5 Lessons on Consulting I Wish I Knew Earlier
My journey into consulting took 8 years: from the time I learned this job/industry existed (how come I had never heard about this?!) to my first day on the job at LEK Consulting (this counts as having made it, right?!). 8 years of chasing that consulting dream, scores of cold outreach messages and dozens of coffee chats, and somehow, no one told me about the following 5 things. Upon reflection, I think they are really important to know for anyone considering a career in consulting (even a short stint) and envisioning what the consultant life might hold for them.
1. PowerPoint matters more than Excel
Even in (graduate) business school, I didn’t fully get all the jokes about consultants and “decks.” (My pre-MBA work experience wasn’t that corporate, so calling PowerPoint presentations “slide decks” wasn’t yet part of my repertoire.) Once I started my big shiny consulting job though, I quickly concluded that “if it doesn’t exist on a slide, it doesn’t exist at all.”
One of the most important skills to master in consulting is creating impactful presentations. It's not just about the content; it's about how you present that content. A well-crafted presentation can make a world of difference between being heard and being ignored. Yes, the delivery of that presentation matters a lot too - but I was surprised to learn that, in the corporate world, a lot of PowerPoint presentations are not actually presented (with a speaker in front of a room); they’re read, circulated and kept as documentation.
I joke that I’m really just a “slide monkey” in my fancy consulting job. Although the observable part of any consultant’s day likely will include a lot of fiddling with shapes and spacing on a slide, a significant amount of critical thinking is required to organize, depict and deliver information in an impactful and succinct visual manner.
I spent 8 years worrying my Excel spreadsheet skills weren’t up to par, and that I would flounder upon having to manipulate data for some unheard-of analysis. (What if I forget how to use a VLOOKUP?) So I’m here to tell you this: if you’re looking to get into consulting for the first time, put the Excel anxiety on a shelf, and learn some PowerPoint shortcuts instead so you can work faster when you land your first consulting position. Oh, and start paying attention to how information is presented to you on all manners of things: ads, billboards, charts, lecture slides, etc.
2. Working with “Very Smart People” may not always be in the cards
It’s a trope for folks to say that one of their favorite parts of the (consulting) job is working with really smart people. Actually, it’s probably a trope for some folks to say that about any job they’re in. Don’t get me wrong - it’s possible you’ll find yourself working with some of the “smartest people you’ve ever met” when you join a consulting firm (particularly if you make it into MBB). Your odds of having that experience are greatly increased if you join a firm that works on client projects in defined teams - that is, more often than not, there’s more than 3 people actively collaborating on the day-to-day work that constitutes the project.
However, there are lots of other (smaller) firms where this isn’t the case. If you find yourself single-staffed, opportunities to learn from others may be limited. And here’s the dirty secret: clients don’t usually hire consultants to solve problems they know how to solve. Be prepared that you might find yourself doing something mundane and uninspiring…while being the smart person everyone else is really happy to have working on their team.
3. An "Up and Out" system can be a blessing
Firms with an "up and out" system, where individuals are encouraged to progress or move on, may seem intimidating at first. However, this system often comes with clearly defined performance expectations and a transparent path to the next stage. It allows you to assess whether you want to stick around and gives you a roadmap for advancement. Unlike firms that string you along with vague promises of promotion, an "up and out" approach ensures that you have a clearer understanding of what lies ahead.
The opposite to having clear performance benchmarks and career progression milestones is usually shrouded in friendly-sounding language like, “you can create your own path here” or “we’ll promote you whenever you’re ready; there isn’t a set timeline.” Watch out! Better follow up with some targeted questions to understand what “ready” means, and who decides if you’re “ready” or not.
Added bonus: typically, firms who have an “up and out” system maintain a consistent pyramid shape. This is a good thing: in a pyramid-shaped organization, every level has defined boundaries and responsibilities. You’re a lot less likely to find yourself doing work you thought you graduated from while having a higher title, or worse, the opposite: doing work that theoretically is the responsibility of a job title higher than yours, while still being paid for your lower-level title.
4. Even in firms that work across industries, true cross-industry exposure and expertise is rare (or functions)
An oft-touted benefit of consulting is that it often presents opportunities to work across various industries and/or functions. However, don't assume that you'll gain in-depth knowledge of each industry and/or function you encounter. The nature of some projects, such as market assessments (better known as “due diligences” or affectionately, DDs), might not provide a comprehensive understanding of the industry itself. At least, not so comprehensive that you’d be ready to take a mid-level management job in that industry simply based on one project giving you “experience.”
I’ve found that there's always a push towards specialization. This can come about naturally, as in, “oh this new project is pretty similar to something you’ve done before, so it’ll be easier for you to pick this up.” It could also come about as a combination of that tendency to favor familiarity and pure luck: all consulting project staffing is based on business needs, and no matter how interested you are in area X, if no projects are available in area X when you open up for new projects… You’re outta luck.
Even if you don't actively choose a specialization, others may label you an expert in something based on your prior project experience. Which brings me to…
5. Expertise isn't as deep as you might think
What do you picture as “expertise”? What does an “expert” look like?
I got called an expert (by my manager no less!) in an area after I’d done just one project in that area. I was terrified! I didn’t even think it was imposter syndrome kicking in, I adamantly felt this was a gross mislabelling. How could I be an expert in something when I’ve only seen one version of how something is done?
My mindset on expertise has shifted. I've come to realize that even limited experience is valuable. And very specific experience is also valuable! We think of PhDs as experts - hooded for their exact expertise in a tiny well-defined niche in their field of study. Expertise in consulting can be just that: focused on a specific context (or set of contexts). Having even only one reference point is good: it beats having none! Your client may have absolutely no idea and no exposure, and in comparison, your experience of just one possible version of a solution makes you the expert in the room.
Above all, your greatest assets as a consultant are going to be 1) your confidence, and 2) your confidence in your ability to figure it out. Having the confidence to enter unfamiliar territory and figure things out as you learn - that is the hallmark of a good consultant. Having confidence in your own problem-solving skills is way more important than having enough experience for you to consider yourself an expert.
An afterthought…on you being paid what you’re working for: