The career of a Management Consultant is one of the most challenging and exciting one and is the preferred choice for most MBA graduates. They are the expert professionals who gather information, synthesize insights, and communicate solutions to organizations to help them achieve their objectives. Also known as management analysts, they help companies modify their structure, improve efficiency and thereby increase profits. In other words, the position of a Management Consultant commands deep industry knowledge, proven analytical skills, a valuable experience and a curious mind to address clients' challenges. Management consulting as a career offers the chance to keep learning and developing throughout your career and if you consider yourself willing to learn, have the ability to research, you will thrive in this environment.Management consultants usually work with a team of experts comprising a partner, team manager, consultants and analysts. Their job is often time demanding and they may need to work overtime to ensure deliverables. They may work off- site at their client's location and obtain a firsthand knowledge of the company's structure or be located at the client's destination until the objective is met.Some of the everyday duties of a Management Consultant are:
- Problem Identification
- Analyze data related to expenditures, revenue etc
- Research on market trends
- Interviews and facilitates discussion with stakeholders
- Develop findings based on information gathered
- Present progress reports to management
- Recommend solutions for improvement
Salaries and Job Outlook*
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Management consultants are recruited in large numbers across many fields such as consumer product, private equity, mergers and acquisitions, transportation and technology. Many corporations recruit these professionals for internal consulting within their firms. Hence the job outlook for consultants is positive with many opportunities for advancement.Management consultancy offers one of the most lucrative compensations for the challenging work done. Compensation levels are influenced by the type of consulting firms that hire, your experience and areas of responsibility. Salaries increase as the position moves vertically to seniority. In addition to salary most firms offer relocation assistance, travel reimbursements, bonus and profit sharing incentives.The average salary of Management consultants ranges in between INR 10.0 lacs p.a to 12.0 lacs p.a.
Education and Training
Most consulting firms hire MBAs for this position with a focus on good academic records. Mathematics, science, and engineering majors are favored by consulting firms, for their solid quantitative abilities.A lot of Management consultant professionals are sought with usually with five to ten years experience. The idea is that talented and dynamic individuals will quickly acquire the necessary practical experience by working in teams with more senior consultants.
Valued Traits & Abilities
A career as management consultant offers enough opportunities to satisfy a wide range of different career aspirations. There are several types of management consulting jobs that are offered such as large multinational firms, boutique or industry-specific consultancies, and internal consultancies within large corporations. One may also consider the option of starting one's own firm and becoming a self-employed management consultant or a Freelancer who may be hired by businesses that need expertise in a specific field such as human resources or marketing, or both. However the latter option is favorable with a minimum of five years of practical experience.
Product Management Consultant
They usually work in companies that make or use products like manufacturing establishments. They advice these companies on improving product marketing strategies and thereby help them grow their revenue, market share and successfully launch new products.
Technology Management Consultant
These consultants support, advice and assist clients in the technology space. They plan, design and install information technology for clients, desktop support for complex hardware and software problems and make recommendations for improvement and efficiency of systems.
- Tata Consultancy services
- Mindtree ltd.