What I Learned: Technology Consulting
What I've learned about tech consulting through various conversations with industry insiders.
Last week, I discussed my recent exploration of Corporate Finance and what I learned about the role. This week, I'll delve into the field of Tech Consulting - outlining what the job entails and what I can expect to learn from working in this field.
I'll structure my thoughts as I did last week:
Basic Overview
Career Outlook
Compensation and Work-life Balance
Further Education
Tech Consulting Overview
The term "consulting" often raises more questions than it answers, leaving one wondering about the specifics of the job. What kind of technology does it involve? What exactly is being consulted on? Does it entail defining cloud strategies for businesses aiming to modernize, or is it as basic as installing Wi-Fi routers?
Fortunately, it's more about the former. The firm refers to it as "Technology Strategy and Transformation (TS&T)," which, while still vague, starts to point in a clearer direction.
From my discussions with individuals in this service line, I've learned that TS&T is indeed a broad field. The work varies significantly from one project to another. Some projects are short-term, aiming to define a business's technology strategy over a few weeks, while others could span multiple years, assisting a business or government branch in recognizing and understanding their technology needs, designing systems, managing application development with software developers, and iterating as new information and needs emerge. This area of Tech Consulting is tech-agnostic, meaning there isn't a specialization in any specific software like SAP or Salesforce. The focus is on understanding the business's needs and selecting the most suitable technology solutions.
In contrast to Corporate Finance, which focuses on understanding a business over time, Tech Consulting is more about deeply understanding current business needs and processes, then devising and implementing solutions.
Career Outlook
Transitioning to Tech Consulting represents a significant shift compared to moving to Corporate Finance. My skills in assessing and understanding business processes, along with a fundamental grasp of financials, remain relevant. The soft skills I've honed, such as teamwork and communication, are also crucial.
However, this path would require substantial on-the-job learning, particularly in understanding the technical aspects of technology systems, design, and strategy.
This prospect excites me, offering a gateway to one of my primary interests and career goals - being at the forefront of integrating AI with mainstream business.
The career trajectory in tech consulting seems less defined but presents a wide array of opportunities in cutting-edge fields. It might be a riskier move but potentially offers greater long-term rewards in terms of specialization in transformative technologies.
Compensation & Work-life Balance
Compensation in this field remains somewhat ambiguous. However, a quick search on Glassdoor suggests that the average salary for a Technology Strategy Consultant in Canada ranges from $72-107k per year, which is higher than that in Corporate Finance and aligns with my expectations.
Work-life balance in Tech Consulting is likely to be more favourable than in Audit and Corporate Finance. While any client-facing role with significant responsibilities may demand long hours to meet deadlines, the culture in tech-related fields tends to support more sustainable work hours and expectations.
Further Education
I was surprised to learn that transitioning to Tech Consulting might not require any significant certifications or long-term education programs. The CPA designation and skills acquired in audit provide a solid foundation. On-the-job learning and smaller, less time-consuming tech certifications are valued, but formal training isn't a prerequisite. Key areas of interest include:
Automation: Python and Alteryx, a programming language and graphical automation software respectively.
GenAI: Machine learning models that are capable of ingesting information and outputting high-quality content or data.
TOGAF: Enterprise level technology architecture methodology and framework.
Agile-Scrum: Extremely popular technology project management framework based on principles of rapid development, quick releases, flexibility and visibility.
COBIT: A framework for enterprise level technology governance.
ITIL: Another framework focused on aligning IT services with the needs of a business, managing risk and creating a stable IT environment that allows for growth, scale and change.
Mastering these subject would obviously take significant effort and time, but basic certifications in most of these, would range from only a few days to a few months, not to mention they all seems pretty interesting to me.
Additionally, while not explicitly mentioned in my discussions, I believe learning the basics of web and software development (HTML, CSS, JavaScript, React.js) could be beneficial, given the job's role as a bridge between non-technical management and developers.
Summary
Overall, Technology Strategy consulting closely aligns with my personal interests and offers extensive learning opportunities in a field with the potential to significantly impact society through emerging technologies. The career path may be less structured, but the skills and knowledge gained will likely remain in high demand. Compensation and work-life balance appear favourable compared to my current role, and entering this field wouldn't necessitate a significant commitment to long-term education programs. It's an exciting, albeit riskier, career path that promises rewarding personal and professional growth.