Management Consultant : Career in Consulting, Work Profile, Education & Salary

Businesses continue to become progressively complex. To gain a competitive edge over their counterparts, companies are relying more and more on management consultants. In fact a career in management consulting gives candidates an opportunity of getting to be a big shot in a short span of time. Job market for management consultants is quite strong. What's more the starting salary is also strong for consulting professionals. Also referred to as management analysts, the job of a management analyst or consultant is to assess and suggest a variety of ways to improve the efficiency and the profits of an organization.

A career in management consulting also brings variety. For two months, you can provide management consulting services to a restaurant business. The very next month, you cam consult with an e-business firm. Not only these, but management consultants provide their services across a wide range of industries and business firms. These consulting professionals work for supply chain management, human resources, information technology, financial and management controls and marketing among others.

Primarily, a management consultant provides services concerning the strategy, structure, management and operations of an organization. In addition, consultants identify the options available to improve the company's structure, performance and profits making use of additional resources as well, depending upon the requirement. Consultancy job is an enterprising task and challenges vary from project to project. Management consulting careers are about taking up a range of projects that vary in terms of the time taken and the demands of the client. Career in management consultancy has brought new opportunities for professionals with the advancement in information technology and electronic commerce.

Typical Work Profile/ Activities
Work activities or profile of management consultants vary from project to project. Consultants need to complete a project keeping in mind the demand and needs of the client. Consulting professionals can either work independently or as part of a team. Job responsibilities also may vary for new graduate recruits and experienced and senior consultants.

Conducting research, analyzing and collecting data
Interviewing company's management team and employees
Preparing business proposals and presentations
Identifying issues and implementing effective solutions
Leading and managing the team
Managing projects and ensuring completion within set deadline
Playing lead role in management of client relationships

As consultants grow in experience and skills and become familiar with their work, they may be required to look after a specific project. Senior consulting professionals manage the team and lower level workers. In addition, these professionals try to identify and seek out new business opportunities.
Educational Requirements to Become Management Consultants/ Analysts
Education and training requirements vary depending on whether you join government or private industries. A mater's degree in business administration brings good career opportunities for candidates who wish to work in private industries. Entry level job positions in government agencies can be landed with a bachelor's degree. There are not many academic institutions and colleges that provide a formal degree program in management consulting. However, there are multiple areas of study which provide candidates the background necessary to make a career in management consulting or consultancy.

Most of the top management consulting firms are not worried about what you have done a major in. But, they are definitely on the look out for good grades, logical skills and excellent communication. Many consultancy firms also provide in-house training to candidates. Depending on your skills, dedication and commitment, consulting firms may also finance your MBA program. Though employment growth rate is faster than average in this field of management consultancy, candidates may face tough competition. Additional years of experience are also required, apart from a master's degree in business administration or related field to land jobs in the private industry.

How much salary does a management consulting career fetch?
The median annual salary of management consultants (with an experience of 8 years or more) is $125,000. Consultants earn an annual salary between the range of $106,000 and $185,000. The salary of management consulting professionals varies hugely depending on their experience, sector of expertise, work location and the firm they work for. Salary range increases with experience in consulting work. Experienced management consultants can earn an annual salary as high as $250,000.