Consulting is a fancy word for giving advice and solving business problems. It focuses on business risk and is future-oriented. The scope of consulting is much wider than auditors, which covers the strategy, implementation, management and operation of the clients.
For consulting, people from all backgrounds can join the fields just fine. As long as you are smart, possess the core attributes of a consultant — problem-solving, leadership, achieving — you have the same opportunities as others. Auditing, on the other hand, is a technical field that requires knowledge about accounting principles.
Some firms even require candidates to acquire the Certified Public Accounting CPA to officially get in the recruiting process. McKinsey, BCG and Bain — the most high-paying consulting firms , offers even better salaries and perks than the Big Four, frequently reaching six digits at entry levels. As a consultant, you will normally work whatever hours are needed to finish the jobs on deadline. It usually takes up on average hours a week, and you sometimes even have to work on weekends.
Although it depends largely on the client, the project, and your position, the work-life balance is quite intense. Auditors might enjoy a more balanced lifestyle. Aside from the busy season which happens between December and April, the working hours of auditors normally are less than 60 hours a week. That said, compared to the average white-collar employee, auditors are still required to work harder and longer. Traveling is an integral part of consulting and auditing. Despite being influenced by the projects, clients, and the role, consultants generally travel more often than auditors.
For consulting, traveling mostly depends on where the project is. In the first 1 or 2 projects, you typically just go wherever the office assigns. However, after several projects, you have more flexibility to influence the staffing choices. You can ask the EM to let you travel with him on his projects to pretty much anywhere in the world. Thus, the traveling depends on the location of the clients, either in your home country or overseas. Working in both of these roles offer you a wide range of exit opportunities.
However, thanks to the highly diverse skill set gained, chances of networking, and prestige, consultants often have a slight edge over auditors. Consultants work across different sectors, functions, and industries all the time. This diverse exposure equips them with the transferable, comprehensive skills that allow them to excel in other professions.
Industry prestige and a strong network with C-level executives and alumni also widen the options for consultants after they leave the field. The most common consulting exit routes are:. On the other hand, since auditing is more technical and financial-focused, the gained skillset is less varied. Therefore, auditors might encounter more difficulties when it comes to start-ups or public sector paths. In terms of client-facing, auditors often have fewer chances to work with top executives at large companies than consulting fellows.
They also test risk management controls. The internal auditors report their findings directly to the audit committee. The audit committee reviews the report and meets with the department manager to discuss the audit results.
Unlike an internal audit, only two parties are involved with a consultation: the internal auditor and the department manager. As a consultant, the internal auditor does not have any managerial or decision-making responsibility. The auditor will review the department procedures and observe the employees in action.
As a consultant, the internal auditor will give advice and suggest changes to improve the department. The internal auditor works with managers to implement the changes and assist with employee training. Several risks are taken when staff internal auditors are used as consultants. As consultants, the auditors appear to be working for a specific manager or department instead of for the overall company. Consultant or Auditor, What is the Difference? Let us explain what these differences are when talking about management systems.
When we refer to an implementer it is someone that is responsible for implementing a management system within a business. Normally this person works within the business in the capacity of an employee. An implementer is responsible for establishing, implementing, maintaining and improving the management system. Those four words I just use - establish , implement , maintain , and improve come from the standards.
I didn't make them up! Now a consultant does exactly the same thing. They still establish, implement, maintain, and improve a system. However, a consultant is normally external to the business. They are contracted to implement and maintain the management system for the company. They would work in the capacity of a consultant. Absolutely, they can. If you are a consultant or an implementer, you should be conducting the internal audits as part of the process of establishment, implementation, maintenance and improvement.
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