Jagpreet
04 September, 2023
Table of Contents
According to Hendrith Vanlon Smith Jr., “Effective consulting is about gathering and presenting actionable data, and helping businesses solve problems, implement solutions, and innovate.”
Management consulting, in layman’s terms, is a problem-solving service that organisations need to improve their performance. In the present scenario, businesses face a range of operational challenges and thus, require consulting services to solve issues, maximise growth, and improve organisational performance.
With the advancement in technology, there is a constant need for adaptation in businesses to achieve maximum profits. To address these challenges and improve financial performance, businesses seek guidance from Management Consultants.
Management Consultants work with business leaders, CEOs and directors of the company to gather data, identify problems, and implement strategic solutions. Your expertise as a Management Consultant will be required in various sectors which will range from manufacturing to healthcare, and education.
Furthermore, you will be a specialist in areas such as inventory management, IT, human resources, financial restructuring, etc.
As a Management Consultant, your duties and responsibilities will include solving problems, improving organisational efficiency, creating tentative & final plans, streamlining operations, providing risk advisory services, and aiding in human resource activities.
As a Management Consultant, there are various roles and responsibilities that you need to fulfil, such as:
As a Consultant, you need to be an excellent communicator so as to specify, assess, and communicate the scope of the product and the result associated with it. You are also required to be responsible for providing feedback to the company’s management team.
As a Consultant, you will have to complete the project from its inception to its completion. Your responsibility would be to oversee better adoption of new technologies and efficient work processes. This would lead to efficient operations; thereby, higher sales and growth for the company.
As a Management Consultant, you will be required to understand the client’s needs and requirements. Your responsibility will be to create and deliver proposals, presentations and written reports to the company’s clients. You will be required to conduct quantitative and qualitative research and accordingly consolidate the findings and present them to the key stakeholders.
As a Management Consultant, you are required to recruit personnel, train them, and lead teams to ensure positive outcomes for the organisation. You will need to conduct teams and facilitate workshops which will constantly upskill the employees of your company.
| Consultant | Specialisation |
|
Strategy |
Strategy Consultants offer exceptional direction to clients, covering a wide range of business areas such as corporate strategy, innovation, transformation, and technical expertise. |
|
Human Resource |
Human Resource Consultants provide crucial guidance in improving staff management and implementing positive changes in management procedures. |
|
Operations |
Operations Consultants provide business advice in managing and maintaining the overall operations of the organisation, thereby improving productivity and growth. |
|
Financial Advisory |
Financial Consultants specialise in areas including corporate restructuring, mergers & acquisitions, and improving the financial & economic circumstances of an organisation. They can provide necessary guidance and support to their clients in achieving their financial goals. |
According to Michael Zipursky “As a Consultant, your product is your expertise. Your content demonstrates your expertise. By creating and publishing content, you provide your potential clients with value and a “sample” of your expertise. If your content is helpful, then you’ll increase the chance they get to know you, like you and trust you.”
As a Management Consultant, there are few skills you must possess to fulfil your responsibilities. They are listed as follows:
While working as a Management Consultant, you must possess great organisational skills as your clients are heavily dependent on you for their needs. You need to have the skills to highlight any risks or opportunities that can impact the company or the business of the company in general. You will also need to demonstrate project management skills for complex multiphase projects and should be able to deliver them on time.
A management consultant needs to present reports, results, documents, and manuals from time-to-time. To deliver these things, you must have exemplary creative writing skills. The documents presented by you should be easily understandable and to-the-point. You also need to have flexibility and creativity to tackle difficult situations that may arise while carrying out strategic projects.
Communication and Interpersonal skills are a must for any Management Consultant as they are required to connect and interview clients at every organisational level. You will also be required to hold the team together through great communication and talk diplomatically whenever representing the company.
As a Consultant, you will be charging your clients on an hourly basis. The salary paid to you by any organisation will be quite high. So, you are expected to effectively utilise your time and give your clients value for their money.
As a Management Consultant, you must possess analytical skills along with problem-solving abilities. You will need to analyse data, compartmentalise it and draw a relevant conclusion so that you can offer professional advice and suggestions to your clients. You will also be required to handle a significant quantity of client organisation-related information.
If you want to make a career as a Management Consultant, you need to have the following qualifications:
To start at entry level you need to complete your bachelor’s degree. Pursuing a bachelor’s in the following disciplines will prove to be an added advantage:
| Business Administration | Marketing |
| Management | Finance |
| Psychology | Computer & Information Science |
| Economics | Accounting |
An MBA degree or a CA will give you an upper edge in pursuing a career as a Management Consultant.
A professional certification course in the Certified Management Course(CMC) will also prove to be an added advantage and will enhance your career.
According to Ambition Box, a Management Consultant’s salary in India ranges between ₹ 6.0 Lakhs to ₹ 40.0 Lakhs per annum.
Businesses need management consulting services for guidance on various organisational and strategic concerns. Experienced Consultants help resolve complex business issues. They focus on performance and utilise their knowledge and experience to provide guidance, thereby working with businesses to help them develop and grow.
Furthermore, Rob Malec has summarised it well “As a Consultant, if you don’t specialise, then it’s hard to get great at one thing. It’s hard to attract your ideal customer because your message is as diffused as your offer. What I find is the path for new consultants, distil down then when you think you are done, distil down further and get down to your core offering.”
To pursue a career in management consulting, you need to complete your bachelor’s degree in any discipline, however, pursuing it in Business, Economics, Mathematics, Accounting, Finance, and Management would prove to be an added advantage. Apart from the graduation degree, an MBA degree can give you an upper edge in terms of career growth and personal development.
There are no specific MBA specialisations that you need to pursue to become a management consultant. However, if your target employers are big four companies like KPMG, EY, PWC, and Deloitte, then completing an MBA in specialisations like Finance, Taxation, and Accounts can prove to be beneficial.
According to Ambition Box, the average annual salary of a Management Consultant in India is ₹22.2 Lakhs.
The Big Three, also called MBB, are the most prestigious management consulting firms. They are:
