
One of the key roles of consultants is to help businesses solve their most complex problems. Consultants work with companies across different industries, allowing them to gain knowledge of many aspects of business and provide advice on everything from entering a new market to reducing costs. The work typically involves solving business problems, thinking creatively, working in teams, and communicating with clients.
Types of consulting
Consulting is a broad field with many specialisations. Two of the most well-known types are strategy consulting and management consulting.
Strategy consultants focus on high-level business decisions, such as corporate strategy, market entry, mergers and acquisitions (M&A), and long-term growth planning. Whereas, management consultants help businesses improve their operational performance, which might involve restructuring, supply chain management, and cost cutting.
Additionally, consulting also extends into areas such as technology, finance, human resources, risk management, and sustainability, each with its own unique role in solving complex business challenges.
Now you know what consulting involves, how can you gain relevant experience as a student to maximise your chances of breaking into the industry?
As a student myself, here are 5 tips to get you started.
1. Join a consulting club
One of the best and easiest ways to learn more about consulting is to join a student-led consultancy or consulting club at your university. These societies are made up of students who are just getting started with consulting and looking to learn and practice their skills. If you are new to consulting, this is a great place for you!
Consulting societies usually host panel events where you can meet consultants and speak to them about their experiences. They often organise student-led project rounds where you can work on projects with real clients and get a taste of what a consultant does. Additionally, they typically run case interview prep sessions for people thinking about internships & graduate roles.
If your university doesn’t have any consulting clubs, then it’s worth looking on LinkedIn for student-led consultancies that host their own project rounds so you can gain experience. Participating in consulting projects is a great way to build your skills and also looks great on your CV when applying for roles.
2. Gain online work experience
If you haven’t been able to join a consulting society, online work experience is another great way to get a taste of consulting. Global firms like BCG and Accenture host virtual work experience programs on websites like Springpod and Forage which can help you learn more about the industry and develop problem-solving and critical thinking skills that consultants need.
For example, on Forage, BCG hosts an ‘Introduction to Strategy Consulting’ virtual work experience which is self-paced, takes 1-2 hours and is completely free. Experiences like these will help you start thinking like a consultant and give you experience for your CV!
3. Take part in competitions
For those who have a bit more experience with consulting and would like to showcase their skills, case competitions are a great idea. These competitions are usually held in person, where teams of students work to solve a problem for a real client and present their findings to a panel of judges. Participating in a competition can help you to develop your critical thinking, communication, teamwork, and presentation skills. As a bonus, these competitions are a great way to learn from other teams and develop your case study skills for internships and graduate interviews.
Some big competitions in the UK include the McKinsey Solve It competition, and the LBS case competition.
4. Apply for consulting-related internships
Consulting internships are one of the best ways to gain real-world experience within consulting and are usually undertaken in the penultimate year of university. These internships typically involve working on real client projects, conducting research, analysing data, and presenting recommendations — just like full-time consultants. The day-to-day tasks you will complete differ between consulting firms, projects, and teams. However, strong communication, teamwork, problem solving, and analytical thinking skills will be required for every role.
These internships are highly competitive due to the large number of applications, many large consulting firms accept students from all degree backgrounds, and often these internships lead to a full-time graduate role upon completion. Many applicants have prior consulting experience, whether that be virtual work experience, within their university’s consulting society or in a case competition, however experience is not necessary to land a role. It is crucial, however, to perfect your general knowledge, sharpen your interview skills, and showcase your passion for consulting. A consulting internship will not only strengthen your resume but also help you determine if the fast-paced world of consulting is the right fit for you.
5. Improve your commercial knowledge and consulting-related skills
Consultants need a diverse set of skills to excel, including critical thinking, problem-solving, communication, and presentation abilities. These skills are crucial during interviews, making it essential to develop these skills before applying to present yourself in the best possible light.
Some ways you can develop these skills include following the tips mentioned above, as well as completing math puzzles, and getting involved in societies at your university related to public speaking. Focusing on improving your weaker skills can help you become a well-rounded candidate thus boosting your confidence when it comes time to apply and interview for consulting positions.
The bottom line
Breaking into consulting may seem challenging, but with the right approach, you can build the skills and experience needed to break into the industry.
By getting involved in student-led organizations, gaining online work experience, participating in case competitions, securing internships, and developing key skills, you can determine whether consulting is the right fit for you whilst also positioning yourself as a strong candidate for roles at the top consulting firms.
Rucha Potdukhe is a student at Imperial College London studying Medical Biosciences with Management. She has a strong passion for strategy consulting, investment banking, business, and entrepreneurship.
Image: DALL-E
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