Strategy consultants are professionals who assist companies in solving challenging business issues by using their industry experience and impartial perspective to guide sound decisions made by clients. Furthermore, these individuals possess excellent interpersonal skills.
Strategy consultant aim to offer impartial and objective advice that may not always come from within an organization, for instance advising publishing houses how to move from print to digital without losing customers.
Job description
Strategy consultants need excellent quantitative and qualitative research skills, including knowing how to interpret market data and trends, creative problem-solving capabilities and efficient problem resolution methods. Strategy consultants must have strong good work ethics and be willing to put in long hours; clients often interview them or have meetings where strategy planning meetings take place – it’s therefore essential they adapt their communication style appropriately depending on who they’re speaking to.
Strategy consultants need to have confidence in their judgement, being able to articulate why decisions were made at any point in time. Unfortunately, this skill takes years of experience to develop; candidates should ideally seek internship opportunities during school to gain valuable experiences that may help determine if a career path is suitable.
Education and training requirements
An effective strategy consultant must have extensive research abilities. They must use numbers and gain an understanding of how markets, products and consumers work. Furthermore, they need to provide solutions that enable companies to achieve their goals, while being mobile enough to visit clients while possessing good verbal communication skills.
Most consulting firms provide their strategists with a defined career path. Entry points usually begin as junior strategists; typically with a bachelor’s degree in business required but an MBA being advantageous. From there you progress into project and team manager.
Strategists may specialize in an area such as economic policy, organisational strategy or digital strategy; others focus on an industry such as healthcare or manufacturing. Working closely with executives requires being able to communicate clearly.
Work environment
As a strategy consultant, you’ll work on various projects across industries. This allows you to gain experience across many fields while developing essential skills needed in this profession. Furthermore, networking opportunities with successful professionals in your industry may open up.
Strategy consultants typically spend most of their time meeting with clients and their teams, explaining complex issues in an understandable manner while working cohesively within teams while taking constructive feedback in stride.
Make the leap into consulting without experience with ease with internships offered by consulting firms for recent graduates, such as Accenture or PwC. Also seek a mentor in the industry who can guide your entry into strategy consulting and help pave the way to an enjoyable and fulfilling career path.
Salary
Strategy consultants typically earn between $154,000 and $174,000 annually according to ZipRecruiter’s median annual salary figures. Working as a strategy consultant offers great growth potential as they will often be asked to assist on various projects, giving them ample chances to hone their craft and advance within their industry.
Communication is at the core of every successful career in strategy. A skilled strategist must possess excellent verbal communication abilities and be adept at tailoring their approach to suit individual client requirements, something essential given this job involves extensive interaction between people (interviewing experts and consumers as well as attending board or CEO strategy planning meetings).
Strategy consultants must remain aware of industry developments and trends. This can be accomplished by attending industry events, reading relevant publications, or enrolling in online courses. Doing this will allow them to stay abreast of business developments while providing value to their clients.
