An overview of the management consulting profession. The profession is often dominated by frequent and heavy travel schedules, long working hours, continuous learning and development, close team collaboration, and a focus on short- and long-term projects.
Management consultantshelp organizations solve problems, create value, maximize growth and improve business performance. They use their business skills to provide objective advice and experience, and they help an organization develop any specialized skills it may lack.
Management consultants work with companies to improve their performance by providing expert advice to solve problems and encourage growth. They work with companies from a wide range of sectors, including business strategy, finance, human resources and marketing. It's not just about private companies: many public institutions use management consulting to improve their practices and efficiency. Consulting firms range from those that offer comprehensive solutions to smaller or more specialized firms that offer specialized experience and skills in certain areas of the industry.
The process of studying for the GMAT, applying to business school, and then going to business school can mean that your career in management consulting begins three years from now. From here, you'll typically move on to the level of senior consultant or manager, and this is typically achieved in about three years. While they'll spend a significant portion of their time preparing PowerPoint presentations, emails, and “routine” tasks, such as creating databases, young consultants take responsibility relatively quickly and are dedicated to solving challenging business problems. As they usually advise on a specific topic, the work of a strategy consultant usually involves extensive data analysis.
The MBA is popular among management consultants, but there are other master's programs available in relevant business topics. Consulting is one of the highest-paid avenues (whether you are looking for partner positions or if you abandon yourself to executive positions in the industry).
Consulting firmstake staff training seriously: most consultants receive regular feedback, mentoring opportunities, and opportunities to seek advice from senior consultants. So one option, if you're a little risky, is to become a consultant and be available in an online marketplace for consulting work.
Unlike working in start-ups, most people who work in major consulting firms and then go into the business world reach senior management positions or higher. If management consulting has sparked interest, explore the latest graduate jobs in consulting to take the first step in your career. Management or strategy consultants are often “generalists” who help companies solve important problems, redefine their business models, or update their five-year plans. They can be hired by a company to advise senior management on a specific project or, more broadly, on the structure and practices of a company.
Strategy consultants sometimes advise governments in poor countries on issues such as natural resource strategy, which could have a significant impact.