There are two basic types of consulting firm. The largest firms deal mostly with very large clients, such as Fortune-500 companies. They deal with issues such as profit and cost management, strategic alliance formation, emerging market positioning, automation, and technology utilization. There are also consulting firms that specialize in specific industries or a specific business discipline. Most corporate positions involve some sort of consulting aspect.
When hiring, consulting firms will search for prospects who have a specialization in a specific industry or business arena. Generally, five or more years of experience in the workforce before getting the MBA is preferred. In addition, they try to find a prospect who has demonstrated a strong ability to communicate and solve problems in a logical manner and under extreme pressure. As a result, persons holding MBAs are often the preferred candidates. A career with a consulting firm typically begins at the analyst level. In order to be eligible for promotion, you must be one of the best performing analysts in addition to obtaining an MBA. After obtaining an MBA, the candidate may be eligible for advancement to associate, manager, or principal. After demonstrating his or her ability, the MBA holder may even make it to the position of partner or vice president. Promotion is typically based on career achievement such as success in project management, obtaining new or add-on work for a contract, and producing a well-rounded amount of billable hours on the clients you work with.
- Strategy This practice focuses on planning, strategy and services. Typically this practice does not include project implementation.
- Technology The technology practice focuses on systems integration, information technology systems sales, and ongoing services or technical support. The technology practice tends to be more focused on implementation than on strategy. In addition, Technology practice projects often lead to other consulting contracts because they provide the client with technology, information, and additional resources but not the knowledge required for evolving change.
- Service Line This practice focuses on CRM (Customer Relationship Management), turnaround optimization, organizational optimization, and enterprise resource management and planning. The Service Line practice involves an implementation aspect as well as strategy.
- Industry This practice focuses on specific industries such as telecommunications, health care, manufacturing, chemical and pharmaceutical, energy and utilities, and so on. Industry practices generally have both strategy components and implementation components.
