Careers in International Affairs, Eighth Edition

11 Consulting - Careers in Consulting

11 Consulting Careers in Consulting Lindsey Tyler Argalas Lindsey Tyler Argalas is a 1998 graduate of the Master of Science in Foreign Service Program at Georgetown University. She is currently a manager with the Boston Consulting Group in San Francisco. She has also worked in their Madrid, Sydney, Chicago, and New York offices and has served as one of their recruiting directors. Previously, she interned at the U.S. embassy in Thailand for the Commerce Department , and later, with the Advisory Board Company in Washington, working on Latin American financial institutions. CONSULTING HAS BECOME increasingly popular over time, yet it remains one of the most ambiguously defined professions. Consulting has been described as the most ‘‘improbable business on earth’’ because of the paradox that the world’s most successful companies and organizations hire people fresh out of school. What makes this possible? What is consulting, and why have consulting firms been so successful? Broadly defined, consultants are outside advisers to organizations. A consultant can be a specialist and advise on specific areas such as finance, information technology, or negotiation strategy; alternatively, a consultant may be a generalist and advise on issues as broad as the overall strategic direction of a company. Organizations hire outside consultants for four main reasons. First, consultants bring a fresh perspective, through their industrywide view, analogs from other industries or clients, and ability to challenge the status quo. Second, consultants add value by bringing specialist tools and capabilities along with subject matter expertise . They may also bring new, ground-breaking ideas to the forefront, 289 290 • Consulting which is often difficult to do as an internal employee of an organization because of politics or the burden of day-to-day responsibilities. Third, the consulting industry gives organizations access to a pool of highly intelligent , motivated people, who as a result of their high-caliber talent are difficult to attract and retain as permanent employees. Consulting allows organizations to temporarily ‘‘hire’’ these individuals for particular projects . And fourth, consultants make change happen because of their inherent role as outside advisers: they are apolitical; they willingly challenge conventional wisdom; and they commit to achieving results for their clients. Consulting as an industry has continued to thrive over the past decade, irrespective of the cyclicality of the economy. Consulting market growth is accelerated during times of economic expansion as companies seek to capitalize on favorable market conditions, enter new markets, and define a robust platform for growth. Conversely, during times of economic or political distress, organizations may seek consulting support to help them best maneuver difficult situations, become more efficient in their operations , or reduce costs. Consulting as an industry has continued to thrive over the past decade, irrespective of the cyclicality of the economy. The growth of consulting—in good times and in bad—is fueled not only by client demand but also by an increase in the supply of talented individuals that find consulting appealing as a profession. First, consulting typically allows a person to gain exposure to a diverse set of issues, industries, and clients; in other words, there is variety that many people enjoy and cannot find elsewhere. Second, consulting is regarded as excellent training for recent graduates because of the multifaceted nature of the work. Many people opt to use consulting as a platform from which to gain experience and make contacts, and then join a specific organization or company. Despite the many benefits of a consulting profession, there are potential drawbacks, including long hours (sixty-plus per week), extensive travel, less control over one’s schedule, and the inability to make actual decisions—consultants only give recommendations. When evaluating career options, it is important to weigh all these considerations . Although there are drawbacks, intense competition for jobs at consulting firms reveals that many people find the benefits are still greater. Careers in Consulting • 291 Varieties of Consulting ‘‘Consulting’’ is a generic term that describes a broad spectrum of definitions and roles. It is critical to research and understand the different types of consulting to determine which interest you most. I am surprised that I receive such a high volume of calls from students interested in international development consulting given that the majority of my work in management consulting is advising large multinational companies on business issues. These are very different careers, not only in the type of clients...