What is Consulting? A Complete (and Honest) Guide

Consulting: The Business of Expert Problem-Solving

Ever wondered why companies hire consultants instead of just brainstorming solutions themselves? Because sometimes, even the smartest businesses need an external perspective. Consulting is the fine art of bringing in experts who provide customized solutions, whether it's solving a stubborn business problem, optimizing operations, or guiding major strategic decisions.

Why Do Companies Hire Consultants?

Organizations turn to consultants for three key reasons:

1. Solving the “Unknown Unknowns” – Sometimes, businesses don’t even know what’s wrong. Consultants step in like corporate detectives, identifying issues and prescribing solutions.
2. Bringing in Specialized Expertise – Need a digital transformation? A market entry strategy? Consultants provide deep domain knowledge that companies might lack internally.
3. Driving Growth and Efficiency – From restructuring businesses to launching new strategies, consultants help organizations stay ahead of the competition.

Additionally, let’s be honest—sometimes executives need an unbiased third party to validate their ideas or even take the fall if things don’t go as planned.

The Titans of Consulting

When you hear “consulting,” these big names dominate the conversation:

• McKinsey & Company – The elite strategy powerhouse known for its rigorous problem-solving approach.
• Boston Consulting Group (BCG) – Masters of innovation, digital transformation, and big-picture strategy.
• Bain & Company – Famous for its client-focused and results-driven methodology.
• Deloitte, PwC, EY, KPMG (The "Big Four") – Giants in management, financial, and risk consulting.

Why Everyone Wants to Be a Consultant (At Least Initially)

Consulting attracts ambitious professionals, especially MBA grads, for good reasons:

• The Prestige – Having a top consulting firm on your resume is like a VIP ticket to corporate stardom.
• The Pay – Six-figure salaries early in your career? Yes, please.
• The Learning Curve – Exposure to multiple industries means you become a jack-of-all-trades.
• The Exit Opportunities – After a few years, consultants transition to private equity, corporate strategy, or even their own ventures.
• The Global Experience – Many consultants get to work across different countries and cultures, expanding their professional networks.

Why Do Aspirants Want to Become Consultants?

Consulting is one of the most sought-after careers for MBA graduates and young professionals. Some key attractions include:

• Prestige and Networking: Working at a top consulting firm adds significant value to one's resume and provides exposure to industry leaders.
• High Salaries: Entry-level consultants can earn impressive salaries, with performance-based bonuses and rapid career growth.
• Diverse Experience: Consultants work across industries, gaining versatile experience in problem-solving, market analysis, and strategy execution.
• Global Opportunities: Many firms offer international projects, enabling professionals to work across different geographies and cultures.

Case Interviews: The Consulting Hunger Games

For aspiring consultants, the case interview is a critical hurdle. Consulting firms assess candidates through case study questions that simulate real business problems. Effective case prep includes:.

• Developing strong problem-solving skills through structured frameworks
• Run countless mock interviews to refine structured problem-solving skills
• Enhancing communication skills to clearly articulate solutions in high-pressure scenarios.

Only the sharpest analytical minds make it through the case interview gauntlet. If you love structured thinking, fast math, and tackling complex problems on the spot, consulting might be your calling

The Flip Side: The Challenges of Consulting

For all its glamor, consulting comes with some intense realities:

• Long Hours – Expect 60-80 hour workweeks, especially on critical projects.
• Frequent Travel – Living out of a suitcase becomes the norm.
• High Expectations – Clients expect answers, and they expect them fast.
• Work-Life Balance? What’s That? – Personal time can be scarce, especially in high-pressure roles.
• Burnout is Real – Many consultants move to industry roles within a few years for a more sustainable lifestyle.

Conclusion: Is Consulting Right for You?

Consulting is a fantastic career for those who thrive in dynamic, high-stakes environments. But it’s not for everyone. Before jumping in, ask yourself:

• Do I enjoy solving complex business problems?
• Am I comfortable with long hours and tight deadlines?
• Can I handle frequent travel and high-pressure situations?
• Am I ready to commit to extensive case prep and intense interviews?

If you answered “yes” to most of these, consulting could be your dream career. If not, well, there’s always the option of hiring a consultant instead. 😉