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What is Management Consulting? Why is it so Sought After
?
As impressive and fancy Management Consulting sounds, its breakdown meaning is quite simple. Management Consulting is a profession where one is helping clients find stable solutions for a business problem. Therefore, as a Management Consultant, one comes in the backdrop as the expert problem-solver of client’s business procedure or actions. The consultant analyzes, strategizes, and then develops a plan of action best suited for their clients. Thus, having an eagled-eye perspective of the respective industry’s best practices is very important.
But this does not end here. As a Consultant, one has to get into the nitty-gritty of the client’s situation and dive in to find out the root problem that is to be solved. The countering act involves fishing and delivering of a cost-effective, compelling, and a timely solution.
Qualification Needed for a Career in Management Consulting
Since the Management Consulting industry weighs a lot on the experiential knowledge of the Consultant, prior work experience adds a lot of value in obtaining credibility with the client. Additionally, the exposure one gains from an MBA, the activities, internships, specialization and experiential learning undertaken add up to one’s chances of an easy entry to a career in Consulting. Indeed, MBAs serves as one of the most favourable career routes for the aspiring Management Consultants!
Skills Needed for a Career in Management Consulting
The most basic skills in Management Consulting is tactful communications skills, quantitative, analytical skills and a probing mind to acquire the best of the industry knowledge. While these mandatory skills are the starting point, professionals would need to acquire a broader skills’ armour as they enter deeper inside the competitive Consulting stir.
In an ideal situation, driven passion for this field and desired aptitude will be mutually benefiting. Thus, as a Management Consultant, one’s updated knowledge about the specific field will matter the most. This knowledge will be used as a vantage point to view the best solutions for your client. To step up, professionals should be willing to take up ways to gain exposure, have a volunteering intent to understand the industry better, and aim at honing their negotiating skills.
Hierarchy in Management Consulting Career
Right after MBA, resuming professional timeline as a Management Consultant, one can picture indulging in a lot of ground research work. This, of course, is necessary for a starter – to warm up to the rigorous world of consulting that is expected to follow soon. As a debuting Consultant, one will be placed at various stages of the consulting cycle, especially where one can gain knowledge by observation, experience and understanding. To find perfect fit, during the initial months, an entry-level consultant will be spending a substantial amount of time, moving from one project to another. As the knowledge progresses and one’s aptitude and interests respond affirmative to a specific field, one can move to a better defined role.
All this is a part of Orientation and Training, post which, an aspiring consultant is up for promotion, if he has suitably completed the training curriculum. As one progresses towards a perfect fit, one can move on to become a Senior Manger, a Senior Director, a Managing Director, a Senior Director, a Director a Senior Partner- all depending on performance. Each of these roles will serve as a launch pad for the next flight. For example, if one debuts in the role of an Analyst, the first initial years can be considered the time of Consulting base forming. From there, in about four to five years, one should be heading towards the position of a Manager, where the role becomes more characteristic than the obliquely general role of a new Analyst. Thereafter, depending on the different positions and tittles that one’s organization provides, the professional positions start to accelerate to the Senior Manager and subsequently to the Partner or the Principal roles.
Pros of a Career in Management Consulting
If one has a preferred aptitude and interest in the field of consulting, then the pros of being a Consultant outweigh the cons. A freshly stamped MBA joining the most prestigious firm can expect an affluent salary. The benefits that come along with an attractive salary are many. First is the sign-on bonus, which is said to be one of the highest ever in comparison to that in other industries. Moreover, the standard raise for a Management Consultant can begin at ten percent, and escalate to a higher level for the diligent performers. What makes this industry more tempting are the side benefits that job brings along. From profit-sharing programs to an extended Medical and Life care, a lot is up there for grabs. Apart from this, the Consultant position is an exciting space. For those who enjoy the thrill of travelling, networking, working on new and interesting subjects, and exploring the new industry trends, professional excitement will be a treat.
Cons of a Career in Management Consulting
Stepping into Management Consulting is not a ballgame. One is not only looking at a change of professional scenery, but a lifestyle change altogether. There is high work pressure, heavy travel, extended hours of work, constant change of environment, and, with that, an exhausting work routine. Management Consulting is an industry that is easily prone to recession, is infamous for being unpredictable, and does not has a nine to five routine. The competition in the industry is fierce and not easy to sustain for many.
Who is a Career in Management Consulting good for?
Are you a curious being, perpetually inquisitive to learn? Do you constantly strive to remain at the top of your professional game and enjoy healthy competition? Are you quantitative, comfortable juggling between numbers and business locations?
If yes, than the arena of Management Consulting will rightly fit you. It is the patient, flexible and yet prepared individuals who open to an unpredictable but exciting professional journey.
Best Companies for a Career in Management Consulting
- McKinsey & Company, New York
- Bain & Company
- The Boston Group, Boston
- Booz & Company, NY
- PwC (Prince Waterhouse Coopers) LLP (consulting Practice), NY
- Oliver Wyman, NY
- Deloitte Consulting LLP, NY
- The Parthenon Group, NY
- A.T Kearney, NY
- Accenture, NY
- Analysis Group, Inc., Boston
- L.E.K Consulting, Boston
- Charles River Associates, Boston
- Insight Sourcing Group, Norcross
- Clear View Healthcare Partners, Newton
- Cornerstone Research, San Francisco
- Alvarez & Marshal, NY
- The Cambridge group, IL
- Censeo Consulting Group, Washington
- The Chartis Group, Chicago
- Strategic Decisions Group, Palo Alto
- Point B, Seattle
- KPMG LLP (Consulting Practice), NY
- Mercer LLC, NY
- Kaiser Associates, DC
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