Going into Consulting? Trends Shaping Future Careers  

When we asked major consulting firms about the trends shaping careers in their sector, three themes stood out: digital transformation, AI and ESG. While the industry adapts, timeless skills like curiosity, critical thinking, and a growth mindset remain key to success. During HEC Paris 2024 International Consulting Fair held on campus on October 3, professionals from Forvis Mazars, Accuracy, and Telekom Strategy Consulting offered guidance to those aspiring to thrive in this ever-evolving and very competitive industry. Understanding consulting sector trends equips business school students and young professionals with the knowledge and strategic foresight needed to align with market demands, seize emerging opportunities, and build impactful careers.

Each year, HEC Talents - HEC Paris career services – hosts the highly anticipated International Consulting Fair, a flagship event that draws a prestigious lineup of over 30 consulting firms. From boutique firms to industry giants the fair offers to Masters, MBA or Executive MBA students an unparallel access to the world of consulting. 

Over the course of a day, HR managers, junior and senior professionals, and hundreds of students from across all HEC Paris programs, come together to explore exciting career paths in this dynamic field. Beyond hiring opportunities, the event serves as a hub for industry insights, enabling participants to engage directly with industry leaders about the trends shaping the future of work.

"Consulting is at a pivotal moment. Advancements in technology, shifting market priorities, and evolving client demands are transforming the sector and creating new career opportunities," explains Mathieu Chausset, Director of Talent Development & Corporate Relationships at HEC Paris.

This year, representatives from Forvis Mazars, Accuracy, and Telekom Strategy Consulting shared their perspectives on the trends shaping the consulting sector and the skills needed to succeed.

Why Understanding Consulting Trends Matters

To thrive in consulting, aspiring professionals must stay ahead of evolving industry trends. Here's why this awareness is crucial:

1. Career Preparation: Trends guide students on which skills and knowledge to prioritize for success.
2.  Strategic Insight: Understanding market shifts enhances consultants' ability to solve complex client problems. 
3. Adapting to Innovation: Familiarity with trends like AI and ESG positions consultants at the forefront of transition.
4. Identifying Opportunities: Trends reveal growing niches, such as sustainability consulting, for specialization. 
5. Credibility: Awareness of trends strengthens professional conversations with recruiters and clients. 
6. Vision for Impact: Trends help align career goals with purposeful work that shapes industries and societies. 

AI and Data Skills: A Must for Future Consultants

 "The adoption of advanced technologies, such as AI, improves analytics efficiency and accuracy, allowing companies to better understand their data and make more informed decisions," notes Forvis Mazars. "Consultants need to be versatile, comfortable with new AI tools, and able to assess the impact of these tools on clients’ business."

Telekom Strategy Consulting adds, "This trend is influencing career paths by requiring consultants to have skills in data analysis, digital tools, and AI-based strategies."

Sustainability and ESG: A Core Focus

Sustainability continues to redefine the consulting landscape. "Integrating sustainable practices is no longer optional; it’s crucial to meeting stakeholder expectations and legislation" says Forvis Mazars, whose "Purpose Governance" Chair launched at HEC Paris in 2023.

"It is important to know that these topics (ESG, AI, and new technologies) are developing a lot, especially with the implementation of the CSRD Directive and that much still needs to be created", underlines Forvis Mazars. Consultants must stay up-to-date with regulatory developments to guide their clients. This includes constant monitoring and the ability to interpret and apply new laws and regulations effectively. The market is changing rapidly so you must be able to adapt to new issues while staying on top of all regulations."

Similarly, Telekom Strategy Consulting highlights that as more businesses move towards sustainable practices this opens pathways for consultants specializing in sustainable business models and impact assessment. We will see more Sustainability Consulting and Purpose-driven Consulting in the future.  

Innovation, Continuous Learning and Work Culture to Adapt to New Market Demands

Economic pressures and tighter margins are driving consulting firms to innovate and rethink their approaches. "Clients now expect more value from consulting firms, but at the same price point,” notes Mauricio Annear, Employer Engagement Manager at HEC Talents.

This challenge has led firms like Telekom Strategy Consulting to integrate agile frameworks, leverage AI-driven tools, and prioritize employee upskilling. "At Deutsche Telekom, we’re also focusing on upskilling employees, offering flexible working arrangements, and fostering a strong culture of innovation," says our representative. "We believe in diversity and rich opinions to shape an inclusive and innovative workplace. Though consulting industry might be facing some tough times, still, in today’s competitive environment, it is a top priority to attract and retain top talent."

Forvis Mazars focuses on continuous learning, advanced technology development, and sustainability. "We are positioned to meet these challenges and provide high quality, tailored solutions for our clients while creating an attractive work environment for our teams."

Meanwhile, Accuracy underscores the importance of collaboration. "To thrive in this environment, strong bonds with peers are essential, enhancing both work quality and the experience at work. At Accuracy, we chose to emphasize an in-person work culture that fosters these connections and teamwork."

To conclude, Karla Pons, 2023 MBA graduate who is now working for a top consulting firm in Dubai, sums it up nicely, "The consulting sector faces rapid technological shifts, increased competition and evolving client needs. We’re addressing these by embracing innovation, investing heavily in digital transformation, and fostering a culture of continuous learning."

What Aspiring Consultants Need to Succeed

For aspiring consultants, adaptability, intellectual curiosity, and critical thinking remain essential. Professionals also emphasize the importance of networking and mastering effective communication. "Relationships are vital in consulting, and your network can open doors to new opportunities," notes Telekom Strategy Consulting.

Focus on co-building solutions with your teams to develop skills that will serve you throughout your career", advises Forvis Mazars.

"Be adaptable and always willing to learn. Consulting is increasingly tech-driven. Stay adaptable, learn new tools, and focus on effective communication. Delivering messages effectively will become even more important moving forward”, advises Telekom Strategy Consulting.  

"For new consultants, success will hinge on extreme curiosity, adaptability, sector-specific knowledge, and a strong capacity for high-level perspective to enhance their analyses. Many of our clients are increasingly focused on leveraging real-time data and precise insights to navigate a rapidly changing world," advises Accuracy.

"Broaden your horizons—consulting offers diverse paths for specialization and growth, ", concludes Mathieu Chausset.

Building Connections

The International Consulting Fair exemplifies HEC Paris' commitment to connecting students with top employers and helping them navigate the evolving consulting landscape. With over 300 companies recruiting on campus each year, the fair is a valuable step for students aiming to break into this competitive field.

A big thank you goes out to all the participating companies during this year’s International Consulting Fair:

HEC Paris Corporate Partners: Accenture, Accuracy, BCG, Bain & Company, BNP Paribas, Capgemini Invent, EY Parthenon, Forvis Marzars, KPMG, McKinsey & Company, PwC, Strategy&

Trusted Employers:  Advancy, Akoya, Altman Solon, Bearing Point, Eight Advisory, Euro Group Consulting, Humatica, Kéa, Kearney, LEK, Mediobanca, Management Solutions, Novem, OC&C, OliverWyman, P&G, PMP Strategy, & Telekom Strategy Consulting.

Please reach out to hectalents-employerengagement@hec.fr if you would like to know more about our recruitment events.