Management consulting is one of the most popular career choices for graduates. This is hardly surprising considering new consultants are amongst the best paid professionals post-graduation. But what do consultants actually do? What does the job entail and what are the day-to-day responsibilities? The answer to this question isn’t a straight forward one; it depends on seniority, experience, phase of the project cycle and the company. But broadly speaking, as a consultant you’ll be working on projects of varying lengths, at various sites for various clients.
Part of the reason so many graduates and experienced professionals are drawn to consulting, is the variety the job can provide. No two projects are the same – with each one carrying its own unique challenges. But generally speaking, projects tend to follow a cycle of pitching, research, analysis, report writing, and implementation. Entry-level and mid-level (MBA grads) consultants ordinarily handle the following duties:
Pitching
- Helping evangelise the firm to prospective clients – this includes researching the potential client and preparing supporting documents
- Assisting in compiling the prospective client’s proposal
- Delivering a sales pitch to the prospective client – ordinarily using Microsoft PowerPoint
Research
- Secondary research on the now secured client and its industry – using investment banking reports and other resources, such as Bloomberg and Companies House filings
- Interviewing the client’s customers to gain an additional perspective on the company’s service
- Scouring the firm’s records for previous information on the client or relevant industry
- Liaising with project leads for advice and insights on the firm
- Assisting in weekly client discussions on the client’s business issues
Analysis
- Creating a discounted cash flow (DCF) on Microsoft Excel and developing other quantitative financial models
- Analysing the accumulated data
- Developing proposals and recommendations
Report Writing
- Preparing the final presentation
- Assisting in presenting the firm’s findings and recommendations to the client
Implementation
- Providing project management to the implementation of the strategy
- Following the completion of the project, documenting and analysing the strategy’s outcomes
There will most likely be times when the firm has no projects for you; consultants are described as being ‘on the bench’ during these fallow periods. During these relatively tedious intervals, consultants spend a lot of their time researching prospective clients and helping the firm with its marketing efforts.
