Consulting is back! As investment banks struggle with the financial crisis, one industry is hot and ready to hire: Consulting.
Increasing numbers of MBA students are flocking towards consulting more than almost any other field and it is back in fashion for a number of reasons. There is still strong demand for purveyors of intellectual capital and the opportunities for undergraduates and MBAs to get on the fast track in consulting are highly competitive. The appeal into consulting is understandable and is also an attractive option to those with excellent experience within Industry.
In total, over 300,000 people work full-time in the management consulting industry, generating more than £20 billion in annual revenues. Over one quarter of these consultants come from Europe with half coming from the United States and the most rapid growth is currently being seen in developing economies such as Brazil and Mexico. There can be no doubt that this industry will continue to expand rapidly over the long-run although short-run retrenchments can and will happen.
For starters, work in consulting is stimulating and the pay can be fantastic. Salary offers (including guaranteed bonuses) at top MBA schools for consultants averaged at about £95,000 per year, often with significant signing bonuses, relocation reimbursement or tuition relief.
It can be particularly appealing for young professionals who aren’t quite sure where they’re heading as consulting offers snapshots of multiple different situations. After a period of time, this exposure allows a consultant to assess their experiences and begin to focus on the area they enjoy the most by pursuing further opportunities outside consulting.
Another long term benefit to consider, are the attractive post-consulting opportunities that enable exploration in multiple fields at all levels: former consultants are spread across the map, ranging from CEOs of major companies to politicians to investors and across numerous walks of life.
So is consulting really the right field for you? And, if so, how should you conduct your job search? A careful examination of your own skills, values and interests is an excellent idea, particularly given the wide range of available career options.
You should commit to an ongoing and serious process of introspection and skill inventorying before marching into your next job interview. After all, making a difference in a career that you enjoy is an important part of life and finding a career that matches your values and skill set is an investment that will pay off for many years to come.
For further information about our consulting opportunities, contact us at Morpheus on 020 3589 0800.