Do you think you might want a career in management consulting but aren’t quite sure if you’re cut out for it? Are you currently a management consultant but desire to broaden your portfolio and gain the necessary credibility to advance to the senior ranks?

In order to build a successful career in the management consulting profession or elevate yourself beyond your current consulting role, you need to understand what management consultants actually do. It’s also helpful for you to know the education, experience and skills needed to get hired and promoted in the profession over time.

A full knowledge of the career path and the efforts needed to excel is important to success in your career in management consulting. We have some tips that will help you excel in this article.

• What does Management Consulting Involve?
• What does a Management Consultant do?
• Is Management Consulting a Good Career?
• What Qualifications does a Management Consultant need?
• How do I start a Career in Management Consulting?
• What Makes you a Great Management Consultant?
• Do Management Consultants make a lot of Money?
• Why are Management Consultants Well Paid?
• Is Consultant higher than Manager?
• How Much Can You Make in Management Consulting?
• What is The Career Path of a Management Consulting?
• How to Become a Management Consultant
• Management Consulting Salary
• Management Consultant Courses
• Management Consultant Job Description
• How to Become a Management Consultant in Canada
• How to Become Management Consultant in India
• Management Consultant Jobs
• Can Management Consultants Make Millions?
• How to Find Consulting Work

What does Management Consulting Involve?

Management consultants work with domestic and/or global clients (organizations, executives, leaders and teams) to identify and solve complex business, organizational and operational problems and define and improve processes.

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And though it can be a highly competitive and demanding profession, it can also provide many long-term benefits and career perks.

Management consultants have opportunities to work with the senior teams and top executives within organizations, and this helps with cultivating powerful relationships and building a supportive network.

The profession is typically dominated by frequent and heavy travel schedules, long work hours, continual learning and development, close team collaboration and a focus on short and long-term projects.

What does a Management Consultant do?

The core work of a management consultant tends to fall within one or more of these three categories:

Functional Expertise and Specializations. Management consultants provide industry counsel, advice and functional expertise in specialized areas such as strategy, mergers, governance, reorganizations, organization design, strategic leadership, operations, finance, risk management, digital transformation, information technology, organizational change management, organization development, human resources, talent management, advertising, and marketing to name a few.

Objective Analyses and Assessments. A management consultant serves as an objective third party to conduct in-depth research and analysis and then provides an unbiased opinion and perspective on difficult matters and complex business problems and issues.

Project Management. Management consultants work directly with senior leadership and internal project teams to deliver hands-on project management and leadership consulting to include project implementation, execution and measurement.

Though management consulting is interchangeable with the concept of advising, it’s actually distinct from the professions of executive coaching and training.

Still, each of these professional disciplines should have a sustainable—albeit different—methodology or framework by which to deliver services. High-quality management consultancies will have developed a sound management consulting methodology by which to inform the work of their management consultants.

To maintain a competitive and differentiated competitive advantage, this methodology tends to be proprietary and serves as a guide that management consultants adhere to as they effectively conduct assessments, perform analyses, diagnose issues, test hypotheses, intervene and make recommendations and deliver follow-up services for clients.

Is Management Consulting a Good Career?

Management consulting is a highly sought after career choice and it involves one of the most difficult recruitment processes in the corporate world. It requires a certain type of person with specific personality traits not only to receive an offer, but also to succeed on the job.

A career in management consulting is likely to be a good fit for you if you’re driven, if you’re genuinely interested in business, and if you have a few specific raw skills (or are more than willing to develop them!). 

Here are each of these traits in more detail.

You must be highly driven

You know you’re driven if you’re the kind of person who sets big goals and pushes hard to achieve them. You’re likely used to overcoming big obstacles and finding new ways to reach your goals. You’re not the kind to give up easily.

It’s this level of tenacity, ambition, and commitment to excellence that the top firms not only actively recruit for, but also require on the job as a consultant. The work of a consultant is often challenging.

You’ll end up working on some of the toughest business problems faced by senior executives. Clients of top consulting firms pay a large sum to have management consultants working for them, so they are naturally expecting highly committed personalities. 

If you’re the kind of person who’s naturally committed to their own self-improvement then you’ll do well in consulting since it requires a willingness to run up a steep and fast learning curve. Top firms also use an “up or out” policy which means you must demonstrate progression or risk being encouraged to leave.

On the flipside, if you’re at the stage of your life where you’d like to kick back, then the consulting environment is unlikely to be one where you’ll feel comfortable.

You must enjoy working on business problems

This may sound a little obvious given the type of work the top consulting firms do, but it is necessary that you’re interested in discussing, analysing, and solving business problems. 

Top firms are hired by CEOs and other senior personnel to solve their most important challenges, such as increasing profits, entering a new market, or making investments. 

These problems require a large amount of analysis, research and discussion to solve so it’s important that you care about the problem you’re solving to do well as a consultant. You’ll also get to work on lots of different business problems and you’ll usually find yourself tackling an entirely new client problem every 2-3 months. 

If solving business-related problems isn’t exciting to you, then consulting might not be either. It can be a drag to work on something you don’t really care about!

You must like working with people

In addition to enjoying business-related topics, you also need to enjoy working with a plethora of different people. Consulting is a client-facing role so having good people skills and emotional intelligence is important. 

Plus, since you tend to change team members and managers every 2-4 months consulting is a great place to be if you like meeting new people and learning to collaborate with multiple personalities.

On the other hand, if you prefer to work alone and would find client-facing roles exhausting then consulting is unlikely to be a good match for you.

You must have or develop some key skills

Some of the basic core capabilities you need to succeed as a consultant are analytical skills, a comfort with ambiguity, people skills, discipline, and organisation. 

Being a consultant involves tackling an array of complex problems involving many stakeholders, which do not have a clear answer and require a large amount of effort and time to solve. You’ll have to draw on multiple skill sets to get the job done effectively.

Management consulting firms will look for evidence of these skills during the recruitment process, but you must also be committed to improving these skills when on the job. McKinsey, BCG, and Bain all have very feedback-oriented cultures, meaning you’ll be constantly pushed to fill your skills gaps.

If you’re not naturally analytical and organised, then both demonstrating and developing these skills is going to be a challenge.

What Qualifications does a Management Consultant need?

Basic Qualifications

• Bachelor’s degree from a top institution
• Well-developed core consulting skills of research, analysis, presentation, and attention to detail
• Aptitude to grasp new concepts and effectively produce results
• Exceptional problem-solving skills – an analytical, innovative, and creative mindset
• Exceptional written and verbal communication skills
• Ability to be self-directed and be an independent contributor to the team

Preferred Qualifications

• MBA from a top institution
• 2+ years of consulting experience
• Advanced working knowledge of the Microsoft Suite, specifically Excel and PowerPoint
• Well-developed industry expertise in a domain of alignment (financial services, consumer products, human capital, shared services, etc.)
• Ability to lead teams with a sound work ethic, intellectual curiosity, and exceptional client service

Personality and Interpersonal Skills

• Ability to structure and manage intensive workloads
• A worthy team player, dedicated to contributing toward the outcome desired by the team
• High degree of emotional intelligence to effectively deal with increasingly diverse clients and teams
• Confidence and maturity to work with senior executives

How do I start a Career in Management Consulting?

Consultants are known for their long working hours, lots of traveling as well as their ever-changing projects. However, consulting is a good way in which you can earn new skills and grow professionally.

Whether you are new, interested in the consulting industry or an experienced consultant searching for a full-time opportunity in the consulting industry, it can be an uphill task to land an internship or a job in the sector.

Management consulting roles, which are in high demand from many companies and individuals are very prestigious as they come with very attractive salaries and benefits.

Therefore, if you want to break into the consulting industry, you need to be aware where to find the consulting jobs and learn about the consulting companies that recruit new entrants in the consulting industry.

So, you need to follow these steps if you want to break into the consulting industry.

Acquire the necessary skills and knowledge

All successful people in the consulting industry agree that it is vital for all new entrants in the industry to equip themselves with the relevant consulting skills and knowledge.

One of the best ways to gain the necessary knowledge and equip yourself with these skills is by acquiring an MBA or CFA part 1. You should understand that CFA part 1 or MBA would be an added advantage to you, regardless whether you have the necessary experience or not. More importantly, you must have completed any necessary Project Management Certification Program needed to in order to acquire the relevant skills and knowledge required to do the job effectively. 

However, you should understand that doing CFA part 1 or MBA is not a prerequisite for finding a consulting job.

But, of these courses can make you be a potential candidate, particularly if you possess the specific industry qualifications and experience which consulting firms ask for.

The main reason behind this is that you get to possess some of the necessary skills, like communication, management, leadership, problem-solving and working under pressure or stress amongst others.

Prepare a good cover letter and a strong resume

Yes, you might possess all the necessary qualifications, but you can fail to be noticed particularly if you do not present all your qualifications effectively.

To do this, you must prepare very strong and impressive resume and cover letter.

For your resume to stand out, it must start with your relevant experience on the first page as well as your experience and quantifiable achievements.

If you want your potential employer to notice you, then you must express all your accomplishments related to the consulting industry. You should ensure that you outline all your important skills in the resume, as they will set you apart from all other applicants.

Furthermore, you should understand that a well-written cover letter can play a major role in landing you that consulting job compared to the resume. A cover letter presents you with the only opportunity to sell yourself to the employer.

Therefore, put in mind that a carefully written cover letter is very important than any other document you present to your employer, including the resume.

Acquaint yourself with the professional consulting job-hunting process and interviews

As a new consultant entering the industry, it is important for you to get to know how the professional consulting and job-hunting process is.

When looking for a consulting job opportunity, it is important to ensure that you explore all the available options, including online platforms.

In addition, you will really need to prepare for the interview process, as this is where you will get an opportunity to convince your employer why he or she should hire you.

Therefore, you will need to be prepared to answer some questions about your personalities as well as about your previous experience.

Your interviewer might also ask you some questions to test your communication and problem-solving skills.

In addition, you should be prepared to answer case questions during the interview, as your interviewer will be interested to know how you can handle certain situations.

Find a good mentor in the consulting industry

Finding a seasoned professional to be your mentor can prove to be a major benefit for someone who wants to break into consulting. A good mentor should be someone with tons of experience, insight, and knowledge in the consulting industry.

He or she should be in the position to assist you in exploring your consulting career as even assist you in developing strategies on how you can find better-consulting job opportunities.

Actually, it is of the utmost importance to know how much your mentor can assist and support you before you even venture into the consulting industry. Furthermore, it is good to understand that mentors can be very busy at sometimes.

Therefore, it is important not to ask them to do things that you can do personally.

Become a member of a consulting club

The main purpose of a consulting club is to assist students to be connected to potential employers and learn more about the consulting industry.

A consulting club can help you to have a better understanding of the new trends in the consulting industry, connect you to several consulting firms.

Furthermore, a consulting club can help you to get ready for the recruitment process of a consulting job. This mostly happens through social events as well as workshops directed towards professional development.

Network with people in the consulting industry

It is important to understand that you must network with people in the consulting industry if you want to break into to the sector.

Mostly, networking comprises contacting people, like relatives, friends and even acquaintances you met at a workshop, consulting club or career fairs.

Networking assists you to share important information and details about the consulting industry and learn more about prospective job leads, as well as develop relationships.

Actually, networking in the consulting industry should become a part of your daily life. Your consulting network should always be ready whenever you need it, be it for job searching or even moving up the ladder in your consulting career.

Because you do not know when you might require it, you should always ensure that you maintain an active consulting network, even when you do not need it at the moment.

Look for a consulting internship and get the best out of it

Landing an internship in a consulting firm is one of the best ways to join the consulting industry.

Getting an internship at a consulting company can assist you in the following ways:

• You get the opportunity to learn more about the lifestyle and what it takes and means for a person to be a consultant
• You can be lucky and get a full-time consulting job after your internship period ends.

What Makes you a Great Management Consultant?

The fact is, the consulting sector if full of top performers from well-known schools. Many of these consultants have good grades as well as remarkable work experience.

Because of this, you can be easily intimidated and start wondering how you can succeed in the consulting industry, which is very competitive in its nature. So, how can you become a great consultant?

Here are six things that can make you a great consultant.

1. Develop trust

Building trust is very essential, especially when you want to venture into consulting. Once you become a consultant, you should always ensure that you do what you said you would do.

Although this sounds very simple, it is the number one thing needed if you want to build credibility and trust amongst your clients as well as your team.

2. Have attention to detail

When it comes to consulting, strong attention to detail is a very essential skill as assist you to produce deliverables that are error free. This, in turn, shows that you are thorough in whatever you do and your recommendations are strong, thus assisting you to build trust with your clients.

It is essential to ensure that your work is free from spelling and grammar mistakes as well as errors related to calculations as it also reflects in the entire team or company in the end.

3. Be a go-getter

When you join the consulting industry at first, you will find yourself working in different clients, companies and even areas.

While you might possess the necessary experience to work in these different areas, you should focus on developing skills that should differentiate you from all your peers working in the consulting industry.

4. Learn how to think before you act

As you already know, all consultants are people with enough ambition to last them a lifetime. However, what really differentiates good consultants from great consultants is the ability to think critically before the work as well as focusing on the tasks.

5. Be resourceful

When you become a consultant, you will be required to solve many problems, some of which might be new to the industry or even entirely new to you.

However, it is good to understand that it is your resourcefulness that will make you succeed in case you are faced with challenging requirements or tough problems.

Although it might not be so outbound, you should ensure that you develop the skills to solve problems quickly and creatively.

6. Never fear to ask questions

Consulting is also based on asking questions as they assist you to understand the things you are required to do as well as the problems facing the client. In additions, questions can assist you to demonstrate how you understand the problem.

Therefore, you should never fear to ask questions, as this is better compared to doing a mistake.

In addition, when you do not have any question to ask, you can re-state what you have been told as it helps in clarifying your understanding. This, in turn, inspires confidence with your current client.

Do Management Consultants make a lot of Money?

Management consultant salaries in the United States will vary by position and experience. Starting from the base, fresh graduates (from undergrad institutions) earn an average base pay of $83,500 from top-tier consulting firms. Their performance bonuses range between $12,000-$18,000, with a signing bonus of $5,000.

For entry-level hires salaries are about $83,500 on average at the top tier firms. Performance bonuses are about $15,775 on average, with a $5,000 signing bonus.

Salaries for MBA hires (and consultants with a few years’ experience) are about $149,000 on average at top tier firms. These hires can earn a performance bonus of about $37,000 on average, with a $25,000 signing bonus.

For project leaders, salaries are about $175,000 on average at top tier firms. They also earn performance bonuses of up to $80,000 and profit-sharing opportunities of $28,000-$30,000. These consultants take home a total amount of $250,000- $300,000.

There are also higher-level salaries for top consultants in these firms.  When you get to this level, you essentially become a shareholder/partner in the firm. Base salaries for high-level personnel range between $570,000-$1,000,000, with performance bonuses of up to$300,000 varying by firm.

Here’s a breakdown of salaries for management consultants according to the top three consulting firms.

1. Undergraduate Salaries (Entry-level)

For new college graduates entering management consulting the top three consulting firms salaries breakdown is below:

McKinsey:

• Base Salary: $83,000
• Performance Bonus: $18,000 max
• Signing Bonus: $5,000
• Relocation Assistance: $2,000- $10,000

Total: $108,000-$116,000

Bain:

• Base Salary: $83,500
• Performance Bonus: $12,525 max
• Signing Bonus: $5,000
• Relocation Assistance: $2,000-$8,000

Total: $103,025–$109,025

BCG:

• Base Salary: $84,000
• Performance Bonus: $16,800 max
• Signing Bonus: $5,000
• Relocation Assistance: $2,000-$8,000

Total: $107,800-$113,800

2. MBA Salaries (and Experienced Consultants)

For candidates being hired with experience or directly from MBA programs, the starting salary is more competitive. These top three firms only hire the most competitive candidates from the most prestigious MBA programs.

McKinsey:

• Base Salary: $152,500
• Performance Bonus: $35,000 max
• Signing Bonus: $25,000
• Relocation Assistance: $2,000-$9,000

Total: $215,500-$222,500

Bain:

• Base Salary: $148,000
• Performance Bonus: $37,000 max
• Signing Bonus: $25,000
• Relocation Assistance: $5,000 max

Total: $215,000

BCG:

• Base Salary: $147,000
• Performance Bonus: $44,100 max
• Signing Bonus: $30,000
• Relocation Assistance: $2,000 – $8,000

Total: $223,100-$229,100

3. Other Consulting Firms Salaries

While Bain, BCG, and McKinsey offer the most competitive consultant salaries in the market currently, salaries offered at less prestigious firms are still very good. Here are a few of these firms:

Deloitte

The base salary for a consultant is about $88,000, with a performance bonus of $13,000. Consultants can also receive a signing bonus of $12,500. 

Total Salary: $113,500

MBA associates receive about $145,000 as a base salary, with a performance bonus of $31,900. They can also expect a signing bonus of $25,000.

Total MBA Salary: $201,900

Accenture

Accenture has been growing in popularity during recent years. Their emphasis on technology, cost-cutting, and effectively managing operations has led to better consultant pay over time.

Consultants at Accenture can expect a base salary as high as $85,000. This is often accompanied with a performance bonus of $8,500 and a signing bonus of $10,000. 

Total salary $103,500.

For MBA associates, the base salary is about $147,500, with a performance bonus of $44,000and a signing bonus of $25,000.

Total MBA salary $216,500.

FTI Consulting

Entry-level consultants earn $68,000 as a base salary, with a $10,000 performance bonus. 

Total salary $78,000.

MBA hires earn a base salary of $120,000, with a $30,000 max performance bonus and a $20,000 signing bonus.

Total MBA Salary $170,000.

PricewaterhouseCoopers

Entry-level consultants earn a base salary of $72,000, with a $10,00 performance bonus. 

Total salary $82,000.

MBA hires earn $135,000 -$140,000, with a max $27,000 performance bonus and a $25,000 signing bonus.

Total MBA salary $187,000-$192,000.

Why are Management Consultants Well Paid?

The role of a management consultant is important to many businesses. Consultants help clients solve complex problems that may be impeding growth and limiting their bottom line.

In addition to their significant role, why do consultants receive competitive pay? The simple answer is that they’ve cultivated professional relationships with clients. Corporate executives trust and have confidence in a particular consulting firm or even in a particular consultant.

Management consulting firms also rely on junior associates to do a large portion of the work. Junior consultants (recent college or MBA programs) fuel the collection and analysis of data. Project leaders and partners mainly oversee these operations and interpret the data to provide solutions to clients.

So, consulting firms seek out the best and brightest minds from colleges and business schools. They desire applicants who have tangible experience on their resume, with specific and quantifiable goals.

Some consulting firms recruit individuals quite early. They may offer summer internships with a pay of about $10,000 a month for candidates from top schools.

Here are some of the top MBA programs that consulting firms recruit from, and the first-year consulting salary figures associated with these MBA programs. These figures include salary and bonuses.

• Wharton MBA: $132,500
• Harvard MBA: $131,759
• Tuck MBA: $128,000
• MIT MBA: $125,905
• Columbia MBA: $123,486

For recent graduates of undergraduate business programs, the pay offered by top consulting firms is also quite competitive.

While most business graduates earn an average of $48,144 (according to the National Association of Colleges and Employers), consulting firms often start these new recruits off with $70,000 and above. However, only students of top talent within these programs are recruited.

Here are first year consulting salaries offered to recruits from top undergraduate institutions.

• University of Pennsylvania (Wharton Business School)

Undergrads earn an average of $70,000.

• MIT (Sloan School of Business)

MIT grads from Sloan earn an average of $65,000.

• Michigan (Ross)

Michigan grads earn an average of $60,000.

• NYU (Stern)

NYU undergrads earn an average of $58,000.

• Washington University (Olin)

Washington grads from Olin also earn an average of $58,000 when they enter the industry.

The competitive pay of new recruits stems from their ability to present information, knowledge, and advice because management consults essentially sell information and advice to clients. A big part of the success of consulting firms is presenting this knowledge in a confident and digestible manner.

Consulting firms prioritize critical thinking and presentation skills in young recruits. Recruits are often expected to mold a specific way of approaching problems and implementing solutions. If you have developed these skills as a new recruit, your chances of excelling within the firm are quite favorable.

Is Consultant higher than Manager?

The main difference between Manager and Consultant is that the Manager is a coordinating the efforts of people and Consultant is a professional who provides advice in his specific field of expertise

Manager

Management (or managing) is the administration of an organization, whether it is a business, a not-for-profit organization, or government body.

Management includes the activities of setting the strategy of an organization and coordinating the efforts of its employees (or of volunteers) to accomplish its objectives through the application of available resources, such as financial, natural, technological, and human resources.

The term “management” may also refer to those people who manage an organization.Social scientists study management as an academic discipline, investigating areas such as social organization and organizational leadership.

Some people study management at colleges or universities; major degrees in management include the Bachelor of Commerce (B.Com.) and Master of Business Administration (MBA.) and, for the public sector, the Master of Public Administration (MPA) degree.

Individuals who aim to become management specialists or experts, management researchers, or professors may complete the Doctor of Management (DM), the Doctor of Business Administration (DBA), or the PhD in Business Administration or Management.

Larger organizations generally have three levels of managers, which are typically organized in a hierarchical, pyramid structure:Senior managers, such as members of a Board of Directors and a Chief Executive Officer (CEO) or a President of an organization.

They set the strategic goals of the organization and make decisions on how the overall organization will operate. Senior managers are generally executive-level professionals, and provide direction to middle management who directly or indirectly report to them.

Middle managers, examples of which would include branch managers, regional managers, department managers and section managers, provide direction to front-line managers. Middle managers communicate the strategic goals of senior management to the front-line managers.

Lower managers, such as supervisors and front-line team leaders, oversee the work of regular employees (or volunteers, in some voluntary organizations) and provide direction on their work.In smaller organizations, an individual manager may have a much wider scope.

A single manager may perform several roles or even all of the roles commonly observed in a large organization.

Consultant

A consultant (from Latin: consultare “to deliberate”) is a professional who provides expert advice in a particular area such as security (electronic or physical), management, education, accountancy, law, human resources, marketing (and public relations), finance, Heath Care, engineering, science or any of many other specialized fields.

A consultant is usually an expert or an experienced professional in a specific field and has a wide knowledge of the subject matter. The role of consultant outside the medical sphere (where the term is used specifically for a grade of doctor) can fall under one of two general categories:

Internal consultant: someone who operates within an organization but is available to be consulted on areas of their specialization by other departments or individuals (acting as clients); or

External consultant: someone who is employed externally to the client (either by a consulting firm or some other agency) whose expertise is provided on a temporary basis, usually for a fee.

Consulting firms range in size from sole proprietorships consisting of a single consultant, small businesses consisting of a small number of consultants, to mid- to large consulting firms, which in some cases are multinational corporations.

This type of consultant generally engages with multiple and changing clients, which are typically companies, non-profit organizations, or governments.By hiring a consultant, clients have access to deeper levels of expertise than would be financially feasible for them to retain in-house on a long-term basis.

Moreover, clients can control their expenditures on consulting services by only purchasing as much services from the outside consultant as desired.Consultants provide their advice to their clients in a variety of forms.

Reports and presentations are often used. However, in some specialized fields, the consultant may develop customized software or other products for the client.

Depending on the nature of the consulting services and the wishes of the client, the advice from the consultant may be made public, by placing the report or presentation online, or the advice may be kept confidential, and only given to the senior executives of the organization paying for the consulting services.

How Much Can You Make in Management Consulting?

But the average salary of a management consultant in the USA would vary from one state to another. For example, according to Glassdoor, the average salary of a management consultant in San Francisco, CA, is $1,13,306.

Other sources state that it is $104,644 per year, which is 20% above the national average. In Florida, the average salary for a management consultant is $64,814. This is 25% below the national average.

Entry-level salary

According to the comprehensive guide for management consulting salary, 2019, the average entry-level salary for a fresh graduate in the United States from a recognized undergraduate institute is $83,500. This is only the base pay. Performance bonuses are anywhere between the range of $12,000 and $18,000. Signing bonuses are an average of $5,000 for entry-level management consultants.

Top tier firms offer an entry-level salary of around $83,500. The average performance bonus at these companies for an entry-level management consultant is around $15,775.

McKinsey offers its fresh graduates who enter management consulting a base salary of $83,000. Along with performance bonus, relocation assistance, and signing bonus, a fresh graduate can earn around $108,000 to $116,000.

Bain offers a slightly higher base salary but a lower performance bonus. A fresh graduate can earn anywhere between $103,025 and $109,025.

BCG offers the highest base salary at $84,000. Along with performance and signing bonuses and relocation assistance, a graduate can earn between $107,800 and $113,800.

The average annual consulting salaries for entry-level jobs in the US also varies according to the specialization. An entry-level strategy consultant can receive an average annual salary as high as $82,297. An entry-level financial consultant gets an average annual salary of $59,856.

Management consultants with MBAs salary

The value of a management consultant with an MBA is much more than management consultants without an MBA.

The biggest consulting firms also hire more MBA graduates than any other type of company. An MBA in consultancy helps graduates to cultivate business expertise and offers them deep insight into businesses.

According to the 2019 edition of Management Consulted, an MBA graduate can earn nearly double of what an Undergraduate or a master’s degree holder will earn. So, if a fresh graduate or master’s degree holder earns an average of $80,000, an MBA can earn $150,000.

While the signing bonus of a fresh graduate is $5,000, the signing bonus of an MBA holder is roughly $25,000.

Add performance bonuses to the above figures, and graduates can earn $12,000 in performance bonuses as opposed to $44,000 earned by MBAs as performance bonuses.

Consultancy giants McKinsey, Bain, and BCG (MBB) have all increased the starting pay of MBAs to $165,000 in the last year.

A new trend is for organizations to put graduates and master’s degree holders in the same bracket, and MBAs and PhDs are put in the same bracket. So, instead of spending time getting a master’s degree or a Ph.D., management consultants are better off when they possess an MBA from a reputed institute.

Project management consultant salary

A project management consultant has a very complicated role that includes very detailed planning, attention to detail, foresight, and also access to the right tools to execute orders. They should also have the ability to give orders. A project management consultant’s job is very complicated, and therefore, they are also paid higher than other management consultants.

An entry-level project management consultant with 0 to 2 years of experience can earn between $65,386 and $77,895 – depending on the state they work in.

A mid-level project manager can earn between $85,584 and $101,957 – depending on the state they work in.

Senior-level project managers with over six years of experience can earn between $104,959 and $118,566 – depending on the state they work in.

The value of a project manager is higher in southeastern US states like Louisiana, Alabama, Kentucky, Florida, North and South Carolina, and Mississippi. New Jersey is also the best place to work as a project manager; however, the cost of living here is very high.

The average hourly wage of a project management manager in the United States is $65.

Senior management consultant salary

The National average salary of a senior management consultant in the United States is $129,000. ZipRecruiter, a leading recruiter firm, says it sees salaries as high as $162,000 and as low as $90,000; however, most senior management consultant salaries are between $106,000 and $149,500.

The average monthly salary for senior management consultants across the United States is $10,750. The weekly salary is an average of $2,481, and the hourly salary is an average of $62.

What is The Career Path of a Management Consulting?

To start with, you must develop good analytical skills, right from your class 11th & 12th by studying mathematics. You can choose Commerce for learning the basics of business, or also learn Computer Science if you wish to go especially for IT/Technology Consulting.

Bachelor’s Degree

Similarly, Under-graduation no particular degree is compulsory. To become a management consultant, no specific qualification is required, but the competition tough. Most employers require that consultants have at least a bachelor’s degree with a major in accounting, business, finance, marketing, management, or a similar field.

You could go for any Bachelor’s degree based on your interests. But, it would be better to have a degree relevant to the industry if you want to go into a specialized consulting field, such as engineering or IT.

After completing your graduation, you could enter a company as an “Analyst” and work for about 2 to 3 years. The work would usually be data gathering for the analysis.

Master’s Degree

Having an MBA or management master’s degree will boost your chances of being hired as a consultant. You can opt for an MBA / PGDM which could be self-sponsored or company-sponsored. Most companies prefer a consulting experience of at least 2 years. You could also opt to do your MBA from abroad to get better exposure and jobs as well.

Some of the top Indian colleges that offer MBA in Consulting/Business Analytics are IIM Ahmedabad (www.iima.ac.in ), IIM Bangalore (www.iimb.ac.in ), IIM Calcutta (www.iimcal.ac.in ), XLRI Jamshedpur (www.xlri.ac.in), etc.

After completing the MBA, the title given is that of “Associate Consultant” and this can be long term or short term depending on the work done and the comments obtained.

Additional Courses

Recommended courses to prepare for a Career in Management Consulting could be courses that help you specialize in tools such as Excel, Power-Point, R, Python, Tableau, and SQL. Each company has a unique management structure with unique problems. This is why management consultants must be familiar with the different approaches to find management solutions.

Skills Required

When qualifications are essential, skills are suggested to give you a superior advantage when planning a Career in Management Consulting. The skills a business expects from a management consultant are the ability to work under pressure, quantitative, analytical, teamwork, problem-solving, interpersonal and communication skills, as you will be doing a lot of talking, brainstorming, research, analysis, etc if you decide to pursue a career in Management Consulting.

Career Path

A Career in management consulting follows a general rule of thumb that the more senior you are, the greater your exposure to clients – and to senior clients in particular. Here is how you can expect your consulting career to progress, as per McKinsey’s hierarchy: Business Analyst, Associate (After doing MBA), Engagement Manager (Project Manager), Associate Partner, Partner (and ultimately Director). Though, the title of the roles could differ from company to company.

How to Become a Management Consultant

1. Complete a bachelor’s degree program

In terms of educational qualifications, a bachelor’s degree is the minimum requirement for most employers in the consulting sector. You should try to pursue a major in the subject of your choice – marketing, finance, human resource development, etc. and supplement it with specific minors and courses.

It’s a good idea to pick a particular sector say, education, healthcare, agriculture, or e-commerce. You can use the additional courses to gain knowledge and skills pertaining to that sector.

Although there is no hard and fast rule about academics in the management consulting world, some companies prefer a master’s level degree or an MBA, due to the fierce competition, so doing an MBA course from a reputed institution can help you land on your dream company.

2. Get Work Experience

Typically, management consulting jobs in India require at least two to three years of work experience. Besides consulting expertise, it may work in your favor to have worked in other business and project management positions, for example, in the social sector or the public sector.

Some employees start at junior ranks and gradually move to consulting roles in the same organization. Work experience is meant to familiarize you with the realities of the workplace. Taking on more responsibility and handling diverse tasks offers a steep learning curve!

3. Get certified

Management consultant certification programs, although not compulsory in many cases, can give you an edge in the recruitment process. They serve as a testimonial of your training and experience and add to your existing practical knowledge about the field of management consulting.

In fact, they can be a great way of showing off your specializations to potential employers and differentiating yourself! There are different types of certification available today, from entry-level to those suited for high-level managers that involve dealing with the client directly.

4. Crack the interview 

Management consulting jobs are famously known for their long and multi-stage interview processes. The entire exercise aims to understand how you work in a team, how you approach a specific problem, how well can you can communicate, and present your solution, among other things.

Employers also test your time management abilities, analytical and critical thinking skills through case studies, real-life consulting problems, and face-to-face discussions.

5. Continue to learn 

Another crucial step in becoming a successful management consultant is to continue your professional development. This also involves networking and connecting with other consultants in your field during formal events as well as using corporate presentations as an opportunity to showcase your skills to potential clients.

Management Consulting Salary

Starting salaries for junior consultants can be in the region of £25,000 to £30,000 with large firms. However, smaller consultancies may offer lower levels of pay and salaries do vary greatly depending on the location, type and size of consultancy.

With around three to five years’ experience, it’s possible for management consultants to earn up to £50,000.

At senior level, with significant experience, it’s possible to earn up to £125,000. This is especially true if profit share and performance bonus schemes are available.

After the considerable experience, management consultants can work on a consultancy basis, charging a considerable day rate or project fee.

Other benefits may include car allowances, private health insurance, pension schemes, life insurance, on-site gyms, childcare vouchers and interest-free season ticket loans.

Management Consultant Courses

Courses typically found in a bachelor’s business program include:

Management Concepts

This course focuses on the concepts and techniques that make up the cornerstones of management, and follow the development of management principles as they are integrated into management theory.

Skills Gained

• Planning, organizing and leading a group
• Controlling a project from start to finish
• Theories of management and practical application in the workplace

Business Ethics

Students will learn how business challenges can be handled from an ethical standpoint, including real-world case analysis.

Skills Gained

• Ethics of decision-making and policy development
• Proper human resource management
• Creating an open and ethical working atmosphere

Principles of Economics

Students learn about micro and macro-economic principles and concepts and how to translate those into real-world application for businesses.

Skills Gained

• Understanding of government economy and international trade
• How economics factor into business decisions
• Understanding of costs, diminishing returns and the marginal principle

Business and Society

Primary and secondary stakeholders, ethics and social responsibility, and organizational activities are discussed in this class.

Skills Gained

• Understanding how society and globalization affect business strategies
• How stakeholders influence business decisions
• Social responsibilities of stakeholders

Students may expect to find the following classes in the MBA program:

Financial Reporting and Analysis

This course looks at corporate performance as based on financial reports, how to analyze the reports, and what to look for in financial statements to ensure legality and adherence to regulations.

Skills Gained

• Understanding of accounting standards
• How taxes factor into financial analysis
• Reading, interpreting and analyzing financial documents

Management Information Systems

This course provides a strong overview of MIS and how to effectively run a business-wide operation.

Skills Gained

• Managing IT as a strategic resource
• Understanding the role of the CIO
• Process engineering, planning, governance and communication

Statistics for Managerial Decision-Making

This course familiarizes students with statistical theory, business systems analysis and improvements.

Skills Gained

• Understanding probabilities
• Using common software
• Decision analysis based on a variety of simulations

Corporate Organization

Focuses on general management of businesses and organizations, including identifying solutions to complex problems and choosing how to implement those solutions.

Skills Gained

• Pinpointing the source of problems
• Management of solutions
• Action-oriented general management tactics

Management Consultant Job Description

The Management Consultant job description below gives an example of the skills, education, and experience required to be hired as a management consultant at a consulting firm or for internal strategic functions of an institution or corporation.

• Facilitate discussions with the client to elaborate on the areas of proposed improvements
• Define the problem concisely and hypothesize the proposed solution
• Perform quantitative and qualitative analysis to drive the proposed solution
  • Quantitative research methodologies include data mining, creating financial models, and performing valuation analysis
  • Qualitative research methodologies include performing market research and collecting business intelligence
• Consolidate the findings from the analysis and present solutions to the client
• Develop and present a plan to implement the recommended changes
• Support the business development activities of the firm such as pursuit development and production of thought papers

Basic Qualifications

• Bachelor’s degree from a top institution
• Well-developed core consulting skills of research, analysis, presentation, and attention to detail
• Aptitude to grasp new concepts and effectively produce results
• Exceptional problem-solving skills – an analytical, innovative, and creative mindset
• Exceptional written and verbal communication skills
• Ability to be self-directed and be an independent contributor to the team

Preferred Qualifications

• MBA from a top institution
• 2+ years of consulting experience
• Advanced working knowledge of the Microsoft Suite, specifically Excel and PowerPoint
• Well-developed industry expertise in a domain of alignment (financial services, consumer products, human capital, shared services, etc.)
• Ability to lead teams with a sound work ethic, intellectual curiosity, and exceptional client service

Personality and Interpersonal Skills

• Ability to structure and manage intensive workloads
• A worthy team player, dedicated to contributing toward the outcome desired by the team
• High degree of emotional intelligence to effectively deal with increasingly diverse clients and teams
• Confidence and maturity to work with senior executives

Let’s go beyond the official management consultant job description and look more deeply into what consultants do in practical terms:

• Management consultants work to provide solutions to the client’s changing business needs. The scope of engagement is highly variable and can include core strategy development, large scale implementation, process optimization, change management, and new technology introduction. The analysis pertaining to each engagement is variable, but often includes intensive data and financial analysis performed in Microsoft Excel.
• Most consulting firms place an emphasis on producing white papers and internally produced research on relevant changes occurring in the business sphere and general economy. Management consultants are required to contribute to the pieces.
• As they progress in their careers, management consultants are often required to become aligned with a specific industry of their choice and eventually become “experts” in that field. They are required to keep abreast of all changes in the industry and how it may affect existing and potential clients.

How to Become a Management Consultant in Canada

There are many possible paths for becoming a management consultant in Canada; a common one is it to follow these steps:

1. Make sure you have the right personal traits for this work
2. Pursue a bachelor’s degree in an area that interests you
3. Pursue a master’s degree in Business Administration (MBA) or in Management
4. Meet employers at career fairs and find one that suits your needs
5. Land a job and gain experience
6. Advance your career as you gain experience and earn certification

How to Become Management Consultant in India

The education and experience requirements vary depending on which level of management consulting you work in or seek to occupy. In general, there are basically four different categories on the career ladder. Within my firm, we hire in at the first three levels.

Regardless of whether you work for a large or small firm, the consulting level you end up in will depend largely on your education and experience and then your competence.

1. The first consulting level is entry level, and it’s typically a business analyst or associate consultant role and usually requires an undergraduate degree with very little (if any) experience.
2. The second level tends to be known as the actual management consultant level. My firm requires an undergraduate degree and four years of consulting experience or a graduate degree and two years of consulting experience for this management consulting level.
3. The third level is what’s known in the industry as a senior consultant or project lead. It usually requires the equivalent of a graduate degree and seven years of experience or an undergraduate degree and 10 years of direct consulting experience.
4. The fourth level is a partner or principal, and this level usually calls for a graduate degree and more than 10 years of directly-related consulting experience.

While we focused here on the most common management consulting jobs where a degree tends to be a minimum requirement, it should be noted that not all consulting jobs require a college degree. Some organizations will permit individuals to substitute relevant work experience in lieu of a degree, and there are also many other types of consulting jobs where college may not carry the same weight.

There are entrepreneurs who have started consulting businesses without a college degree as well. The college degree requirement, however, is more of a factor with traditional consulting organizations where the official work is that of a specialized management consultant or strategy consultant.

Management Consultant Jobs

Management consultants work with domestic and/or global clients (organizations, executives, leaders and teams) to identify and solve complex business, organizational and operational problems and define and improve processes.

And though it can be a highly competitive and demanding profession, it can also provide many long-term benefits and career perks. Management consultants have opportunities to work with the senior teams and top executives within organizations, and this helps with cultivating powerful relationships and building a supportive network.

The profession is typically dominated by frequent and heavy travel schedules, long work hours, continual learning and development, close team collaboration and a focus on short and long-term projects.

The core work of a management consultant tends to fall within one or more of these three categories:

1. Functional Expertise and Specializations. Management consultants provide industry counsel, advice and functional expertise in specialized areas such as strategy, mergers, governance, reorganizations, organization design, strategic leadership, operations, finance, risk management, digital transformation, information technology, organizational change management, organization development, human resources, talent management, advertising, and marketing to name a few.
2. Objective Analyses and Assessments. A management consultant serves as an objective third party to conduct in-depth research and analysis and then provides an unbiased opinion and perspective on difficult matters and complex business problems and issues.
3. Project Management. Management consultants work directly with senior leadership and internal project teams to deliver hands-on project management and leadership consulting to include project implementation, execution and measurement.

Can Management Consultants Make Millions?

The best freelance management consultants do make a very high income. So, it is 100% possible for you to do the same. However, if it was easy, everyone would do it. That’s why taking smart action is necessary—emphasis on ‘smart’ work, not ‘hard’ work.

If you brainstorm and figure out some growth hacks, you could make more money for the same work. Connections are also really important. That’s why it’s crucial to be active in the online consulting marketplace and seek help from freelance consultant platforms that can connect you with the right clients.

How to Find Consulting Work

there are many ways to keep your pipeline full such as leveraging online marketplaces, reaching out to your network, and giving your personal brand a boost. Here are three best practices for keeping your independent business busy.

1. Find Marketplaces that Match your Skillset

Online marketplaces are increasingly prevalent and popular places to find short-term work as an independent professional. These platforms match job opportunities with freelancers. Typically, you’ll fill out a standard profile, search for job opportunities, and then apply for positions that best fit your skill set.

When utilizing online marketplaces, start by doing some research to find specific sites that align with your industry. Some networks are geared more towards IT professionals, while others focus more on management consulting.

While online marketplaces offer numerous opportunities, it may be difficult to establish meaningful or ongoing client relationships with one-off projects, and some of them may cost money.

Company-specific marketplaces are another option that may provide longer-term engagements. Independent consulting job marketplaces like MBO’s marketplace help different types of independent professionals grow their project pipeline by matching their skills, availability, and rate with contract opportunities at top companies.

Because MBO handles all of the onboarding and helps you and the client stay compliant, these companies are more likely to continue hiring you for additional projects in the future.

Many major organizations are furthering the trend of flexible employment by using independent professionals to staff projects. These companies are developing external-facing solutions to engage independent talent. For example, the Talent Exchange is one such professionally focused marketplace.

To discover other company-specific marketplaces, reach out to former employers or clients to see if their organization has a talent marketplace you can join.

2. Reach Out to Your Network

Networking can be a great way to find work during a dry spell. Reach out to friends and colleagues to see if they have any recommendations of other people to network with. If you have a positive, ongoing relationship with a former client, see if they have any upcoming projects, or if they know of someone who may be in need of your services.

Read Also: A Software Developers Career Guide

Partnering with other consultants is another way to secure work. Colleagues often need assistance on a large project, or on a certain part of a project that they don’t have expertise in. Working with another independent consultant is a great way to build your network and meet clients who are not currently on your roster.

3. Prepare Your Credentials

No matter what kind of marketplace you use to find work, you’ll likely fill out some sort of profile, resume wizard, or pass on information about your services to a lead. Preparing your credentials ahead of time will help you smoothly move through these processes.

A resume is a useful sales tool for your business and can help set you apart from your competition. A resume showcases your top work, skills, and experience in a simple, easy-to-read format.

In addition to a resume, your LinkedIn profile is often the first thing a potential client will look at, so ensure it is up-to-date. LinkedIn can be particularly useful to promote your past successes. If you don’t already have client testimonials on your profile, reach out to past clients and ask for a recommendation.

4. Create a Marketing Strategy

Lastly, take an overall look at your personal marketing efforts. If you have a professional website, make sure it is updated to show off your latest projects. If you regularly blog, ensure you share these content efforts across social media platforms. Building a strong personal brand will help boost your professional credibility and assist with your outreach efforts.

Final Thought

If you are searching for a career that is interesting and it balanced on both rewards and challenges, then consider joining the consulting industry.

Management Consulting will present you with the opportunities to utilize your analytical and communication skills and most interesting is that you will have a chance to work in any industry.