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
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