What is a consultant? (With types and steps to become one)
Consulting as a career in Malaysia has seen significant growth. This trend is driven by businesses increasingly seeking expert advice to navigate market complexities, enhance operational efficiencies, and implement innovative solutions.
According to the February 2024 Malaysia Report from the Asia Pacific Career Development Association, the consulting industry is expected to continue its upward trajectory, offering numerous opportunities for aspiring professionals.
If you are considering a career in consulting, this article will provide valuable insights to help you determine if this path is right for you. By understanding the key skills and personality traits essential for success in consulting, you can make an informed decision about whether this dynamic and challenging field aligns with your strengths and aspirations.
Consulting demands a unique blend of skills and personal attributes. Here are some of the key qualities that successful consultants typically possess:
- Communication: Effective communication is the cornerstone of consulting. You need to articulate your ideas and recommendations clearly and concisely, ensuring that clients understand and value your insights.
- Problem-solving: The ability to identify problems and recommend solutions is the core of a consultant's work. This requires a keen analytical mind, capable of evaluating situations and determining the best course of action.
- Strong work ethic: Being productive and having a positive attitude are vital to success in consulting. Punctuality, professionalism, and integrity are also part of a good work ethic.
- Adaptability: The consulting environment is diverse and ever-changing. You must be adaptable, able to work effectively in different settings, and comfortable interacting with a variety of people
- Creativity: Delivering effective solutions often requires thinking outside the box. Creativity enables you to develop innovative approaches that meet your clients' unique needs.
By understanding and developing these skills and traits, you can position yourself for a successful career in consulting, meeting the rising demand for professional expertise in Malaysia.
Whether you are a fresh graduate or considering a career change, this article will help you navigate the consulting landscape and position yourself for success. Here is what we will cover:
- What is consulting as a career?
- Types of consultants
- Benefits of a consulting career
- Challenges of a consulting career
- How to pursue a career in consulting
- Conclusion
- FAQs
What is consulting as a career?
Consulting involves providing expert advice and solutions to clients in a specific field or industry. Consultants may work for consultancy or business advisory firms. They may be employees of a company that needs their specialist expertise. They may also work as independent consultants.
There are different types of consulting services available. Management consultants advise companies on how to improve business processes. IT consultants focus on their clients' technology needs. HR consultants provide advice on how to recruit, develop, and retain employees.
A career in consulting offers several advantages, including:
- Exposure to diverse industries and projects
Consultants work with a variety of clients across different sectors, gaining broad experience and insight.
- Opportunity to develop strong analytical and problem-solving skills
The nature of consulting work requires robust analytical abilities and innovative problem-solving.
- Fast paced and intellectually stimulating work environment
Consulting is often dynamic and challenging, keeping professionals engaged and motivated.
- Competitive salary and benefits packages
Consulting roles typically offer attractive compensation and benefits, reflecting the high level of expertise required.
By pursuing a career in consulting, you can enjoy these benefits while making a significant impact on your clients' success.
Types of consultants
The consulting industry consists of two types of professionals.
Independent consultant
An independent consultant is self-employed and works on a contract basis, offering advice to clients in their field of expertise. As an independent consultant, you have the flexibility to choose projects and clients, set your own hours, and work from anywhere. This path provides significant autonomy and the potential for higher income based on the projects you secure.
However, the main disadvantages include the need for self-marketing to attract clients. You must also possess the self-discipline to stay focused on your goals. Additionally, you must manage all aspects of your business, from client acquisition to administrative tasks.
Company consultant
A company consultant is either an employee of a business or works for an external consultancy firm. The firm provides structured training and mentorship to help you develop your skills and advance your career.
However, this path may come with a more rigid schedule. The assignments are typically determined by the firm’s needs and client demands. This could result in less control over the projects you work on.
Specialisation areas in consulting
Operation consultants
Operation consultants focus on improving a client's efficiency and effectiveness in various areas. These areas include supply chain management, manufacturing processes, and logistics.
Typically, a bachelor's degree in business, engineering, or a related field is required. Relevant experience in operations or supply chain management is highly beneficial.
The average monthly salary for an operation or business consultant is around RM 4,600.
Financial consultants
Financial consultants provide expertise in areas such as financial modelling, risk management, and mergers and acquisitions.
To work as a financial consultant, a bachelor's degree in finance, business, economics, or a related field is usually required. Experience in the financial industry and relevant certifications, such as CFA or CPA, are advantageous.
The average salary for a financial consultant in Malaysia is approximately RM 5,000 per month.
Strategy consultants
Strategy consultants help clients develop and implement long-term strategies for growth, market expansion, and competitive advantage.
A bachelor's degree in business, finance, or a related field is typically required. Advanced degrees (MBA) and experience in strategic planning are beneficial.
The average monthly salary for a consultant is around RM 5,000.
Human resources consultants
HR consultants assist companies with talent management, compensation and benefits, and organisational development.
Many employers require a bachelor's degree in human resources, business, or a related field. Experience in HR management and relevant certifications (like SHRM) can be advantageous.
The average monthly salary for a recruitment consultant is around RM 4,000.
Risk and compliance consultants
Risk and compliance consultants, often broadly categorised as technical consultants, advise clients on identifying, assessing, and mitigating risks related to regulations, data security, and cyber threats.
The qualifications for this role vary by focus. For regulatory and compliance roles, a bachelor's or higher degree in finance, accounting, economics, or a related field is common. For cybersecurity, a degree in IT, computer science, or a related field is typical. Relevant certifications (like CISA, CISM, or CISSP) are often required.
The average monthly salary for a technical consultant ranges from RM 4,750 to RM 7,250, depending on the specific focus area and level of expertise.
Benefits of a consulting career
Diverse industries and projects
Consultants can apply their skills to a wide variety of projects at different scales. This exposure allows you to work across multiple industries, leveraging your expertise in diverse contexts. For example, a degree in finance can open doors to roles as a financial or business consultant in various sectors.
Strong skill development
You can hone your analytical, problem-solving, and communication skills while working as a consultant. These competencies are not only crucial for consulting but also highly transferable to other careers or entrepreneurial endeavours.
Fast paced and stimulating environment
Consultancy work exposes you to new challenges and a constantly evolving work environment. This is a great way to gain experience and develop skills that can help you reach your career goals.
Competitive compensation
Consultants typically enjoy attractive salaries and comprehensive benefits packages. Senior consultants in specialised areas can earn upwards of RM 12,000 per month. Many employers also offer comprehensive benefits packages with healthcare, allowances, education assistance, and other perks.
Numerous career growth opportunities
The consulting field offers numerous opportunities for professional development. Many firms provide structured training, mentorship programs, and accelerated learning initiatives. These equip you with the tools and methods necessary to excel in your role and advance in your career. Mentorship programs enable you to learn from more experienced colleagues.
Impactful work
As a consultant, you can make a tangible difference for clients by solving complex problems and helping them achieve their goals. Your expert advice contributes to the growth and success of organisations across various industries.
Strong network building
Consulting allows you to connect with a wide range of professionals across different industries. Building a strong network can open doors to new opportunities and enable you to learn from peers and experienced consultants. This further enhances your skills and knowledge.
Challenges of a consulting career
Long hours and demanding workload
Consulting often involves long hours and a demanding workload, which can lead to work-life imbalance and burnout.
Client management
Handling demanding clients and managing multiple projects simultaneously can be stressful. They require strong communication, time management, and interpersonal skills.
Steep learning curve
Consultants frequently need to adapt to new industries, projects, and methodologies. This steep learning curve can be overwhelming
Stressful environment
The stressful environment that comes with tight deadlines and demanding clients can lead to increased stress and anxiety, impacting both performance and well-being.
Limited job security
Project-based work or independent consulting may lead to gaps in employment. The lack of security can also affect your finances and quality of life.
How to pursue a career in consulting
1. Research the market
Explore fields that match your skills and interests. If you have a background in IT, a cybersecurity or technical consultant role may be a good fit. Look into the culture of top consulting firms in your field and the career paths they offer. This can help you determine where to apply. Stay updated on industry trends to know which skills are in demand.
2. Develop a niche
Identify your strongest consultant-worthy skills. These may be the ones you use most often, the ones you enjoy the most, or the ones that offer the most value. Gain relevant experience by applying for internships or completing freelance projects.
Deepen your expertise with online courses or certifications. For example, if you are looking into a project consultant career, a project management certification can help you stand out from the competition. Regardless of your niche, completing courses in data analysis and communication can help.
3. Create a portfolio
Tailor your portfolio to your niche. Make sure it highlights your best skills. For example, showcase projects that demonstrate your problem-solving and analytical skills. Provide specific examples of how you addressed complex issues and delivered effective solutions. Include data analysis and results to highlight your impact. You can also incorporate case studies that show your strong communication skills.
4. Build your network
Attend industry events to meet consultants and employers. If you are still studying, connect with alumni working in consulting for guidance. Build your online presence on relevant social media groups and professional networking sites.
5. Market yourself
Tailor your resumé to each role. Practice answering common consulting questions before you go into an interview. Develop a strong online presence that shows your expertise and personal brand.
6. Network
Ask for career advice from top consultants in your field. Seek their mentorship to help you navigate the consultancy industry. If applicable, network with your colleagues across departments. This can build relationships that may help in your career advancement.
7. Obtain a certification
Earn industry-specific certifications. The Project Management Professional (PMP) certification is a popular choice for consultants in various fields. If you are an aspiring financial consultant, a Chartered Financial Analyst(CFA) designation can enhance your career prospects. And if you are in HR, consider a Strategic Human Resource Management Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) certification.
Conclusion
A consultant provides expert advice to individual and corporate clients. They work in various fields and industries. A consulting career offers many benefits, such as attractive salary packages and opportunities for professional growth. But there are also challenges, including a demanding workload and lack of financial security for independent consultants.
If you are interested in a consulting career, determine your niche first. Then, develop the skills you need to succeed in it. Showcase these in your portfolio and consultant resume during your application. Expanding your professional network can also help you land the job you want.
FAQs
- Is it difficult to become a consultant?
No. There are many consulting jobs for people with varied levels of experience and education.
- What is the highest paying consulting job?
In general, senior consultant roles command the highest pay. Many earn more than RM 160,000 per year in fields such as finance and IT.
- What work do you do as a consultant?
Consultancy work involves providing advisory services to clients in your chosen field. This consists of analysing data and identifying areas for improvement. It also means developing and implementing strategic plans to help them achieve their goals.
- What are the job roles in consulting?
Consultant jobs span a wide range of industries. Some common roles include management, finance, technical, business, and healthcare consultants.
- Is consultancy a good career option?
Yes. Many consultants enjoy high salaries, numerous opportunities for growth, and a fulfilling career that allows them to help others.
- How can I break into consulting with no experience?
Many consultancy firms hire fresh graduates for entry-level positions, often titled "Analyst." Look for these opportunities online, highlighting any transferable skills you have from internships or academic projects. Pursuing relevant certifications and networking with industry professionals can also help you break into the field.
- What are the different types of consulting careers?
Consulting careers can take various forms, offering professionals multiple pathways to showcase their expertise. Consultants may operate as self-employed individuals, work for consultancy firms, or be employed by other organisations.
- What are the biggest challenges faced by consultants?
A consulting job can be demanding in terms of time and effort. This can lead to stress, poor work-life balance, and burnout.
- What certifications are valuable for a consulting career?
These depend on your specialisation. For example, SHRM and CFA certifications are for HR and financial consultants. Regardless of the specialisation, there are useful courses in project management, data analysis, communication, and problem-solving.
