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Understanding the Consulting Industry: Trends, Roles, and Career Opportunities

Discover the dynamic world of consulting, a thriving industry with over 250,000 professionals in the U.S. This well-compensated field is characterized by its ever-evolving nature as consultants provide vital advice to organizations seeking improvement. From strategy formulation to change management and operations, the roles are diverse. Explore the primary and secondary differentiators, including industry focus and company culture, along with the characteristics that define a career in consulting—such as intellectual stimulation, travel, and minimal implementation responsibility.

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Understanding the Consulting Industry: Trends, Roles, and Career Opportunities

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  1. Consulting Overview Fuqua2Duke • More than 250,000 consultants in the U.S. • Healthy, vibrant industry • One of best paid professions • Ever-evolving with new economy • Consulting is the business of providing advice to organizations in trouble, on the move, or trying to do what they do better, faster, and more cost effectively • Primarily a client service business, but with internal or external “clients” • Fast-growing and changing industry • Complicated to define because the term consulting is broad and has different meanings to different people Functions • Strategy Formulation (markets, products, channels) • Systems Implementation (SAP, Siebel, Internet) • Change Management (organizational design, HR policy) • Operations (supply chain, warehousing, distribution) • Marketing (research, strategy) • Coaching (leadership, one-on-one) • Merger & Acquisition (valuation, negotiation) Questions? Contact Chris Vadnais at ctv@duke.edu or Rachel Luther at rgl@duke.edu Primary Differentiators • Lifestyle • Industry or function • Generalist or specialist • Service integration • Culture, people and business philosophy • Geographic Locations • Firm age and reputation • Secondary Differentiators • Staffing methods • Exposure to senior executives • Team orientation • Typical clients • Career path opportunities • Training/continuing Education • Engagement length Career Characteristics • High level of intellectual stimulation and challenge • Highly motivated people • Recession proof industry • Travel and long hours • Advisory capacity from an outside perspective • Very little implementation and responsibility for the results

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