What is Consulting? Part 2
If you’ve read the previous post, you likely have a general understanding of what consulting is. However, since this is still a relatively unfamiliar field to many, I hope this article can provide some insights for those considering a career as a management consultant.
Why Become a Management Consultant?
1. Contributing to a Better World
Management consulting helps sustain livelihoods (and, metaphorically, lives). Just as treating patients and restoring health is a highly valuable pursuit, diagnosing and resolving issues for organizations directly impacts people’s lives.
When a company fails, the livelihoods of thousands—or even hundreds of thousands—of employees are at risk. The repercussions extend to their families as well. Identifying and solving a company’s problems can be equated to preserving the households of all those employees.
Moreover, resolving inefficiencies allows people to focus on more meaningful work. Work is a fundamental source of value and joy for many individuals. Creating an environment where people feel fulfillment and recognition in their workplaces profoundly impacts their lives. Considering workplace challenges often lead to depression, anxiety, and even suicide, consulting can literally save lives.
2. Becoming a Valued Individual
All professions hold intrinsic value, but certain jobs, particularly those requiring rare expertise and addressing essential needs, are especially impactful.
Consulting projects tackle the most challenging problems businesses face—issues they couldn’t resolve internally despite various attempts. This makes consulting highly rewarding, as successfully solving such issues can bring immense satisfaction and joy to many people.
3. Personal Growth and Career Development
Consultants experience a variety of projects, typically 2–4 per year, spanning different industries, companies, and functions. While most employees in traditional roles spend their careers confined to a single organization and limited scope, consultants gain diverse exposure.
In a rapidly evolving environment—marked by advances in AI and shifts in the labor market—an ability to synthesize knowledge across disciplines is becoming increasingly crucial. Consultants’ broad experiences and problem-solving skills position them as invaluable contributors in this context.
In addition, consultants frequently interact with client team leaders and senior executives even from entry-level positions. Unlike typical new employees who rarely get opportunities to communicate with team leaders, consultants often present to and collaborate with top executives.
It’s no surprise that many senior executives across industries have consulting backgrounds. Moreover, consulting provides diverse exit options. Thanks to their problem-solving expertise and broad knowledge base, consultants tend to become high performers wherever they go. Companies often prioritize candidates with consulting experience, as evidenced by job postings that explicitly prefer such backgrounds.
Many consultants also transition into freelance consulting after their tenures at consulting firms. They may serve as advisors for companies or take on freelance projects, leveraging their reputation and network. Depending on their expertise and connections, freelance consultants typically earn between 18 million and 40 million KRW per month.
On Consultant Expertise
Consultants engage in projects across various industries and functions. Thus, they often start their careers as generalists.
When I interviewed with my firm’s managing director, he gave me this piece of advice:
“When you join this company, you’ll initially gain experience as a generalist. We’ll provide opportunities for you to grow broadly. However, as your career progresses, you’ll need to deepen your expertise in specific areas, becoming a T-shaped professional. That’s up to you.”
Early in their careers, consultants may lack deep expertise in any one area, appearing more like all-round problem-solvers. Over time, however, they develop niche skills and grow into domain experts in their chosen fields. Some consultants eventually specialize in industries or functions, becoming unparalleled experts in those areas.
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