How to Become a Management Consultant

Management consulting is a popular career choice, especially for Master of Business Administration (MBA) graduates. According to Guru Kashi University, management consulting is the top career choice for MBA graduates [1]. With the attraction of high salaries, travel, a fast-paced environment, and the opportunity to land a prestigious management consulting role with any of the Big 3 (McKinsey, BCG and Bain), its appeal is understandable.

If you're considering a career in management consultancy, start by understanding the role, what you do on a day-to-day basis, the benefits of working in the field, and how exactly to get there. 

What is management consulting? 

Management consulting is working with businesses to identify solutions to problems to maximise business performance, improve business processes, and increase revenue.

A management consultant can cover a range of areas including business management, marketing, business strategy, supply chain, and employee productivity. They generally work with the senior levels of an organisation and may focus on a specific industry or work across the board. 

As a management consultant, you work with domestic or international clients either for a management consultancy firm (a popular choice) or as an independent consultant.

Get a glimpse at management consulting in this video.

What do management consultants do? 

The work of a management consultant is to solve business problems. Specific tasks vary because of the different organisations and projects—and the issues you need to solve within each business. Whilst the details vary, certain work areas apply to all management consultants and require a specific skill set.

3 areas management consultants typically focus on 

No matter what you specialise in or the type of business you work in, management consultants typically focus on three main areas. Your work may fall under one or more of these: 

1. Expertise and specialties: Management consultants offer their expertise to businesses in several domains. These may be general or very specialised and include:

• Business strategy

• Business restructuring

• Strategic management

• Risk management

• Mergers and acquisitions

• Digital transformation

• Talent management

• Marketing

• Business processes 

2. Analysis: Management consultants perform in-depth analysis and research relating to the areas they are working on within an organisation. You'll need to remain objective and unbiased to provide a clear perspective of the problems that need solving. 

3. Project management: Management consultants are hands-on when it comes to implementing the solutions they identify. You'll work with teams to deliver and monitor solutions, working directly with senior management. 

Common tasks 

A management consultant's responsibilities vary according to the company you work with, any specialty you work under, and the project itself, but in general, common tasks and duties will include:

• Understanding a business’ challenges and needs by consulting with senior management and staff

• Finding a solution that aligns with a business’ processes, culture, and goals

• Reviewing company data, policies, and financials to build a bigger picture

• Building a work road map, including schedules and targets

• Communicating with senior management to update on the project, completion of milestones, and any changes

• Communicating with employees at all levels to successfully implement changes and get buy-in from those who change will affect

• Conducting staff training on new systems, processes, and technology

• Listening to any employee concerns and feedback to ensure they accept any changes and to ensure they are achievable

• Monitoring outcomes to ensure successful project outcomes 

Key skills 

The essential skills you need to become a management consultant you can hone through a business degree or an MBA course or similar, as well as through experience. To be a successful management consultant, you should possess the following skills:

• Analytical and research skills

• Working under pressure

• Teamwork and collaboration

• Commercial awareness

• Problem-solving skills

• Interpersonal and communications skills

• Presentation skills

• Translating complex information 

• Relationship building

Why consider going into management consulting? 

The management consulting profession boasts high salaries, an excellent career outlook, an exciting workload, and numerous opportunities for career advancement. The number of reasons explain why this career appeals to so many people. 

High earning potential and job outlook

According to Glassdoor, the average annual base salary for a management consultant is  ₹28,59,201 which can rise to as much as ₹30 lakhs with experience [2]. 

The job outlook for a management consultant is excellent. Consulting jobs in India are set to grow by 11 per cent, signalling a wealth of opportunities [3].

Frequent opportunities for ongoing development 

Management consultants have frequent opportunities for development and career growth. More experienced management consultants may take on more senior positions, which involve managing teams, working on more complex projects, and even bringing in new business to the company. 

Career progression is possible for those who take on additional training and keep up with trends. Many management consultants move into other business management positions, using skills they have gained as a consultant and you’ll find more and more remote opportunities available. 

Fast-paced and varied work 

Working in management consultancy is exciting, varied, and fast-paced. Those who thrive on tight deadlines and a high-pressure environment do well as management consultants. Hours can be long, and positions are competitive with  the opportunity to work with senior-level clients of large multinationals, which are a big draw. 

How to become a management consultant

Management consultant positions are in high demand, and competition can be fierce. Most people who enter the profession start at the entry level and work up, but even this requires a high level of education, experience, and skills. Top consulting firms, such as the Big 3, typically only invite five to 10 percent of applicants to interview [4].

Common employment scenarios

The majority of management consultants work for a consulting firm. Consulting firms vary in size and specialism and you can typically break down into; the Big 3 (Bain, McKinsey, and Boston Consulting Group); Tier 2 (Accenture, Kearney, Oliver Wyman, L.E.K.); the Big 4 (PwC, Diolotte, EY, and KPMG); smaller boutique firms, which handle a number of smaller or specialised projects, and lastly, independent consultants who are self-employed. 

Educational path 

To become a management consultant the minimum education requirement is a bachelor’s degree so it’s beneficial to have a degree in a relevant subject area from an accredited university.  Typically, people with an MBA or a master’s degree in a relevant field are at an advantage.  You may also consider a PGDM as an option. 

Gain professional experience. 

Experience can be an excellent way to set yourself apart from your competition. The higher the  position level you’re applying for, the more experience you will need to accrue. If you’re a recent graduate, it may be beneficial to have an internship in a business-related field. Any experience demonstrating your commercial awareness, leadership, and communication skills will help. 

Certifications 

You might consider studying for a relevant certification to really set yourself apart from other applicants for management consultant roles. It can verify your credentials and upgrade your skills and knowledge. Examples to consider include:

• Certified Management Consultant (CMC)

• Project Management Professional Certification (PMP)

• Certified Manager Certification (CM)

• AIMA Advanced Certificate in Business Consulting 

Start your career as a management consultant 

Management consultants are in high demand with the draw of high salaries and a varied workload. If you’re ready to take the next step toward a career in consulting, consider the Management Consulting Specialisation offered by Emory University. Intended for beginners, this programme can help you gain in-demand skills like management consulting, problem-solving, and recruiting. Upon completion, gain a shareable certificate to include in your resume or LinkedIn profile.