What's the best way to break into consulting with an Economics degree?

1 Know the basics

Before you apply for consulting jobs, you need to familiarize yourself with the basic concepts and frameworks that consultants use to solve business problems. For example, you should know how to use the SWOT analysis, the Porter's five forces, the BCG matrix, and the value chain analysis. You should also be able to apply microeconomic and macroeconomic principles to analyze market trends, consumer behavior, pricing strategies, and competitive advantages. You can find many online resources and books that can help you review these topics and practice case studies.

2 Showcase your skills

When you are invited for consulting interviews, you need to demonstrate your skills in three main areas: quantitative, verbal, and behavioral. Quantitative skills involve solving numerical problems using data, logic, and math. You should be able to perform calculations quickly and accurately, interpret graphs and charts, and use Excel and other tools. Verbal skills involve communicating your ideas and recommendations clearly and concisely, using appropriate language and structure. You should be able to structure your answers using the MECE (mutually exclusive and collectively exhaustive) principle, use the STAR (situation, task, action, result) method for behavioral questions, and ask relevant questions to clarify the problem. Behavioral skills involve showing your personality, motivation, and fit for the consulting culture and values. You should be able to highlight your achievements, strengths, and weaknesses, and show how you work in teams, handle feedback, and cope with stress.

3 Find your niche

One of the advantages of having an Economics degree is that you can specialize in a specific industry or function that matches your interests and expertise. For example, you can focus on financial services, healthcare, energy, or public sector consulting. You can also choose to work on strategy, operations, marketing, or human resources projects. By finding your niche, you can differentiate yourself from other candidates and show your value to potential employers. You can also network with alumni, mentors, and peers who work in your target area and learn from their insights and experiences.

4 Keep learning

Consulting is a dynamic and challenging field that requires constant learning and adaptation. You should always seek to improve your skills and knowledge by taking courses, reading books and articles, attending webinars and events, and joining professional associations. You should also seek feedback from your colleagues, managers, and clients, and use it to improve your performance and career development. By keeping learning, you can stay ahead of the curve and become a successful and respected consultant.

5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?