Career in the consulting industry: What does it mean for you

The global consulting industry is valued at $860.3 billion in 2023, which maintained 1 per cent average annual growth in the past five years, according to IBISWorld.

Such prospects suggest a promising career path for those interested in the field. However, it is important to recognise that pursuing a consulting career comes with certain drawbacks.

Recently, during an Uber ride, I had the opportunity to engage in conversation with a young driver who happened to be a business graduate.

I was impressed by his intelligence and the abundance of innovative ideas he shared.

When I asked him about his future goals, he revealed his strong inclination towards pursuing a career in the banking industry.

He mentioned that several alumni from his university had found employment in some of the country's top banks and were even providing guidance in his preparation for banking jobs.

I asked him if he had considered a career in the consulting industry. To my surprise, he replied with a question, "Could you please elaborate on what you mean by the consulting industry?"

Defining consulting industry

In simple terms, consulting firms offer ideas, solutions, and similar sorts of professional services to individuals, businesses, or organisations for a fee.

They employ experts, known as consultants, who can be full-time, part-time, or contracted for specific projects.

These firms operate in various domains such as business management, accounting, engineering, IT, legal, and international development.

Consulting companies can vary in size from small single-person firms to large global organisations with thousands of employees.

The "Big 4" accounting and consulting firms, namely Deloitte, PwC, E&Y and KPMG, are leading providers in the industry, collectively generating over $189.44 billion in revenue in 2022.

Consulting industry in Bangladesh

Bangladesh's consulting industry is dynamic and evolving, fuelled by the country's expanding economy and the growing demand for specialised services.

It has attracted international consulting firms, including industry leaders like the Big 4 and BCG, which primarily serve corporations.

In the realm of large-scale infrastructure projects, the collaboration between national and international engineering consulting firms is common.

Global organisations with notable portfolios in the field of international development projects, such as Abt Associates, Chemonics International, Development Alternatives International, Ecorys, and Nathan Associates, are active in the Bangladesh market.

Over the past two decades, Bangladesh has witnessed the emergence of home-grown advisory and consulting firms that have made a name for themselves.

Companies like Innovision Consulting, Lightcastle Partners, and Enroute International have gained recognition for their strong capabilities in strategy formulation and project management, positioning them as prominent players in the consulting and advisory field.

The consulting industry's growth in Bangladesh is further fuelled by the contributions of social and market research firms, human resource service providers and individual consultants.

Collectively, these factors contribute to a vibrant and thriving consulting landscape in Bangladesh, enriched by a blend of domestic and international expertise.

Working in the consulting industry

While a university degree is adequate to work in the consulting industry, degrees in the fields of economics, business, data science, engineering, and computer science are often preferred.

The specific educational qualifications may vary depending on the industry, specialisation and target markets of the consulting firm.

The industry demands a range of skills, including strong analytical and problem-solving abilities, effective communication and presentation skills, and the capacity to work collaboratively in diverse teams.

Additionally, incumbents should possess critical thinking ability, adaptability, and a client-focused mindset to deliver valuable insights and solutions.

The day-to-day responsibilities of entry-level analysts and associates working in consulting firms entail collecting and analysis of data to support project goals.

They collaborate with senior team members to construct reports and presentations. They also participate in client meetings to present recommendations.

Pros and cons of a consulting career

A career in consulting comes with numerous advantages and some drawbacks worth considering.

One of the key benefits of consulting is the opportunity to tackle diverse and unique problems for a wide range of clients, often creating a chance to build an international career.

Picture yourself immersed in the exhilarating world of consulting, where each week brings forth a fresh puzzle to unravel.

Today, you are unravelling the complexities of a Bangladeshi FMCG enterprise, trying to eliminate its distribution bottlenecks, while tomorrow you may find yourself partnering with a European agri-tech startup to enhance food security for a Middle Eastern country.

To excel in this dynamic field, one must embody the ethos of perpetual learning, embracing a fierce yet collaborative mindset that uncovers solutions concealed from the masses.

The secret to triumph lies in the art of specialisation, honing expertise in a particular area such as renewable energy, branding strategy, or database management, all the while possessing an encompassing knowledge base that paves the way for building a comprehensive problem-solving ability.

For people with specialisation, critical thinking prowess, analytical finesse, and an unwavering yearning for a challenging global career, the consulting industry promises unparalleled prospects.

Yet, let us not overlook the demanding nature of this path. It necessitates an innate sense of self-regulation and self-motivation, as one leaps from project to project, deftly navigating tight deadlines and seemingly insurmountable client expectations.

Without a doubt, the journey can be energy-draining, but for those who revel in the exhilarating whirlwind of the consulting industry, the rewards are abundant.