If you go to any careers fair you won't be able to avoid the hordes of consultancy firms vying for your application. Consulting is a relatively intellectual profession, which combines knowledge of a variety of fields with genuinely forward-thinking problem solving and overview skills. It's no surprise, then, to see a large number of firms recruiting at Oxbridge. Consultancy has only recently become a viable post-graduation career choice, and many still only enter the sector after gaining expertise and experience in another field. But that shouldn't be your primary reason for entering the sector.

More importantly, what is consulting? What's the difference between strategy, management and financial consulting? When contemplating a career in the field, these are the most frequently asked questions. Consulting as a whole has no typical identity - you are paid as much to 'know the market' as to focus on particular products - so it's probably best to examine the roles of various parts of the sector.

The Way In

Though the Milkround offers a menagerie of opportunities in consulting, it is just as acceptable to approach the sector after having gained experience in other areas - public affairs consultancies in particular prize extensive experience in other industries, and will pay handsomely for your wisdom. Both the deferred entry and the direct post-graduation start are viable and popular, however, and you should choose the one that suits you best.

Key Skills

As a profession that relies on formulating market solutions through applied thought, the ability to apply the intellect you've developed in your degree to real problems is highly sought after. Project and time management is also crucial, as consultants can frequently find themselves working on several projects at once.

Pay & Lifestyle

The competitiveness of the consultancy sector has its upside: it is well paid, even at its most junior levels. Because new graduates entering the sector can expect real responsibility from early on, the starting pay for junior consultants at large practices ranges from £25-30,000 a year. More experienced management consultants can expect to earn in excess of £50,000.

Money can't buy you everything, though, and in return for the high pay, work conditions and demands are quite heavy. Long and flexible hours are a necessity of the sector, as is the frequent demand for travel at a moment's notice. Time and travel commitments are very much client-dependent however, and will vary between projects.

Roles

Management Consulting

At its most simple, management consulting is how managers maximise their company's efficiency and business practice. The Management Consultancies Association defines the field as "the supply of independent advice and assistance to clients about management issues. This service typically includes identifying and investigating problems and/or opportunities, making recommendations for appropriate action and helping to implement those recommendations." In effect, management consultants solve problems and plan solutions, normally on a short-term project basis.

Strategy Consulting

Strategy consultancy is a more complete assessment of a company's direction and practices, going further than just solving problems, to provide an accurate plan for a client's future operations.

Financial Services Consultancy

All financial transactions involve an element of risk, and it is the financial consultant's role to evaluate that risk and advise clients whether it's worth taking. Considerations will not be exclusively financial, however, and consultants need to apply more general thinking on company direction to the formulation of financial policy. No company conducts its business in a vacuum, and the job of a financial consultant is to assess the full range of considerations that a client should take into account in order to maximise their company's profitability.

IT Consultancy

Like finance, IT may not feature in a company's core objectives, but it pervades their practices to such an extent that the way they run their IT setup will not only keep them in the game, but can put them ahead of the competition. Specialist knowledge of systems and operations applied to the client's target market will form the bulk of the skills required and jobs performed in the field.