Consulting is one of the most dynamic and ever-evolving professional sectors. In a rapidly changing world, companies of all sizes and industries rely on external professionals for support on a wide range of topics, from finance and innovation to business management and marketing, as well as emerging technologies such as data analysis and artificial intelligence.
But what does it really mean to work in consulting? What are the professional roles in this sector, how can one enter the consulting world, and what are the main pros and cons of this career?
What do consultants do, and what types of consulting exist?
The role of a consultant can vary significantly depending on their specialization and the type of company they work for. However, in general, a consultant is a professional who provides strategic or operational advice to an organization or an individual, with the goal of helping the company solve complex problems, optimize processes, improve performance, and achieve set objectives.
The consultant’s role is multifaceted, and tasks can vary greatly depending on the field of specialization. Some key areas where consultants are highly sought after include: finance, operations, marketing, strategy, IT, innovation, and sustainability.
A financial consultant helps businesses and individuals manage their financial resources. Their work includes tax planning, investment management, risk analysis, and strategies for optimizing cash flow and profitability. In some industries, a financial consultant may also deal with mergers and acquisitions, portfolio management, and financing strategies.
A business consultant works with companies to improve operational efficiency, resource management, and market competitiveness. They often focus on internal processes, identify areas for improvement, and propose solutions to optimize management, reduce costs, and enhance performance.
A marketing consultant helps companies develop strategies to attract and retain customers. They focus on market analysis, audience segmentation, defining offers, and communication strategies. A marketing consultant can also guide companies through product launches or advertising campaigns, aiming to enhance brand visibility and boost sales.
Strategic consulting involves defining long-term business strategies. Strategic consultants help companies understand how to better compete in their target market, address competition, enter new markets, and innovate.
With the increasing digitalization of businesses, the IT consultant role are increasingly in demand. Their work focuses on technological support, from software development to IT infrastructure management.
In the sustainability and innovation sector, consultants find a rapidly growing work environment, in high demand for professionals who can help companies of all sizes comply with constantly evolving regulations, improve their production processes to reduce environmental impact, and enhance their awareness, with a powerful impact on positioning and engaging a broad spectrum of new clients.
How to enter the consulting world?
Entering the world of consulting requires solid preparation, which can come from various educational paths. A fundamental first step is obtaining a university degree in fields such as economics, engineering, statistics, or marketing, depending on the desired specialization. However, consulting firms primarily seek transversal skills, such as analytical ability, time management, and soft skills like working under pressure, effective communication, problem-solving, and leadership.
After completing university studies, it’s recommended to pursue a specialization through master’s programs, advanced courses, or professional experience.
Consulting firms, especially large ones like McKinsey, Boston Consulting Group (BCG), or Bain & Company, tend to select recent graduates or experienced professionals through highly competitive recruitment processes. Internships offered by top business schools are a preferred channel for entering this professional field.
Where to work in consulting?
Consultants can work in various settings, from large international consulting firms like Deloitte, Accenture, and PwC, to specialized consulting agencies in specific sectors. Additionally, there’s the possibility of working as a freelance consultant or starting a consulting business.
Many consultants also work within companies or organizations that require continuous consulting, such as banks, private equity firms, universities, and NGOs.
How much does a consultant earn?
A consultant’s earnings depend on various factors, including the area of specialization, experience level, geographical location, and the size of the company they work for. In general, consulting firms offer competitive salaries, with starting salaries ranging from €30,000 to €50,000 annually for recent graduates at large consulting firms. Senior consultants with more experience can earn €100,000 annually or more, especially if they work in top-tier agencies or highly sought-after sectors.
Advantages and challenges of being a consultant
On the one hand, this fascinating career offers undeniable advantages, such as rapid professional growth: working in consulting allows one to gain extensive experience across various sectors and tackle complex challenges; earn a competitive salary, and work on interesting and diverse projects, which may include international assignments and access to top decision-makers.
It’s a job that often involves a lot of travel, which can be a plus or minus depending on one’s lifestyle.
On the other hand, it’s a profession that requires a great deal of dedication, long working hours, and the need to work under pressure to meet deadlines and solve complex, ever-evolving problems.
Who can work in consulting?
In general, a consultant must be able to offer practical, easily applicable solutions to the problems faced by the organization or client and must be able to adapt quickly to different contexts and sectors.
Consulting is a field that requires a high level of preparation and experience. While a specific degree is not required, post-academic and professional training of high quality is essential. For example, a business consultant might have a background in business management, economics, or engineering, while a marketing consultant could come from studies in communications, marketing, economics, or even psychology.
Often, consulting is pursued by professionals with strong practical experience in a particular sector who decide to share their expertise with other organizations. In other cases, specialized training can lead directly to the goal.
Bologna Business School offers a wide range of programs that can open the doors to this fascinating career. In addition to more structured paths, such as Global MBA, Professional Masters, and Executive Masters – advanced training courses that by nature can lead to becoming professional consultants -, BBS also offers shorter, more specific paths that provide pragmatic and immediately applicable training, ideal for entering the consulting business.
Among the most innovative sectors in which a consultant can find interesting career opportunities are new technologies and AI. Programs like the Global MBA AI and Manufacturing, the Professional Master in Artificial Intelligence and Innovation Management, and the Executive Master in Artificial Intelligence for Business are excellent springboards to enter the consulting world dedicated to cutting-edge technologies. Alongside these more structured programs, the Open Program in Artificial Intelligence and Generative AI provides a mix of skills essential to start a career in this field.
In marketing, programs like the Professional Master in Digital Marketing and Communication, Analytics and AI for Marketing, and Applied Marketing and Sales offer all the tools necessary to enter the marketing consulting industry. The Open Program in Marketing Management, which focuses on the latest trends and technologies in marketing, offers the necessary tools to refine a consulting career in the sector in just six days of on-campus training.
The Global MBA in Sustainability and Innovation, the Professional Master in Business Management – Green Management and Sustainable Business, the Executive Master in Sustainability and Business Innovation, and the Executive Master in Sustainability Transition Management are ideal pathways for entering the sustainability consulting business. Additionally, courses like the Open Program in Business Sustainability & Circular Economy provide the foundational knowledge necessary to pursue a career in this sector.
Every training path at Bologna Business School can serve as a gateway to this fascinating profession: depending on the area of specialization, from the most comprehensive Masters to Open Programs that require only a few days of high-level training, BBS is always at the forefront of innovative programs, blending online and in-person formats, and working closely with leading local and international companies. With its excellent faculty and top-tier international network, BBS is a preferred channel for entering the workforce, even in a highly selective and competitive business area like consulting.