Strategy consultants work with clients to provide them with insights and advice they need to achieve their business goals. This can include analysis of their current practices, competitive landscape and market research.
Often, these experts are brought in by companies that are facing complex issues that they cannot tackle internally. They offer an impartial perspective and bring in best practices that may not be obvious to executives in-house.
Job description
A strategy consultant helps businesses identify the direction they want to take and develop strategies that will allow them to achieve their goals. They work with companies and organizations in a variety of industries, from healthcare to technology.
Using their industry experience and unbiased third-party perspective, strategy consultant guide clients on how to best achieve their business goals. The job requires natural leadership ability, strong communication, a penchant for data and analytics, problem-solving skills and an understanding of human behavior.
Strategy consulting is a challenging career, so you’ll need to be resilient and dedicated. You also need to be well-informed about the industry you’re working in and keep up with changes within your field.
Qualifications
Strategy consultants offer professional advice to businesses that need support with their goals and objectives. They help clients assess the risks and opportunities in their business and make strategic recommendations based on those findings.
As a strategy consultant, you need a range of qualifications and skills to succeed in your career. These include experience, education, problem-solving and a passion for business.
Qualifications in the field of consulting are offered through organisations like the Institute of Consulting in the UK and Institute of Management Consultants in the US. Taking these qualifications can be a great way to demonstrate your commitment to the profession and improve your chances of securing a position as a strategy consultant.
As a strategy consultant, your duties usually involve research, analysing data from a company and talking to experts and consumers. You then form a long-term strategy for the company to take into account. This is an important part of the job and requires good quantitative research skills (using numbers), as well as qualitative research skills (finding meaning in forms of research like interviews with consumers).
Work environment
As a strategy consultant, you need to work well with people and be flexible in your opinions. This can help you provide valuable insights to your clients.
You also need to be an effective problem solver. In addition, you need to be able to keep up with industry trends and news.
The best way to make sure you are a good fit for this position is to do your research. Find a consulting firm with a reputation for providing quality services.
In addition, make sure the company you choose has a strong culture. If it does, you will be able to build trust with your clients and receive referrals.
You will also need to be comfortable in a variety of working environments. For example, you might need to visit different offices in the same building or spend time traveling. This can be stressful for some people, so it is important to find an environment that works best for you.
Salary
Strategy consultants are responsible for identifying and solving problems that inhibit growth in a business. They use their knowledge of strategy to recommend and implement plans that can increase a company’s profits.
The salary of a strategy consultant depends on where you live and your qualifications. In addition, a top consulting firm may offer other benefits like health insurance or paid time off.
MBA and PhD hires can expect to see their starting salaries rise again after stagnating last year. Outside of finance, post-MBA compensation packages are among the highest in consulting.
Depending on the firm, starting salaries can vary by cohort level and compensation tiers aren’t as flexible for Big 4 and Tier 2 firms.
The most common type of entry-level consultant is the business analyst. These are often hired with a bachelor’s degree in business administration or a related field, and they collect data about client problems to suggest solutions. This research is then organized and presented to internal senior consultants.
