7 answers
Jayden
Student
Miami, Florida
1
Question
Updated
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Consulting
What is consulting? I am a 3rd year in college and I am an accounting major. I'm currently looking for different careers that might interest me.
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7 answers
Madi Dunlap
Forensic Consultant
193
Answers
New York, New York
Updated
Madi’s Answer
Hi Jayden!
That's a great question. A consultant is someone who offers expert guidance to others on resolving issues, planning strategies, and more. There are various kinds of consultants too. For instance, you can find management consultants, business consultants, accounting consultants, among others.
That's a great question. A consultant is someone who offers expert guidance to others on resolving issues, planning strategies, and more. There are various kinds of consultants too. For instance, you can find management consultants, business consultants, accounting consultants, among others.
Max Nesser
7
Answers
Updated
Max’s Answer
Hi Jayden,
I'd be happy to answer your question from the perspective of someone who has been in the consulting field now for a couple years!
In general, consulting is when a client reaches out to a consulting firm (or specific employee at the firm like a partner) and asks for work to be performed. This work is sometimes highly specialized and/or technical, that the client might not be able to perform, or might not have the required resources (employees) to perform. This is where a consulting firm can bring in employees with expertise in the requested area and perform the work for the client, so the client can dedicate resources and focus elsewhere. Sometimes though, the work may be more general, or the client may just need more resources to complete their task. This is where a consulting firm may have some of its employees work with the client side-by-side to accomplish their goals, so the client doesn't have to hire additional full time employees to complete the work. These are just two common examples, but the one's I've come across so far in my career.
There are also a wide variety of industries you could go into as a consultant. My industry is Financial Crimes, so I focus on topics such as Anti-Money Laundering and Fraud. Other industry examples are Deals, Transformation, Technology and Data, Asset Wealth Management, and the list goes on. In order to find out what industry sounds the most interesting to you, I would suggest going to a consulting firm's website and reading through all the different practices they have and the industries they work in. This would be a great way to gain a background into the different types of consulting and narrow down what you're looking for.
Your day to day as a consultant will differ depending on the project you're on, but in general, your day to day will consist of working with your project team, and completing the activities assigned to you by your team (such as from the Senior Associate or Manager). Whichever practice you're in, there are many different kinds of projects as well, so your first project could be entirely different from your second project and so on. This is a great way to learn about and see different aspects of the industry you're in, and gain a well-rounded set of skills that you will be able to use on future projects.
In terms of how to become a consultant, since you're a student, I would suggest attending school career fairs in order to meet and form a relationship with company recruiters. This is a great way to get your foot in the door, learn about consulting, and show that you're interested. You should go onto company websites and look into any potential internship opportunities as well, as many full time hires come from company internship programs. I would also suggest reading through (on the company website) all the different practices a company has and the industries they work in. This would be a great way to gain a background into the different types of consulting and narrow down what you're looking for. This will also demonstrate further interest to the recruiter, and show that you're being proactive into what you're looking for. Also make sure to attend any on-campus events for that company, as just another way to show interest.
Overall, if you're looking for an exciting and interesting way to start your career, with many different opportunities and ways to learn, I'd definitely suggest consulting!
I'd be happy to answer your question from the perspective of someone who has been in the consulting field now for a couple years!
In general, consulting is when a client reaches out to a consulting firm (or specific employee at the firm like a partner) and asks for work to be performed. This work is sometimes highly specialized and/or technical, that the client might not be able to perform, or might not have the required resources (employees) to perform. This is where a consulting firm can bring in employees with expertise in the requested area and perform the work for the client, so the client can dedicate resources and focus elsewhere. Sometimes though, the work may be more general, or the client may just need more resources to complete their task. This is where a consulting firm may have some of its employees work with the client side-by-side to accomplish their goals, so the client doesn't have to hire additional full time employees to complete the work. These are just two common examples, but the one's I've come across so far in my career.
There are also a wide variety of industries you could go into as a consultant. My industry is Financial Crimes, so I focus on topics such as Anti-Money Laundering and Fraud. Other industry examples are Deals, Transformation, Technology and Data, Asset Wealth Management, and the list goes on. In order to find out what industry sounds the most interesting to you, I would suggest going to a consulting firm's website and reading through all the different practices they have and the industries they work in. This would be a great way to gain a background into the different types of consulting and narrow down what you're looking for.
Your day to day as a consultant will differ depending on the project you're on, but in general, your day to day will consist of working with your project team, and completing the activities assigned to you by your team (such as from the Senior Associate or Manager). Whichever practice you're in, there are many different kinds of projects as well, so your first project could be entirely different from your second project and so on. This is a great way to learn about and see different aspects of the industry you're in, and gain a well-rounded set of skills that you will be able to use on future projects.
In terms of how to become a consultant, since you're a student, I would suggest attending school career fairs in order to meet and form a relationship with company recruiters. This is a great way to get your foot in the door, learn about consulting, and show that you're interested. You should go onto company websites and look into any potential internship opportunities as well, as many full time hires come from company internship programs. I would also suggest reading through (on the company website) all the different practices a company has and the industries they work in. This would be a great way to gain a background into the different types of consulting and narrow down what you're looking for. This will also demonstrate further interest to the recruiter, and show that you're being proactive into what you're looking for. Also make sure to attend any on-campus events for that company, as just another way to show interest.
Overall, if you're looking for an exciting and interesting way to start your career, with many different opportunities and ways to learn, I'd definitely suggest consulting!
Amani Yagboyaju, CFE
Forensic Consultant
4
Answers
Houston, Texas
Updated
Amani’s Answer
Consulting is a field that offers expert advice and direction to companies or individuals to help them tackle specific issues, enhance their performance, or reach their objectives. Consultants are usually employed on a project basis and collaborate with clients from diverse sectors.
If you're majoring in accounting, you might find the following areas of consulting intriguing:
1. Management consulting: These consultants collaborate with companies to boost their overall performance and productivity. They might offer strategic counsel, aid in organizational restructuring, or assist in the adoption of new processes and technologies.
2. Financial consulting: These consultants offer specialized financial counsel to clients. This could encompass financial planning, investment examination, risk control, or help with mergers and acquisitions.
3. Risk consulting: These consultants aid companies in recognizing and handling potential risks. They might carry out risk evaluations, create risk reduction strategies, or assist with compliance and regulatory obligations.
4. Technology consulting: These consultants concentrate on assisting companies to utilize technology to enhance their operations and achieve their business goals. This could involve launching new software systems, optimizing IT infrastructure, or offering cybersecurity solutions.
5. Forensic accounting: Forensic accountants are experts in probing financial fraud, carrying out financial audits, and offering litigation support. They might collaborate with law enforcement agencies, legal firms, or corporate clients.
To venture into a career in consulting, think about networking with professionals in the field, attending career exhibitions or industry events, and investigating consulting firms that provide internships or entry-level roles. Moreover, acquiring relevant experience through internships or part-time jobs can help you cultivate skills and make you a strong contender in the consulting industry.
If you're majoring in accounting, you might find the following areas of consulting intriguing:
1. Management consulting: These consultants collaborate with companies to boost their overall performance and productivity. They might offer strategic counsel, aid in organizational restructuring, or assist in the adoption of new processes and technologies.
2. Financial consulting: These consultants offer specialized financial counsel to clients. This could encompass financial planning, investment examination, risk control, or help with mergers and acquisitions.
3. Risk consulting: These consultants aid companies in recognizing and handling potential risks. They might carry out risk evaluations, create risk reduction strategies, or assist with compliance and regulatory obligations.
4. Technology consulting: These consultants concentrate on assisting companies to utilize technology to enhance their operations and achieve their business goals. This could involve launching new software systems, optimizing IT infrastructure, or offering cybersecurity solutions.
5. Forensic accounting: Forensic accountants are experts in probing financial fraud, carrying out financial audits, and offering litigation support. They might collaborate with law enforcement agencies, legal firms, or corporate clients.
To venture into a career in consulting, think about networking with professionals in the field, attending career exhibitions or industry events, and investigating consulting firms that provide internships or entry-level roles. Moreover, acquiring relevant experience through internships or part-time jobs can help you cultivate skills and make you a strong contender in the consulting industry.
Claudio S Barbosa
MBA, CPA
12
Answers
New York, New York
Updated
Claudio S’s Answer
Based on my experience, in order to be employed as a "consultant" you need to have hands on experience and subject matter expertise level knowledge in what you are consulting on. For example, before joining KPMG, I had extensive experience in (1) financial consolidations (think of big companies operating in different countries, using various currencies, and you have to consolidate all these companies into ONE reporting currency - the US$) and (2) financial reporting (management reporting vs external reporting, like SEC) using some kind of advanced financial reporting system.
At KPMG, as a consultant, I was part of the team that provides consulting services to big companies who have challenges in these subject matter. It also helps that I am a CPA and have audit experience as I know what companies are looking for in the tools/technology/processes that they need and should be implementing to solve their problems/challenges in financial consolidations and financial reporting. Part of my expertise also is my knowledge of software selection and implementation.
Therefore, my suggestion is to be a subject matter expert on something ("been there, done that, knows what to do to fix problem" type of person) and then use that as a leverage in getting a consulting position. Remember, they are paying your big bucks to solve a problem so you better know what you are talking about and doing.
At KPMG, as a consultant, I was part of the team that provides consulting services to big companies who have challenges in these subject matter. It also helps that I am a CPA and have audit experience as I know what companies are looking for in the tools/technology/processes that they need and should be implementing to solve their problems/challenges in financial consolidations and financial reporting. Part of my expertise also is my knowledge of software selection and implementation.
Therefore, my suggestion is to be a subject matter expert on something ("been there, done that, knows what to do to fix problem" type of person) and then use that as a leverage in getting a consulting position. Remember, they are paying your big bucks to solve a problem so you better know what you are talking about and doing.
Jessica Nguyen
2
Answers
San Francisco, California
Updated
Jessica’s Answer
Consulting is an area of work that offers guidance on how to mitigate risk, strategic planning, and management . Depending on what industries you want to focus on, there are many types of consultants that specializes on managing the type of industry (forensics, risk management, governance, etc.) Hope this helps!
Taryn Donaldson
Security Strategy Consultant
26
Answers
Atlanta, Georgia
Updated
Taryn’s Answer
I am started my tech career as a technical consultant. It is like doing a technical job (I did Data and Application Security) but instead of just being on the back-end, you get to interact with the clients and even make further recommendations for other services. This is great for technical people who also like to travel, get out in the field and interact with clients.
Also, there are hundreds of companies with consultants, I am with IBM.
Also, there are hundreds of companies with consultants, I am with IBM.
Patrick Mays
Chief Operating Officer
8
Answers
San Antonio, Texas
Updated
Patrick’s Answer
There are quite a few different types of consulting. If you are interested in staying in accounting on the consulting-side. The major accounting firms (EY, KPMG, PwC, Deloitte) usually have some sort of consulting career paths for accountants. Looking up some of the major consulting websites and going to their "services" can give you a better sense for what these companies do in the consulting world.
One caveat I will give to Claudio's response is that while consulting firms in general do need to have specialized knowledge in fields to sell their capabilities, these firms frequently hire "generalists" out of undergraduate programs. Most will have internship programs on their career pages that can start as early as after your Junior year of college.
Here is a larger list on Forbes if you are looking for names of consulting firms out there: https://www.forbes.com/lists/best-management-consulting-firms/?sh=22d90eb42b87
One caveat I will give to Claudio's response is that while consulting firms in general do need to have specialized knowledge in fields to sell their capabilities, these firms frequently hire "generalists" out of undergraduate programs. Most will have internship programs on their career pages that can start as early as after your Junior year of college.
Here is a larger list on Forbes if you are looking for names of consulting firms out there: https://www.forbes.com/lists/best-management-consulting-firms/?sh=22d90eb42b87