‘How to become a management consultant?’
is a question on many sharp minds.
Consultancy is one of the most sought-after careers for management graduates today. Not only is it an exciting field of work, but it also pays well. Read on to understand what a management consultant does and what it takes to get there!
What Does a Management Consultant Do?
As a management consultant, you analyze what an organization does, and try to maximize its efficiency in different areas. You solve problems related to business strategy, finance, marketing, supply chain management, human resources, etc. And the task at hand is to drive performance and profit by suggesting new practices and alternative paths.
The day-to-day responsibilities are varied, such as analyzing company figures, preparing presentations and business proposals, interviewing employees for the client, overseeing how the recommendations are being implemented, presenting the results to clients, and so on. Since it is a high-caliber job, the management consultant salary in India is highly lucrative. Read about the top 10 highest paid jobs in India for freshers.
Consulting offers the flexibility of working as a full-time employee, a self-employed professional, or a contractual consultant. You can work in a big consulting firm or a boutique firm that specializes in dealing with specific industries. McKinsey, Bain & Co., Boston Consulting Group, Deloitte, KPMG, PwC, and EY are some of the strategic consulting giants that cater to a variety of industry needs.
Other firms like Accenture, Capgemini, and Grant Thornton are experts in solving problems connected with IT and business processes. Management consultant is one of the one of the best career options after MBA.
Perks of Being a Management Consultant
According to Indeed.com, the average management consultant salary in India is about Rs 800,000 per annum. The figure can be much higher for those with more experience in the field. Moreover, there are opportunities to earn from bonuses, profit-sharing, and commissions, owing to the nature of the job. Also, many companies offer perks like company cars, gym memberships, travel opportunities, sabbaticals, etc. to their top consultants.
According to Consultancy.in, consultancy has emerged as one of the most popular professions among Indian students, with over one out of ten people choosing a career in management consulting. This statistic is not surprising, considering the job growth opportunities. Consulting work equips you with a range of transferable 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.
The rise of management consulting certification programs in recent times is proof that it is a rewarding career, both in terms of remuneration and satisfaction. With many hopefuls playing the field, it can get hard to set yourself apart. So, here are some pro-tips for entering the profession:
How to Become a Management Consultant?
1) Complete a bachelor’s degree program
In terms of educational qualifications, a bachelor’s degree is the minimum requirement for most employers in the consulting sector. You should try to pursue a major in the subject of your choice – marketing, finance, human resource development, etc. and supplement it with specific minors and courses.
It’s a good idea to pick a particular sector say, education, healthcare, agriculture, or e-commerce. You can use the additional courses to gain knowledge and skills pertaining to 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 the fierce competition, so doing an MBA course from a reputed institution can help you land on your dream company.
2) Get Work Experience
Typically, management consulting jobs in India require at least two to three years of work experience. Besides consulting expertise, it may work in your favor to have worked in other business and project management positions, for example, in the social sector or the public sector.
Some employees start at junior ranks and gradually move to consulting roles in the same organization. Work experience is meant to familiarize you with the realities of the workplace. Taking on more responsibility and handling diverse tasks offers a steep learning curve!
3) Get certified
Management consultant certification programs, although not compulsory in many cases, can give you an edge in the recruitment process. They serve as a testimonial of your training and experience and add to your existing practical knowledge about the field of management consulting.
In fact, they can be a great way of showing off your specializations to potential employers and differentiating yourself! There are different types of certification available today, from entry-level to those suited for high-level managers that involve dealing with the client directly.
4) Crack the interview
Management consulting jobs are famously known for their 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 can you can communicate, and present your solution, among other things. Employers also test 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
Another crucial step in becoming a successful management consultant is to continue your professional development. This also involves networking and connecting with other consultants in your field during formal events as well as using corporate presentations as an opportunity to showcase your skills to potential clients.
The road to success in management consultancy is dotted with varied check posts – be it a relevant bachelor’s or postgraduate degree, MBA program, valuable work experience, or networking. The above pointers will definitely help you get a head start!