Consulting

The Basics

Consulting involves providing expert advice and solutions to organizations (businesses, non-profits, governments) to help them improve performance, solve problems, or achieve specific objectives. Consultants analyze situations, identify issues, propose strategies, and often assist with implementation. The work is project-based, and consultants typically move between clients and different types of engagements.

Different roles within Consulting are typically structured hierarchically and by specialization:

• Analyst/Associate Consultant (Entry-Level): Conducts research, gathers data, performs quantitative analysis, develops slides, and supports senior consultants.
• Consultant/Senior Consultant: Manages workstreams, leads client interviews, develops hypotheses, structures problem-solving approaches, and contributes significantly to solution development.
• Manager/Project Leader: Manages consulting teams, oversees project delivery, maintains client relationships, and ensures project milestones are met.
• Principal/Associate Partner: Develops new business, leads multiple projects, nurtures key client relationships, and contributes to firm strategy.
• Partner/Director: Holds ultimate responsibility for client relationships, business development, thought leadership, and the overall success of the practice area or firm.

Consulting firms often specialize in different areas:

• Strategy Consulting: Focuses on high-level strategic issues like market entry, mergers & acquisitions, organizational restructuring, and competitive strategy.
• Management Consulting: Broader category, includes strategy but also operational improvements, organizational design, technology implementation, and change management.
• Technology Consulting (IT Consulting): Advising clients on how to use information technology to meet their business objectives, including system implementation, cybersecurity, and digital transformation.
• Human Capital Consulting: Focuses on talent management, organizational effectiveness, change management, and HR strategy.
• Financial Consulting: Advising on corporate finance, risk management, restructuring, and valuation.
• Specialty Consulting: Niche areas such as supply chain, sustainability, healthcare, or regulatory compliance.

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Types of Consulting

Consultants serve clients across virtually every industry, addressing a wide array of business challenges. Industries where consultants are frequently engaged include:

• Financial Services: Banks, investment firms, insurance companies.
• Healthcare and Pharmaceuticals: Hospitals, pharmaceutical companies, biotech firms.
• Technology: Software companies, hardware manufacturers, IT services.
• Consumer Goods and Retail: Food and beverage, apparel, e-commerce.
• Energy and Utilities: Oil & gas, renewable energy, power generation.
• Telecommunications: Mobile network operators, internet service providers.
• Government and Public Sector: Federal, state, and local government agencies.
• Manufacturing: Automotive, industrial goods, aerospace.
• Non-profit Organizations: Foundations, charities.

Why Consulting?

A career in Consulting offers unparalleled professional growth, exposing you to diverse industries and business challenges at an accelerated pace. You’ll develop a highly sought-after toolkit of analytical, problem-solving, and communication skills, making you a versatile and impactful professional. The opportunity to work with senior leaders, contribute to high-stakes decisions, and see the tangible impact of your recommendations provides immense satisfaction and a continuous learning curve, keeping your work stimulating and relevant.

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Preparation

Preparation for a career in Consulting is highly competitive and typically involves a strong academic record, particularly in analytical disciplines. While many consultants come from business or economics backgrounds, firms increasingly value diverse majors, including STEM, humanities, and liberal arts, provided candidates demonstrate strong problem-solving and communication skills.

Key steps for preparation include:

• Strong Academic Performance: Excel in your coursework, especially in subjects that require critical thinking, quantitative analysis, and structured problem-solving.
• Case Interview Practice: This is a crucial component of consulting recruitment. Practice solving business cases to hone your analytical thinking, problem-structuring, and communication under pressure.
• Develop Core Skills: Cultivate exceptional analytical, quantitative, communication (written and verbal), presentation, and leadership skills.
• Internships: Seek internships with consulting firms, corporate strategy departments, or roles that involve project management and problem-solving.
• Leadership & Extracurricular Activities: Demonstrate leadership, teamwork, and initiative through student organizations, volunteer work, or part-time jobs.
• Networking: Connect with consultants through informational interviews, career fairs, and alumni networks to understand the culture and recruitment process.
• Problem-Solving Frameworks: Familiarize yourself with common business frameworks (e.g., Porter’s Five Forces, SWOT analysis) that aid in structuring complex problems.
• Build your resume: Get real-world experience with job simulations in Forage.

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Your Major & Consulting

It’s common to feel like your college major locks you into a specific career path, but here at Wake Forest, we have exciting news that challenges that idea: your major absolutely doesn’t determine your entire career trajectory.

Our data shows that Wake Forest students entering fields like consulting come from an incredibly diverse range of academic backgrounds. While you’d expect to see majors like Business & Enterprise Management or Finance, we’ve also seen graduates from Anthropology, English, and even French Studies thrive in consulting roles. This highlights a crucial point: employers value critical thinking, problem-solving, effective communication, and adaptability—skills you develop across all disciplines.

So, as you navigate your academic journey, feel empowered. Choose a major that genuinely excites you and where you feel challenged to grow. The skills you cultivate will be your most powerful assets, preparing you for a world of diverse and fulfilling career opportunities.

Check out a few of our student success stories here.