Management consultancy

The Management Consultancies Association (MCA) has predicted growth for the UK’s advisory industry. Looking ahead, the industry body expects that technological shifts, including businesses adopting AI and sustainability issues will dominate the challenges clients face.

Read an article from the MCA on the expected impact of AI and other technologies on consultancy

Article on Management Consulting Services outlook up to the year 2031

Consultancy.uk - Five major challenges facing the global consulting industry

When considering potential employers, take some time to research the various types of consultancy available. While "management consultancy" is a broad term, you might find that you are more suited to a specialised area such as human resources (HR), digital technology or supply chain management.

Consultants typically work in one of the following settings:

1. Large Consultancy Firms: These firms offer comprehensive, end-to-end solutions to their clients. Examples include Accenture, Oliver Wyman, AT Kearney, and McKinsey. The Big Four professional services firms (Deloitte, EY, KPMG, and PwC) also have management consulting divisions.
2. Mid-Sized Boutique or Niche Firms: These firms provide specialised services and expertise, often focusing on a specific function such as finance, HR, digital technology, marketing, or sustainability. They may also concentrate on a particular industry sector or client type, such as the public sector, manufacturing, or education.
3. In-House Consulting Divisions: Many large corporations have their own internal consulting teams. Notable examples include Google, IBM, and Citibank.

For more detailed information and an overview of the roles and responsibilities, check the management consultancy profiles on the Prospects website and TARGETJobs consultancy pages.

The typical graduate entry role is an analyst or business analyst. In this position, you will work within a team on various projects to develop your professional skills.

Specialised consultancy areas include:

• Strategy Consultant: Provides strategic advice to companies on projects such as market entry, long-range planning, and rationalisation of goods and services.
• Risk Management Consultant: Provides strategies for identifying, assessing, and mitigating risks that could impact business operations.
• Economic Consultant: Uses economic analysis techniques to help businesses, regulators, and policymakers evaluate and implement strategic decisions. See our Economist career path webpage
• Financial Consultant: Offers financial advice, including the implementation of budgetary control systems, profit planning, and capital and revenue budgeting. See our Accounting and Finance career path webpage.
• Human Resource Consultant: Provides specialist HR advice on areas such as organisational restructuring talent management, and reward strategies. See our Human Resource career path webpage.
• Change Management Consultant: Specialises in helping organisations navigate and manage change, from strategic transitions to new technology implementations.
• Healthcare Consultant: Advises public and private healthcare companies, pharmaceutical organisations, government bodies, and international organisations on their business plans, strategies, and policies.
• Digital Technology Consultant: Helps organisations leverage digital technologies to improve processes, enhance customer experiences, and drive business growth. This includes advising on digital transformation, IT strategy, and the implementation of new technologies, including AI. See our Artificial Intelligence career path webpage.
• Data Analytics Consultant: Utilises data analysis techniques to help businesses make informed decisions and improve operational efficiency. See our Data Science and analysis career path webpage.
• Sustainability Consultant: Provides expert advice on how businesses can operate sustainably and reduce their environmental impact. This includes developing strategies for energy efficiency, waste reduction, sustainable sourcing, and compliance with environmental regulations.

Qualifications

Consultancy roles are open to graduates from any degree background, although having a degree in a numerical or analytical field can be advantageous. Typically, a minimum of a 2:1 degree grade is required for entry into a graduate scheme. You don't need a postgraduate degree for a career in consultancy, however it can be useful to the work. There are a range of Masters courses relevant to management consultancy, the most known is the MBA. CMI and MCA offer training and qualifications also.

Entry routes and recruitment process

For larger consultancies, professional services firms, and corporate employers, entry is usually through a structured graduate training scheme. Application deadlines can be as early as October or November for opportunities starting the following summer or autumn. Some employers open applications as early as July or August, with deadlines in December. Applications are often accepted on a rolling basis, meaning vacancies may be filled before the deadline, so it’s best to apply as early as possible.

Smaller employers, such as boutique consultancies, may recruit as needed. Networking can be particularly valuable in these cases. Working for a smaller consultancy can offer faster responsibility and a variety of interesting projects.

We organise a Management, Consulting, and Finance Careers Fair each autumn term. This is a great opportunity to speak to employers face-to-face from your first year onwards.

Many employers in this field welcome applicants with degrees in business studies, finance, maths, and science, but they are also open to other degree disciplines.

Find out about our recruitment fairs including the employers attending

Getting experience

Get involved at Nottingham

As well as internships you can gain relevant experience through part-time work, volunteering, clubs and society participation and extracurricular activities such as:

• Nottingham Advantage Award
• Nottingham Internship Scheme - some opportunities exist for project-based analytical roles which are relevant to consultancy. Other roles will give you an opportunity to develop your commercial awareness and sector knowledge
• Nottingham Consultancy Challenge

Student-led organisation and Students' Union societies

• Enactus
• 180Degrees Consulting

We can support you throughout the recruitment and selection process. We subscribe to eCareersGrad for practice videos on case interviews.

Find out about eCareersGrad 

When applying for roles in management consultancy, it’s essential to tailor your approach to meet the specific demands of this competitive field. Here are key pieces of recruitment advice to consider:

1. Research thoroughly: Understand the different types of consultancy firms — large, boutique, and in-house — and their unique recruitment processes. Familiarise yourself with the firm's values, culture, and recent projects.
2. Highlight analytical skills: Management consultancy requires strong analytical and problem-solving abilities. Emphasise these skills in your application, providing concrete examples of how you’ve applied them in academic or professional settings.
3. Prepare for case interviews: Many consultancy firms use case studies to assess candidates. Practice solving case studies under time constraints, focusing on your logical reasoning, quantitative skills, and ability to think on your feet. We subscribe to eCareersGrad for the module ‘Master the Commercial and Consulting Case’
4. Networking is key: Attend industry fairs, such as the Management, Consulting, and Finance Fair, and connect with current consultants and recruiters. Building a network can provide insights and potentially lead to referrals.
5. Gain relevant experience: Internships, part-time roles, or involvement in clubs and societies can provide practical experience and demonstrate your commitment to the field. Highlight experiences that showcase your teamwork, client interaction, and project management skills.
6. Be mindful of application deadlines: Applications for graduate schemes can open as early as July and close by December, with some firms operating on a rolling basis. Apply early to maximize your chances.

By following these strategies, you can enhance your profile and improve your chances of securing a role in management consultancy.