RateMyPlacement’s guide to undergraduate placements & internships in Management Consultancy
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Work & Industry Guide
Real Experiences
Hi guys, it's Chris here. Meet Lucy. She's on Placement Year at PwC this year. Find out what she's been up to, and what a typical student experience is like on Placement Year in the Management Consultancy industry.
Also here in the Management Consultancy Work & Industry Guide you can find information on some of the key-player companies, as well as jobs and reviews you may want to read through.
Lucy at PwC
- Experience
- Placement Year
- Company
- PwC
- Job Title
- Business Placement Student (Associate Level)
- Dates
- July 2010 – July 2011
- University
- University of Reading
- Course
- Information Technology with Management
Questions & Answers
- How have you enjoyed your work placement, and what was your favourite aspect?
I’ve really enjoyed my work placement with PwC and I’m very glad that I chose the firm over my other options. It’s great to be put in a year group with other new joiners and be able to go through the whole process together.
My favourite aspect of the job has been the variety of work. Almost every week is different from the last, from a new client or location to a different area of the audit. I felt that the role was constantly changing and I was able to make it my own to allow me to work on my areas of weakness.
- How much responsibility are you given during your placement?
You’re given a lot of responsibility straight away but don’t worry as this is after some very thorough training. I was given full responsibility of particular areas of the audit but there was always someone on each job who was there to help with anything I wasn’t sure about.
My work was always reviewed by someone more senior who was able to provide constructive comments that helped me to develop my working practices. ‘This was extremely important due to the amount of responsibility that was given to me.
- To what extent will the skills you developed, and training you received, assist in your degree studies and beyond?
Having the opportunity to start the ACA qualification and therefore get ahead in my career has been particularly helpful to me, especially as I intend to come back to PwC after I finish my University degree. It is a tough qualification but it has been great to do it with a support network of people in the same situation.
In addition to the qualification, I’ve also learnt a lot of employability skills, such as teamwork and organisational skills which will help me in the final year of my degree and in my future career.
- How did you come across your placement, and how did you find the application and on-boarding experience?
I already had some knowledge of PwC before looking into placements as I knew several people who worked here. However I actually found out about the opportunity from a placement and careers event at my University. The application process was relatively quick and straightforward compared to some others that I applied to but there was one question that involved a lot of research and careful planning in order to answer in appropriately.
The onboarding process was excellent and had all been carefully planned to ensure that we were introduced to the firm, our year group and the office we were working in. In total there were two weeks of training and introductions which provided all the key information that we needed for the role.
Background
Broaden your horizons with a career in Consulting
Want a challenging and financially rewarding start to your career? Anxious to keep your future career options open? Keen to see the world and broaden your horizons before deciding on your ultimate career path? Then kick-starting your career by joining a graduate scheme in Consulting sounds like your ideal choice!
Large global businesses hire teams of consultants to come into their organisations and tackle pressing business challenges they are facing. Sometimes they use a team of consultants because they don’t have enough internal resource to undertake these projects. Sometimes it’s because they want to tap into expert advice. Other times it’s that they simply need an “external viewpoint” to challenge the status quo.
The exciting prospect for you as a graduate joining a Consulting firm is that within the first years of your career you’ll have had the chance to work on projects in a range of industries; to have tackled a variety of business issues; and to have gained exposure to all the key departments within a global brand. Depending on the nature of the consultancy you join, you’ll probably also have scope to travel nationally or internationally on a number of your assignments.
The diverse experiences you’ll gain as a graduate in consulting – working under pressure on business-critical assignments – make you a highly employable graduate in later life. Starting your career in consulting will both keep your future career options open and fast-track your career progression in a manner that is the envy of other sectors.
What might I earn and where might a career in Consulting take me?
Straight from university you will be a Business Analyst or Junior Consultant and will typically command a remuneration package of £24k to £35k. Within 5 years of graduation you would aim to have made it to Senior Consultant grade and be earning £64k to £77k. At this point you are most likely to either study for an MBA – potentially sponsored by your employer – or to leave the consulting industry altogether.
For the minority that remain within consulting, the path is then from Project Manager to Principal to Partner. Remuneration for those at Partner level varies enormously – both as a function of the size of the firm and also the type of consulting work being undertaken. A range of £150k to £800k+ gives a feel for what a Partner can expect to earn – with £300k being quite attainable for a high achiever in their late 30s / early 40s.
However, most people use consulting as a stepping stone to other things. Many take the business experience they’ve gained in consulting and use this to become successful entrepreneurs. The founders of businesses like Innocent Drinks and Lastminute.com are examples of graduates who’ve started out their careers in consulting before pursuing entrepreneurial ambitions.
The majority of people entering consulting as a graduate will go on to pursue a successful corporate career in later life – often in whichever industry has most enthralled them during their time as a consultant. The value of a good consulting brand on your CV really comes into its own at this stage, with consulting graduates often leap-frogging their peers into more senior corporate roles.
Perhaps the greatest benefit of the consulting career path, though, is that you don’t need to know right now which of these routes appeals the most or which industry you ultimately want to work in. The simple act of starting out your career in consulting will keep these options open to you in a way that few other careers can.
Further information
You can find out more about careers in Consulting and the consulting industry in general by visiting: www.Top-Consultant.com, www.mca.org.uk and www.sourceforconsulting.com
For an in-depth look download the Top-Consultant guide to careers in consulting
About the author
Tony Restell is a former strategy consultant and one of the Founding Directors of Top-Consultant.com. He has an extensive network of recruitment contacts within the UK consulting sector and is a regular speaker and commentator on the state of the UK consulting industry.
Jobs in Management Consultancy
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Software Internship
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Application deadline: 22nd Jun 2012 |
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Electronics Internship
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Application deadline: 22nd Jun 2012 |
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Undergraduate Opportunities with Deloitte
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Internships & Summer Placements
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Insight Business Placements
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Work Experience Videos Guides
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