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Find answers to your top 4 questions about management consulting before you go into the field. Find out what management consultants do.
How To Become A Business Management Consultant
Management consulting is a popular career choice, especially for Master of Business Administration (MBA) graduates, and remains one of the highest paying positions after graduation. With high pay, travel, a fast-paced environment, and the opportunity to land a prestigious management consulting role at one of the Big 3, the appeal is understandable.
How To Become A Management Consultant
If you’re considering a career as a management consultant, it’s best to understand what the role is, what you do every day, the benefits of working in the field and exactly how to get there.
Management consultants work with businesses to identify solutions to problems to maximize business performance, improve business processes and increase revenue.
Management consultants can cover various areas including business management, marketing, business strategy, supply chain and employee productivity. They usually work with the senior level of an organization and may focus on a specific industry or work across the board.
As a management consultant, you work with national or international clients either as a management consulting firm (a popular choice) or as an independent consultant.
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A management consultant’s job is to solve business problems. Specific tasks vary due to different organizations and projects, and the challenges that must be addressed in each business. Although the specifics vary, certain areas of work apply to all management consultants and require specific skills.
Regardless of their area of expertise or the type of business they work in, management consultants generally focus on three main areas: Your work may belong to one or more of the following:
1. Skills and Areas of Expertise: Management consultants provide expertise to businesses in many areas. These can be general or very specific and include:
2. Analysis: Management consultants conduct in-depth analysis and research related to the area in which they work in an organization. Be objective and unbiased to provide a clear perspective on the issue to be addressed.
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3. Project Management: Management Consultants are directly involved in the implementation of the solutions that have been identified. Work with your team to deliver and monitor solutions by working directly with senior management.
The responsibilities of a management consultant will vary depending on the company you work for, the specialization you work in, and the project itself, but general duties and tasks include:
The essential skills required to be an effective management consultant are honed through experience as well as through an MBA program or similar course. To be a successful management consultant, you must have the following skills:
The management consulting profession has high salaries, excellent career prospects, an interesting workload, and many opportunities for career advancement. Many reasons explain why this job is attractive to many people.
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According to the US Bureau of Labor Statistics, the median annual salary for management consultants is $93,000, with the top 10% earning $163,760 . Management consultants who work for consulting firms often receive a salary plus bonuses.
The job outlook for management consultants is good, with employment expected to increase by 11% between 2021 and 2031, creating around 101,900 positions . This percentage is above the average for all occupations. Small consulting and technical specialist positions will see the most.
Management consultants have frequent opportunities for career development and growth. More experienced management consultants can assume senior positions involving management teams, work on more complex projects, and bring new business to the company.
Management consultants with exceptional skills can advance their careers to partner level. Many management consultants use the skills they acquired as a consultant to move into other business management positions.
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Working in management consulting is exciting, varied and fast-paced. People who thrive in tight deadlines and high-pressure environments are well suited as management consultants. Work hours can be long and the position is competitive. But the perks are well known: travel, bonuses, company vehicles, gym memberships, and the opportunity to work with senior clients at large multinational corporations.
Management consultant positions are in high demand and can be very competitive. Most people entering the profession start at the entry level and progress, but even this requires a high level of education, experience and skills. Top consulting firms, such as the Big 3, typically invite only 10% of applicants for interviews .
Most management consultants work for consulting firms. Consulting firms vary in size and specialization and can generally be divided into: Big 3 (Bain, McKinsey and Boston Consulting Group); Group 2 (Accenture, Kearney, Oliver Wyman, L.E.K.); Big 4 (PwC, Diolotte, EY and KPMG); A small boutique firm that handles some small or special projects, and finally independent self-employed consultants.
To become a management consultant, the minimum education requirement is a bachelor’s degree. According to Zippia, 67% of management consultants have a bachelor’s degree and 22% have a master’s degree. Those with an MBA or Master’s degree in a related field are generally preferred. Earning a degree in a related field also helps. Many consulting firms hire applicants straight out of college. Therefore, it is a good idea to check if the college and course you are considering has a relationship with the company you are interested in.
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Experience can be a great way to differentiate yourself from the competition. The higher the level of the position you are applying for, the more experience you will need. If you are a recent graduate, an internship in a business-related field can be beneficial. Any experience that demonstrates commercial awareness, leadership and communication skills will be helpful. Employers can also provide on-site training.
To really set yourself apart from other applicants for management consultant roles, you may want to consider studying for a relevant certification. You can verify your credentials and improve your skills and knowledge.
Management consulting is a competitive career option with excellent career prospects, high salaries, development opportunities, and challenging and exciting job specifications. If you want to start your career as a management consultant, you can check out some of the courses listed here, including the Project Management Basics course offered by Google.
This course is the first in a series of six to equip you with the skills you need for entry-level roles in project management. project…
What Is Consulting & What Do Consultants Do? 
This content is provided for informational purposes only. Learners are encouraged to do further research to ensure that the courses and other credentials they pursue meet their personal, professional, and financial goals. Being a business or technology consultant is one of the most exciting and rewarding careers. The question is, how exactly did you get into that career and what are some suggestions for becoming a better consultant? That’s what I’m going to say in this blog today. My journey has been long but rewarding. I started my career in the late 90s with one of the top 5 consulting firms Price Waterhouse. I have been a consultant for 25 years and also worked in a small organization before starting my own company. The insights in this blog are relevant to established consultants who have just started consulting or have been looking to expand their knowledge. Today’s goal is to provide you with key lessons and real-world examples to help you become a successful consultant in the business and technology workplace. Table of Contents Being a Good Listener Live Knowledge Open Mind Exceeding Expectations Share Knowledge Be a Good Listener The first and perhaps most important quality of a good consultant is to listen and understand the client. You must understand their needs. Ask good questions too. Consultants who can ask the big questions and understand the client’s situation will be most successful, even if they have strong technical skills or extensive experience. If you cannot absorb and handle customer needs, your project will fail. When hiring consultants for our team, we always look for consultants who can listen and understand. This is a key characteristic that is difficult to prove in your resume. Being able to demonstrate this in a job interview or any hiring process will go a long way in making you a good consultant. Breath of Knowledge Having a breath of fresh knowledge is one of the most important qualities you can learn early in your career. There is a lot to be aware of in terms of terminology when guiding clients or thinking about the type of transformation they have made.
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