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Management Consultancy Large, global businesses will often bring teams of consultants on board to tackle the pressing business challenges they face. They may be looking to tap into expert advice, or simply need an ‘external viewpoint’ to challenge the status quo. The exciting prospect for graduates joining a Consulting firm is that within the first years of your career you’ll have gained valuable experience working on projects across a range of industries, tackled a variety of business issues, and gained exposure to key departments within global brands. The diverse experiences you’ll gain as a graduate in consulting make you highly employable in later life and allow you to keep your future career options open. You’ll join the sector as a Business Analyst, or Junior Consultant, commanding a salary of £24k-£35k. Within 5 years of graduation you would aim to have become a Senior Consultant; earning somewhere between £64k to £77k. Many graduates use the business experience they’ve gained to become successful entrepreneurs in later life, perhaps in an area which has enthralled them during their time as a consultant. Founders of businesses like Innocent
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Drinks and Lastminute.com are shining examples of graduates who’ve started out in consulting and gone on to become successful entrepreneurs. For those that remain within consulting, the path is then from Project Manager to Principal, to Partner. Partners can earn from £150k to £800k.
FACTS • In 2010, the UK consulting industry was worth just over £8 billion, employing around 40,000 people, and just under £1 billion extra work was performed by the UK consulting industry overseas (MCA, 2010). • Consultants charge for their time. Day rates range from £350 for trainee IT consultants, through to £5,000 per day for a partner from a top strategy firm. • Salaries for new entrants range from £24,000 to £35,000, depending on location, type, and size of consultancy. After some years of experience salary can increase to over £50,000.