What are External and Internal Consulting roles? Should you apply for consulting and banking at the same time?

At the start of your career, it may be difficult to decide which path is right for you. Here, we’ll look at consultants, their roles, and whether it’s worth applying to banking and consulting at the same time.

✅ Who are Consultants? What do they do?

Consultants can be internal and external. Typically, they are experts in a particular field and provide advice based on clients’ goals.

 

The duties of consultants include (but are not limited to):

🎯Analysing clients, industries, competitors, and internal structures

🎯Identifying pain points of the business

🎯Providing solutions to address client needs, such as by developing new policies, calibrating workflow, suggesting restructuring plans

 

✅ External vs Internal Consultants

External consultants are not usually employed within an organisation. Rather, firms hire consultants from elsewhere for expert advice to aid them in solving problems.

 

Internal consultants already work within an organisation and tend to work with the HR team of their employer. They also collaborate with other departments to assist in problem-solving and identifying areas requiring improvements.

 

Consultants, both internal and external, can work in similar areas. These include working as Corporate Consultants (e.g. IT, Business, or Sales Consulting), Public Relations Consultants (e.g. Marketing, Social Media, or Image Consulting), or Management Consultants (e.g. Finance, Operations, or HR Consulting).

 

There are key differences. External consultants are usually hired on a contract basis and work with a company for a short time. They also manage a larger pool of clients. Internal consultants are typically hired full-time by a company so they’re paid like other full-time staff and their clientele usually consists of the company they are working for.

 

Should you apply to both consulting and banking at the same time?

👍Yes!  Here’s why:

 

1️⃣ The IDEAS of banking and consulting are very different from what they are like in reality.

Without trying, it’s difficult to know which one's right for you. It’s best to keep an open mind and apply for #consultingjobs as client handling experience will still be valuable.

 

2️⃣ Both will put you through different interview processes, which means a chance to gain excellent experience. At the very least, those interviews will serve as learning opportunities.

 

3️⃣ It’s wise not to put all your eggs in one basket. Both areas are competitive so casting a wide net will boost your chances of landing a solid role.

 

4️⃣ Applying to multiple roles will help you get the ball rolling in terms of getting more interview practice. Given the tough job market, you can be more discerning AFTER you land multiple offers.

 

Are you considering applying to both consulting and banking? Perhaps two other areas? 

If you found this article helpful, don’t forget to 👍 and share!

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