Management Consultant

About

A management consultant is a professional who provides expert advice and guidance to organisations in various industries to help improve their performance as well as efficiency. Their primary responsibility is to analyse a company's current business practices and provide recommendations on how to optimise processes, reduce costs, increase revenue as well as improve overall performance.

Typically, a management consultant works with senior executives and management teams to identify areas of improvement as well as implement strategies to address those issues. Furthermore, they also conduct research, analyse data, develop financial models and create presentations to communicate their findings along with recommendations to stakeholders.

Eligibility

For Bachelor’s

  • The scholars are required to clear their 10+2 board examinations with a minimum of  60% grade from an authorised education board.
  • The aspirants can apply for a Bachelor’s degree in the field of engineering, computer science, accounting, finance, economics, law and so forth. 

 For Masters

  • The successful graduates must pursue a Master's degree in MBA to become a management consultant. 
  • By pursuing MBA, the seekers will attain skills and all the required knowledge to crack the interview in the top MNC’s.

Job Roles

The job roles and specific duties of a management consultant are listed as given below: 

  • Strategy Consultants
  • IT Consultants
  • Outsourcing Consultants
  • Human Resource Consultants
  • Financial Consultants
  • Entrepreneurs

Top Recruiters

Management Consultants are employed by a wide range of organisations including both small as well as large corporations. Top recruiters of management consultant are listed as given below:

  • Deloitte
  • Boston Consulting Group
  • Accenture
  • AT Kearney
  • KVP Business Solutions
  • Accenture
  • KPMG
  • Capgemini

Employment Sector

  • IT Industry
  • Management Houses
  • Finance Companies
  • HR Recruitment Consultancies
  • Entertainment Industry
  • Recruitment Agencies

Salary

The pay for a consultant management can vary according to a variety of factors including the size of the company, the location, the industry and the number of years of experience.

 

Level of Salary

Salary Package per Year

Starting Salary

Approx Rs 4,00,000

Mid Level Salary

Approx Rs 12,00,000 

Senior Level Salary

Approx Rs 20, 00,000 

Skills

  • Analytical thinking
  • Communication
  • Project management
  • Strategic thinking
  • Data analysis
  • Interpersonal skills
  • Creativity
  • Leadership
  • Industry knowledge

Scope

The career scope of a management consultant is quite broad and can lead to various opportunities. These consultants can work in large consulting firms such as McKinsey & Company, Boston Consulting Group and Bain & Company.  Large corporations often have internal consulting teams that work on projects across the company. Management consultants can join these teams and work on projects that focus on improving business processes, increasing efficiency and driving growth. The management consultants can work with startups to help them develop their business strategy, scale their operations and navigate challenges that arise during the growth phase.

Benefits

  • Expertise
  • Efficiency
  • Objectivity
  • Customised solutions
  • Change management
  • Training and development
  • Access to networks

Drawbacks

  • High cost
  • Lack of understanding of organisational culture
  • Resistance from employees
  • Limited scope of work
  • Lack of ownership
  • Over-reliance on consultants