How to be a go-to adviser

Nikhil Chainani 

The Indian business consulting market has reached the $11.5 billion mark this year. It is now gearing up to witness another spurt over the next year. An analysis by Statista forecasts that the market will cross the $12 billion threshold by the end of 2018. Since 2013, the Indian management consulting sector has registered an average growth rate of 6.75 per cent.

Consulting is thus being projected as the next big thing in corporate India. According to an estimate, there are now over 10,000 big and small consulting firms in India, with over 6,000 of them in Delhi, Mumbai, Chennai, and Kolkata. It is an extremely broad arena and has a huge number of offshoots. Following are its six broad categories:

The industry elite

The industry’s top players counsel the top management of mega corporations on business strategy, and include Arthur D Little, McKinsey, Wipro, Bain and Co, among others. These are the highest-grossers and most widely known names in the consulting sector. These are full-fledged consultancy firms, making up for about 20 per cent of the total revenue in the industry.

Know the big four

These provide strategic advice and also focus on implementation, particularly in the case of their IT clients. This group consists of Deloitte Consulting, Ernst and Young, KPMG, and Pricewaterhouse Coopers (PwC).

Boutique firms

These firms specialise in specific fields. Instead of giving the organisation a holistic advice or plan-of-action on arbitrary obstacles, these find solutions that are precisely field-specific. For example, an art consultant firm will help its client choose the best piece of art in accordance with the given parameters and a financial advisory firm will help its organisation attain productive financial prudence by overcoming the imminent conflicts. The top runners in this category are Oliver Wyman (financial services), Gartner (research), MarketBridge (sales), and APM (healthcare).

IT specialists

IT specialists plan and implement projects related to computer systems, telecommunications and the Internet. Some companies in this category include IBM, Accenture, and the Big Four.

Human resource advisers

HR advisers offer solutions for employee management, compensation, and pension programmes. Hewitt Associates, Mercer, the Hay Group, and Towers Perrin are among the top firms.

The other players

Independents are experienced business management experts who are hired for their special functional talent. The professionals believe in flying solo instead of working for a consultancy organisation. Such consultants are hired to immediately  provide solutions, given their excellent domain knowledge.

Future entails 

The growth of consultancy firms is inspiring youngsters to opt for a career in this sector. This will lead to skilled problem solvers who can take remedial actions. It is a booming sector in which millennials will prosper.

What makes consulting a popular career

The scope of consultancy as a career is very bright. In the past few years, it has become a popular career choice among youngsters. It especially attracts bright students. On an average, students who aim to enter the consulting industry have higher grades than their peers. About 40 per cent of the 'high achievers' aspire for a role in the consultancy industry, which is more than 12 per cent than the average for other career streams. The are many reasons that make consultancy a career in demand: 

Evergreen: There will always be a need for consultants, advisers, trouble-shooters and problem-solvers. The corporate sector will always require consultants to provide cure for organisational problems. Consulting promises not just job security, but also an immense potential for growth.

Reputation: The profession promises prestige and reputation even in the   beginning of career. You work with the top management, help an entire organisation overcome its problems, and equip personnel with the right kind of knowledge and expertise to achieve the common objectives. The contribution as a consultant towards the smooth working of an organisation is immense, and so this profession will naturally garner recurrent appreciation and acknowledgment. 

Leadership and exposure: Working as a consultant will not just help you hone problem-solving skills and spontaneous decision-making abilities, but will also teach you to structure your perspective in a dynamic environment and present the same convincingly. 

A few drawbacks

As in every profession, there are positives and negatives to consultancy too. Usually, consultants don’t get benefits of health insurance, paid vacations, and paid sick leave unlike other employees do. One must fund one’s own retirement and health insurance. Hiring firms do not even pay unemployment compensation taxes as well. 

Moreover, there are several federal and state laws to protect employees from unfair exploitation and discrimination by employers. Very few of these laws are in place for consultants. 

—The writer is CEO and founder, Perspectico