Consulting is an umbrella term that covers basically any time an expert helps a company improve their performance or better meet its goals. Consultants are the troubleshooters and the problem-solvers who swoop in to help out.
Within this broad spectrum, there are specific areas or "practices" within consulting that you, as a student, can pursue straight out of college. Let's take a look at what these are!
Strategy consultants look at the big picture and figure out how to make companies more profitable and competitive in the long run.
Big players in the world of strategy consulting include:
However, these aren't the only strategy consulting firms! Because this type of consulting commands the highest rates, more and more firms have been building out their own strategy consulting practice.
This includes the Big 4 firms, which typically have strategy consulting under a separate (premium) brand. For instance, both EY and PwC acquired well-known strategy consulting firms, Parthenon and Booz & Co, to start their own strategy consulting practices: EY Parthenon and Strategy&.
What kinds of problems do strategy consultants solve? As a relatable example, imagine a popular app designed to help students manage their study schedule and homework. However, the app starts to lose its appeal among students because there are so many other apps doing the same thing.
This is where a strategy consultant steps in. They notice that while lots of apps offer homework help, very few provide personalized study tips or mental health support, areas many students struggle with. Seeing this gap, the consultant advises the app company to add features focused on personal study strategies and mental wellness support, targeting the needs of students directly.
For more information on strategy consulting, check out What's strategy consulting? A guide for students.
Operations consultants are the experts who step into a business to streamline its internal processes, making them more efficient, cost-effective, and adaptable to the changing business environment.
Because of the diverse nature of operations (it refers to basically any part of the business that keeps it running!), there are a lot more companies in operations consulting than in strategy.
So while McKinsey, Bain, and BCG are still big names in this space, you'll also see companies like DHL (the logistics company) and Boeing (the airplane manufacturer) building out their own operations consulting teams that specialize in their industry.
What exactly do operations consultants do? To bring the concept closer to home, let's imagine a restaurant that's having a hard time getting meals out fast during the dinner rush. This leads to long waits and unhappy customers.
An operations consultant would come in to check out how things are done in the kitchen, spot the problems, and suggest how to fix them. This might mean changing the setup of the kitchen to make it easier for staff to move around, putting in a new system to keep track of orders more efficiently, or setting up ways to measure how well the kitchen is doing.
For more information on operations consulting, check out What's operations consulting? A guide for students.
Tech consultants help businesses decide which technology fits their needs best, tailor the software to suit those needs, and then train the company's staff on how to use it effectively. This process is crucial for organizations looking to upgrade their operations, improve efficiency, or stay competitive.
The most famous firms in this field are:
Here's an example to bring it closer to home: Imagine a school deciding to overhaul its library system to make book lending more efficient and to integrate an online resource portal for students.
A hypothetical tech consultant would evaluate the school's requirements, recommend the best software to meet these goals, customize the system for the school's specific needs, and then provide training to the librarians and teachers on how to use the new system.
For more information on tech consulting, check out:
HR consultants help companies make the most of their human resources (their people). they have gained a bit of a reputation for being associated with layoffs, they actually advise organizations on anything related to their people range of issues, from recruitment strategies to employee performance enhancement and from leadership development to workplace culture.
Big players in the HR consulting world include:
Imagine a growing tech company that's losing good employees faster than it can hire them and is struggling to attract the kind of talent it needs. An HR consultant steps in to figure out what's going wrong. They might suggest better pay, more opportunities for employees to grow, and a friendlier work environment. By making these changes, the company becomes a place where people want to work, stay longer, and contribute more effectively.
To learn more about HR consulting, check out:
Financial advisory consultants offer expert advice to businesses on managing their finances effectively. They help companies make smart decisions about investments, cost management, financial planning, and navigating financial risks. The aim is to boost the company's financial health and ensure it can grow and succeed in the long term.
Leading firms in financial advisory consulting include:
Consider a local café that's popular but struggling to expand due to financial constraints. A financial advisory consultant could step in to analyze the café's finances, identifying areas where they're overspending and opportunities for investment they haven't noticed. They might suggest a new budgeting strategy that frees up capital for a second location and advise on how to manage the financial risks of expansion. This way, the café can grow while managing its finances wisely. This scenario illustrates how financial advisory consultants pinpoint financial challenges and opportunities, guiding businesses towards better financial management and growth.
To learn more about the field of financial advisory consulting, see What's "financial consulting"? A guide for students.
Sometimes categorized under strategy consulting, digital transformation consulting is about helping businesses overhaul and upgrade their processes, tools, and strategies to thrive in the digital age. They focus on integrating digital technology into all areas of a business, fundamentally changing how it operates and delivers value to customers.
Leading firms in this field include:
Imagine a traditional bookstore that relies heavily on in-store sales and has a minimal online presence. Facing competition from online retailers, the bookstore is losing customers and revenue. A digital transformation consultant would analyze the bookstore's operations and recommend a comprehensive digital strategy. This could involve:
By adopting these digital initiatives, the bookstore transforms its business model, reaching a wider audience and creating a seamless experience for its customers, both online and offline.
How does digital transformation consulting differ from tech consulting?
Sustainability consultants assist companies in developing practices that are environmentally responsible and economically viable, ensuring long-term sustainability. They focus on reducing environmental impact, improving energy efficiency, and promoting social responsibility within business operations.
The biggest player in the field is ERM (Environmental Resources Management) but many consulting firms these days also have sustainability practices.
For instance, consider a clothing brand that's facing criticism for wasteful practices and not being eco-friendly. A sustainability consultant would evaluate the brand's entire supply chain—from sourcing materials to production processes—and recommend strategies to minimize waste, reduce energy consumption, and switch to sustainable materials. By implementing these changes, the brand not only improves its environmental footprint but also strengthens its reputation and appeal to eco-conscious consumers. This example shows how sustainability consultants help businesses address environmental challenges, promoting a shift towards more sustainable and responsible practices.
In Part 1, we covered types of consulting that apply to any industry. For example, as a strategy consultant, you could have clients in industries from oil & gas to retail & consumer goods.
There are also specialized types of consulting that focus on only one industry. We'll go into some common ones below.
Financial services consultants specialize in advising banks, insurance companies, and other financial institutions on how to improve their services, manage risks, and navigate regulatory changes. They focus on optimizing operations, enhancing customer satisfaction, and ensuring financial stability.
Key players in this sector include:
Financial services is a complex industry, which means a consultant's responsibilities would depend a lot on the specific aspect they specialize in.
Public sector consulting involves advising government agencies and public organizations on various issues, including policy development, operational efficiency, technology implementation, and service improvement. Consultants in this field aim to enhance the effectiveness of public services and ensure taxpayer money is used efficiently.
Top consulting firms in the public sector include:
For example, consider a local government struggling to manage waste collection efficiently, leading to frequent complaints from residents about uncollected trash and recycling. A public sector consultant could analyze the current waste management processes, identify bottlenecks, and recommend improvements. These might include introducing new routing software for garbage trucks, implementing a public awareness campaign on recycling practices, and optimizing schedules to ensure more consistent and efficient waste collection. By adopting these changes, the local government can improve waste management services, reduce complaints, and enhance overall community satisfaction. This scenario shows how public sector consultants help government entities solve operational challenges and improve public services.
Healthcare consulting involves advising hospitals, clinics, pharmaceutical companies, and other players in the industry on improving operational efficiency and financial performance. Consultants in this field help these organizations navigate the complexities of the healthcare industry, from regulatory compliance to technology adoption.
For example, imagine a healthcare IT startup that creates software for keeping track of patient health records. Depending on its needs:
While it's unusual for a college grad to start out in specialist practices like healthcare consulting, it is possible if you have an interest in healthcare demonstrated through past experiences, for instance doing medical research or interning at a pharmaceutical company.
We hope this gives you a better idea of all the different specializations in consulting. If you're intrigued by consulting, check out:
Also, check out all the internships we have in the field of consulting!