Education Blog

Management consulting as a profession

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It pays to be a master of your field and it pays even more if you are an expert at giving professional advice!

If solving complex problems interests you and you feel you have the right business acumen and foresight which can help a business solve specific problems and improve the financial health of a company, then a career in Management Consulting is what you should look forward to.

Who is a Management Consultant?

Business professionals who are experts at strategic thinking, business and management skills and progressive leadership are hired as Management Consultants by companies. They are expected to have the ability to assess any organization from a different perspective related to a particular issue say growth, finance or stability. Management consultants are great thinkers, strategists, planners and executors all rolled into one and are extremely important for a business to reach its optimum potential. In fact Management Consultants are the guiding light for a developing and in the doldrums business.   

The work of a Management Consultant

  1. Improving operational and financial health of clients’ organization.
  2. Understand capabilities, previously tried and tested unsuccessful solutions and root causes to problems
  3. Develop recommendations, technical solutions and action plans to rectify the situation`
  4. Formatting resolutions backed with quantitative data and in depth research
  5. Lead and manage everyone within the team which may include other analysts.
  6. Liaison with clients to keep them informed of situations and progress and help with decisions.

Why do companies hire Management Consultants?

Quite often Management Consultants are called in times of extreme emergency, to deal with chronically difficult problems. Hence they are expected to possess superior interactive and communication skills which can immediately help them to break the ice. They are hired for their problem solving ability, their crisis management abilities and their industry insight. They generally work 50 hours per week and spend a major time in creating and developing business and professional relationships with clients and other businesses that helps them in their work.

What qualifications do you need to become one?

Though Management consultancy is open to graduates from any discipline, a management degree which is analytical or numerical in nature can be particularly helpful. Most consultants have a specialized degree in any of the following fields:

Finance

Business

Operations

Marketing

Economics

Engineering

Science/ Maths

Also if you can get an additional degree in the industry you choose to work in shall be a great advantage, say healthcare, banking or finance. A PGDM program from the best business schools in India could be sufficient for this. A commercial exposure in the same industry can prove to be of an added advantage here.  There is indeed an intense competition in this field and one has to go through several rounds of critical assessment before actual selection.

What is the approx salary of Management Consultants?

The average salary of a Management Consultant is between 10 – 14 lacs per year. The average pay per hour is Rs 800- 1000 per hour, which further escalates as you go higher up the corporate ladder.

The best part of the profession is that this can also be pursued as a freelance option or in addition to another position/ capacity. Very often, highly experienced people opt for management consultancy at the end of the career, post retirement also. They are valued a lot for their rich experience.

Young Management Consultants are nonetheless equally in demand for their aggressive outlook and progressive and daring attitude which adds to the charm of this profession. So if you think you are motivated enough to enjoy problem solving and wish to serve organizations by helping them operate better, then this profession is surely the one for you. Choose the best PGDM institute in India to follow your dream career.