What is a consultant? (With types and steps to become one)

If you're considering a career in consulting, it's important to first determine if it's right for you. Here are some of the key skills and personality traits that are essential for success in this field:

1. Communication: Being articulate is essential for consultants. You should explain your ideas and recommendations clearly and concisely.
2. Problem-solving: The ability to solve problems and recommend solutions is the core of a consultant's work. You should be able to evaluate a situation and determine the best course of action.
3. Strong work ethic: Being productive and having a positive attitude are vital to success in consulting. Punctuality, professionalism, and integrity are also part of a good work ethic.
4. Adaptability: Consultants work in different settings with a variety of people, and it is important for them to be able to adjust to any situation.
5. Creativity: Providing effective solutions requires being creative. You should be able to think outside the box to meet your client's needs.

This article is your guide to charting a career path in consulting. It provides information about different consulting jobs and tips on getting started on your career journey:

• What is consulting as a career?
• Types of consultants
• Benefits of a consulting career
• Challenges of a consulting career
• How to pursue a career in consulting
• Conclusion
• FAQs

What is consulting as a career?

Consulting involves providing expert advice and solutions to clients in a specific field or industry. Consultants may work for consultancy or business advisory firms, be employees of a company that needs their specialist expertise, or work as independent consultants.

There are different types of consulting services available. Management consultants advise companies on improving business processes. IT consultants focus on their clients' technology needs. HR consultants advise on recruiting, developing, and retaining employees.

Types of consultants

The consulting industry offers a variety of career paths, each with its unique opportunities and challenges. Let’s explore the different types of consultants and the specialization areas where you can make an impact.

Employment types

The consulting industry consists of two types of professionals.

1. Independent consultant

An independent consultant is self-employed and works on a contract basis, offering advice to clients in their field of expertise. As an independent consultant, you can choose projects and clients, set your own hours, and work from anywhere.

The main disadvantages of this career are the need for self-marketing to get clients and the need for self-discipline to stay focused on your goals.

2. Company consultant

A company consultant may be an employee of a business or an external consultancy firm. As a company consultant, you don't need to get your own clients and projects.

The firm provides structured training and mentorship to help you develop your skills and advance your career. However, you may have a schedule to follow and need help choosing the projects you work on.

Specialization areas in consulting

Here are some of the types of specialized consultants:

1. Business consultants

Business consultants focus on improving a client's efficiency and effectiveness in various areas. Examples include supply chain management, manufacturing processes, and logistics.

A bachelor's degree in business or a field related to the industry is a requirement for this career. Experience is optional for entry into this field. The average monthly salary for a business consultant ranges from ₱70,000 - ₱80,000.

2. Financial consultants

Financial consultants provide expertise in areas such as financial modeling, risk management, and mergers and acquisitions. You may need a bachelor's degree in finance, business, or a related field to work as a financial consultant.

Experience in the financial industry is also helpful. The average monthly salary for a financial consultant ranges from ₱41,000 to ₱51,000.

3. Strategy consultants

Strategy consultants help clients develop and implement long-term strategies for growth, market expansion, and competitive advantage. Entry-level positions often require a bachelor's degree in business or finance.

Salary data for strategy consultants isn't available. But to give you an idea, the average monthly salary for a consultant ranges from ₱73,000 to ₱83,000.

4. Human resources consultants

HR consultants assist companies with talent management, compensation and benefits, and organizational development. Many employers only require a bachelor's degree in any field for this role.

Salary data for HR consultants isn't available, but the average monthly salary for a recruitment consultant ranges from ₱26,000 to ₱36,000. This position is similar to that of an HR consultant, but it has a narrower focus on the hiring and interview process rather than employee management.

5. Risk and compliance consultants

Risk and compliance consultants advise clients on identifying, assessing, and mitigating risks related to regulations, data security, and cyber threats. Qualifications and the average salary for this role depend on the focus.

For example, a regulatory and compliance consultant in the banking and finance industry may have a bachelor's or higher degree in finance, accounting, economics, or a related field.

A cybersecurity consultant often has a bachelor's degree in IT, computer science, or a related field. Although the salary range in job postings for this role varies widely, the average monthly salary for a technical consultant ranges from ₱80,000 to ₱90,000. This is worth noting because many technical consultants specialize in data security and cybersecurity.

Benefits of a consulting career

Here are some of the many benefits of working as a consultant:

1. Diverse industries and projects

You can apply your skills to various projects at different scales. This is especially true if your field of study encompasses multiple industries. For example, a degree in finance can help you get a job as a financial or business consultant in various fields.   

2. Strong skill development

While working as a consultant, you can hone your analytical, problem-solving, and communication skills. These skills are useful in any career and allow you to transition into other roles. They're also a plus if you want to start your own consulting business.

3. Fast-paced and stimulating environment

Consultancy work exposes you to new challenges and a constantly evolving work environment. This is a great way to gain experience and develop skills that can help you reach your career goals.

4. Competitive compensation

Many consultants enjoy attractive salaries. Senior consultants with different specializations can earn upwards of ₱100,000 per month. Many employers also offer comprehensive benefits packages with healthcare, allowances, education assistance, and other perks.

5. Numerous career growth opportunities

There are many opportunities for professional development in this path. Modern consulting organizations often provide structured training and accelerated learning programs. These equip you with the tools and methods necessary to excel in your role and advance in your career. Mentorship programs enable you to learn from more experienced colleagues.

6. Impactful work

You can make a tangible difference for clients. You can solve their technical and financial concerns and other problems to help them achieve their goals. By providing expert advice, you can contribute to the growth and success of organizations across diverse industries.

7. Strong network building

Providing consulting services allows you to connect with a wide range of professionals. This helps you build a strong network that can open doors to new opportunities. It also enables you to learn from other consultants, helping you develop the skills and knowledge you need to succeed.

Challenges of a consulting career

These are some of the challenges you may encounter as a consultant:

• Long hours and a demanding workload may result in work-life imbalance and burnout. 
• Handling demanding clients and managing multiple projects simultaneously can be stressful. They require strong communication, time management, and interpersonal skills. 
• Adapting to new industries, projects, and methodologies can be overwhelming. 
• The stressful environment that comes with tight deadlines and demanding clients can affect your performance and overall well-being. 
• Project-based work or independent consulting may lead to gaps in employment. The lack of security can also affect your finances and quality of life.

How to pursue a career in consulting

Pursuing a career in consulting requires careful planning and a strategic approach. Here’s a step-by-step guide to help you navigate the path toward becoming a successful consultant:

1. Research the market

Explore fields that match your skills and interests. If you have a background in IT, a cybersecurity or technical consultant role may be a good fit. Look into the culture of top consulting firms in your field and the career paths they offer. This can help you determine where to apply. Stay updated on industry trends to know which skills are in demand.

2. Develop a niche

Identify your most vital consultant-worthy skills. These may be the ones you use most often, the ones you enjoy the most, or those that offer the most value. Gain relevant experience by applying for internships or completing freelance projects.

Deepen your expertise with online courses or certifications. For example, a project management certification can help you stand out from the competition if you're looking into a career as a project consultant. Whatever your niche, completing data analysis and communication courses can help.

3. Create a portfolio

Tailor your portfolio to your niche. Make sure it highlights your best skills.

For example, showcase projects that demonstrate your problem-solving and analytical skills. Provide specific examples of how you addressed complex issues and delivered practical solutions. Include data analysis and results to demonstrate your impact.

You can also incorporate case studies that show your strong communication skills.

4. Build your network

Attend industry events to meet consultants and employers. If you're still studying, connect with alums working in consulting for guidance. Build your online presence on relevant social media groups and professional networking sites.

5. Market yourself

Tailor your resume to each role. Practice answering common consulting questions before you go into an interview. Develop a robust online presence that shows your expertise and personal brand.

6. Network

Ask for career advice from top consultants in your field. Seek their mentorship to help you navigate the consultancy industry. If applicable, network with your colleagues across departments. This can build relationships that may help in your career advancement.

7. Obtain a certification

Earn industry-specific certifications. The Project Management Professional (PMP) certification is popular for consultants in various fields. If you're an aspiring financial consultant, a Chartered Financial Analyst (CFA) designation can enhance your career prospects.

If you work in HR, consider a Strategic Human Resource Management Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) certification.

Bottom line

A consultant provides expert advice to individual and corporate clients. They work in various fields and industries. A consulting career offers many benefits, such as attractive salary packages and opportunities for professional growth. However, it also has challenges, including a demanding workload and lack of security for independent consultants.

If you're interested in a consulting career, determine your niche first. Then, develop the skills you need to succeed in it. Showcase these in your portfolio and consultant resume and during your application. Expanding your professional network can also help you land the job you want.

FAQs

Here are answers to questions about this topic:

1. Is it challenging to become a consultant?
   ⁠No. There are many consulting jobs for people with varied levels of experience and education.
2. What is the highest-paying consulting job?
   ⁠In general, senior consultant roles command the highest pay. Many earn more than ₱100,000 per month in fields such as finance and IT.
3. What work do you do as a consultant?
   ⁠Consultancy work involves providing advisory services to clients in your chosen field. This consists of analyzing data and identifying areas for improvement. It also means developing and implementing strategic plans to help them achieve their goals.
4. What are the job roles in consulting?
   ⁠Consultant jobs span a wide range of industries. Some common roles include management, finance, technical, business, and healthcare consultants.
5. Is consultancy a good career option?
   ⁠Yes. Many consultants enjoy high salaries, numerous opportunities for growth, and a fulfilling career that allows them to help others.
6. How can I break into consulting with no experience?
   ⁠Many consultancy firms employ fresh graduates. You can find consulting jobs that don't require any experience online. In some cases, your job title may be an analyst. This is the first step towards becoming a consultant in your chosen field.
7. What are the different types of consulting careers?
   ⁠Consultants can be self-employed. They may also work for a consulting firm or other organizations.
8. What do consultants face the most significant challenges?
   ⁠A consulting job can be demanding in terms of time and effort. This can lead to stress, poor work-life balance, and burnout.
9. What certifications are valuable for a consulting career?
   ⁠These depend on your specialization. For example, SHRM and CFA certifications are for HR and financial consultants. Regardless of the specialization, there are helpful courses in project management, data analysis, communication, and problem-solving.