Consultancy continues to be one of the most popular career paths for MBA graduates, who are drawn to the exciting diversity of the job, as well as generally high salaries. However, it can be hard to know how to set yourself apart from the crowd when trying to start a career in management consultancy. Below, we talk you through the perks (and occasional pitfalls) of life as a consultant and how best to start your career in management consultancy.\r\n\r\nWhat is a management consultant?\r\n\r\nManagement consultants help organizations solve problems, improve business performance, create value and maximize growth. They identify solutions for business troubles and make suggestions for changes to implement. The work taken on by management consultants can be varied, including e-business, marketing, supply chain management, and business strategy.\r\n\r\nThe day-to-day responsibilities of the job include conducting analysis of company figures, interviewing employees of the client, preparing presentations and business proposals, and managing the team overseeing the implementation of these suggestions.\r\n\r\nThere is a huge variety of consulting firms, ranging from well-known big firms such as McKinsey, Boston Consulting Group, Bain, Deloitte, PwC and KPMG, to smaller (specialist) ‘boutique’ firms. Boutique firms often deal with more specific industries such as healthcare consulting or design consulting, while big firms cover a broad scope of industries, with top firms offering operating consulting, strategy consulting, and IT consulting (amongst others).\r\n\r\nWhy become a management consultant?\r\n\r\nManagement consultancy can be an extremely rewarding career, in terms of both job satisfaction and remuneration. According to figures from Indeed.com, the average consultancy salary in the US is US$83,408 per year. However, salaries can be considerably higher, with MBA graduates from Wharton’s MBA class of 2018 reporting a median salary of US$150,000 for consulting jobs.\r\n\r\nHowever, whilst high salaries are a draw for aspiring consultants, they are only a minor element for choosing this career path. Consultancy suits people who thrive off variety, as days can be exciting and unpredictable – for example, you might be needed at client sites at the last minute, there’s a lot of travel, and you will meet a huge range of interesting people.\r\n\r\nWhilst the tight deadlines and highly pressurized environment can be off-putting for some, it may enhance the experience for those with a consultant’s mindset. The steep learning curve of life as a junior consultant means you’ll be working with senior clients and given a high level of responsibility early on in your career.\r\n\r\nTraining and learning are part of the culture, with frequent opportunities for development. If you work at a non-specialized firm, you will also learn a lot about industries you may not have encountered before. The skills you develop in consulting, such as strategy, research, and communication are transferable should you decide to change career in the future.\r\n\r\nAs it is such a competitive industry to get into, you’ll likely have top-quality colleagues with a similar level of intelligence and way of thinking. Whilst the hours can be infamously long and anti-social, the flipside is you’ll develop close bonds with colleagues, and most consulting firms offer great perks such as company cars, free meals, sabbatical opportunities and gym memberships.\r\n\r\nThe growth of the consulting industry is closely linked with developments in the global economy, according to consultancy.uk. When the economy is booming, organizations have higher budgets and will spend more on consultants, however, the opposite is true in troubled economic times.\r\n\r\nAlthough the industry faced a downturn in the wake of the 2007-2008 global financial crisis, it has been steadily rising since 2011, valued at US$251 billion globally in 2016. Whilst North America and EMEA (Europe, Middle East and Africa) hold the bulk of the market (40 and 41 percent respectively), Asia-Pacific is the region with the highest growth momentum.\r\n\r\nWhat can you do to become a management consultant?\r\n\r\n\r\n\t\r\n\t\t\r\n\t\t\t\r\n\t\t\tEducation\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\tYou don’t need any specific qualifications to become a management consultant.\r\n\t\t\t\tHowever, competition is fierce, and applicants with MBAs or business master’s degrees will find it considerably easier to get into the field.\r\n\t\t\t\tIt can also help to have a degree relevant to the industry if you want to go into a specialized consulting field, such as engineering or IT.\r\n\t\t\t\tGenerally, a UK 2:1 degree (or international equivalent) is required for entry onto a graduate scheme.\r\n\t\t\t\r\n\t\t\t\r\n\t\t\r\n\t\t\r\n\t\t\t\r\n\t\t\tSkillset\r\n\t\t\t\r\n\t\t\t\r\n\t\t\tThere are a wide range of skills valued for a management consultant. Below are some of the most important:\r\n\r\n\t\t\t\r\n\t\t\t\tQuantitative and analytical skills.\r\n\t\t\t\tAbility to work under pressure and cope with challenging situations.\r\n\t\t\t\tGood teamwork skills.\r\n\t\t\t\tFlexibility.\r\n\t\t\t\tUnderstanding of business environments and commercial awareness.\r\n\t\t\t\tProblem-solving skills.\r\n\t\t\t\tGood interpersonal and communication skills.\r\n\t\t\t\r\n\t\t\t\r\n\t\t\r\n\t\t\r\n\t\t\t\r\n\t\t\tInterview Process\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\tOne thing aspiring consultants can be sure of is a long, multi-stage interview process.\r\n\t\t\t\tIt usually starts with rounds of ‘personality’ interviews, which assess how well you would fit in with the culture of the firm. These will include your standard interview questions, such as ‘What do you consider your strengths and weaknesses?’\r\n\t\t\t\tAfter this, some firms will have a group interview stage. You will be put in a small group with fellow candidates to solve a problem together to present to the interviewing panel. This tests your ability to work in a team and come up with a solution.\r\n\t\t\t\tThe final stage is the notorious ‘case interview’. You will be asked a ‘real life’ consulting question such as ‘The CEO of a fast food chain wants to close one of its outlets. Should she do it?’\r\n\t\t\t\tIn the case interview the interviewer isn’t looking for a perfect response to the question, they just want to see how you think and approach a problem in a logical manner.\r\n\t\t\t\r\n\t\t\t\r\n\t\t\r\n\t\t\r\n\t\t\t\r\n\t\t\tAdditional Qualifications\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\r\n\t\t\t\tYou can gain consultancy qualifications from consulting organizations like the Institute of Consulting in the UK and Institute of Management Consultants in the US.\r\n\t\t\t\tEven if you don’t choose to gain a qualification, joining these sorts of organizations can demonstrate your commitment to the field.\r\n\t\t\t\r\n\t\t\t\r\n\t\t\r\n\t\r\n\r\n\r\n \r\n\r\nHow can you find a job as a management consultant?\r\n\r\nMost consultants enter the field at graduate level, with a strong academic background. Top firms recruit hundreds of the best and brightest graduates onto their graduate schemes every year. Graduates will be referred to as ‘analysts’ and support senior consultants. Many schemes operate a rotation system, so you get to experience a range of practices and areas of consulting.\r\n\r\nMBA graduates will enter at a higher level, like those entering another field with previous work experience. This is commonly referred to as ‘experience hire’ entry level roles. Having an MBA or management master’s degree will boost your chances of being hired as a consultant, but it’s still a very competitive job market.\r\n\r\nConsultancy firms are known to be some of the most active recruiters at universities and are a good first stop on your consulting journey. Many big firms offer summer internships and ‘taster’ placements which can help get your foot in the door.\r\n\r\nAs with most competitive careers, a vital part of getting a job as a management consultant is networking. This is even more applicable in consulting where networking is an integral part of the role.\r\n\r\nMost big consulting firms will have several events where interested students can network. These include office hours and corporate presentations, as well as general networking events. Office hours offer one on one time with recruiters, so it’s easier to differentiate yourself.\r\n\r\nInformation calls with members of the recruiting team are another way to showcase your skills and occur around the end of October/start of November. They’re an opportunity to highlight your skills as well as find out more about the firm.\r\n\r\nOnce you have networked your way to the interview stages at a big firm, there are some helpful pointers to remember to help you land a role. Even if you have no prior experience with consulting, it’s important to highlight skills that are relevant to the role, such as analytical skills and communication.\r\n\r\nYou are likely to be asked less about your experience and more about your ‘fit’ for the field, such as willingness to travel and take on long hours. It’s vital to show some of your personality in your interviews, as recruiters will want to know how well you will get on with others at the firm. Be yourself, and it should come naturally!\r\n\r\nFAQs\r\n\r\nWhat is management consulting?\r\n\r\nManagement consulting is a professional service provided by specialised individuals or firms to help organisations improve their performance and solve specific business problems. These consultants, often referred to as management consultants or business consultants, work with clients to analyse their current business practices, identify areas for improvement, and recommend solutions to enhance efficiency, effectiveness, and overall performance.\r\n\r\nWhat does a management consultant do?\r\n\r\nKey aspects of management consulting include:\r\n\r\n\r\n\t\r\n\tProblem-solving: Consultants are hired to address specific challenges or issues that a company may be facing. This could range from operational inefficiencies and strategic planning to organisational restructuring and technology implementation.\r\n\t\r\n\t\r\n\tExpertise: Management consultants typically bring a high level of expertise in various business domains, such as strategy, finance, human resources, operations, and technology. They leverage their knowledge and experience to provide insights and recommendations.\r\n\t\r\n\t\r\n\tObjective perspective: External consultants often bring an unbiased and fresh perspective to a company\u0027s problems. Their independence allows them to objectively assess situations and propose solutions without being influenced by internal politics or pre-existing beliefs.\r\n\t\r\n\t\r\n\tData analysis: Consultants use data-driven approaches to analyze business processes, market trends, and financial information. This helps them make informed recommendations and decisions based on empirical evidence.\r\n\t\r\n\t\r\n\tImplementation support: Consultants not only provide recommendations but may also assist in implementing changes within an organisation. This could involve working closely with the client\u0027s staff, providing training, and ensuring the successful execution of proposed solutions.\r\n\t\r\n\t\r\n\tProject management: Many consulting projects involve complex tasks and require effective project management. Consultants often play a key role in planning, executing, and monitoring projects to ensure they meet their objectives within specified timelines and budgets.\r\n\t\r\n\t\r\n\tContinuous improvement: Management consultants often work towards fostering a culture of continuous improvement within organisations. They help companies adapt to changes in the business environment and stay competitive in their respective industries.\r\n\t\r\n\r\n\r\nHow do I become a management consultant?\r\n\r\nBecoming a management consultant typically involves a combination of education, relevant work experience, and networking. Study a relevant undergraduate (and potentially also postgraduate degree), use internships to gain industry experience and focus on developing some of the key skills outlined below. \r\n\r\nUse networking events and online tools such as LinkedIn to develop a professional network and establish yourself within the industry.\r\n\r\nWhat skills do I need to become a management consultant?\r\n\r\n\r\n\t\r\n\tAnalytical Skills: Management consultants need strong analytical skills to analyze data, identify trends, and develop effective solutions for clients.\r\n\t\r\n\t\r\n\tCommunication Skills: Effective communication is crucial in consulting. Develop your ability to articulate ideas clearly, both verbally and in writing, and tailor your communication to different audiences.\r\n\t\r\n\t\r\n\tProblem-solving Skills: Consultants are hired to solve complex business problems. Showcase your ability to approach challenges systematically and develop innovative solutions.\r\n\t\r\n\t\r\n\tProject Management Skills: As a consultant, you may be involved in managing projects. Familiarize yourself with project management methodologies and tools.\r\n\t\r\n\r\n\r\nHow much do management consultants make?\r\n\r\nCompensation for management consultants can vary based on factors such as experience, education, location, the consulting firm\u0027s size and reputation, and the specific industry or sector they focus on. Salaries are often structured with a base salary, bonuses, and additional benefits. Entry-level consultants can expect to earn a base salary of US$60,000-90,000, with an annual bonus often ranging from 10-30 percent of base salary.\r\n\r\nAs you progress in your career, you can expect to earn up to US$120,000-180,000 as a senior manager or even US$150,000-250,000 as a partner.\r\n\r\nIn addition to base salaries and bonuses, management consultants may receive other benefits such as health insurance, retirement contributions, and performance-based incentives. \r\n\r\nAlso, keep in mind that salary structures and compensation levels can change, so it\u0027s advisable to consult with industry professionals for the most up-to-date information on management consultant salaries.\r\n\r\nWhat are some top management consulting firms?\r\n\r\nTop-tier firms include McKinsey, Bain, and BCG. Consultants at these firms may potentially receive higher compensation than those at smaller or more boutique consulting firms.