There are three types of international consulting firms: financial, information technology, and management. The primary purpose of a consulting firm is to provide organizations access to specialists and subject matter experts. These consulting firms have offices in a range of city centers in countries around the world.
Most international consulting firms have been in business for at least 15 years, providing high-quality services in a very specialized area. Establishing an international reputation, customer base, and sufficient staff takes time and is critical to becoming successful in this area. All international consulting firms have the same business model — generating profit through providing access to experts at a higher hourly rate than cost.
In order to become a consultant for an international consulting firm, you will need to have successfully completed a post-secondary education program in a specific field. Almost all consulting firms require a minimum bachelor university degree with an increasing number expecting either a master's of business administration (MBA) or certification in project management. An ability to travel extensively, along with dedication to continuing education and working long hours in required in this industry.
Many large consulting firms expanded through a combination of recruitment and buying smaller management firms. Consultants have two working options: employee or contract worker. An employee is paid a fixed salary regardless of the assignment. Employees have access to health and related benefit plans. Contract workers are paid only when actively working on a project.
These firms provide expertise to a wide range of firms and businesses, across almost every industry. The role of the consultant is to provide advice and expertise in a specific area to the client. Most consulting firms have a well-developed infrastructure in place, with administrative staff, management, and sales staff.
People who report the greatest satisfaction working in international consulting firms enjoy interacting with people, problem solving, and working as part of a team. Attention to detail, professionalism, dedication, and interpersonal skills are very important in this career. The ability to focus completely on a project, and then leave it at the end of the contract and switch to the next project is essential in this industry.
The profit margins in this industry vary widely, based on the economic climate, length of contract engagements, and administrative structure. The turnover rate for consultants is quite high, due to the intense demands of this career. Keeping overhead costs low is an ongoing issue for international consulting firms, along with managing client relationships.