Thursday, 14 May 2015

Networking or Idle Chit-chat?

Why is networking important for consultancy?

One of the required skills for consultancy employees to demonstrate, listed by many in firms, is communication and interpersonal skills, as viewed in the National Careers Service Management Consultant job profile page.  It is therefore vital for students keen in pursuing consultancy to be able to demonstrate an aptitude for maintaining and expanding personal links, a great way of doing this being through networking.  Adam (Management Consultancy Analyst) points out that, while the idea of this may seem vague and impersonal, most people network without even thinking about it, simply through their everyday interactions.  Furthermore, as the article on building a consulting network states, the combination of traditional networking and social media has meant building a consulting network has never been easier. 

Who is my network?

Family, friends, ex-colleagues, current colleagues, classmates, teachers, neighbours, friends or relatives of any of these connections – these are all people that make up our networks, and most likely, or networks are bigger than we imagine.  From doing this research project I have tested this out myself.  After contacting a friend who studied at Newcastle University Business School I was recommended a tutor to contact. She was subsequently able to provide me with a relative of hers of whom I could interview and before I knew it, my network had expanded significantly with a little bit of initiative and not much effort!

As well as word of mouth and personal references, social media has become a great tool.  This research project has given me the opportunity to utilise LinkedIn and I have contacted several Newcastle University Alumni with regards to their job as a Management Consultant.  Despite never having met them before, being part of the same group as them on LinkedIn provided me with the connection I needed to contact them for professional reasons.

Networking well

The article on things to avoid when building a consulting network provides some interesting points to bear in mind when networking:

-          Offering to help and support others without necessarily knowing how they can help you are acts that are unlikely to be forgotten quickly making a great impression of yourself and enabling a connection that may be useful in future.

-          Look broader than your immediate needs for consultancy.  Building connections with people outside consultancy could lead to more diverse opportunities.

-          Building a network doesn’t happen overnight and more importantly building a relationship with an individual doesn’t happen overnight; it needs to be a continual process.


Social Media


It could be said that social media has become a daily necessity in 21st century Western society and with it being at our disposal all the time it is hardly surprising that work companies have begun to utilise it.  But how, as a prospective employee, can it be used to our benefit?  What platforms should we be investing our time in?  Do employers really embrace it, or is it a hype that will pass, or even worse, be detrimental to our employability prospects?

 
The leading platforms

Research carried out by The Bloom Group in 2013 found that 87% of consulting firms used LinkedIn, 68% used Facebook and 54% used Twitter, these platforms being the most popular.  These firms also predicted that by 2016 these three platforms would still be the most effective.  2014 research by Adecco supports this prediction with LinkedIn being the ‘only one platform regarded as effective for job hunting’.  The leading companies have LinkedIn and Twitter accounts and this would be a very effective way of increasing commercial awareness and hearing about recruitment.

However, social media is not only used for recruiting.  An interview with a Management Consultant Analyst, Adam, that I conducted revealed that, whilst Twitter and Facebook are not part of his daily job, social networking on client platforms is becoming more useful as a way of collaborating between colleagues.  This is interesting for, whilst Twitter and Facebook don’t appear to be utilised within the company, entering the job with an understanding of different social platforms will invariably be a useful skill, showing employers that you would be able to adapt to using the media platforms they utilise.

Social media and job hunting

However, social media can be beneficial with job hunting.  The interviewee, Adam, responded that he knew many people who had found jobs through LinkedIn and the findings of Adecco revealed that 17% of participants had received a job offer through social media.  It would seem obvious then for students to jump into these platforms from every angle but there is a question of censorship that must be addressed, for employers are increasingly checking the social media of prospective candidates.  The Adecco report uncovered that 1 in 3 consultants had rejected people because of their online profile.  How is it possible to get the balance?  After all, social media is as much for the purposes of private life – if not more - as it is professional.  Adam provides a good response noting the need for a balanced attitude towards networking sites and how, behaviour that is ‘sensible and genuine’ should mean there is not an issue.  The website ‘myworldofwork’ provides a useful resource as to what not to do with social networking and gives the advice of viewing your personal profiles as though you are a senior employee of the company you are applying to.  Is there anything on your profile that would put employers off?  How much of a representation of yourself does it provide?



From University to the World-of-Work


Transferring from the freedom and frivolity of university life to the big-wide-world can seem a most daunting prospect for many graduates.  But rather than hiding your head in the sand, there are a few things that can be done to prepare yourself for moving into the consulting sector and embracing the world of work.

Firstly, it is reassuring to hear a current Management Consultant Analyst, Adam, remark on how ‘people-focused consultancies are’ and how line managers tend to invest time into ‘building the skills of their people’.  However, there is a more proactive approach that should be taken to ensure the transition happens, and happens successfully.

Know the timeframe

Many undergraduates wanting to go into the Consulting sector will be looking to join one of the top consulting companies on their graduate schemes.  However, these companies tend to follow a pretty rigid annual plan so it’s important not to get caught out.  According to the Targetjobs ‘consulting timeline’ for 2015 the year can be split into 4 quarters, starting in September when final-year students can start submitting applications.  Whilst it seems early, many consulting schemes close mid-November, with a lot closing once they have received all the applications they need.  Following the companies you are interested in on Twitter, LinkedIn and Facebook could be ideal ways of staying up to date with their application deadlines but equally useful are website which display the job vacancies.  Inside Careers enables users to search specifically for Management Consultancy graduate jobs, or alternatively work experience opportunities, with the top firms. The latter part of final year needs to be reserved for…studying: in a Guardian article the founder of the specialist recruitment firm Mindbench said ‘it is quite rare for people with a 2:2 to go into the larger management consultancy firms’ so it is important to get a 2:1 or above in order to move straight into the consulting sector.

What does the application procedure involve?

Inside Careers notes that for the first stage of application some companies with require an online form completed, others will ask for a CV and cover letter whilst others will want both.  In the interview Adam recommended ‘spending more time on one or two applications of high quality’ which I think is valuable advice for any student juggling study with job applications.  The selection process tends to have several stages though these will vary depending on the company.  CHP Consulting use a telephone interview followed by two face-to-face interviews with different level employees whilst IBM follow an online application form with an online test, assessment centre and final interview.  Through this whole process BLT’s (recruitment company, Beament Leslie Thomas) pages ‘Interview Preparation’ and ‘Tackling Tests’ are great resources to refer to.  An important message given was the reminder that you won’t have been offered the interview without the employer thinking you already have the ability to do the job – a confidence boosting idea to hold onto.  A common mistake used is referring to ‘we’ instead of ‘I’ – a subtle language change which will demonstrate what you personally achieved.



CHP Consulting, The Guardian UK 300, 2014/15, p200
ICM, The Guardian UK 300, 2014/15, p268

Global and Commercial Awareness


Why is it important?

Commercial and global awareness are key attributes that employers will look for.  As a professional Quality Assurance Consultant I interviewed said, ‘keeping up to date with developments’ and having ‘knowledge of development and opportunities’ were the most important skills for her job on a day-to-day basis.  In the consulting world Adam (Management Consultant Analyst) noted the importance of having an understanding of industry issues and ‘hot topics’ in order to relate to clients.  What is more, through global awareness, including by having worked or lived abroad previously, it can increase your chances of getting a work location overseas, if this is what you would like.

How to develop it

The Manchester University Careers Blog, however, outlined that commercial and global awareness is better developed over time and by different mediums.  These include through LinkedIn, the media – UK and international newspaper broadsheets which cover news, business and the economy – and networking events such as careers fairs.  More specific consulting sources should not be neglected though, as these will provide the opportunity to develop commercial awareness.  The Management Consultancies Association is an invaluable source and outlines how the UK consulting industry began in the 1900s but did not fully take off until the 1950s when demand ‘from clients for highly specialised skills’ increased with the development of technology and management.

Recruitment websites

More consulting specific information, can be found from recruitment websites.  Mindbench has a page on ‘industry news’ where articles relating directly to the consulting sector can be found.  Prism is an executive recruitment company that also has a page on ‘News & Views’ which hosts a whole mix of articles on different topics that relate to consultancy, including the biggest CV annoyances for senior executives and opinions during the ‘Management Consultancies Association Boardroom Breakfast’ on transport and political party issues.

The Management Consultancy Association is a key body that potential consultants should be aware of, but so is the Institute of Consulting – ‘the home of professional consultants and the National Consultants’ Register’.  They have a ‘News’ page with one of the main topics being a project to push forward the ‘Chartered Management Consultant’ award which is scheduled to launch in early 2016 and allows ‘professional recognition’ and ‘maintenance of high quality standards’ within the profession.

Current big issues

From the two interviews I pursued personally though, the main current issues for the consulting sector were the ‘digital agenda’ and the ‘cuts in public spending and reductions in grants for business development’.  From personal experience, the interviewees felt the 2008 financial crash affected their business quite noticeably but since then, it has stimulated businesses to remove costs and increase efficiency, leading to a demand in their consultancy services.  Having an awareness of the global situation is clearly beneficial in understanding the issues the consulting sector faces.






Labour Market Awareness...what does that mean?


So you’re interested in Management Consultancy and what to enter the sector.  Well, what does the sector look like?  By this question I mean: What percentage of students enter consultancy? Who are the biggest employers? Do these employers prefer further qualifications or certain degrees? 

But firstly, what is labour market awareness and why is it important?

The Economic Times defines the labour market as the ‘place where workers and employees interact with each other’ and so to a graduate this means understanding who is being employed by whom.  According to HESCU (Higher Education Careers Services Unit) of those 2013 UK graduates who were in employment 6 months after graduating, 9.1% of them were business, HR and finance professionals - the third largest employment sector, after health and retail, catering, waiting and bar staff.  HECSU also provide information regarding specific degree disciplines, for example 19.1% of politics graduates entered that sector within 6 months in 2013.

What companies do these graduates go to?

The Guardian UK published a list of the top consultancy employers as rated by over 27,000 students. In 2014/15, McKinsey & Company came out top with IBM, Accenture, Boston Consulting Group and Bain & Company following behind.  These, along with PA Consulting, Mercer and Capgemini, have been consistently highly rated consulting employers over the years with all of them falling in the top 180 most popular graduate recruiters for 2014/15. If you’re thinking about the consultancy sector these companies provide a great place to start your research.

However, for the full spectrum of employers the Management Consultancies Association (MCA) provides an extensive list of the ‘UK’s leading consultancy firms’, alphabetically listed with contact details.  Not only is this resource invaluable for graduates just entering the field and wanting to develop both their labour market and commercial awareness, or wanting to work for a more niche firm, but it’s great for professionals who may want take their consultancy career into a different firm or speciality.

How easy is it to enter the sector?

As with most professions there isn’t one way to enter the consulting sector so this may vary in answer depending who you talk to.  An interview with Adam, a Management Consultant Analyst, revealed that the ‘assessment centres and interviews were rigorous but manageable’ whilst an alternative interviewee ‘joined a group of associates on a self-employed basis’ after having ran her own small business.  BLT (Beament Leslie Thomas) is a ‘leading niche, specialist recruitment company who outline 3 different entry routes: straight from an undergraduate degree, as an undergraduate with 3 or more years work experience or as a business school graduate.

Age and stage - do these matter to recruiters?

Two big questions on the mind of many graduates are: Will I be less employable if I take a couple of years out before doing a graduate scheme? Will a postgraduate qualification make me more employable?  Adam, who I interviewed, entered his graduate scheme 3 years after graduating and knows other people who did the same.  This is the same for postgraduate qualifications, whilst they may be helpful at developing the skills of the candidate they are by no means a requirement.  Adam now believes that consultancies may be more attracted to candidates who have gained experience in other fields by taking time out before applying and this viewpoint was supported by an alternative interview source who put is as dependent on HOW you spend that time out.





The Guardian UK 300 2014/15, 5th ed., Gti, p30-37; p51

Top Skills Consulting Employers Look For


Building up the skills before you apply for any job and then being able to demonstrate them is vital to ensure a successful application.  But what are the skills employers look for in future consultants?
Key Skills

In an interview with Adam, a Management Consultant Analyst, he noted that ‘organisation, communication, planning, leadership’ are the most important skills for his job on a daily basis and were also the skills required upon recruitment.  An interview with a Quality Assurance Consultant emphasised ‘people management’ which clearly supports Adams advice.  However, she went further saying that ‘keeping up to date with’ and being knowledgeable of ‘developments and opportunities’ were also vital.  This definitely connects to having a commercial and global awareness!

Looking broader, Targetjobs provides a concise resource on the ‘skills consulting recruiters are looking for’ drawing from interviews with leading consulting employers.  Analytical skills, initiative, flexibility and communication, influencing skills and interpersonal skills were the most important.  Prospects is another great resource which lists the entry requirements to be a management consultant.  Further to the ones already mentioned, it also included creativity and innovation, problem-solving and strategic planning ability, ability to cope with pressure and challenges and a commercial awareness.  Summarising these four resources, being able to work with and manage people is evidently a vital skill which need to be demonstrated during the application process.  However, I think the words from Alexandra Usynina on a graduate profile (Inside Careers) reassures students well – only an aptitude for these skills needs to be demonstrated for the job will mean they are strengthened.  It therefore seems more important to focus on developing yourself a little bit in all of these areas as opposed to being particularly strong in one.
Does it vary?

It is always worth checking the exact requirements that your future employers looks for.  On their graduate recruitment page, IBM offers a list of skills under ‘What we look for’.  These include adaptability, communication, client focus, creative problem solving, drive, teamwork, passion for IBM and taking ownership.