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The consulting industry stands as a dynamic and integral component of the global business landscape, offering invaluable expertise, strategic guidance, and innovative solutions to organizations across diverse sectors. Renowned for its adaptability and commitment to excellence, consulting firms serve as trusted partners, assisting clients in navigating complex challenges, driving growth, and achieving sustainable success in an ever-evolving marketplace. To understand the consulting industry with greater depth, the Business Career Development Committee (BizCare) invited NUS graduates Regine Lim, an expert in technology consulting and Preethi Ravi, an expert in strategy consulting to share more about their experiences as consultants.
Preethi Ravi is currently working as a strategy consultant at Accenture Strategy. She graduated from NUS back in 2021 with a degree in Accountancy and a second specialization in Finance. Preethi now mainly deals with cross-functional consulting and initiated the panel discussions by delineating the job scope of a junior consultant. She briefly outlined the three fundamental skills crucial for junior consultants: proficiency in Excel, mastery of PowerPoint, and adeptness in client communication. Junior consultants are entrusted with the responsibility of analyzing client-provided data, synthesizing insights, and effectively conveying them through PowerPoint presentations to their superiors.
Regine Lim graduated from NUS in 2019 and now works as a managing consultant at LanciaConsult. She did her internship at many start-ups and concluded that she values their flat organizational structure and mentorship culture. She started to engage in technology development projects during her NOC program and has ever since been doing technology consulting. Regine supplemented Preethi's insights by emphasizing the significance of critical thinking in consultancy roles. She underscored that consultants must possess the ability to critically evaluate and question opinions and information constructively. Additionally, Regine highlighted the importance of developing strong interpersonal skills, noting that consultants may be perceived as threatening by employees of client companies. Hence, consultants must cultivate people skills and seamlessly integrate themselves into the client organization to facilitate smoother collaboration and foster a positive working relationship.
Preethi recommended that students preparing for case interviews should utilize online resources to access mock case interview questions and engage in practice sessions with peers. She noted the availability of general frameworks tailored to consulting cases across various sectors, which students can reference to structure their responses effectively during interviews. According to Regine, clear communication during case interviews is critical as it ensures that the interviewer comprehends the rationale behind each action taken. Additionally, she advised candidates to approach case analysis with meticulous planning, constructing a detailed breakdown of the case while keeping the end goal in mind.
Both speakers concurred on the inclusive nature of the consulting industry, highlighting its openness to individuals from diverse backgrounds. They underscored the industry's emphasis on valuing transferable skills and adaptability in candidates, affirming that individuals from all walks of life have the potential to excel and thrive in consulting roles.
In recent years, the rapid advancement of artificial intelligence (AI) has led to profound transformations across various industries, including consulting. Regine underscored the impact of AI on the consulting landscape, noting that it has democratized access to information, enabling clients to access data and insights independently. Consequently, consultants must now emphasize critical thinking, value-adding skills, and the ability to distill pertinent information from the vast online pool as essential components of their value proposition.
Preethi echoed this sentiment by predicting potential shifts in the consulting industry due to the rise of AI. With information becoming more accessible, she anticipated a potential contraction in the industry, leading to increased competition and higher barriers to entry. Moreover, Preethi highlighted the growing demand for niche knowledge and specialized expertise, emphasizing the importance of cultivating expertise in specific domains to remain relevant in an increasingly competitive landscape shaped by AI.
Concerning entering the consulting industry, speakers advised students to be adaptive, be able to think on their feet, and tap on any resource available as consulting is a career that demands the provision of immediate high-quality solutions to its clients. In general, speakers suggest that students should identify their passion and their strengths as a guiding compass in pursuing a suitable career path.
Post Panel Opinions:
“I think this panel is better than other panels as there is only 2 speakers which mean each speaker have more time to share information that are more in depth allowing us to have a better understanding of their career”
~Hyeonah Y1 BBA
“I think the common questions that the team identified was really accurate and it covers most questions I have about the consulting industry”
~Owen Y4 BBA