If you are looking for a career option once you finish your graduate, postgraduate, or advanced degree, you must consider a position as a management consultant. According to a study1, the management consulting market is set to grow by around 4.10% from 2022 to 2028. As the market grows, the demand for management consultants has also increased, making it the right time to enter the industry.
You may have many questions regarding How to become management consultant? What are the skills you need to become a top management consultant? How can you build your experience to get hired by the top consulting firms in the world?
Before we delve into the details of becoming a management consultant, let’s first understand what a management consultant does.
Management Consultant: Roles and Responsibilities
Management consultants are business specialists who help organizations solve internal problems, improve performance, maximize value, and uncover prospective growth areas. Management consultants, in essence, examine an organization’s activities and give strategic advice for how it might better accomplish its stated goals. Their main goal is to check –
- Whether the time is right to launch a new product,
- How to increase the profits of the company,
- How to increase the market shares,
- How to step foot in a new market.
These issues do not have straightforward solutions. Top leaders need to brainstorm diverse opportunities to address such questions in order to deliver the best course of action. Consultants are hired to make high-stakes judgments when the best course of action is unclear.
Steps to Becoming a Top Management Consultant
While the work of a management consultant is quite difficult, knowing the right path can help you achieve your dream of becoming a successful one. Here is a guide on how to become a management consultant –
Complete the required degree
A bachelor’s degree is the minimum educational prerequisite for becoming a management consultant. People with a Master of Business Administration or a master’s degree in a relevant discipline typically have an edge. Many consulting businesses employ fresh graduates; as a result, it’s worth checking to see whether the college and management consulting courses you’re considering have any ties to organizations that interest you.
Get your certifications
To distinguish yourself from several other candidates for management consultant positions, you may consider obtaining various certifications relevant to the work profile you wish to apply for. It can validate your qualifications and help you improve your skills and expertise. Here are some popular certifications that may help you excel in the field –
- Certified Management Consultant (CMC),
- Certified Manager Certification (CM),
- Talent Optimization Consultant Certification
- Project Management Professional Certification (PMP)
Continued professional development is another prerequisite to being a successful management consultant. This includes consistently working on enhancing your skills while networking with other industry professionals to encourage your growth.
Gain Professional Experience
Gaining work experience is an excellent approach to distinguishing oneself from the competition. The higher the employment level for which you apply, the more experience and skills you will need. Internships, boot camps, and certification courses can prove your never-ending interest in the field, reflecting how agile and driven you are toward the field. Any experience demonstrating your business skills, leadership, and communication abilities will benefit you. Employers may also provide on-the-job training. Some of the top companies that hire interns for this position are –
- Boston Consulting Group
- Bain & Co
Ace your Interview
Applying for management consulting positions often needs you to go through a lengthy multi-stage interview process. The interview process enables recruiters to analyze the characteristics of candidates’ personalities within a professional setting. It encompasses communication skills, problem-solving abilities, and other attributes. Hence, make sure you prepare well before appearing for an interview.
Prepare Case Interviews with Examples
The recruitment process for becoming a top management consultant would require you to explore diverse case interviews relevant to your job profile. Performing well on case interviews can drastically enhance your chances of getting hired as they highlight your mental agility and logical strength. Here are a few case interview questions you might face during your management consultant recruitment process. These range from guesstimate questions to solution-finding queries.
- “ Juniper- A local restaurant serving oriental cuisine has experienced a dramatic growth in turnover rate among its serving staff, leading to increased client grievances and serving delays, resulting in slow service. What factors do you think are behind this growth in turnover rate, and how would you tackle it?”
- “Juniper’s local parking space, being obtained by a new restaurant in their vicinity, has led its customers to seek better options in the market, ultimately harming its overall revenue. How would you eliminate this issue?”
- “What is the driving factor behind Juniper’s immense growth.”
- “How do you assess your target market’s preferences?”
Skills Required to Become a Management Consultant
How to be a management consultant is one question that bothers a lot of aspirants. However, it is not an easy task. Specific must-have skills will help you grow in the industry in a smooth manner. Here are some skills you must polish before becoming a professional –
One of the most critical aspects of management consulting is issue-solving. This means you envisage how a firm could function more successfully whilst learning how it presently operates.
Research and Data Analysis
Management consultants frequently conduct investigations to better identify possible problems inside a firm. You can explore corporate databases for historical data, organizational charts, sales figures, and systems used to determine how a firm may improve. Management consultants may also examine statistics, such as the time required to accomplish a task or how productivity increases over time.
Scheduling and conducting meetings, developing project timelines, assigning resources, and defining success indicators are all examples of project management abilities. Companies may engage management consultants to suggest prospective solutions and supervise their implementation.
The capacity to digest information and make educated decisions about a particular issue is called strategic thinking. Management consultants frequently want first to grasp a company’s bigger strategic goals. When examining processes and data, one of your jobs may be to offer ways for a firm to enhance its operations to support the strategic plan better.
This is an essential skill that a management consultant must have. Consulting skills comprise a broad set of minor abilities, such as teamwork, creative thinking, and communication. Listening to your customers, communicating with them, and providing ideas while implementing the same to deliver optimum results are critical. Consulting may also require you to bargain with or convince clients. Several top companies hire consultants for the growth of their companies.
Different Roles of Management Consultants
Aspirants can seek out diverse roles under the umbrella of management consultancy. These include-
Business Consultants are seen as a critical component of the economy. They accept full responsibility for all of their company’s risks and potential. To thrive in the field, one must be
- a skilled planner
- have strong market relationships
- have adequate funds to start the project
Average Salary for Business Consultants –
|Level||India (INR)||USA (USD)|
|Fresher||INR 1,00,000 pa||$59,083 pa|
|Intermediate||INR 6,50,000 pa||$96,592 pa|
|Expert||INR 42,90,000 pa||$150,000 pa|
- Bain & Company: INR 36,72,781 pa
- BCG: INR 40,92,222 pa
- Cognizant: INR 14,36,776 pa
- McKinsey: INR 32,12,222 pa
Financial consultants contribute to the success of the firm by offering sound financial guidance. They play an essential part in the corporation by focusing on revenue, financial budgets, capital budgeting, and profit planning. Their efforts enable the organization to achieve a variety of objectives.
Average Salary Financial Consultants –
|Level||India (INR)||USA (USD)|
|Fresher||INR 1,50,000 pa||$39,317 pa|
|Intermediate||INR 5,00,000 pa||$74,269 pa|
|Expert||INR 15,00,000 pa||$140,292 pa|
- Wells Fargo India: INR 19,10,000 pa
- KPMG: INR 12,10,000 pa
- Ernst & Young: INR 9,10,000 pa
- Accenture: INR 10,40,000 pa
Strategy Consultants are in charge of a company’s growth plans. Their primary goal is to assist the organization with high-level choices. They employ their extensive experience to achieve the most significant results.
Average Salary Strategy Consultants –
|Level||India (INR)||USA (USD)|
|Fresher||INR 6,60,000 pa||$70,000 pa|
|Intermediate||INR 18,00,000 pa||$100,000 pa|
|Expert||INR 40,00,000 pa||$150,000 pa|
- BCG: INR 64,60,000 pa
- Accenture: INR 33,40,000 pa
- PWC: INR 22,80,000 pa
- Deloitte: INR 26,60,000 pa
Information Technology Consultant
Each firm hires personnel who are primarily concerned with the company’s technological requirements. The primary goal of these individuals is to suggest and resolve any technical or IT-related issues that may arise in the firm.
Average Salary Information Technology Consultants –
|Level||India (INR)||USA (USD)|
|Fresher||INR 2,10,000 pa||$60,022 pa|
|Intermediate||INR 7,30,000 pa||$102,090 pa|
|Expert||INR 18,00,000 pa||$173,641|
- Oracle: INR 12,00,000 pa
- Ericsson: INR 12,20,000 pa
- Infosys: INR 12,10,000 pa
- TCS: INR 11,70,000 pa
Management consulting is a competitive professional path that offers outstanding career options, high wages, development opportunities, and difficult, stimulating job conditions. The points given above will undoubtedly assist you in getting a leg up!
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- Is it possible to become a Management Consultant without an MBA degree?
While stepping into consulting without a master’s degree is difficult, it is undoubtedly achievable. Consulting businesses are no longer recruiting for specific majors and are no longer interested in business school pupils. It all depends on your skills and abilities. However, obtaining an MBA can significantly boost your skill set.
- Is there a specialization for Management Consulting in an MBA course?
The finest MBA specializations for consulting professionals are management consultant courses and strategic management courses. Finance, marketing, and entrepreneurial specializations are also available to prospective consultants.
- What is the best-paid role for a Management Consultant?
A Senior Management Consultant is the highest-paid consulting job. Senior Management Consultants make an average of $128,259 per year.
Salary sources: https://www.ambitionbox.com/ https://in.talent.com/ Image Source : Source