CITY consultancies draw on accounting, actuarial, investment, management and corporate strategy expertise to solve clients’ problems. But unlike their Ancient Greek counterparts, they do not consult oracles, nor do they read chicken entrails.

Instead, they put bright graduates — minimum 2:1, preferably a first — through a gruelling training programme that includes mandatory study for professional qualifications. Major firms pay starting salaries of up to £40,000 and there should be a good basic benefits package and generous holiday allowance, although you may find that most of your leave in the first few years is spent revising for exams. Each module can equate to a year’s work at university, so don’t expect much of a social life.

James Lloyd-Townshend, a director of Hays, a recruitment company, says that a 2:1 isn’t an automatic entry qualification in the City. “You need to convince employers that you are disciplined and can cope with long work hours and intensive study towards professional qualifications at the same time.”

To get a feel for the range of careers for graduates, take a look at the financial recruitment agency websites and those of the major consultancies, such as McKinsey, Boston Consulting Group, Bain, Mercer Oliver Wyman, PricewaterhouseCoopers, KPMG, Ernst & Young and Deloitte. Some careers are specific — auditing, actuarial and tax — others, like risk advisory services and strategy, require a wide range of skills. Here you will be solving clients’ problems, which could be anything from introducing a new product range to helping multinationals to restructure. Actuarial consultants advise major pension schemes, among other clients, helping them to assess the risks and understand their funding obligations, while investment consultants recommend the optimal asset allocation strategy for the fund and advise on the selection of asset managers.

Anke Braun, a managing consultant with MRL Financial, a recruitment company, says that a first degree may not be enough and that top employers are increasingly looking for people with an MBA, other masters degree or a PhD. “Good first degree and postgraduate subjects include econometrics, statistics, physics, applied maths and applied science.” It’s important to show your commitment and skills while you are at university, she says. “Internships are a good way to do this and working on overseas projects is very relevant.”

So what’s it like on the in-side? One graduate who specialises in business recovery consulting says she has a tough job. “All the graduates at my firm work hard and study hard but because my job is project-based it’s difficult to predict the workload. On good days that’s challenging, but on the bad days it can be exhausting and make you feel a bit insecure because you never know what’s coming up. You need to be very resilient.”

You also need to consider the long-term business plans of the firm. Actuarial and investment consultants, for example, face major challenges as the UK’s private sector occupational pensions market undergoes a radical overhaul. “I’m glad I’m getting actuarial training,” says a graduate trainee with an investment consultancy, “but some of the top people in my organisation have moved to accounting firms or investment banks because there are better opportunities.

“There is plenty of business for us in the short term but if most employers close their DB [defined benefit or salary-linked] pension schemes, the demand for traditional actuarial and investment services will fall.”

Debbie Harrison is a senior visiting Fellow at Cass Business School. Read previous articles in the series at www.cass.city. ac.uk/thetimes.

Next week: What it’s like working for a City legal firm

Times Recommends

• Inspirational leadership
• How to get a new job
• The reluctant CEO