How to become a Management Consultant?

• Who is a Management Consultant?
• Why becomes a Management Consultant?
• What does a management consultant do?
• Management consultant salary in India
• Perks of Being a Management Consultant
• How to Become a Management Consultant?

Who is a Management Consultant?

A Management Consultant is a professional who provides services such as Operating Consulting , Strategy Consulting and IT Consulting. Some world renowned organizations such as Boston Consulting Group, Deloitte, PWC and McKinsey are known to render the best management consulting services.

Management consulting when defined is a process of helping organizations improve their performance. In this process an organization can seek the help of a management consultant to help solve organizational problems, improve business performance, maximize growth and create value

Also read – How to get into consulting roles?

Why becomes a Management Consultant?

While on one end the big pay check could be a very valid reason to take up the job of a management consultant, yet on the other end tight deadlines, travel requirements, and more in the midst of a pressurised environment, can sometimes be too much to handle for some individuals.

As a career, management consulting can be very rewarding in terms of remuneration and also job satisfaction. While constant meetings on one hand can introduce an individual to entirely new groups of people on a daily basis, the uncertainties in the job can be overwhelming for many seeking this career.

What does a management consultant do?

The job of a management consultant is to analyze what an organization does and try to maximize its efficiency in different areas. The tasks involve solving problems related to business strategy, finance, marketing, supply chain management, human resources, etc. One of the important tasks at hand is to drive performance and profit by suggesting new practices or defining alternative paths.

A Management consultant prepares presentations, business proposals, interviews employees of clients, to name a few of their responsibilities. They work with industries such as healthcare and design consulting to name a few. The job of a management consultant is a high-caliber job, so its salary in India is highly lucrative. 

The job of management consulting offers flexibility in the working environment. You can work as a full-time employee, a self-employed professional, or a contractual consultant. You can choose to work in a big consulting firm or a boutique firm specializing in specific industries.

Few other firms that majorly provide the services like Accenture, Capgemini, and Grant Thornton are experts in solving problems connected with IT and business processes. One of the best career options after an MBA is that of a management consultant.

Management consultant salary in India

• Management consultant salary in Hyderabad – ₹ 8, 90,805
• Management consultant salary in Bengaluru – ₹ 8, 31,801
• Management consultant salary in Noida – ₹ 7,79,946
• Management consultant salary in Chennai – ₹ 6,99,630
• Management consultant salary in Gurgaon – ₹ 6,90,634
• Management consultant salary in Mumbai– ₹ 5,78,968
• Management consultant salary in Jaipur – ₹ 4,82,980
• Management consultant salary in Delhi – ₹ 3,33.886

Management consultant salary in USA is $83,408.

Source – indeed.com

Perks of Being a Management Consultant

The job of a management consultant is very challenging and hence comes with good perks. According to Indeed.com, the average management consultant salary in India is approximately Rs 800,000 per annum. The figure varies with the experience and can be much higher for those with more relevant experience in the field. Additionally, owing to the nature of the job, there are opportunities to earn from bonuses, profit-sharing, and commissions. Also, many big and established companies offer various perks like company cars, gym memberships, travel opportunities, sabbaticals, etc., to their top consultants.

According to Consultancy., one of the most popular professions among Indian students is consultancy. One out of ten people in India chooses a job in management consulting. 

Taking into account the job growth opportunities, this statistic is not surprising. Consulting work equips you with a range of skills, from strategy to research and communication. You can apply the learning to any job in case you decide to switch careers in your future.  

Management consulting has a very rewarding career both in terms of remuneration and satisfaction, so there is the rise of management consulting certification. Now, let us go through some pro-tips for entering the profession: 

How to Become a Management Consultant in India

1) Complete a bachelor’s degree program

• Bachelor’s degree is the minimum
• MBA course from a reputed institution

If we talk about educational qualifications, a bachelor’s degree is the minimum requirement in the consulting sector for most employers. You should pursue a major in the subject of your choice, be it marketing, finance, human resource development, etc., and you should supplement it with specific minors and courses.

It is always a good idea to pick a particular sector. It can be education, healthcare, agriculture, or e-commerce. You can also go for an additional course to gain knowledge and skills about that sector. Although there is no hard and fast rule about academics in the management consulting world, some companies prefer a master’s level degree or an MBA due to fierce competition. So doing an MBA course from a reputed institution can help you land on your dream company.

2) Get Work Experience

• 2-3 years of work experience
• Worked in business and project management positions

Usually, a management consultant job description in India requires at least two to three years of work experience. Besides consulting expertise, if you have experience in the social sector or the public sector, it may work in your favor to have worked in other business and project management positions. If you have no experience in project management then enroll in this free Project Management Course and master the basics of Project Managment.

Some employees gradually move to consulting roles, starting from lower ranks, in the same organization. Work experience helps you to familiarize yourself with the realities of the workplace. Taking on more challenging responsibilities and handling diverse tasks offers a steep learning curve!

3) Get certified

• Management consultant certification programs
• Certifications can be a great way of showing off your specializations

Management consultant certification programs can give you an edge in the recruitment process, though they are unnecessary. They serve as a testimonial of your training and experience and add to your existing practical knowledge about the field of management consulting.

Certifications can be a great way of showing off your specializations to potential employers and differentiating yourself among other candidates. There are several certifications available today, from entry-level to those suited for high-level managers that involve dealing with the client directly.

4) Crack the interview 

• Tested on time management , Analytical and Critical thinking
• Case studies, Consulting problems, and Face-to-Face discussions

Management consultant job description consists of many responsibilities such as: Conducting research, surveys, and interviews to gain an understanding of the business, analysing statistics, detecting issues and investigating ways to resolve them, and assessing the pros and cons of possible strategies.

Management consulting jobs come with long and multi-stage interview processes. The entire exercise aims to understand how you work in a team, how you approach a specific problem, how well you can communicate and present your solution, among other things. Employers are also interested in testing your time management abilities, analytical and critical thinking skills through case studies, real-life consulting problems, and face-to-face discussions.

5) Continue to learn 

• Professional development
• Opportunity to showcase your skills to potential clients

Professional development is another important step in becoming a successful management consultant. This includes networking and connecting with other consultants in your field during formal events. Also, formal events can be used for corporate presentations as an opportunity to showcase your skills to potential clients.

Summary

The Management consultant job description comes with lots of responsibilities that are required for the growth and success of the business. The road to success in management consultancy consists of many steps – be it a relevant bachelor’s or postgraduate degree, MBA program, valuable work experience, or networking. Go through the above pointers, and it will help you get a head start!