What is a consultant? (With types and steps to become one)

The outlook for consultants in Singapore is bright. The February 2024 Singapore Report from the Asia Pacific Career Development Association shows a rising demand for professional services, including consulting.

With such an increase in demand, you may be considering if this career is right for you. ​Some of the critical skills and personality traits you will need to succeed in this field include:

1. Communication
2. Problem-solving
3. Strong work ethic
4. Adaptability
5. Creativity

If these skills and traits resonate with you, this article is your guide to charting your career path. It provides information about different consulting jobs and tips on getting started on your career journey in Singapore:

• What is consulting as a career?
• Types of consultants
• Benefits of a consulting career
• Challenges of a consulting career
• How to pursue a career in consulting
• Conclusion
• FAQs

What is consulting as a career?

Consulting involves providing expert advice and solutions to clients in a specific field or industry. Consultants may work for consultancy or business advisory firms, be employees of a company that needs their specialist expertise, or work as independent consultants.

There are different types of consulting services available. Management consultants advise companies on improving business processes. IT consultants focus on their clients' technology needs. HR consultants advise on recruiting, developing, and retaining employees.

Types of consultants

Consulting roles vary widely, with different types of consultants catering to specific industry needs. Let’s look at the various types of consultants that exist.

Employment types

Within the consulting industry, employment can generally be categorized into different types of roles. The consulting industry consists of two types of professionals.

1. Independent consultant

An independent consultant in Singapore is self-employed and works on a contract basis, offering advice to clients in their field of expertise.

With Singapore’s robust entrepreneurial ecosystem, supported by initiatives like Startup SG, independent consultants have opportunities to collaborate with local startups and SMEs, especially in areas like fintech and green technologies.

This career is appealing because it allows you to choose projects and clients, work remotely, or operate from coworking spaces in areas like Tanjong Pagar or Orchard.

2. Company consultant

A company consultant may be an employee of a business or an external consultancy firm. You don't need to get your clients and projects as a company consultant.

The firm provides structured training and mentorship to help you develop your skills and advance your career. However, you may have a schedule to follow and need help choosing the projects you work on.

Specialisation areas in consulting

Here are some of the types of specialised consultants:

1. Business consultants

Business consultants focus on improving a client's efficiency and effectiveness in various areas. Given Singapore's strategic location as a global logistics hub, this role is crucial for companies aiming to optimise their operations.

A bachelor's degree in business or a field related to the industry is a requirement for this career. Experience is optional for entry into this field. The average monthly salary for a business consultant ranges from SGD2,800 to SGD4,800.

2. Financial consultants

Financial consultants provide expertise in areas such as financial modelling, risk management, and mergers and acquisitions. With Singapore being a leading economic hub in Asia, especially in places like wealth management and fintech, these consultants are vital in guiding local and international firms.

The average monthly salary for a financial consultant ranges from SGD3,200 to RM 5,000.

3. Strategy consultants

Strategy consultants help clients develop and implement long-term strategies for growth, market expansion, and competitive advantage. Entry-level positions often require a bachelor's degree in business or finance.

Salary data for strategy consultants isn't available. However, the average monthly salary for a consultant ranges from SGD3,100 to SGD5,600.

4. Human resources consultants

HR consultants assist companies with talent management, compensation and benefits, and organisational development. Many employers only require a bachelor's degree in any field for this role.

Salary data for HR consultants isn't available. However, the average monthly salary for a recruitment consultant ranges from SGD3,000 to SGD3,500. This position is similar to an HR consultant but has a narrower focus.

5. Risk and compliance consultants

Risk and compliance consultants advise clients on identifying, assessing, and mitigating risks related to regulations, data security, and cyber threats. Singapore’s financial and business hub reputation makes compliance crucial, especially with regulations like the Personal Data Protection Act (PDPA) and strict anti-money laundering laws.

Consultants in this field are in high demand, particularly in the finance and technology sectors, where compliance is critical. Salaries for these roles are competitive, reflecting the expertise required.

The average monthly salary for a technical consultant ranges from SGD4,100 to SGD6,600. This is worth noting because many technical consultants specialise in data security and cybersecurity.

Benefits of a consulting career

​Here are some of the many benefits of working as a consultant:

1. Diverse industries and projects

You can apply your skills to various projects at different scales. This is especially true if your field of study encompasses multiple industries. For example, a degree in finance can help you get a job as a financial or business consultant in various fields.   

2. Strong skill development

You can hone your analytical, problem-solving, and communication skills while working as a consultant. These skills are helpful in any career, allowing you to transition into other roles. They're also a plus if you want to start your own consulting business.

3. Fast-paced and stimulating environment

Consultancy work exposes you to new challenges and a constantly evolving work environment. This is a great way to gain experience and develop skills that can help you reach your career goals.

4. Competitive compensation

Consultants in Singapore often enjoy attractive salaries, with senior consultants earning upwards of SGD 12,000 per month. This is complemented by comprehensive benefits packages that may include healthcare, allowances, and education assistance, making it a lucrative career choice.

5. Numerous career growth opportunities

There are many opportunities for professional development in this path. Modern consulting organisations often provide structured training and accelerated learning programs.

These equip you with the tools and methods necessary to excel in your role and advance in your career. Mentorship programs enable you to learn from more experienced colleagues.

6. Impactful work

Consultants in Singapore have the opportunity to make a tangible difference by helping clients solve critical business problems. Whether it’s through improving operational efficiency in a local SME or guiding a multinational corporation through a merger, the impact of your work can be significant.

7. Strong network building

The diverse business environment in Singapore allows consultants to build a solid professional network, opening doors to new opportunities. Networking events, seminars, and workshops are plentiful, especially in key business districts like Marina Bay and Raffles Place, where professionals from various industries converge.

Challenges of a consulting career

While consulting can be a rewarding career, it also comes with its own set of obstacles that professionals need to navigate. These are some of the challenges you may encounter as a consultant:

• Long hours and a demanding workload may result in work-life imbalance and burnout. 
• Handling demanding clients and managing multiple projects simultaneously can be stressful. They require strong communication, time management, and interpersonal skills, particularly in a fast-paced business environment like Singapore’s.
• Adapting to new industries, projects, and methodologies can be overwhelming. 
• The stressful environment that comes with tight deadlines and demanding clients can affect your performance and overall well-being. 
• Project-based work or independent consulting may lead to gaps in employment. The lack of security can also affect your finances and quality of life.

How to pursue a career in consulting?

Pursuing a career in consulting requires strategic planning and a clear understanding of the industry. Here’s a guide to help you navigate your path to becoming a successful consultant.

1. Research the market

Explore fields that match your skills and interests. If you have a background in IT, a cybersecurity or technical consultant role may be a good fit. Look into the culture of top consulting firms in your field and the career paths they offer.

This can help you determine where to apply. Stay updated on industry trends to know which skills are in demand.

2. Develop a niche

Identify your most vital consultant-worthy skills. These may be the ones you use most often, the ones you enjoy the most, or those that offer the most value. Gain relevant experience by applying for internships or completing freelance projects.

Deepen your expertise with online courses or certifications. For example, project management certification can help you stand out from the competition if you're looking into a project consultant career.

Whatever your niche, completing data analysis and communication courses can help.

3. Create a portfolio

Tailor your portfolio to your niche, focusing on the unique demands of Singapore’s industries. Highlight your best skills by showcasing projects that demonstrate your problem-solving and analytical abilities.

For example, suppose you've worked on optimising supply chains for companies in Jurong Island or developed fintech solutions in collaboration with startups at One-North. In that case, these are valuable experiences to include.

Provide specific examples of how you addressed complex issues and delivered practical solutions. Include data analysis and results that show your impact, such as increasing efficiency by a certain percentage or reducing client costs.

You can also incorporate case studies that reflect your strong communication skills, especially when engaging with Singapore’s diverse and multicultural business environment.

4. Build your network

Attend industry events to meet consultants and employers. If you're still studying, connect with alums working in consulting for guidance. Build your online presence on relevant social media groups and professional networking sites.

5. Market yourself

Tailor your resume to each role. Practice answering common consulting questions before you go into an interview. Develop a strong online presence that shows your expertise and personal brand.

6. Network

Ask for career advice from top consultants in your field. Seek their mentorship to help you navigate the consultancy industry. If applicable, network with your colleagues across departments. This can build relationships that may help in your career advancement.

7. Obtain a certification

Earn industry-specific certifications. The Project Management Professional (PMP) certification is popular for consultants in various fields.

If you're an aspiring financial consultant, a Chartered Financial Analyst (CFA) designation can enhance your career prospects. If you're in HR, consider a Strategic Human Resource Management Certified Professional (SHRM-CP) or Senior Certified Professional (SHRM-SCP) certification.

Final thoughts

A consultant career in Singapore involves providing expert advice to individual and corporate clients. Consultants work in various fields and industries and offer many benefits, such as attractive salary packages and opportunities for professional growth.

However, there are also challenges, including a demanding workload and a need for more security for independent consultants.

To pursue a consulting career in Singapore, start by determining your niche. Then, develop the skills you need to succeed in it. Showcase these in your portfolio and consultant resume during your application. Expanding your professional network can also help you land the job you want.

FAQs

Here are answers to questions about this topic:

1. Is it challenging to become a consultant?
   ⁠No. There are many consulting jobs for people with varied levels of experience and education.
2. How much can I earn as a consultant in Singapore?
   ⁠A consultant's salary in Singapore varies based on the field, experience, and seniority. Entry-level consultants can earn between SGD 3,500 and SGD 5,000 per month.
   ⁠Mid-level consultants may earn between SGD 5,500 and SGD 8,000, while senior consultants and those with specialised expertise can earn upwards of SGD 12,000 monthly.
   ⁠Additionally, many firms offer bonuses, healthcare benefits, and other perks that can further increase total compensation.
3. What work do you do as a consultant?
   ⁠Consultancy work involves providing advisory services to clients in your chosen field. This consists of analysing data and identifying areas for improvement. It also means developing and implementing strategic plans to help them achieve their goals.
4. How do I start a career in consulting in Singapore?
   ⁠To start a career in consulting in Singapore, identify your niche—whether it’s finance, technology, HR, or another field. Gain relevant experience through internships, entry-level positions, or freelance projects. Networking is crucial in Singapore, so attend industry events and connect with professionals.
5. Is consultancy a good career option?
   ⁠Yes. Many consultants enjoy high salaries, numerous opportunities for growth, and a fulfilling career that allows them to help others.
6. How can I break into consulting with no experience?
   ⁠Many consultancy firms employ fresh graduates. You can find consulting jobs that don't require any experience online. In some cases, your job title may be an analyst. This is the first step towards becoming a consultant in your chosen field.
7. Are there opportunities for consultants to work with the Singapore government?
   ⁠Yes, consultants have numerous opportunities to work with the Singapore government. The government often engages consulting firms for projects related to public policy, urban planning, digital transformation, and sustainability initiatives.
   ⁠Consultants may be involved in projects like the Smart Nation initiative, the Green Plan 2030, or infrastructure development. Working on government projects can offer unique challenges and the opportunity to contribute to significant national developments.
8. What do consultants face the most significant challenges?
   ⁠A consulting job can be demanding in terms of time and effort. This can lead to stress, poor work-life balance, and burnout.
9. What certifications are valuable for a consulting career?
   ⁠These depend on your specialisation. For example, SHRM and CFA certifications are for HR and financial consultants. Regardless of the specialisation, there are helpful courses in project management, data analysis, communication, and problem-solving.