Going into Consulting in a World Changed by COVID-19

First of all, I am not going to presume that I can see the future, but I’m going to base my thoughts upon two broadly appreciated assumptions about COVID-19’s impact on the future.

1. Any recessions brought on by COVID-19 will have effects that persist at least through 2020.
2. Aspects of social behavior initiated as part of the response to COVID-19 will partly normalize. For example:
   • There will be more digital penetration into everyday life, from working remotely to more common use of food delivery applications; and
   • There will be an increased participation of government in the economy (at least temporarily) to support recovery from COVID-19 and any ensuing economic recessions.

That being said, I think there are three issues to consider for anyone planning on going into consulting. I want to highlight that I am thinking from a global context and there will undoubtedly be exceptions across the world.

1. Consulting projects will probably change

If we learned anything from the 2008 financial crisis, it is fair to say that in lean times private sector organizations have less resources available to invest in consulting. In 2008, consulting projects still went on, but they shifted more towards necessary functions or cost management projects. Of course, there will always be industries that are recession resilient and won’t significantly change their demand for consultants.

For someone entering consulting, this means gaining experience in industries and functions that are not recession resilient may not happen. This may very well be a blessing in disguise because part of consulting is about going on a learning journey where you never know what new interesting twist may appear. Time and again I meet people who tell me that they once never thought they would be in their current industry, but an unexpected project gave them the opportunity to work with new clients solving a different set of problems and they really enjoyed it. However, if you are seeking to go into consulting and already have a specific sector you want to focus on, if it is a less recession resilient space, be prepared for your hopes to be dashed.

2. Technology skills will likely be more prime than ever

One interesting thing about COVID-19 is how the ensuing self-quarantine has brought about a surge of interaction with digital technology. This leads to the generally accepted belief that the world will come out of the health crisis more comfortable with and ready to use digital solutions in all facets of life and business. This is pushing organizations to think about what it will take to improve their technology to meet expectations. Of course, many will seek to hire consultants to help them figure out what the best answers may be.

Prospective consultants should thereby appreciate that understanding technology has become a core skill. In no ways am I speaking about being able to code or design a supercomputer. Instead, I am speaking to two things:

1. Being able go online to quickly learn the key technical concepts and lingo about a new area of technology (e.g. the cloud)
2. Having the business sense to appreciate how technology is applied to generate value for organizations and their customers

3. Government consulting continues to be a secure sector

In response to COVID-19, governments around the world are racing to manage public health systems and the likely economic consequences, expanding their current range of activities, at least temporarily. Naturally, that sets government consulting up as a vibrant sector. Government consulting may not be for everyone, but this is a sector that is likely to be relatively profitable and stable at least over the next year. This is an opportunity that would be foolhardy to completely write off.

Conclusion

Ultimately, given the already large scope of COVID-19’s impact, it will undoubtedly have significant lingering effects. I think it is important for every person entering consulting this year and possibly beyond to think about how it may change their initial consulting career experience.

Hall Wang is a dual degree MBA and Master of Public Policy graduate from Georgetown University who has recently matriculated into a major management consulting firm. He has worked at America’s most innovative companies including Blue Origin and Facebook, as well as having done two combat deployments as a US Army Officer.

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