Skills Needed to Become a Business Consultant in 2020 - the journey of an MBA into consulting

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Skills You need to Become a Business Consultant

In our previous post, we defined the Consulting industry, talked about the big players in that space, and explained what consultants do which is solving complex business problems in many different areas: Strategy, Operations, Financial, Human Resources, IT, Marketing, and so on. The list is long and varied. But what skills do consultants need to unravel business complications in all these areas? Technical and functional abilities? Soft skills? A combination of both?

We have crafted this post to purposefully and comprehensively answer such questions. Also, our post will have an additional and unique component to it. A fresh perspective on how you can attain almost all the core consulting skills from your MBA! That’s right! So, if you’re an MBA candidate stay tuned! A quick Google search will return a plethora of valuable “must-have consulting skills” lists. However, almost all fail to link the attainment of such skills to the MBA experience that many aspiring consultants go through. And so, in this post, in addition to a comprehensive list of the top skills you need to become a successful business consultant, we will expand on ways to obtain them through your MBA degree.

Effective Communicator

Implementing effective communication plays a critical role in consulting work. Successful consulting revolves around two pillars. Firstly, properly defining the problem. Secondly, developing creative and pragmatic solutions. Consultants define the problem by communicating with their clients and develop innovative business solutions by harmoniously working with their team members. Both areas demand deploying effective communication approaches on the consultant’s part. Studying concepts such as the model for managing psychological contracts which is extensively discussed in Organizational Behavior MBA courses allow MBA candidates to solidify their strengths and develop their weaknesses in an informed and systematic manner when communicating with individuals and in groups.

Fast Learner

One of the big advantages of becoming a consultant after MBA is the unique opportunity to engage high-ranked executives in many different industries, from early on. Consultants need to keep up with and enhance how seasoned executives view and conduct their businesses. This, inevitably and continually, forces entry-level consultants into having to navigate unknown territories. Additionally, the short timeline of consulting projects—between 6 to 12 months—is another compounding factor that mandates consultants to be able to learn both effectively and quickly. MBA candidates who aspire to pursue a career in consulting are on an ideal route to becoming effective and fast learners. Undeniably, MBA courses rely heavily on research, analysis, and developing recommendations/conclusions which according to Kolb’s learning model are the main components of an effective learning process. (this learning model is discussed extensively in MBA organizational behavior courses). Kolb’s model states that learning effectively should include four main stages: understanding the problem, observing supportive evidence (i.e. research and analysis), ideation (i.e. developing conclusions and recommendations), and lastly, implementation of ideas.   

Sources: verbaltovisual.com

Team Player

Working productively in a team is considered by many to be the most desirable quality for a successful consultant. A good consultant knows when and where to take lead, delegate, and collaborate. We all (first-hand) know that reaching peak performance for a team requires an artful approach. Too much individuality, chaotic politics, lack of a common vision, dysfunctional delegation processes are common causes of disruption and stagnation when it comes to working in teams. MBA candidates, again, are at an advantage for developing this skillset. MBA programs provide their candidates with ample opportunities to develop their approach to teamwork both theoretically and practically, inside and outside of the classroom. As an example, MBA candidates study models such as the punctuated equilibrium model of group development which clearly explains group dynamics in professional settings. MBA candidates could build on their learnings from such models to navigate team settings more purposefully and with higher awareness.

Source: Researchgate.net

So far, we have covered three critical skillsets. What other general capabilities do you think MBA's should possess for a successful career in consulting…That’s right! Consultants should be able to make and execute decisions.

Decision maker

Entering the consulting industry as an MBA fresh graduate can make the task of owning and asserting your ideas rather daunting. However, showing conviction and commitment to your own ideas are key characteristics of a good consultant. So, what can an entry-level business consultant do in this area? To answer, I would say listen, listen, and listen! Listening will grant you the data you need to back up your ideas or workaround solutions. Support your colleagues in their efforts if you believe in them to achieve more credibility in the team. And finally, win over the trust of your team members by staying true to your word and following your ideas through.

Critical Thinker

The heavy reliance of consulting on critical thinking is what mainly distinguishes this industry from others. Consultants should be able to dissect information and break down data to deliver meaningful interpretations and factual conclusions. MBA candidates are usually aware of the necessity for this skillset and the need for being able to combine creativity, intuition, and resourcefulness to arrive at a logical solution for business problems. In preparing yourself for a career in consulting, incorporating plenty of business case interviews can help you expand your commercial awareness and business intuition, tremendously. While on the job, as a fresh MBA graduate with minimal consulting experience do not hesitate to augment your understanding of this concept by seeking the support of your colleagues in an effort to discover new angles when tackling different issues.

Resilient when stressed

Consulting is a highly demanding industry that calls for extreme ownership of work as well as delivering against tight deadlines. Not to mention the occasional challenging project and uncooperative client. Thus, it is important that you develop your emotional strength and properly maintain your health to optimally navigate such stressful situations. MBA candidates are again at an advantage here. MBA programs are unanimously believed to be “uncomfortable” learning experiences as they consistently train MBA candidates to deliver better performance outside of their comfort zones. Such development pathways render MBA candidates ideal recruits for the consulting industry.

NEW: Big data and data analysis

Today, major consulting players are rapidly ramping up the digitization of their services and it is critical that fresh MBA graduates equip themselves to properly respond to these trends. The consulting industry is increasingly harnessing the power of big data and statistics to reach insightful business solutions faster and in a more relevant manner. Annual investments within the industry on data analytics has risen to around 100 billion dollars in 2020. In light of such changes, MBA graduates and aspiring consultants must sharpen their data analytics skills to increase their marketability and job performance.