No wonder management consultancy to be one of the most promising careers. It garners attention from across the world. The reasons being simple – this career has immense growth potential and also pays well. But the reality is that not everyone is aware of how to get into this field and are the pre-requisites. There needs something that sets you apart from the rest. This guide will take you through everything about a management consultant in detail.
Who is a management consultant?
As a management consultant, one needs to solve the problems of the organization. The ultimate goal of doing is to improve business performance, create value and maximize growth. He/she suggests new practices and paths to scale up the profits. The work these consultants take up is varied and includes a variety of fields. Some of them are supply chain management, business strategy, marketing, HR, etc. They work in both, public as well as private sectors.
Key roles and duties performed.
A management consultant has the following duties to perform
- Analyzing the figures (financials) of the company
- Interviewing the employees of the client
- Preparing proposals for business
- Preparing presentations
- Managing the team
- Looking after the implementation of the solutions presented
- Presenting the results to the clients
What is required to become a management consultant?
- There’s no particular qualification as such to become a management consultant. But, since the competition out there is tough, someone with an MBA degree has the edge over others. With this degree, it is easy to get into this field. This degree from a reputed institution makes it even easier.
- Bachelor’s degree is mandatory in most cases.
- Professional degrees like that of CFA, CA, etc., can also lead to a job in this area.
- There are a lot of courses available that can help progress in this career. One can avail them either online or offline, as per convenience.
- No wonder certification programs add to the existing practical knowledge. Management consultant certification programs, thus making it a lot easier. One can find certifications from entry-level to a senior position.
- Some premier global institutes also offer consulting qualifications. Ex- The Institute of Consulting in the UK and Institute of Management Consultants in the US. One can consider these qualifications when not willing to go for a degree.
Various skills play a vital role in this profession
- Quantitative skills
- Analytical ability
- Critical thinking
- Excellent communication skills
- Ability to work with teams
- Problem-solving capability
- Ability to work under pressure
- Should be able to cope with difficult situations
- Understanding the business objectives
- Good interpersonal skills
What roles are offered under management consultancy?
- Strategy Consulting
- Operations Consulting
- Financial Advisory Consulting
- Risk & Compliance Consulting
- Business Coach
- Legal Management Consultancy
Possessing the required skills and qualification needs someone to judge them.
To land up a job in top companies as a management consultant, one has to crack the interview. This interview process is lengthy and often involves many stages.
- Companies might start with an aptitude test. It tests the general aptitude of the candidates.
- A group discussion interview could follow this. Here, a group of candidates is asked to solve a business problem by discussing it. Some companies might also ask them to talk about any topic of interest.
- Then follows a series of personality interviews. Here, the company would judge whether the candidate is fit for the role or not. Some frequently asked questions include –
1. What are your strengths and weaknesses?
2. Where do you see yourself five years from now?
3. What makes you different from the rest?
4. What is your area of interest?
5. Why this company?
6. Why should we hire you?
- Companies also go for a situational-based round. In this round, the candidate is given certain situations to handle. The interviewer isn’t looking for the final answer. He/she is interested in knowing your approach to handle such cases.
The entire interview process aims at the following –
- How well can the candidate communicate
- How well can he/she work in a team
- What is the approach followed to solve a problem
- How efficient is he/she in presenting the solution to others
- How well can the candidate manage time
- What level of critical thinking is possessed by the candidate
- How good he/she is addressing real-life problems, etc.
How to get into the corporate world?
After successful completion of the interview process, you make your way into the corporate world.
- As a graduate, one enters the firm taking up an entry-level position. Firms recruit candidates with a strong academic background. At this level, they are usually engaged in the task of supporting senior consultants. Entry-level consultants get to learn from a range of practices and domains.
- MBA graduates, the ones with a relevant, high-quality degree or certification/qualification, get a senior-level job.
Irrespective of the position offered, what’s critical is to continue your professional development. It is the sign of a successful management consultant. For this, networking and connecting with other consultants in your field is the key. Make full use of the formal events as well as corporate presentations. It is because they serve to be an opportunity to showcase your skills to potential clients.