What is Consulting?
Consulting companies provide assistance to businesses in order to come up with strategies for particular areas of the business. For example, this might be supporting a business to develop a new graduate recruitment strategy in order to get the very best graduates.
The Big Four
‘The Big Four’ is a term used to refer to the four biggest consulting firms in the world. The ‘Big Four’ hold around 40% of the global consulting market, which is worth a whopping £138 billon pounds! So who are the ‘Big Four’?
Average UK Staff Pay – Unkown
Average UK Partner Pay – £693k
Average UK Staff Pay – £72k
Average UK Partner Pay – £832k
Average UK Staff Pay – £73k
Average UK Partner Pay – £712k
Average UK Staff Pay – £74k
Average UK Partner Pay – £601k
As you can see from the salary statistics above, these companies companies pay extremely well. They also offer lots of other benefits like training and health care. However, it's important to keep in mind that there are companies out of the 'Big Four' that offer great packages too.
Most Common Types of Consultant
Audit is a varied part of consulting but the main role is to review companies strategies at the end of of a certain period. The things that you're looking for include whether the strategy is getting the required outcome and whether any documentation for the strategy is kept up-to-date.
Business are trading in a rapidly developing world and they must take risks to stay ahead of the competition in many areas, especially technology. The role of a consultant in here, is to ensure that the risks that businesses take are likely to pay off and are sustainable. (It's a risky business...)
20 years ago AI was a thing from sci-fi movies and smartphones didn't exist. Now that both things are an important part of everyday life, companies need to make sure that they're keeping up the rapid advancements of technology. Technology consultants help them to design strategies for that.
Climate change is a big topic right now (and so it should be). This makes it big business and the majority of companies are trying their hardest to make their processes more environmentally friendly. A sustainability consultant helps to develop sustainability strategies that work.
Management Consultants work across a wide range of organisations, developing strategies for different areas including Human Resources, Legal and Technology. This is the perfect type of role for someone who is interested in the many different aspects of businesses and would like a varied work life.