Choosing a Consulting Firm: 10 Questions to Ask
Becoming a consultant can be a rewarding career decision. If you are considering this path, you are likely thinking carefully about how to choose a consulting firm with which to work.
Aside from the work you do, you also want a to work with a firm that doesn’t require you compromise what’s important to you. That might be working fewer hours or earning a higher salary. Or, you might prioritize professional growth and career potential. When you are making the transition from a traditional full-time corporate role to consulting, it is important to find a company that aligns with your values.
You probably want a steady stream of high-quality assignments, but not all consulting firms are created equal. For example, some firms expect you to network for your own roles, while others will work with you to find roles on your behalf. Some firms do not offer their consultants benefits, while others offer a full benefits package. Some firms are more hands-on, reaching out to you throughout your project, while others only contact you when the project ends.
It takes a little soul-searching to figure out what you really want in your career, both from a lifestyle perspective and your professional desires. With this in mind, let’s explore ten questions that can help you get a more balanced view of a prospective consulting firm before you take the big leap.
1. Who owns the company?
A consulting firm’s reputation is tied directly to its leadership. Consultants should put some time into learning more about who owns the firm and their vision and their values. Look into the company leaders’ backgrounds to see what companies they’ve worked for in the past. This can be revealing about their connections in certain industries — connections that you may be able to tap into to achieve your own career goals.
2. In what business functions does the company specialize?
‘Consulting’ covers many lines of work: engineering, marketing, business ops, technology, and IT, for example. Some consulting firms are broad in nature, working with multiple industries on strategy or implementation. Prime 8, for example, offers services across business functional areas like marketing, operations, change management and non-technical program management. We don’t work with our clients on their deep technical needs, but we have many competitors that do.
Aspiring consultants should explore the specific business functions within each firm they’re considering and ensure their skills align with the type of work the firm offers to clients.
3.Do you have a bench?
When evaluating a potential consulting firm, you will want to consider its bench process. What happens when a project ends? Will your relationship with the firm end right away? Many smaller, less established firms do not have the financial resources to offer a bench. So, when as assignment comes to a close, the consultant paycheck stops immediately.
Other firms do offer a bench. For example, Prime 8 offers a limited-time bench to consultant. We pay for benefits for the following month upon project completion. Because we consider redeployment of our consultants to be our highest priority, we are invested in retaining our talented consultants and seek to match them to new client projects quickly to avoid unnecessary interruptions in their pay and benefits.
4. How are salaries determined?
There’s no denying that salary is a big part of everyone’s career and lifestyle goals. Many consultants shift to this type of work in hopes of earning more than they were before joining the consulting industry.
It’s a good idea to have a salary range in mind when talking with consulting firms; your recruiter will most likely ask you what your expectations are on the first call. Be sure to ask how salaries are determined and whether there is a system for getting a raise. Is it by experience? Tenure? Professional certifications or continuing education? Project outcomes? Learning how the firm handles consultant salary structure can help you understand what you need to do to increase your salary over time. At Prime 8, most of our clients have an established rate card for each role that often dictates compensation. Firms often have a bit of flexibility within the client’s budget to pay higher or lower depending on the consultant's seniority/experience.
5. Do I have the flexibility to set my own hours?
In an age of intense burnout, work/life balance is a big reason why many full time employees are switching to consulting. They’re tired of working long hours at their jobs or being bound to a schedule that doesn’t accommodate their needs. As a consultant, you have much more autonomy.
At the large global consulting firms, it’s not uncommon for consultants to work 80+ hours a week and live out of a suitcase.They’re traveling frequently and don’t typically have the work/life balance they might’ve hoped to find in consulting. The model at smaller firms often allows consultants more control over their schedule. The only way to know for sure is to do your homework on the firms you’re considering and talk to the recruiters about what to expect. For example, with Prime 8, you have control over the assignments you work on and can even choose part-time or full-time assignments, according to your own preferences or lifestyle needs.
6. What consultant community activities do you offer?
One of the myths about consulting is that it’s a lonely job. The reality is that you’re often working with clients as part of a team. You get to meet lots of people from other companies, whether you’re working on-site or remotely.
That said, what about the sense of community within the consulting firm itself? It’s just as important to have the opportunity to network with the other consultants representing the same firm you’re working with. Your colleagues will become your best resources for questions, problem-solving, career growth, and even work friendships. Firms that consciously offer community activities are stronger from within.
Look for a firm that consciously creates a culture and community. For example, Prime 8 hosts both virtual and in-person events regularly and has a strong mentoring program, as well as abundant opportunities for volunteering in the community.
7. What percent of consultants are renewed at the end of their assignments?
Consultants often question work stability. It’s fair to wonder how many consultants are renewed at the end of their projects, how renewals are decided, what happens if you aren’t renewed, etc. Renewal rates can give you a good sense of the value a consulting firm brings to its clients. It’s subtle proof that the firm’s consultants are great at what they do and that the sales teams are actively engaged in finding new assignments for consultants as projects come to a close.
Because Prime 8 is actively involved with our clients throughout an assignment, we typically know whether your project will renew many weeks before the end. This allows us a long runway to match a consultant to new client project quickly should a project not renew.
8. Do the company values align with my own?
Cultural fit in a career can help you feel more confident in your role. You can feel good about representing a company with high integrity and whose values align with your own. Employees who identify with a company are happier, more productive, and more effective. This benefits you too, as it allows you to put your best foot forward and thrive in your career.
9. What happens if I have a falling out with my client?
Even the best consultants may find themselves at an impasse with a client. Does this mean you’ll be taken off the project and replaced by another consultant? Does this damage your chances of being placed on future projects? Will you be obligated to see the project through? Learning about this process and how a firm handles these challenges before you are faced with it in real time can help you feel more confident in accepting assignments and feel set up for success.
10. What happens at the end of a project?
Your assignment comes to an end — now what? How much “time off” will you have before the next assignment begins? How does your firm help you secure a new assignment, and what does that process look like? What happens if you want to take a break for a few months?
At Prime 8, we recognize there are times throughout the year when renewals are more likely. This often depends on budget, client need, or project status. Because we are in tune with our clients’ cycles, we actively reach out well in advance of a project ending during these renewal periods. This gives us time to work with our consultants to find new roles and allows for a more seamless transition between assignments.
Thinking about a career in consulting? See our open consulting positions and explore why Prime 8 is the answer to all your consulting career questions.
