Strategy Consulting as a Career
Description of the Job
Strategy Consultants primarily analyze business practices and goals and make suggestions for improvements or company direction. They devise strategies for cutting costs, increasing revenue and making key decisions. They help a company define markets and identify trends within a specific market. Strategy Consultants troubleshoot current problems and implement solutions. Also, Strategy Consultants analyze a business’s competitors to help establish objectives and goals.
Fast Facts
- Number of hours per week50-70, with spikes of up to 100 hours
- Average starting pay80k - 95k with bonuses
- Amount of travel requiredDepends on client, between 0 travel and 80% travel
Roles & Responsibilities
- Meeting with clients to discuss business goals and objectives.
- Conducting market research and studying market trends.
- Analyzing existing company processes and workflows.
- Evaluating the practices and market behavior of industry competitors.
- Creating and presenting analysis reports.
- Devising strategies to increase revenue, cut costs, and promote growth.
- Overseeing the implementation of updated business strategies.
- Reviewing and analyzing the efficacy of revised business strategies.
- Monitoring the long-term effects of business changes.
- Creating powerpoint presentations to present findings to the client
Skills Needed
- Communication: strategy consultants frequently communicate with clients, who often are upper management at companies
- Strong work ethic: the work is very demanding and they often have to work nights and on the weekends. Must also balance time between competing priorities and tasks
- Team-player: adept at working with teams of diverse professionals (managers, business owners and other consultants).
- Analytical: strategy consultants frequently work with various softwares (Excel, Tableau, Alteryx, Power BI, etc.) to analyze data, create models, and visualize their findings.
- Powerpoint: slide decks are important tools to present findings to the clients, so strategy consultants frequently work with powerpoint
Steps to Enter The Field
- A bachelor's degree is required for strategy consulting for an entry-level position such as analyst or associate
- Technically any major can enter management consulting, as the main responsibility is to analyze problems and solve problems. However, generally business degrees/majors or technical majors are best to enter the field, such as business analytics, accounting, finance, economics, statistics, mathematics, etc.
- An MBA may be a good option for later down the road (3-5 years after undergrad). Strategy consulting firms hire MBA graduates as well, generally at a “Consultant” or “Senior Consultant” level
- All strategy consulting firms require a case interview for their application process (along with behavioral interviews). It’s critical to learn how to do these and to prepare for them (resources are shown below)
- Many colleges/universities have consulting clubs on campus, and they can be a great way to develop consulting experience and prove one’s abilities to consult
Landscape of the Field & Companies in the Field
- There are 3 top strategy firms, referred to as MBB (McKinsey, Bain, Boston Consulting Group)
- EY and PwC (part of the Big 4) both have their own “strategy” branches, named EY-Parthenon and Strategy&, respectively
- Other large firms that have strategy divisions include LEK Consulting, Accenture, Deloitte, KPMG, Booz Allen Hamilton, and many others
- There are also boutique strategy consulting firms that may specialize in a particular practice or industry
External Resources to Learn More & Develop Skills
- Books to prepare for case prep interviews: Case in Point (free pdf), 20 Days to Ace the Case, Cracking Case Interviews
- Library of practice case books: contains over 30 practice case books to prepare for case interviews. Seek recommends to start with these case books for case prep: Wharton 2010, Wharton 2006, Darden 2019, Ross 2010, and Duke 2016-2017
- IGotAnOffer: contains many resources on consulting preparation, including practice interview courses, information on companies, blogs, and more.
- ManagementConsulted: Provides interview case preparation. It is quite pricey with about $200 for 1 hour of coaching, but they have many free resources, including a Youtube page with practice videos. Here is a link to their extensive list on what the entry-level salaries are at top firms
- Career Coaching Company: Their team offers 1:1, live tailored coaching from recent grads at leading companies to help you land your dream job. Get your first package session free by saying that you heard about CCC from Seek!
- The Final Round Podcast: AJ Eckstein (his video below) speaks with recruiters at top companies in multiple industries to learn the secrets why certain applicants get "knocked-out" and others are still standing after the final round. Here are 3 specific to management/strategy consulting:
- McKinsey: North American Affinity Recruiter, Erika Love
- Boston Consulting Group (BCG): Talent Acquisition Senior Specialist, Bruce Smolen
- Ernst & Young (EY): Campus Recruiter, Greg Share
- Marc Cosentino: Case in Point Author (the most “go-to” case interview prep book)
- Consulting Industry report: contains a plethora of information on the consulting industry, from salary information on specific companies, company reviews, diversity stats, etc.
Related Careers
- Related careers include other consulting careers (Management consulting, economic consulting, technology consulting, marketing consulting, etc.)
- Some exit options for consulting include going to corporations, which may include Product/Project Management, Corporate Strategy, Operations, etc. Other plausible next steps include Private Equity, Venture Capital, or startups
Informational Interviews
AJ Eckstein
Company Name: Accenture
Title: Strategy and Consulting Analyst
Years of Experience: 1
Biography
AJ Eckstein is a Strategy and Consulting Analyst at Accenture and previously interned at over 5 companies such as The Walt Disney Company. He graduated from University of Southern California (USC) in 2020 with a degree in Business Administration. AJ is also the Founder of the Career Coaching Company (CCC) which provides coaching from recent grads to help them land their dream jobs. Additionally, he's the Host and Creator of The Final Round, a podcast where he speaks with recruiters to learn the secrets of how to advance past the final round interview.
Overview
Steps took to enter field
Challenges & Favorite Parts
Advice
Gavin Cosgrave
Company Name: Bain & Company
Title: Associate Consultant
Years of Experience: 1
Biography
Gavin Cosgrave is an Associate Consultant at Bain & Company. He graduated from Santa Clara University in 2020 with a degree in Management Information Systems. In college, Gavin was a Product Management Intern at Equinix, a Junior Consultant at Three Wheels United in India, and Founder & Podcast Host of the Voices of Santa Clara podcast. He also is a Designer and Writer for Career Launch.
Overview
Steps took to enter field
Challenges & Favorite Parts
Advice
Kate Laughton
Company Name: EAB
Title: Senior Analyst, Corporate Strategy & Development
Years of Experience: 3
Biography
Kate Laughton is a Senior Analyst at EAB, an educational technology company, in the Corporate Strategy & Development team. Prior to EAB, she worked as a Management Consultant at Deloitte where she worked on strategy and operations projects for technology and health care companies. She graduated from Santa Clara University in 2018 with a degree in Accounting and Business/Management. She is also a Board Member of YCore, a social impact fellowship that connects young professionals with local nonprofits.