Consulting is an exciting, yet rewarding career that opens up opportunities to work with numerous clients, helping them work out difficult business problems and accomplish strategic goals. London, being a global hub for business, has many established consulting firms offering top career opportunities to potential consultants. This article will take you through the educational requirements, steps to becoming a strategist, cost of training, available internships, job prospects, typical salaries, and companies that accept consultants as part of the workforce in London.
1. Education Requirements to Become a Consultant
Consulting is one of the most competitive sectors, and thereby, it's a great aid to have a strong academic background. While most of the consultants hold a minimum bachelor's degree, postgraduate qualifications pay off, particularly in top consulting firms.
a. Bachelor's Degree
To enter the field of consulting, one needs to have a bachelor's degree. Consultancies accept people from all backgrounds; however, business, economics, finance, engineering, and computer science graduates are especially sought after. Many firms also value graduates in the fields of psychology, sociology, and law as these subjects give them insight into organisational behaviour, human resources, and legal issues, respectively.
b. Master's Degree or MBA
Though not necessarily a requirement, a master's degree or MBA in consulting would be very helpful in finding opportunities with top firms. This, in particular, can be applied to aspirations to specialise in strategic consulting or senior roles within the industry. This can range from £20,000 to £70,000 in the UK depending on the institution. Well-reputed business schools, such as London Business School and Imperial College Business School, offer MBA programs that are considered very prestigious among consulting companies.
c. Professional Certifications
Certification is one of the ways a consultant may develop specialised knowledge in project management, data analysis, financial modelling, among others. Relevant certifications include:
Project Management Professional: PMP is globally recognized and proves competency in project management.
CMC: The UK Institute of Consulting issues this credential that denotes a good quality consulting practice. Data Analytics or Finance Certifications: If strategic consulting is your interest, you may add certifications in data analytics, such as Google Analytics or Power BI, or finance, such as CFA or ACCA, among many others, to make it worthwhile on your CV.
2. How to Become a Strategist
Strategy consultancy is a very niche profession and exclusively deals with advising companies on growth strategies, market positioning, and competitive advantage. In order to become a strategist, both analytical skills and business acumen, combined with years of experience, come into play.
a. Build Core Competencies
Successful performance in a strategy role will require strong analytical skills, problem-solving capabilities, and a strategic outlook. Courses in data analysis, economics, and marketing strategy will help you gain a good grounding. Your communication and interpersonal skills are important because strategists often work with clients and various types of teams.
b. Gain Experience Through Internships
The internship itself is very crucial in attaining hands-on skill and experience within the consulting sphere. Most of the consulting firms in London offer a summer internship to their students and graduates. You get to work on real projects, learn from professionals in your industry, and develop your consulting skills. The popular firms McKinsey & Company, Boston Consulting Group commonly known as BCG, and Deloitte offer intern programs which upon completion may result in an offer of full-time employment.
c. Network
Networking is an essential activity in trying to penetrate the consulting industry. Attending industry events, connecting with active or practising consultants on LinkedIn, and participating in relevant university or business school societies all count. A well-developed network can assure a student of internships and referrals to job openings.
3. Cost of Training and Education
Consulting as a career may require some costs in terms of the educational route to pursue it; here is a general breakdown:
Bachelor's Degree: In UK universities, tuition fees have ranged from £9,000 to £27,000 per year for international students.
Master's Degree or MBA: A one-year MSc course can range from £10,000 to £30,000. However, the top UK business schools charge over £60,000 for an MBA degree.
Certification Course: Professional certification courses have different pricing. The PMP certification, for instance, costs around £ 400 approximately. CMC certification will cost around £1,000-£2,000.
If saving money is one of your goals, you may wish to consider online courses or even scholarships from the business schools. Some consulting firms may reimburse tuition fees or have sponsorship programs for those pursuing advanced degrees or certifications.
4. London Internships Available
One of the key milestones leading to a consulting career is an internship. Most consulting firms in London have formal internship programs that target students in higher learning, graduates, and career changers. The most common places where you can get an internship:
Summer Internships: The likes of McKinsey & Company, BCG, and Bain & Company offer summer internships that avail the student to consulting projects for experience and networking. Graduate Schemes: Firms such as PwC, EY, and KPMG offer graduate schemes, hence combining training with on-job experiences in consultancy. These programs mostly run for a period spanning between 12 and 18 months and in most instances lead to permanent positions.
Specialised Consulting Internships: Many companies provide a large scope in internship opportunities regarding specific areas of interest, such as technology consulting, financial consulting, and human resources consulting. Examples include Deloitte and Accenture, each having consulting internships with a technology focus. You will have the opportunity to develop your experiences in digital transformation and data analytics.
Consulting is a competitive field; entry is not easy. The firms look for good academic records, relevant experience, and analytical and interpersonal skills. For top firms, there are usually multiple rounds of interviews, including case studies and behaviorals.
Stand out by emphasising building a robust CV that showcases one's analytical abilities, problem-solving skills, and relevant experience. Also, good knowledge of the industry and how to do a SWOT analysis would make one different by showing strategic insight that is looked for by consulting firms.
6. Salaries for Consultants in London
Salaries for consultants in London vary based on experience and firm size. A general overview of consultant salaries in the city is shown below.
Entry-Level (Analyst/Junior Consultant): $38,000-$57,000 annually
Associate/Consultant: $57,000-$90,000 annually
Senior Consultant: $90,000-$125,000 annually
Manager/Project Leader: $110,000-$150,000 annually
Principal/Director: $150,000-$200,000+ annually.
The top consulting firms, more often referred to as the "Big Three," include McKinsey & Company, BCG, and Bain & Company. These firms do offer even higher starting salaries, along with performance-related bonuses and benefits packages.
7. Firms Hiring Consultants in London
From global players to specialist boutiques focusing on particular sectors, London has a raft of consulting firms. Here's a list of the key companies hiring consultants:
McKinsey & Company: A global management consultancy firm that advises leading companies, governments, and NGOs all over the world. Boston Consulting Group: Probably one of the most famous strategy consulting firms in a number of industries. Deloitte Consultancy: One of the Big Four consulting firms, Deloitte provides a variety of services on technology, financial advisory, and risk management. PwC: This is another Big Four firm in consulting on management issues, technology, and strategy.
Accenture: A good fit for the technology consultant interested in technology and innovation, focusing on technology consulting and digital transformation. Capgemini was one of the early pure-play consulting firms specialising in technology, digital transformation, and engineering services.
Conclusion
Becoming a consultant in London is a challenging yet rewarding career option; it requires dedication, strategic planning, and a commitment to developing relevant skills and experience. One can get into these consulting positions upon attaining the right education, seeking internships, and building a professional network. Given the costs of training and certification, while sometimes expensive, the rewards this profession gives in return-for example, competitive salaries, diverse career opportunities, and an opportunity to impact business-makes consulting one of the good careers that add value. The right strategy, plus a great deal of perseverance, will get you through the competitiveness in London as a consultant and provide you with a successful career in this dynamic field.