Step into the realm of strategy consulting, a revered profession celebrated for its importance and lucrative opportunities in the impact space. Highly esteemed, and associated with handsome remuneration, this role attracts the brightest minds from diverse fields.
Strategy consultants are acknowledged for their unparalleled skills, predominantly their soft skills, which command significant demand across various sectors and industries. Their ability to strategize, analyze, and provide innovative solutions positions them at the heart of the impact space, ensuring growth, sustainability, and positive societal transformation.
As you embark on this rewarding career path, you'll initially function as a generalist, an experience that offers valuable exposure to a multitude of domains within the impact space. This varied interaction will sharpen your acumen, equipping you with a broad base of knowledge and expertise.
As you progress and ascend into middle management, there's an impetus to specialize in particular practice areas. This specialization lets you delve deeper into your chosen sector, enhancing your ability to contribute significantly and paving the way for your ascent within this stimulating career path.
In the field of strategy consulting, every step forward is a step towards creating an influential impact, making it one of the most desirable career choices for those seeking meaningful work in a thriving and dynamic environment.
A-Listers : Dalberg Advisors, Bridgespan, FSG
A-List companies with Social Impact practice areas : McKinsey&Company and BCG
Tier 1 : Accenture, EY Parthenon and Deloitte
Tier 2 : PwC, KPMG and EY
Other companies : Sattava, MicroSave Consulting (MSC), Palladium
Project 1: Conducting a feasibility study or needs assessment for a blended finance facility in the skilling domain in India
Project 2: Designing the e-mobility strategy for the capital city of a state for the government
Project 3: Developing a CSR strategy for a major pharmaceutical corporate house in India
For more information on the kind of projects done by strategy consulting organisations visit - Dalberg Advisors Work
The designation growth in the strategy consulting organisations looks like the following:
Analyst (UG Freshers/ 1-year experience post-UG)
Associate Consultant/ Senior Analyst
Consultant/Associate (MBA/ 3 years of relevant experience)
Senior Consultant/ Senior Associate
Manager
Senior Manager
Associate Partner
Partner
Regional Director
Global CEO
In A-listed organizations, performance reviews are conducted twice a year, and typically, up until the Manager level, most people receive a promotion each year.
Problem-Solving skills: Ability to create an issue tree, hypothesis-driven thinking, ability to validate the hypothesis by conducting desk research and stakeholder interviews and ability to see the big picture and plan strategically, considering long-term implications and various scenarios
Analytical skills: Comfortable with numbers, ability to conduct quantitative analysis, knowledge of basic statistical concepts (UG-level), and good at creating effective visualisations (graphs and charts)
Familiarity with concepts of international development: Some level of familiarity with the specific sectors such as healthcare, education, energy, or financial inclusion
Technical skills: MS Powerpoint (Intermediate), MS Excel (Intermediate), MS Word, and R/Python (good to have)
If you come from the following background feel free to apply -
UG from top colleges of India - Top DU colleges, IITs or UG from top international colleges
MBA from a top Indian B-shool or international B-school
Masters in relevant subjects or MPA/MPP from top international colleges
Experience working in a strategy role at least for 2-3 years
As a consultant or analyst, you will typically be assigned to one project at a time, allowing you to fully immerse yourself in the task at hand. Projects generally span a period of 2 to 4 months, providing diverse experiences and continual growth opportunities.
Most firms in the impact space respect your personal time and place great emphasis on work-life balance. Weekends remain yours, free from work obligations, and strive to maintain manageable workdays. You can expect the workload to be lighter at the beginning of a project, gradually becoming more intense as the project approaches completion. Daily work hours range from 6 to 12 hours.
The day usually starts with a team check-in where tasks/deliverables for the day are defined
Most part of the day goes into conducting either desk research or primary research i.e. interview
Summarising your finding towards the second half of the day in a slide
An entry-level analyst receives a fixed component of 12 LPA (Lakhs per annum) and an additional 15% of their fixed pay as a performance bonus.
A consultant receives approximately 20 LPA as a fixed pay and an extra 15% of their fixed pay as a performance bonus.
Strategy consulting organizations indeed have a rigorous and highly selective recruitment process, and it's important to be well-prepared to increase your chances of success. Here's an overview of what you can expect during the selection procedure:
Resume and Cover Letter Screening: Your application will go through an initial screening process. Make sure your resume highlights relevant experiences, achievements, and educational background that align with the consulting industry's expectations. Your cover letter should showcase your passion for problem-solving and strategic thinking.
Aptitude Test: Once your application passes the initial screening, you'll be required to take an aptitude test similar in nature to GMAT or CAT. This test assesses your analytical and critical thinking abilities, which are crucial skills for a strategy consultant.
Multiple Rounds of Case-Based Interviews: If you perform well in the aptitude test, you'll progress to the interview stage. Be prepared for 3 to 5 interviews, each lasting around an hour. The majority of the interview time will be spent discussing case studies. The interviewers' hierarchy typically starts with someone one level senior to the position you are applying for and goes up to partners. Case interviews evaluate your problem-solving skills, logical thinking, ability to structure complex problems, and communication skills.
If you join as an Analyst, after two years working in a strategy consulting organisation can easily got for an MBA.