Career Strategies for Consulting

SO YOU WANT TO BE A CONSULTANT….

Parag Ambardekar December 3, 2013

[email protected], 301-805-9700,

mailto:[email protected]

Outline

• What is Consulting • Market for Consulting • Some Career Strategies • Reality Check • Q & A

2013 © Dash Group, Inc. and Parag Ambardekar Slide # 2

WHAT IS CONSULTING


Consulting is Problem Solving or Addressing A Business Goal

• Strategy • Business or Business Unit • Functional Area (e.g. HR, Marketing) • Operations • Technology • Product • Niche area (e.g. Board facilitation)


A Consulting Assignment Has These Characteristics

• A problem to solve or a business goal to achieve

• Sponsor/s • Finite Duration (beginning and end) • Expected Business Benefit • Finite Scope • Stakeholders


A Consulting Assignment Is Different From A Project

• Every consulting assignment is a project (for the consultant) but a client project is usually larger than a consulting assignment.

• A project may involve one or more consulting assignments

• Management of client project budget and schedule is not part of the consulting assignment in most cases.


Consulting is Not….

Freelance work Or

Temporary job Or

Work that a routine job position involves Or

Staff augmentation


MARKET FOR CONSULTING SERVICES


US Consulting Industry

• $40 Billion – US 2012 Consulting Spend • High Growth Areas

Marketing and Sales Operational Improvement Technology

• High Growth Sectors Healthcare Energy Pharmaceuticals

Source: Bloomberg Business – June 2013


Need For Consulting Services

• New venture or initiative • Industry Expertise • Technology or Product Expertise • Regulatory Compliance • Independent/outsider perspective • Functional Skill Augmentation • Other Unique Factors


Sectorial View of Consulting Markets

Government • Federal • State • Local

Commercial • Start-ups • Small • Medium • Fortune 500

Non-Profit • Charitable orgs. • Trade Associations • Professional Orgs.

International • Federal • UNO, World Bank • EBRD


What Makes a Consultant Marketable

Skills and Experience

Track Record

Market Credibility

• Industry • Market • Technology • Product • Regulation • Functional

• Research • Employment • Consulting • Clients • Competitors

• Books • Speaking • Publications

At least one item from each box is needed


SOME CAREER STRATEGIES


Career Strategy 1 Employment with a Large Consulting Company

Large Consulting Companies

Employment in a large consulting company 0-5 years after college

Advantages • Excellent training • Flexibility to change industry • Good marketability

Pitfalls if Tenure < 2 years • Limited skill building • Limited marketability • No leverage in salary in new job


Career Strategy 2 Employment with a Small Consulting Company

Small Consulting Companies

Employment in a small consulting company 0-5 years after College

Advantages • Good Hands-on experience • Easier to get a mentor • Quicker niche development

Potential Pitfalls • Difficult to change industry • Susceptible to market changes • Limited stability of job


Career Strategy 3 Mid-Career Transition to Consulting

Consulting Companies

Employment in a consulting company, 7-10 years after College

Advantages • Good position/compensation • Leverages prior experience • Can leap frog career

Potential Pitfalls • Limited time to partnership • Work-life balance challenging • Difficult to change industry


Career Strategy 4 Late-Career Transition to Consulting Business

Consulting Companies

Self-employment or own consulting business after 20+ years of experience

Advantages • Leverages prior experience • Independence and flexibility • Higher income potential

Potential Pitfalls • Susceptible to economy • 50 Hour + weeks • Needs more staying power

2013 © Dash Group, Inc. and Parag Ambardekar slide # 17

REALITY CHECK


A Day In The Life Of A Consultant


What Makes A Consultant Successful

Hard Skills • Specialization • Industry Experience • Two or more functional

skills • Communication and

Presentation Skills • Relevant Industry

Certifications • Analytical Skills

Soft Skills • Flexibility • Ability to handle fast paced

change • Initiative • Continuous sharpening and

broadening of skills • Self-confidence • Problem Solving • Ability to Multi-task well


Some Career Building Tips

• Three to four years of consulting experience is very beneficial to most Careers

• Consulting experience with the Big-4 is highly valued

• Lifelong consulting career needs to be considered carefully

• Entry into consulting in the early part of a career is extremely valuable


Pros and Cons of a Consulting Career

Pros • Can start anytime • Low barrier to entry • Needs Minimal Capital • Never becomes routine • Highly rewarding • Challenging Work • Shields from Company Politics • Provides independence and

flexibility • Catapults corporate career • Good consulting experience

highly regarded

CONS • Extremely competitive • Difficult to last long • Pace of change can become

overwhelming • Needs constant sharpening

of skills and techniques • Difficult work-life balance • Hard on relationships • Feast or Famine Workload


Q & A
