Strategy Consultant

What is a strategy consultant?

A strategy consultant is someone who helps businesses improve their performance by analyzing their current strategies and recommending changes for long-term success.

What does a strategy consultant do?

Usually, a strategy consultant does the following:

• Conducts research and analysis to understand the current state and challenges of a business
• Identifies opportunities for improvement in areas such as operations, marketing, and finance
• Develops and presents strategic recommendations to clients or stakeholders
• Assists in implementing the recommended changes and monitoring their effectiveness

What does the day-to-day life of a strategy consultant look like?

A strategy consultant typically works between 9am and 5pm but may have to work longer hours to meet project deadlines. The day-to-day tasks may include:

• Meeting with clients or team members to discuss project goals and progress
• Conducting industry research and analyzing data to gain insights
• Creating presentations and reports to communicate findings and recommendations
• Collaborating with colleagues to develop strategies and solutions

Where does a strategy consultant work?

Strategy consultants can work in various settings, including:

• Management consulting firms: These firms specialize in providing consulting services to businesses across different industries. Examples include McKinsey & Company, Boston Consulting Group (BCG), and Bain & Company.
• In-house consulting teams: Some large corporations have their own internal consulting teams that work exclusively for the company.
• Freelance or self-employed: Some strategy consultants choose to work independently and offer their services to multiple clients on a project basis.
• Location: Strategy consultants can work in major cities such as London, Manchester, or Edinburgh, where there are many businesses and consulting opportunities.

What tools/software/hardware does a strategy consultant use?

Strategy consultants use a variety of tools and software, including:

• Data analysis tools: Excel, Tableau, or other statistical software for analyzing and visualizing data.
• Presentation software: PowerPoint or Keynote for creating professional presentations.
• Project management tools: Software like Trello or Asana to manage project tasks and timelines.
• Industry-specific tools: Depending on the industry, strategy consultants may use specialized software or databases for market research and analysis.

What do I need to become a strategy consultant?

There are a number of ways you can become a strategy consultant, including:

• Bachelor's degree: A degree in business, economics, or a related field is often preferred by consulting firms. Examples include a Bachelor of Business Administration (BBA) or a Bachelor of Economics.
• MBA or master's degree: Some consultants pursue a Master of Business Administration (MBA) or a master's degree in a specific field to enhance their knowledge and credentials.
• Relevant work experience: Prior experience in business analysis, management, or a related field can be valuable in landing a strategy consulting role.

What career paths are available?

There are several career paths available to strategy consultants, including:

• Senior Strategy Consultant: With experience, you can progress to a senior role where you lead larger projects and manage a team of consultants.
• Consulting Manager or Director: In larger consulting firms, you can aim for management or leadership positions where you oversee multiple projects and client relationships.
• Chief Strategy Officer (CSO): Some strategy consultants transition into executive roles within companies, becoming responsible for the overall strategic direction of the organization.
• Entrepreneur: Equipped with a strong strategic mindset, some strategy consultants choose to start their own business ventures or become consultants for startups.

What jobs are similar to a strategy consultant?

• Management Consultant: A management consultant focuses on improving overall business performance, including strategy, operations, and organizational effectiveness.
• Business Analyst: A business analyst analyzes business processes, identifies areas for improvement, and recommends solutions.
• Financial Analyst: A financial analyst examines financial data to provide insights for investment decisions and financial planning.
• Market Research Analyst: A market research analyst collects and analyzes data to determine market trends, customer preferences, and competitive strategies.