Post MBA Career - Strategy Consulting: Responsibilities, Opportunities and Working For Bigger Companies

Most MBA Aspirants have been brainwashed to opt for a career in consulting by Business Schools, and Alumni. The amazing learning opportunities and perks that the role offers are two factors that motivate MBAs to switch career from IT, Finance and Marketing to Consulting. In this article, we will cover the job responsibilities of a Strategy Consultant, the Pros and Cons of this niche-consulting role, and the ideal traits that you should possess in order to succeed as a Strategy Consultant.

Definition of Strategy (Management)

Strategy is about finding positions of advantage within the Company and from the market, to create multiple paths of monetization through high level planning.

The planning is based on several assumptions, and uncertainties. The advantage of Strategic thinking is that Consultants will define several paths of execution, and company can adopt its implementation plan according to changing market needs.

Strategy Consultant - Activities

Before MBA Aspirants start thinking about long-term career plans, familiarize with the activities that Strategy Consultants have to do on a regular basis.

a) Finding Opportunities

This is the primary goal of a Strategy Consultant. When organization think-tank cannot foresee opportunities with their point of vision, they depend on Strategy Consultants. Top Consulting companies have the tools and framework in place, to facilitate strategic thinking but consultants should have the skill to understand the Business and Industry, in detail, before coming up with solutions.

b) Reducing Cost

Most Companies think about Consultants when they find a nagging problem with their production or personnel cost. Strategy Consultant in such cases should come up with recommendations that prioritizes one product over the other, and recommend solutions that would turnaround the company’s cash flow in the mid to long-term. It is different from short-term planning that CEOs follow.

c) Improving Efficiency

Strategy Consultants are called in when companies need an external perspective on improving efficiency. Most of the time, bottlenecks are found with processes that the company follow, and the consultants might be required to redesign the process, and offer recommendations to make the communication paths transparent and effective for all stakeholders in the company, right from CEO to Project Managers to team members.

d) Support Decision Making

When Strategy Consultant start their career, they are more likely to focus on the most important part of Decision Making – Fact Collection and Data Modeling. Senior Consultants depend on accurate data, analysis of trends and market study for making recommendations. The onus is on the consultant to ensure data accuracy. A missed data can lead the company to a wrong path leading to missed opportunities, and severe losses.

Company Types – Career for Strategy Consultants

As with other sectors, Strategy consultants will get the chance to work with Big, Small and Start-Up consulting companies. Most MBAs prefer bigger consulting companies for their first post-MBA job. One reason is the guarantee of higher payment that can reduce the student loan debt and push students to better return on their investment within 1-2 years.

Bigger vs. Smaller Firm

Working for Smaller Consulting Companies has its advantages. Unlike Big Consulting firms, smaller ones offer Consultants with the opportunity to interact with Senior Management at a much earlier stage, offering greater learning and networking opportunities. Bigger Companies have an extensive knowledgebase and processes in place to handle each scenario, and consultants will learn to implement the strategies with the company’s consulting framework.