Professional Services

‘Professional services’ sounds vague, but it’s essentially an industry that provides support, advice, and guidance to organizations and businesses through a subset of professional skills and knowledge.

Professional services firms exist in many different industries. They include lawyers, advertising professionals, architects, accountants, financial advisers, engineers, and consultants – to name a few!

Consultants can work for any organization that offers customized, knowledge-based services to a broad cross-section of clients.

In America, there is a set of companies known as ‘The Big Four’ (EY, Deloitte, PwC, and KPMG). They are internationally known for their high level of quality expertise in the professional services and consultancy industry. There are many mid-sized firms as well, with standouts like Andersen and Citrin Cooperman.

These organizations act as consultancy firms and assist other businesses, government departments, public and private organizations. Some of the core professional services they offer include:

  • Financial services
  • Audit and tax services
  • Legal services
  • Administration and human resources
  • Project Management
  • Data Research and analytics

 

While other smaller businesses offer these services, The Big Four have become world-renowned for their expertise and high-quality service and deliverables.

Professional services consultants work in numerous areas, including sales, agriculture, the arts, environment, tourism development, operations research, human resources, building and construction, public relations, events, and many more!

These organizations are also widely acknowledged for the quality graduate and early career programs they’ve developed, providing young people with exceptional experience and giving them a strong stepping stone into their future careers.

To succeed within top-tier professional services and consultancy, you’ll need exceptional analytical skills to evaluate the issues and solid problem-solving skills to resolve them efficiently. Effective communication and strong leadership skills are essential to implement positive changes for your clients.

You’ll be innately curious and proactive in expanding your expertise to build upon the general and specific knowledge required to be effective in your role and keep your company at the forefront of the services they deliver.

Securing entry into these organizations can be competitive, but they’re an excellent starting point to a long-term and sustainable career for the right person.

What You Could Do

Roles across the industry are highly varied and include a mix of low-skilled, entry-level positions, highly-skilled roles, and professional roles requiring specialized knowledge.

Here’s a look at some of the top jobs you could pursue:

  • Research Analyst/Associate: Research analysts work as part of a team under the supervision of a more experienced consultant. They will usually be given a specific part of the project to take ownership of and contribute to the overall problem solving of the case. The role tends to involve researching and analyzing data and engaging with industry specialists to gather information. Research analysts complete the groundwork to put together presentations for the client.
  • Project Manager: Project managers are responsible for a team of analysts, directing ‘who does what’ and ensuring timely, successful delivery on a project. They primarily manage everyone involved in the project, resolve issues and liaise with the client to update them on developments and potential steps. They aim to build a strong relationship with the client while reporting on progress and presenting findings.
  • Consultant: Consultants tend to be subject matter experts in one business area, so they can use their knowledge and skills to provide top-level advice and guidance to clients and project teams alike. their work with less guidance and take on a mentorship role with junior employees. They will also increasingly take on roles where they manage relationships with the client and take responsibility for developing new projects and client relationships to secure new business for the organization.
  • Chief Executive Officer (CEO): The CEO is the head of the executive team and manages the day-to-day operations of the organization, including its people, budgets, direction, and resources. The CEO helps develop and implement strategies approved by the organization’s board and ensures that processes meet the strategic and cultural needs of the organization. It’s a role that generally requires a lot of experience and expertise in a core area and generalist business and strategy knowledge.

These job roles are only just scratching the surface!

The best way to learn more and help form decisions about the roles available and what you might be suited for is to conduct as much research as you can and build a profile from there.

Graduate Outcomes & Gender Split

For many roles within professional services and consultancy, a bachelor’s degree is required as a minimum, but some entry-level roles are accessible via early career and school-leaver programs.

Knowing what graduate employment looks like can help set your expectations and make further decisions.

The National Association of Colleges and Employers tracks graduate employment across different industry sectors.

Many graduates in this sector hold business and management degrees. Here’s a look at recent outcomes data for graduates in 2019:

  • Business Management, Marketing, and Related Support Services Graduates in Full-Time Employment: 68.9%
  • Business Management, Marketing, and Related Support Services Graduates Career Outcomes Rate: 89%

Gender Split

The gender split across the industry depends on the segment of the sector you work within.

Recent statistics indicate the split as:

  • 61% Male
  • 39% Female

Keep in mind there will be some areas where this might not always be the case, especially in leadership and senior management roles:

  • 83% Male
  • 17% Female

The gender imbalance at this level is something that many organizations are seeking to address and support more women into higher management and leadership.

Average Salary

Current surveys in the sector indicate the median salaries for full-time roles in this industry as:

  • Research Analyst Roles: $55,100-$60,500
  • Project Manager Roles: $74,600-$88,900
  • Professional Consultant Roles: $84,00-$143,000
  • CEO Roles: $585,100-$774,300

Several factors also determine salaries, including:

  • The segment of the industry you work within.
  • Your job title and seniority.
  • The amount of experience you have.
  • Location, some rural areas may pay less than roles in main cities.

Industry Growth

Recent reports indicate that the professional services and consultancy industry in the United States generate nearly $2 trillion in combined revenue each year and account for 9.4 million jobs spread out over 1.2 million firms. Some of the world’s leading professional services companies are located in the United States to serve the large and dynamic U.S. corporate sector.

The industry shows strong ongoing growth between now and 2024and has been relatively unimpacted by the COVID-19 pandemic.

Some of the critical subsectors with the highest anticipated growth and demand include:

  • Accounting: Firms in this subsector provided payroll services, financial auditing services, tax preparation services, and other consulting services for individuals and corporate clients. The subsector’s 144,500 firms employ roughly 1.2 million professionals.
  • Legal services: Firms in this sector provided a variety of legal services, including litigation support, general corporate services, plaintiff and defense work for individuals and companies, patent agent services, paralegal services, and process serving services. In 2019, 1.1 million jobs were directly supported by the subsector’s 190,700 firms.
  • Management consulting: Firms provided consulting services in administrative and general management; human resources; marketing; process, physical distribution, and logistics. In 2019, 1.4 million jobs were directly supported by the subsector’s 265,100 firms

Qualifications and Entry Pathways

For many professional services roles, a bachelor’s degree is essential to set you up well with the foundation of theory and knowledge to help you build a successful career in the industry.

Degree majors you could pursue include:

  • Bachelor of Business and Management
  • Bachelor of Economics
  • Bachelor of Accounting and Finance Management
  • Bachelor of Business Administration
  • Bachelor of Business Law
  • Bachelor of Professional Communications
  • Bachelor of Human Resource Management

Following a bachelor’s, many in this field complete A Master of Business Administration (MBAs).

Roles for some firms are highly competitive and a Master’s can help to set you up well for success.
Requirements will depend on the type of role you want and the company – so make sure you do some research.

Best Places to Study

Where you choose to study will be dependent on a range of factors, but some universities are rated higher than others for specific subjects.

Some of the best-rated universities for business and management studies include:

  • Harvard University
  • Stanford University
  • The University of Pennsylvania
  • Massachusetts Institute of Technology (MIT)
  • The University of California, Berkeley (UCB)
  • Yale University
  • The University of California, Los Angeles (UCLA)

Where to Learn More

You can learn more about different pathways through professional bodies and organizations advocating for careers in the sector.

Some good places to start include:

And many more!

Each state will also have several professional organizations to help you learn more about the industry, network, and develop your career.