Management consultants are basically required to provide objective advice, specialist skills and expertise with a sole aim of value creation, growth maximization and improvement of the performance of the client businesses. Management consulting is primarily dealing with strategizing, structuring, managing and the operations of the organization. Consultants are required to assist by recognizing and identifying options along with recommendations, providing of additional resources and implementation of the provided solutions. A management consultant operates across a huge variety of services like business strategy, financial as well as management controls, marketing, human resources, e-business operations, information technology and supply chain management.
Education requirements for employment in a private sector company require that you have a Master's degree in Business Administration (MBA) or in a related field. However, to get employed as a management consultant in a government based agency a Bachelor's degree should be enough but a Master's degree is still preferred.
For a job in management consulting, you need to have skills like discipline and self motivation. You should also possess analytical skills and have inter-personal skills so you can get along with any kind of people. Also important are excellent and impeccable written as well as oral skills. A good management consultant needs to have good judgment and creativity to be efficient at the job. Time management is another important ability that one should possess to be able to respect and mange one's time as well as someone else's. A consultant should also be able to work together with other people as a team without any conflict or misunderstandings.
To get hired for any reputed job, prior experience in the field is an added advantage and only looks good on your resume. Prior experience could be as a management consultant or as one who has interned under an experienced reputed management consultancy firm. Any other courses in the field also serve as a substitute for prior experience.
Training in this field can usually only is acquired by interning at reputed management consultancy firms. An internship will help you acquire skills required to excel in the field when employed as a permanent employee with either a business or at a management consultancy itself. Skills such as these in a field such as this, requires hands-on experience and an internship is the only way to successfully achieve it.
As you become experienced as a management consultant, you can look forward to acquiring much more responsibility. And the more experience you have as a consultant, the more it will help you manage your own schedule. And eventually you will get to supervise others and mold them into great employees just like how you started out. If you show strong skills you might just land a job as partner in your firm. It has been observed that many consultants are self employed. After reaching their peak with their company, they set off by themselves and start off their own firms. The career prospects are hence, quite excellent for one in this field. However, there is a lot of competition. But if you know you are great at your job then no competition is bad for you, in fact it will only shape you into a better worker yourself. Employment in this field is expected to grow faster than every other occupation in the 2006 to 2016 decade.
As of 2006, management consultants were earning close to $76,800. However, as of now, the salary expected is $90,000 which is a big leap in three years. So, this field offers a promising career and stable future.
Companies usually hire management consultants when they want to become much more competitive. In 2006, 678,000 jobs were held by management consultants alone. 27% of these consultants were self employed and mostly in big metropolitan areas. They are also known as management analysts.
