“The key to success in consulting is always going above and beyond what is expected” – James O. McKinsey, the founder of McKinsey said this and it tells a lot about the job of a management consultant.
So, if you are the “professional therapist” your friends go to after every breakup, or if you have ever stopped even one street fight, then the management consultant role might be perfect for you. But becoming one will take a lot more effort than just narrating quotes off the internet.
Also, no one buffs when they say that management consultants have to handle almost every aspect of a business, but it’s not as bad as it sounds. A management consultant is skilled in handling all tasks, and over time, they become so skilled that “consulting” almost comes naturally to them.
If you’re also planning to be a management consultant, in this article I promise to answer all your questions. So, buckle up!
What does a management consultant do?
The most important task of a management consultant is to identify problems that may pose serious risk for a business’s growth. They work with seniors in the organization to solve the complicated challenges and achieve its vision and revenue goals.
Management consultants either join a consultancy firm and work for various clients across different regions and areas of business, or they choose the freelancing path.
With the demand for management consultants set to grow by 3.23% from 2022 to 2028, there is enough space for both freelancers and salaried individuals. So, you will have the freedom to choose!
Duties of a management consultant
There are several micro things that a management consultant has to take care of. But there are some key areas they need to focus on. I have listed those below:
Problem identification
I have said before as a management consultant, your first task will be to identify all the areas of a business where problems are emerging. You are just like a fresh pair of eyes for the company.
But your task will also include providing solutions. So, instead of just focusing on “What’s causing the trouble?” you should also focus on “Why does the problem exist?” The more “whys” you can answer, the closer you get to solving the problems.
Data analysis
You will understand this better with the example of a product company. Suppose you have been running a successful makeup brand, but suddenly, the crazy sales stop, and you feel like your company is just going in circles.
This is exactly where data analysis comes in handy. It’s just not about reading a chunk of numbers. It’s more about identifying a pattern among them. Numbers always tell a story, you just have to be careful enough to spot it.
Management consultants also spot trends using the numbers. Once that’s done, the analysis begins. They use the data they have gathered and create charts and graphs to understand the big picture.
Project management
Management consultants usually take up the launch or management of big projects, and it goes without saying that it’s a huge responsibility. The journey starts with planning, which includes setting goals, dividing tasks, and establishing deadlines.
However, that’s not the end of the task of a management consultant. They also have to look over the execution phase of the project. And, once that’s done, comes the most important task – evaluation.
Management consultants will thoroughly check the metrics of the project to determine which strategies were a hit and which ones were a miss. Based on that data, they help plan the company’s next move, and the process continues.
Strategic management
Another crucial role of management consultants is to develop and evaluate business strategies to help a company achieve its mission and vision. You may think that the consultants just throw in some buzzwords and numbers during the strategy call, and their task is done.
But a lot more goes on behind the scenes. The first step includes assessing the current situation of the company, and the data they gather helps with their SWOT analysis. The next steps look the same as the one involved in project management.
Change management
As a management consultant, if you get hired for change management, don’t fret! The initial steps involved are the same as the ones I have mentioned above. However, there’s one thing that changes – you’ll now be training employees and sitting at the table with stakeholders.
But why? Change management includes literally changing existing strategies, and that’s just the beginning. You may even have to change the way the company drafts proposals or employees engage with clients.
And all this cannot happen overnight. You should have a solid reason for making these changes, and as a management consultant, it’ll be your responsibility to explain the “why” to everyone.
How to become a management consultant?
If you have made it this far, I am assuming that you are really considering the management consultant career. So now, let’s check out what you’ll have to do to become one.
Educational requirements
If you ask me management consultant degree requirements are pretty basic. You just have to have a bachelor’s degree in a related field like business communications, finance and accounting, project management, etc.
But if you want to learn more and become an expert, you can also opt for an MBA. It will not only help you gain more understanding of businesses but will also help you secure a job with the big names in the industry.
Certifications
If you are running low on time or just can’t wait to start your career, you may consider going for a certification instead of an MBA. But, you should have to make sure that it shouldn’t be a compromise – meaning, you should be able to gain the same knowledge from the certification.
That is why you should check out 10X Consultant’s ‘Consultant in the Age of Gen AI’ course. Why trust me? I can give you 5 reasons:
- It has 10 modules discussing how to master consulting in detail
- It covers all the basics
- It uses real-life situations as examples to show you the real picture
- It is fit for both professionals and beginners – who have almost no knowledge of ‘real’ consulting
- It prepares you for consulting interviews as well as using the role-play method
Soft skills
If you take the management consultant meaning quite literally, it comes out as someone who handles the management, and for that, one needs actual knowledge and soft skills. The latter is also non-negotiable.
If you become a management consultant, you’ll have to collaborate with different teams and communicate with the management of the company. So, for that, you must polish your communication skills, and also become adaptable.
Apart from these, time management and creativity are areas that will also need your efforts.
Internships
Having knowledge about something is important, but having relevant experience changes the game. So, if you want to land that dream job, you should start by taking action from the beginning. Start applying to internships during your course and gain first-hand experience.
Remember, innovation won’t stem only from books.
What is the salary of management consultants?
There’s no one definitive answer to this. Management consultant salaries vary at every level.
For entry-level consultants, it usually starts from USD 46,000 and can reach USD 116,500. Whereas for mid-level professionals, the average salary is approximately USD 1,49,000, excluding their performance bonus.
Lastly, senior management consultants get paid up to $2,728,90 and higher.
The journey of a management consultant
The most attractive thing about the management consultant career is that there’s so much to learn and so much space to grow. As a management consultant, you can never know it all as the market is constantly evolving, and thus, no one strategy will stick forever.
So, if you are planning to become a management consultant, get ready to take up the challenges, as it’s going to be one hell of a ride!
