Business students at the University of Alabama founded the Capstone Consulting Society earlier this semester, a student-led organization designed to give prospective consultants real world experience. The club held its first meetings in January and is gearing up for expansion heading into the next semester.
The new group aims to support students who are “developing a mindset” about consulting. The group said it will help students develop basic skills in consulting languages.
The consultancy industry at large is valued at over a trillion dollars globally and rapidly growing, raking in $100 billion in gross revenue just from the United States. Individual consultancy firms typically work on a contract basis, assigning specialists from the company to advise other businesses on things like marketing and management. Consultants can also take on more specialized tasks like advising on legal issues, implementation technology or public relations.
For students at the University, the consultancy industry is especially attractive as one of the largest single hirers of undergraduate students. PricewaterhouseCoopers, KPMG and Ernst and Young, three of the “Big Four” consultancy firms in the world, are ranked among the most popular spots for undergraduate business graduates from spring 2024. Beyond bachelors students, consultancy firm Accenture hired spring 2024 grads from the Manderson Graduate School of Business.
Kedar Balaji, a sophomore majoring in finance and accounting and the Capstone Consulting Society’s vice president of projects, said that consulting is just the process of “finding and solving problems for businesses.”
“We just want to provide hands-on experience for preferably business majors,” Balaji said, “We are open to all majors who are interested in consulting. Anyone from any major could join.”
Ethan Benko, a junior majoring in economics and accounting and the club’s president, said that the club would focus on improving “basic skills” like data, database languages, foreign languages and computer science so that students could apply those skills in a consulting career. The demands of a consultant are often diverse, and any number of skillsets could come in handy for a job opportunity. “They bounce around between projects, and they get to get a lot of real world experience and a lot of different things before they settle down figuring out what they want to do,” Benko said. He also said that the career was perfect for young people eager to “explore different opportunities.” Crash courses in Python and Tableau, software used for data visualization and organization, were among the ideas that Balaji floated for future meetings. He said that he personally sees consultancy as a way to become “well versed” in issues companies actually face. After finding his footing and gaining enough experience in a consultant position, he said he could branch out into something more “niche.” The two are planning on collaborating with the Alabama Entrepreneur Internship, a co-working space and small business incubator known by its shorthand, the Edge. Balaji and Benko said that businesses at the Edge could come to the Capstone Consulting Society to ask for advice, which students could provide for free. The club’s next meetings take place on Feb. 12 and Feb. 26. Balaji said that the only requirements to become a member were attending one meeting and scanning a QR code. “Consulting is the path to go if you want to be well-rounded in business,” Balaji said.
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