Management consultants are professionals hired to help organizations solve their most pressing problems. They are called in to evaluate, observe, and analyze the company's operations and then provide advice on how to improve performance and grow. This could involve finding new and better ways of doing things, reducing costs, or developing services. Management consulting is an unregulated profession, so anyone can claim to be a consultant.
The financial crisis and subsequent public sector austerity campaigns had a major impact on consulting revenues, as financial services and the government are two of the largest spenders on consulting services. However, there is still substantial demand for management consulting services, and this demand is increasing. Companies may hire a management consulting firm to help them make important decisions or verify that a certain course of action is the best one. Management consulting firms offer a unique opportunity to learn from a wide range of people, problems, and industries.
There are large consultancies with hundreds or thousands of employees, as well as smaller niche companies with 10-100 consultants. Consultancies provide assistance in managing organizational change, developing training skills, analyzing processes, implementing technologies, developing strategies, or providing operational improvement services. Strategic consulting is a subset of management consulting. If you're interested in how companies work (their strategy, structure, administration and operations), then a career in management consulting could be for you. Having companies like McKinsey and Company or Deloitte Consulting on your resume will make your hiring life after consulting much easier.
The thrill of the emergence of new projects and learning something new is one of the most rewarding aspects of being a consultant.