A Hierarchy of Purposes in Real Estate

What is Management Consulting?

Management consulting is a popular destination for bright students after graduating from university. With good salaries, specialist training, and opportunities to progress quickly, it’s easy to see why. If you’re unsure what it is or how to get into this sector, our quick guide gives you everything you need to know.

What do they do?

Management consultants work with businesses to improve their performance by providing expert advice to solve problems and encourage growth. They work with businesses across a wide range of sectors, including business strategy, finance, HR and marketing. It’s not just private firms - many public institutions use management consulting to improve their practices and efficiency.

In basic terms the role of the consultant is to provide their client with an audit of current procedures, their recommendation for improvement and an action plan for implementation. They can be brought in by a business to advise senior management on a specific project or more broadly on the structure and practices of a firm. 

Why do businesses use them?

The management consultant will often be filling in for a skills gap a business has. It can be much cheaper to source external help than hiring new individuals or even a team to manage a project or task. A consultant is likely to have expertise in a certain area, which a business may not have internally. Plus, they can focus on the project on hand without getting distracted by the day-to-day running of the business. Consultancies range in what they provide, with larger firms offering end-to-end solutions while others may focus their expertise in a specific area. 

How does a management consulting project work?

As they are usually providing advice on a specific issue, the work of a strategy consultant tends to involve a lot of data analysis. A project will usually go as follows:

• Problem definition – What problem are we trying to solve?
• Approach – How are we going to investigate this problem?
• Data gathering – Find out everything we can about the issue
• Data Analysis – What does our data show?
• Advice – What is the best solution according to our data and expertise?
• Implementation – Enact positive change based on the recommendations
• Who are the main management consulting firms?

There are three companies which are often referred to as the Big Three consulting firms. They include McKinsey & Company, Boston Consulting Group and Bain & Company. They all consult on a variety of projects and specialisms. The Big Four accountancy firms (PwC, EY, Deloitte and KPMG) also have large management consulting arms, plus there are other firms like CIL Management Consultants and Steer, which specialise in management consulting.

When should you apply?

For graduate roles at most big consultancies the deadline for applications is between the end of August and December in your final year, but roles are often filled on a first-come, first-served basis. The application process usually involves submitting answers to set questions and your CV, completing online tests and then going to an assessment centre. There will often be a case study as part of this stage, which will test your ability to provide solutions to business problems you’re likely to face if hired. Finally, there may be a final interview with a senior consultant before you’re accepted into the business.

Discover management consulting graduate opportunities

If management consulting has sparked an interest, browse the latest consulting graduate programmes to take the first step into your career. 

What is Strategy Consulting?

Strategy consulting is one of the most competitive and lucrative destinations for bright graduates, but it is also often misunderstood. Luckily, we've compiled a guide to help you understand the ins and outs of this prestigious sector.

What is Strategy Consulting?

Strategy consultants advise organisations on high-level decisions in an unbiased fashion, using deep industry knowledge to deliver the best results. It is a type of Management Consulting, which generally implies advising at the highest-level of a company. Strategy consultants work across every industry, with private and public sector bodies on a wide range of issues.

For example, a company is looking to save money in a shrinking market, so it decides to close one of it's manufacturing plants. They want to know if this is a worthwhile course of action, which of their plants should be closed, how much money it will save them, how much it will cost them, and how they should restructure their supply chain to manage this loss of production - this is where a strategic consultant comes in.

Why do organizations use strategy consultants?

An obvious question that comes to mind is "Why don't organisations just take care of these questions themselves?" Consultants are generally brought in on the important decisions that are vital to the future of the company, to make sure the every angle is considered. They can devote themselves entirely to the question at hand, while executives are normally busy with the actual running of the company. Consultants also offer deep expertise in a particular industry or subject, such as market positioning or restructuring.

There also occasions when consultants fulfill a legal purpose. During a merger, before the transaction is completed, it is illegal to share information between the two companies. Consultants can operate independently, sourcing information from both parties to have a strategy ready for the moment the last document is signed.

What skills do I need?

As well as specific industry knowledge, there are a few general skills that are essential to a career in strategy consulting. 

• Analytical skills: The ability to collect and analyse large amounts of data, to assess problems and structure solutions and to present information at a range of levels. These skills are assessed in the famous case study interview, used in almost all consulting applications.
• People skills: Consulting is a client-focused industry and a lot of your time will be spent dealing with management in order to better understand the issues they’re facing. You need to be able to build relationships, be persuasive when necessary and know when to defer.
• Time management: Strategy consultants work to tight deadlines and missing them is not an option.
• Flexibity: Even once you’re an expert, there will be plenty more for you to learn. You need to always be aware of your own performance, finding ways to improve.

Who are the main firms?

Firms that do strategy consulting are split between those who do nothing but strategy consulting (pure-play) and those who offer it alongside other consulting and professional services. The three most prestigious pure-play firms in the world are known as the Big Three: Mckinsey & Company, Boston Consulting Group and Bain & Company.

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