Former IT director of Consolidated Press Holdings Jack McElwee left CPH in April last year to start up his own consultancy unit, McElwee Consulting Group, and says the ex-CIO's best asset in the consulting arena is his or her reputation in the industry. "I think that you need a recognizable track record that creates confidence," he says. "You can't have a positive reputation without having a track record and also I think the right approach in working with clients and companies."

McElwee has never advertised his services, or even touted them to colleagues. It has all been by word of mouth. He is working to build a consultancy specializing in major organizational change programs and business transformation initiatives that leverage a high investment in IT solutions.

"I've been fortunate in having worked in multiple industries and have gained a good reputation in finance, insurance, energy [and] IT outsourcing because I was the COO of Advantra and I also have a multi-disciplinary background," he says. With a strong understanding of business issues and financial management challenges and an ability to translate "techno babble" into language that managing directors can understand, there is plenty of demand for his services, McElwee says.

Having been at the coalface, McElwee offers the following advice to CIOs contemplating a move to consulting.

"First of all I would say [you should] understand your strengths and the value that you bring to a client. That's the first and foremost thing - if you can't articulate that, then the communication will be limited and the opportunities will be restricted.

"Second, look for clients that have a genuine need that you can fulfil. I think the mistake that some people make is accepting clients too readily and trying to fill their dance card - they're not particularly discriminating or discerning. It might look like a good strategy in the short term but will you pay the price in the long term? I believe you will. I think it's important to be discerning.

"Third, the most important advice I would give is to remain very focused and continue to look for opportunities to learn and develop.

"Fourth, I would suggest not being prescriptive and autocratic about outcomes. I think consultants do tend to be a bit too prescriptive and not particularly flexible, which gives the client a bit of nervousness. They can't help but wonder: Do they really understand my business?

"The fifth one would be to look for clients with whom a long-term relationship can be built. You want to set up your consultancy with a base of perhaps half a dozen long-term clients that give you the reputation and traction as a consultant as opposed to a competent CIO."

Of course some people move into consulting not as a way to ease the path to retirement so much as a way to further their independence. Peter Reed, former CIO of Jones Lang Wootton, has been gradually building up a consultancy in business intelligence and business continuity planning over the past 10 years. He says CIOs are well placed to draw on their experience, technology knowledge and understanding of the business to build powerful consultancies.

"I am probably working as hard as I was as a CIO, but in different ways. The difference in working for yourself is that you can pick and choose a little bit more."

He says would-be consultants should always strive to keep their skills up to date and to get as much experience of and involvement in the business as possible. "Then you can add value by using your business experience," he says.

SIDEBAR: 10 Things to Consider When Moving Towards Retirement

Master coach and insturctor Noel Posus, of the Life Coaching Institute of Australia, says in preparing for entering the next exciting stage of your life, it is important to challenge your ideas of retirement, what you will be doing and with whom, and to take the opportunity to design something remarkable in all areas of your life.

1. What is your ideal vision of retirement? If you do not like your current vision of what retirement might be like, then change the vision. What do you want to accomplish, be involved in, learn and create?

2. What identity do you want to have? If for the majority of your life your identity has been founded on your career and family roles, what do you want to base your self-worth and personal identity on moving forward?

3. Who will you share your retirement with and what is their vision? What are their goals? Whether it is your partner, family or friends, have you discussed what you want your life together to be like?

4. Plan more than just the financial future but all parts of your life. Your life includes health (mental, physical and emotional), knowledge, social, financial, family, relationships, spirituality or sense of self, activities, community and giving (both to others and yourself). What is your ideal state for each of these areas, and how do you plan for that now?

5. Choose your attitude. There is no need to accept what other people tell you about retirement and what will happen or not happen. Make your own choices, choose your own attitude and make it about what you want. You can navigate the changes ahead of you if you are willing to believe.

6. Challenge yourself. You have set objectives and achieved them all your life. Why stop now? You can think big, put in the effort and achieve amazing things if you really want to.

7. Let go of the past. No regrets. You cannot change anything about the past, but you can make a difference today. If there is something left undone, or something you have given up on some time ago, is now a good time to do it? If so, do it for today's reason to do it, not yesterday's.

8. What value do you have to offer to others? Just because you are not working and your children have moved away does not mean you don't have value. Who needs you now? Where can you help? Who can you inspire?

9. Learn something new - grow your brain. Although the pace you are living at may slow down if you choose, it does not mean your learning needs to as well. Take a course, learn a new language, expand your experiences . . . keep growing.

10. You do not have to do this alone. You have had a lifetime to develop your current beliefs, some of which may be telling you about all the limitations of retirement. If you feel this is the case for you, consider hiring a coach to challenge the way you think and to help you design a better future than you have ever thought possible.

SIDEBAR: Making It to the Board

It is fairly unusual for CIOs to make an easy transition across to a CEO position or the company board, says Julie Ferris, a consultant with DBM Consulting. Those who aspire to do so should spend time in the other general management roles, and need not only strong technical knowledge but some very in-depth business knowledge, knowledge of the market, and to complement all of that, a strong financial knowledge.

"They are never going to be successful unless they have that very strong business acumen and that knowledge of the market so they're not in that silo of having a depth in technical without the strong business side to back them up," Ferris says.

You also need considerable integrity and a strong reputation for industry knowledge, says former ANZ Bank CIO David Boyles, who is currently a director of Infosys.

"I don't have any patience at all with grey area thinking, so I tell people exactly what I think and I mean what I say - I will not obfuscate my meaning. I think a reputation of integrity and having a good knowledge of the industry has helped me, a reputation of innovation I believe. And interestingly enough a couple of areas that I am spending a lot of time in that I wouldn't have thought I would be spending time on boards is as the head of the compensation committee and doing a lot of HR-related work. That relates back to some of the innovative people processes that I and my team put in place at ANZ."

In the US, a recent survey by Korn/Ferry International found almost half (46 percent) of more than 2000 global executives surveyed believe that the CIO "absolutely" has a role to play on a company's board of directors; only a very small portion (3 percent) of respondents stated "not at all".

"The role of the CIO has evolved over the years into a segmented position, serving both as a primary driver for operational efficiency and change, as well as an elite technologist," says Richard Spitz, global managing director of Korn/Ferry's Technology Market. "It's interesting to contrast the high percentage of respondents who believe that the CIO has a role to play on the board with the low number of CIOs who currently sit on Fortune 1000 boards. Clearly, there is an opportunity to explore a change in board dynamics by adding this role into the mix."

However, Tony Rossano, senior client partner with Korn/Ferry International, cautions that in Australia there have so far been few CIOs or others from a strong IT background who have not experienced a full P&L role to make it onto boards. Nor is he optimistic.

"It depends what type of board you are talking about. If it's a start-up venture then there's more likelihood that you would see a CIO there, usually through their understanding of the particular business that that organization is in or the customer segment that that business is servicing," he says. "But if we're talking about the top tier board roles, I don't think you'll see that."

SIDEBAR: Tips for Those Nearing Retirement

Things to do if you're ready to scale back your hectic work life but not yet retire completely

Evaluate your options. If you're not ready to quit entirely, what reasonable choices exist that will allow you to continue using your expertise on a less-intensive or less-exalted level? Identify, explore and prioritize them. Then make changes when and as they become appropriate.

Don't let retirement hit you in the face! Professionals who have worked intensely and in a highly focused environment can find retirement a shock - depressing and unfulfilling. Prepare for the change by exploring satisfying ways to use your time and energy. One possibility: service organizations.

Use your knowledge and the identity you have produced with highly valued accomplishments to keep younger, stronger and less-burdened professionals at bay. You can't compete with youth on their terms. Move up the hierarchy into leadership roles.

Switch from studying advanced knowledge in your field to studying "marginal practices" that broaden the value of your professional knowledge. Study general business concerns and practices first, then focus on one or two areas that make you even more scarce and valuable.

Tired of the 60-hour workweek? It may be time to think of tapering your hours. What skill do you possess that: 1) you really enjoy using, and 2) a company won't be able to duplicate too easily? Be thinking about how you can communicate why it's in their best interest for you to do what you want.

Become a mentor. Sounds contrary to building your own career, but becoming a mentor is a unique way to further your own learning and give back to fellow employees, as well as get exposure.

Keep up with advances in technology and changes in business philosophy. You have to be willing to know as much, if not more, than your younger colleagues.

Retirement is a chance to pursue a second (or third or fourth) career, one that often translates into starting a small business or a consulting practice. Start doing your research before retirement and you'll be ready for a new career path when the time comes to step down.

Older job seekers will be more employable in the years ahead as shortages develop in the professional and executive ranks. But continuing your career successfully requires thinking and acting young. Every month, review your previous month's activity to ensure you're adding value. Be a mentor to younger people in your organization. If you decide not to stay in a corporate role, think about starting a business doing something you enjoy, possibly with other friends and relatives who have extra time.

Seasoned IT workers bring a competitive edge to any company. Working with a professional staffing company to leverage your expertise and abilities is an option. A staffing company offers many employment opportunities for workers who elect a phased retirement, seek a new career path or want to further their professional development.

Don't be afraid to do contract/project-based work. Market your expertise on your resume as highly results-driven. Keep certifications up to date and get new certifications on new technologies.

Legacy pays. Be aware of the prevalence of legacy IT systems and the need that many companies still have in maintaining these systems. Market your knowledge and skills of these systems to potential employers, if you are considering a late-stage career change. While you might have used these skills years ago, they certainly are not obsolete and you should ensure that they're captured in the company's skills database. You might have knowledge and key skill sets that the company needs for a project down the road.

Make sure your company's business objectives align with your personal objectives. Understand your company's three-to-five-year plans for the business, and assess their implications not only for the technology organization but also for you personally. If your goal is to ride out your sunset years but your company needs a complete overhaul of its infrastructure, consider realistically whether you are up for the challenge.

Leave a legacy. There are numerous ways to ride off into the sunset, but the majority of us would prefer to end our careers knowing that we had positive influences on the businesses and people we have encountered. Spend some time looking at the relationships you have built and see if there is a select group of people you can mentor to help progress their individual careers. Your legacy will also be measured according to your impact on the business.

Share your knowledge. A mentoring relationship doesn't just benefit the mentee. Many people feel a sense of pride and become re-energized when they take enthusiastic, less-experienced workers under their wing. You may also consider teaching a university course or speaking at student technology conferences.

Technology is constantly changing. Staying up to date is crucial to consistently increasing your value within an organization - even in the latter stages of your career. However, don't let that undermine the value of your intellectual capital and experience. Be sure to connect your experiences to today's business needs and highlight the insight and resources you bring to the table.

Follow your heart and consider trying some jobs you've always wanted to do, like teaching on an adjunct basis for a local college or training facility.

Give back your talents by volunteering your expertise with nonprofit agencies, your church or your community.

Remember to keep the door open. When you do retire, leave on the best possible terms. By exiting gracefully and maintaining contact with your colleagues, you'll increase the likelihood of being able to pick up where you left off if you decide to return to the workforce.

SIDEBAR: Considering a Consulting Career

An IT consulting career has its benefits. But is it right for you? By Katherine Spencer Lee

AN INDIVIDUAL NEARING RETIREMENT. A busy professional who wants a better work/life balance. A person seeking a greater variety of assignments. What do these workers have in common? They all could find project work and consulting a beneficial career choice. Why are so many people considering a consulting career? Here are some benefits this path offers:

Flexibility. One of the primary reasons professionals pursue project work is because it affords them the flexibility to fulfil obligations outside the office. Consultants can decide which assignments to accept and decline, adjusting their schedules depending on their priorities. For IT professionals who were asked to take on additional roles when organizations cut IT budgets or spending, becoming a consultant could be an effective method of regaining a healthy work/life balance. Members of the so-called sandwich generation - individuals who must care for their children and elderly relatives - can also benefit from temporary work because it allows them the flexibility to meet mounting family obligations. And a consulting career is often ideal for those nearing retirement age who wish to enjoy leisurely pursuits while remaining active workers and maintaining a source of income.

Avenues for skills enhancement. Consulting can be a great way to learn about new technologies. As a consultant, you may be exposed to hardware and software that you wouldn't if you worked for a single employer. One client may tap your Windows expertise while another requires your Unix knowledge, thereby enhancing your experience with both platforms. Because of the diversity of projects you tackle, you can broaden your skill set and increase your marketability.

A variety of assignments. Consulting allows IT professionals to work within a variety of businesses and industries. You might help a small financial services firm with a systems installation, then work for a large construction company on network security issues. For individuals looking to switch careers, being able to explore a field of interest before making a full commitment is invaluable when determining which path best matches their interests and abilities. You may discover that you prefer working for small organizations where the impact of your contributions is most noticeable, for example, or that you do not enjoy the entertainment field as much as you thought you would.

Becoming a Consultant

Though consulting can be an attractive career option for many IT professionals, it's a significant professional move and deserves serious consideration. Ask yourself the following questions before you decide to pursue this path:

Do I have the necessary skills? While you don't have to be the world's leading expert in a certain technology to succeed, you do need to have experience in a marketable technology. For example, firms are currently increasing their investment in wireless applications as they realize the potential benefits of mobile technologies, leading to a demand for IT staff with wireless network management expertise. Consult industry publications and consider joining a local professional association to determine which skills employers in your area look for and how yours compare with those of other job seekers.

Do I prefer consistency or constant change? Because you will likely have a wide range of clients as a consultant, you must be able to adapt well to new work environments and corporate cultures. You need to be sensitive to the unique requirements of each organization and adjust your work style accordingly. If you instead prefer the stability and predictability of working for a single employer, a consulting career may not be right for you.

Should I work for a staffing firm or go it alone? Consultants can either be self-employed and secure engagements themselves or register with a staffing firm, which locates assignments for them. Many staffing firms offer benefits, including health insurance, technical and professional training, vacation and holiday pay, and bonuses. They also take care of administrative functions, such as marketing, lead generation, billing and the like, so consultants can focus their entire attention on IT.

Evaluate your interests, strengths and goals, and solicit input from trusted advisers to determine whether a consulting career is right for you.