What is Consulting?

Consulting is a professional service that involves providing advice and expertise to organizations on a variety of topics. Consultants can either be generalists or specialists within a specific field and are able to use their knowledge and problem solving skills to help clients solve complex problems, make informed decisions, and improve performance on a project basis.

Expertise can come in the form of functional expertise or industrial expertise:

Consultants can help organizations overcome a wide range of challenges, depending on the specific needs of the organization. Some common challenges that consultants help organizations address include:

1. Strategy development: Consultants can help organizations develop and implement effective strategies to achieve their goals, whether it’s entering new markets, diversifying product lines, or streamlining operations.

2. Process improvement: Consultants can analyze an organization’s existing processes and identify areas in which efficiency can be improved, such as reducing waste, eliminating redundancies, or automating tasks.

3. Change management: Consultants can help organizations navigate change, whether it’s implementing new systems or processes, restructuring the organization, or managing a merger or acquisition.

4. Talent management: Consultants can help organizations attract, develop, and retain top talent, whether it’s through recruitment strategies, leadership development programs, or performance management systems.

5. Technology implementation: Consultants can help organizations select and implement new technologies, such as enterprise resource planning (ERP) systems, customer relationship management (CRM) software, or data analytics tools.

Consulting has been a booming service since the announcement of Vision 2030 and has opened up a plethora of job opportunities for fresh graduates as well as experienced professionals in both local and multinational companies. It is important to note that the working hours are long in this line of business, but the learning curve makes it an exciting career path for many people.

What does a consultant really do?

1. Conducting research and analysis: Consultants often start their work by gathering information and conducting research to gain a deep understanding of the client’s business, industry, or market. They may collect data through surveys, interviews, and focus groups, or analyze existing data sources such as financial reports or customer feedback.

2. Developing recommendations: Based on their research and analysis, consultants develop recommendations to help their clients address specific challenges or achieve their goals. These recommendations may include changes to business processes, organizational structure, marketing strategies, or financial planning.

3. Providing expertise and guidance: Consultants provide their clients with expert advice and guidance on a range of topics related to their area of expertise. They may act as a sounding board for ideas, provide feedback on proposals, or offer guidance on specific issues.

4. Implementing solutions: Consultants may also work with clients to implement the solutions they recommend. This could involve developing detailed implementation plans, identifying key stakeholders, and overseeing the execution of the plan.

5. Training and coaching: In addition to providing advice and guidance, consultants may also provide training and coaching to help clients develop the skills and knowledge they need to sustain the changes they recommend. This could involve delivering training workshops, providing one-on-one coaching, or developing educational materials.

6. Evaluating outcomes: Once the solutions have been implemented, consultants may also evaluate the outcomes to determine whether the desired results have been achieved. This could involve collecting data, analyzing performance metrics, and assessing the impact of the changes on the client’s business.

It is also worth noting that in today’s local economy, there is a big reliance on consultants to fill in the employment gaps that are seen across many organizations. So consultants might end up supporting the client in reporting and plugging into their day-to-day operations. So points 4 and 5 above might be the most relevant day-to-day activities that consultants do.

Getting into consulting

Getting into consulting requires developing key skill sets that are relevant to the job as well as some preparation work for the overall interview process. However, before deep diving into that, it is important to note some of the key characteristics that you should have in order to succeed in consulting:

1. Structure and communication: it is important for a consultant to be able to structure their thoughts and communicate in a very clear and concise manner. Communication techniques such as top-down communication have to be developed and nurtured in order to succeed in this career path (and in most career paths!)

2. Prioritization skills: As a consultant, you will find a lot of work coming your way whether it was from the client, your manager or even from the project director. It is important to always understand what is on your plate and balance your prioritization between importance and urgency

3. Functional/Industrial focus: as you grow in your career as a consultant, always keep in mind what type of work you would like to commit to in the long term. Avoid trying to become a generalist who knows a bit about everything but is a master of none. Focus on becoming a master of a functional or industrial area down the line as it will differentiate you from the rest as you grow in your career

4. Emotional intelligence: In a high pressure environment such as consulting, it is important to know how you communicate with the different stakeholders, both internal and external. You will definitely be under pressure in a lot of your time as a consultant, but always make sure that you are managing your emotions and and be empathetic of your surroundings

Going more in depth into the key skill sets, there are 5 key skills that you should start nurturing before going into consulting:

1. Problem-solving: it is the bread and butter of consulting. There are many different problem solving techniques that you can develop, however it is essential to lay the groundwork (or structure!) of whatever you are trying to solve. Breakdown the problem into digestible and actionable pieces that help you, your team, and the client understand how you are trying to solve the problem (be it in a top-down or a bottom-up approach). Look into different frameworks that you can use as a structuring template but remain agile to mix and match from different frameworks (but always make sure that you remain MECE – mutually exclusive and collectively exhaustive)

2. Analytical thinking: it is important to be able to understand how the numbers inform any business decision. In a data driven world where numbers drive decisions, it is important to be able to break down the different numbers into levers and understand the dynamics between them. Having coding background can be helpful in big data use cases but won’t heavily contribute to your day-to-day job

3. Communication: Always make sure that you are structured and that your communication is very clear. Choose the words you want to use wisely and avoid using negative words

4. Teamwork: You will never work on a project alone. So nurture your collaboration skills and ensure that you are a pleasant person to work with. Keep in mind that in consulting it’s rarely an either/or situation when it comes to designations as a junior, so no need to try and step on someone else in order to progress

5. Leadership: Being a leader doesn’t only come with managing your team members. You can lead by setting an example of excellence, by supporting your team members from different streams if you have the time, and by speaking up if you think something needs to be changed in team dynamics or in whatever you are trying to deliver to the client.

Interview Preparation Insight

The interview process consists of two parts: the behavioral interview and the technical/case interview. You will typically get both parts within the same interview so make sure that you are prepared for both!

1. Behavioral interview: the behavioral interview is the typical interview where you will get asked about a specific behavior and you will have to elaborate on it from a previous experience. The two most typical behavioral traits they will ask you about are teamwork or managing conflicts. In terms of delivery of your answer, try to follow the following the STAR framework:

   • Situation: Begin by describing the situation or context in which the behavior you are discussing occurred. This should provide the interviewer with some background information and help them understand the context of your response.

   • Task: Next, describe the task or problem you were faced with in the situation. This should help the interviewer understand what you were trying to achieve or overcome.

   • Action: Describe the specific actions you took to address the task or problem. Be sure to provide enough detail to help the interviewer understand how you approached the situation and what specific steps you took.

   • Result: Finally, describe the outcome or result of your actions. This should help the interviewer understand the impact of your actions and the results you were able to achieve. If any number can be mentioned to show the size of the impact that would be better. Also, be prepared to answer any follow up questions as they will definitely try to stress test your story.

2. Technical/Case interview: Historically, the case part is the tricky part. It is usually where many people get rejected from joining a consulting firm and requires a lot of preparation (so please make sure that you start preparing as early as possible!). A good way of preparing is to do mock interviews with a friend or with your Nebula mentor. You will be given a general problem that you will be required to solve and 3-4 follow up questions with supplementary data. Below is an example of a case interview question:

“Your client is a global manufacturer of automotive components. They are experiencing declining profits due to increased competition and rising production costs. They have asked for your help in developing a strategy to improve their profitability. How would you approach this problem?”

The case is not trying to test how fast you solve the problem, it is actually testing how you STRUCTURE your approach to solving the problem. Here are some steps you can take to prepare for a case interview:

1. Understand the case interview format: A case interview typically involves a hypothetical business problem or scenario that you will be asked to solve. The interviewer will provide you with information and data related to the problem, and you will be asked to analyze the information and provide recommendations. In some cases, the interviewer will give you a very general question and you will be required to ask follow-up questions to extract information from the interviewer.

2. Practice with case studies: Practice solving case studies with a friend or mentor. There are many resources available online that provide case studies and sample solutions. Look for case studies that are relevant to the consulting firm and industry you’re applying to.

3. Develop a framework: Develop a framework or approach for solving cases. This framework should include key steps for analyzing the problem, such as identifying the key issues, gathering data, and developing recommendations.

4. Practice mental math: Case interviews often involve math problems that require quick mental calculations. Practice mental math skills, such as addition, subtraction, multiplication, and division, to improve your speed and accuracy.

5. Communicate clearly: During the case interview, communicate your thought process clearly and concisely. Explain your assumptions and reasoning and ask questions to clarify any ambiguity.

6. Time yourself: Practice solving cases within a set time limit to simulate the time pressure of a real case interview. This will help you develop your time management skills and ensure that you can complete the case within the allotted time.

7. Get feedback: After practicing with case studies, ask for feedback from a mentor or friend. They can provide valuable insights into your strengths and weaknesses and help you improve your performance. Make sure that you list all of the feedback you get in a log and work on improving them.

During the interview, always make sure that you summarize the problem after you get each question from the interview and always ask for time to structure before answering each question. You are not expected to give any answer from the fly, so take your time (1-1.5 minutes max.) to really frame your approach to solving the problem. Here are some tips for you to structure your thoughts:

• Clarify the problem: Before you begin solving the case, make sure you understand the problem statement and any relevant information provided by the interviewer. Ask 1-2 clarifying questions if needed to ensure you have a complete understanding of the problem.

• Develop a framework: Develop a framework or approach for solving the problem. This can be a structured process or a set of key questions you plan to ask. Your framework should include key steps for analyzing the problem, such as identifying the key issues, gathering data, and developing recommendations. (P.S Please don’t call out whatever framework you are using during your answer)

• Prioritize information: As you gather information related to the case, prioritize the most important information and use it to guide your analysis. Don’t get bogged down by irrelevant or less important details.

• Communicate your thought process: As you work through the case, communicate your thought process clearly and concisely. Explain your assumptions and reasoning and ask questions to clarify any ambiguity.

• Summarize your findings: Once you have completed your analysis, summarize your findings and recommendations in a clear and concise manner. Be prepared to answer follow-up questions from the interviewer.

There are some common mistakes that candidates make during the interview. Make sure that you don’t fall in these traps:

• Failing to ask clarifying questions: Candidates who do not ask enough clarifying questions at the beginning of the case interview may miss key information that could be critical to solving the problem.

• Jumping to conclusions: Candidates who jump to conclusions without thoroughly analyzing the problem may make incorrect assumptions and develop flawed recommendations.

• Ignoring data: Candidates who ignore data provided by the interviewer or fail to use it to guide their analysis may miss important insights and make incorrect assumptions.

• Failing to communicate effectively: Candidates who do not communicate their thought process clearly and concisely may confuse the interviewer and fail to demonstrate their analytical and problem-solving skills.

• Using a one-size-fits-all approach: Candidates who use a standard framework or approach without tailoring it to the specific problem presented may miss key insights and fail to provide effective recommendations.

• Not being structured: Candidates who fail to structure their thoughts and analysis in a logical and organized manner may confuse the interviewer and fail to communicate their approach effectively.

• Rushing to provide recommendations: Candidates who rush to provide recommendations without thoroughly analyzing the problem and considering all possible solutions may develop flawed recommendations or miss key insights.

Career Trajectory of A Consultant 

In consulting, you will typically go through 6 main roles:

1. Business Analyst/Junior Consultant: a business analyst is typically a fresh graduate or has 0-2 years of work experience and is expected to support the team across different (or a specific) work streams with analyses, and engaging and building relationships with the clients. Exceptional business analysts sometimes are asked to lead small work streams to prepare them for the Associate role.

2. Associate/Senior Consultant: associates are experienced professionals who are expected to lead their own workstreams, build relationships with client mid-level managers and lead problem solving sessions with senior leadership within the consultancy.

3. Engagement Manager: EMs are responsible for managing the day-to-day operations of a project; making sure that the team is moving in the right direction with the project. They are also responsible for communication with the key senior stakeholders from the client side and for overall coordination within the project.

4. Partner: Although there are different levels within the partnership, partners are responsible for building relationships with prospective clients and trying to convert them into clients. They are also the subject matter experts that the team rely on during projects.