Exploring the Different Faces of Consultancy

Exploring the Different Faces of Consultancy

Consultancy is a broad and diverse field. From advising on high-level strategy to guiding organizations through operational improvements or digital transformation, consultancy covers many directions. Often, there is overlap in the services consultancy firms provide, as many combine strategic advice with operational or digital expertise to meet client needs in an integrated way [1], [2].  For students, it can be challenging to understand what consultancy really entails and how to break into this competitive industry.

Strategy vs. Management Consulting

A useful distinction is between strategy consulting and management consulting.

Strategy consulting is focused on the highest-level, long-term decisions an organization faces, such as which markets to enter, how to grow, or how to reposition in the face of competition. Strategy consultants work closely with executives to deliver clear, data-driven insights and shape the future direction of businesses [1].

Management consulting is the broader umbrella. It covers advising companies on how to perform better across operations, structure, and people. This includes digital and data consulting, where firms support clients in adopting AI, analytics, and technology for smarter decision-making. It also covers human capital consulting, which addresses leadership, talent management, and organizational change. Finally, financial advisory consulting falls under this category, helping businesses with mergers and acquisitions, restructuring, and economic health [2].

Together, these areas illustrate the breadth of consultancy, and often firms combine elements of each when serving their clients.

What Firms Look For in Students

Breaking into consultancy is competitive, but firms tend to look for the same core qualities across both management and strategy consulting. Analytical skills are crucial, as consultants must be able to collect and interpret data, assess complex problems, and structure solutions effectively. Strong problem-solving abilities go hand in hand with this, requiring creativity, innovation, and attention to detail. Just as important are communication and people skills: consultants spend much of their time working in teams and interacting with clients, so the ability to present ideas clearly, build relationships, and adapt to different audiences is essential. Time management, resilience, and the ability to work under pressure are also highly valued, as consultants often face tight deadlines and demanding workloads. Finally, curiosity and a willingness to learn play a big role in long-term success, since the consulting industry is constantly evolving, and staying up to date is key [1], [2], [3].

The Importance of Networking

Preparation is essential for students aiming to start a career in consultancy. Practicing business cases and building commercial awareness are important. ''Even for internship positions, you have to nail these case interviews'' [4]. However, networking often proves decisive. Many consulting roles are filled through referrals and personal connections rather than public job postings, making networking one of the most effective ways to unlock opportunities. Speaking directly with consultants gives insights that no book or website can offer: not only into firm culture, hiring expectations, and daily work, but also into how to tailor applications and stand out in competitive processes. Beyond recruitment, networking strengthens communication skills, expands industry knowledge, and builds professional relationships that can shape long-term career growth. In short, networking is more than just a way to land an interview, it is a foundation for success in consulting [3]. You can develop these skills through various events that combine case practice with networking opportunities, such as the Consultancy Tour of FSR.

Breaking into Consultancy with FSR

The FSR has developed resources to help students prepare, such as:

• CareerCast #1: Breaking into Strategy Consulting with Bain & Company (podcast, March 19th, 2023) [4]

• Breaking into Management Consulting with Simon Kucher (article, February 21st, 2024) [5]

• Transforming the Financial Landscape: AI in Finance, Accounting, and Consulting (article, July 1st, 2024) [6]