How to Become a Management Consultant: The Step-By-Step Guide
The global market value of the management consultancy industry is estimated to reach $811.3 billion by 2031. In India, a management consultant can expect an average package of ₹29 LPA with additional compensation. Management consultants provide general business support or a specialized management service, helping the organization to reach its full potential. Management consultancy can be a thriving market for individuals with retentive and analytical skills. Don’t know how to become a management consultant? Follow this guide for a step-by-step approach to becoming a successful management consultant.
Who is a Management Consultant?
Management consultants gather and analyze data, identify problems, and provide solutions for the development of the company. They inhibit industry knowledge along with data interpretations and are able to provide better insights. Some organizations have internal consultants who usually work for outside firms, giving them a third-person perspective. Management consultants strategically recommend how an organization can achieve their goal.
Responsibilities of a Management Consultant
Here are the key responsibilities of a management consultant:
- Collect and research data to understand the organization and its various operational aspects.
- Identify issues, form hypotheses, design, and conduct analyses to gain conclusions that can be changed into recommendations for improvement.
- Interview personnel from multiple departments.
- Assess the financial and employment records of the organization.
- Recommend proactive actions, methods, systems, organizational changes, and procedures to mitigate and minimize future losses.
- Conduct employee training according to the requirements.
- Advise and guide management in an organization to ensure recommendations are implemented.
Qualifications Needed to Become a Management Consultant
You will require the following credentials to become a management consultant.
- Complete Your Graduation: You can acquire a bachelor’s degree in disciplines like finance and economics. The popular choices would be BBA (Bachelor of Business Administration) and BBM (Bachelor of Business Management), which would provide a strong background for a management consultancy career.
- Pursue an MBA: Even though it’s not mandatory, a master’s degree in business administration or business management can surely give you an edge when applying for management consultant positions. You can take competitive exams like GMAT, CAT, XAT, SNAP, etc., to get admission to a highly accredited university. You can also get a Diploma in Management, which is gaining popularity nowadays.
- Get a Certification: How to become a certified management consultant? Certificates like Certified Management Consultant (CMC) and Project Management Professional (PMP) hold significant value.
You can also consider enhancing your skills by enrolling yourself in a business analytics course.
How to Become a Management Consultant?
To start your career as a management consultant, follow the steps given below.
1. Gain Work Experience
Work experience can be gained in two ways, by either completing internships or doing an entry-level job. Both will give you practical experience of working in the field, which is much valued in management consultancy. Employers value candidates who have prior experience in the field. The best part is that you can do internships along with your studies.
i. Do Internships
Internships are a great way to begin your career in management consulting. You can research companies that offer consulting internships well in advance to ensure you apply on time. Several large consulting firms recruit interns a year or more before the internship start date. Therefore, be mindful of the timelines for the application process.
Here are some tips to gain the maximum out of your internship:
- Seek exposure to different aspects of consulting, such as client interaction, project management, and data analysis.
- Participate in team activities like meetings, brainstorming sessions, or feedback exercises.
- Take on tasks assigned to you enthusiastically or volunteer actively to show your skills and commitment towards work.
- Keep a record for the entire duration of your internship to note down crucial advice or other essential information.
- Ensure that you get a letter of recommendation or a certificate from your employer after completing the internship.
ii. Pursue Entry-Level Jobs
Entry-level positions provide foundational experience and skills necessary for a career in management consulting. Search for job roles in consulting firms that align with your career goals and interests. To apply for these entry-level positions, you need to create a professional resume and compelling cover letter. Ensure that these highlight relevant coursework, projects, and skills that demonstrate your suitability for a consulting role.
Here are someone of the tips to improve your first consulting job experience:
- Find mentors in your team or within the organization to gain guidance and insights into the consulting industry.
- Actively seek feedback on your work to continuously improve your skills and expertise.
- Check and enrol in the training programs offered by your organization to upskill yourself.
- Show your willingness to learn and adapt to different client environments and project requirements.
- Show initiative in contributing to different projects and achieving shared goals.
2. Build Skills
Upskilling is one of the major aspects of management consultancy. Your internship or job will help you build various skills which will be a contributing attribute to your work profile. However, there are some technical skills you should acquire. These include:
- Analytical Skills: As a management consultant, you will be collecting and processing lots of data. To do this, you should be able to identify the problem and its correlation so that the solution provided is extensive.
- Strategic Planning: You should have a critical mindset to understand situations and provide unbiased solutions. A strategic planner would be able to observe details a normal person might ignore.
- Problem-Solving: A management consultant provides solutions to problems and prevents future problems. You would be required to gather information, know about market trends, and perform data analysis to tackle complex problems brought on by your client. To learn more about demonstrating these skills in your resume and cover letter, refer to this blog on problem-solving skills.
- Data Management: As a management consultant, you will be expected to store, efficiently organize, and retrieve lots of data to make it accurate, reliable, and accessible for different business purposes. You can also check out this advanced Excel course to learn data organization and visualization.
- Industry Expertise: As a management consultant, you will be working with a lot of different industries. While working with a certain industry, you should acquire a deep understanding of the field. For example, you may work for a company that requires you to use business intelligence while formulating your management strategy.
3. Build a Strong Professional Network
As you move forward in your career, you will build skills and gain expertise in the field. Management consultants collaborate with a lot of different industries, which allows them to connect with people on a regular basis. Management consultancy is a fast-paced industry. Making connections with professionals, clients, and experts will provide you with valuable insights and opportunities for collaboration.
Why You Should Become a Management Consultant?
Management consultancy is a great way to start your career. It allows you to learn and exercise new skills along the way. Just like any competitive industry, it is getting a lot of traffic and comes with a lot of perks. These include:
- Substantial Earning: Management consultants have high earning potential. The industry analyzes the experience and expertise, which is reflected in the compensation package.
- Growth Opportunities: The consultancy industry provides a lot of opportunities for personal as well as professional growth. You will acquire a blend of soft and technical skills, which are well-needed in almost every field.
- Work Environment: Consultancy firms usually have a positive work environment. As a management consultant, you will be working with a wide range of people, which enables you to network with like-minded individuals.
- Acquire Knowledge About Different Industries: As a management consultant, you will be working with people from diverse backgrounds. You will work on different projects in different industries and may even have different geographies. This would allow you to acquire knowledge about various industries.
How Much Do Management Consultants Make?
Management consultants earn a compensation between ₹7 LPA to ₹42 LPA on average. Let’s check out how much these consultants earn based on different experience levels:
| Experience Level | Average Salary Range |
| Entry-Level Professional | ₹7 LPA to ₹18 LPA |
| Mid-Level Professional | ₹19 LPA to ₹26 LPA |
| Experienced Profesisonal | ₹27 LPA to ₹42 LPA |
Here’s what management consultants earn in different cities of India:
| City | Average Salary Range |
| Delhi | ₹16 LPA to ₹41 LPA |
| Mumbai | ₹15 LPA to ₹42 LPA |
| Bangalore | ₹15 LPA to ₹40 LPA |
| Hyderabad | ₹11 LPA to ₹36 LPA |
Conclusion
We hope you now know how to become a management consultant. Pursuing a career in the field of consultancy will require a blend of theoretical as well as practical knowledge. We have mentioned the plan of action as well as a variety of skills that would make any company view you as an asset. Also, understand the prospects of working as a management consultant. For more jobs in the commerce field, you can explore top-paying jobs for commerce students.
FAQs
Answer: It takes between three to four years to become a management consultant. This is because first, you need to pursue a degree in business management or administration. Several high positions in the consulting field are offered to candidates with a minimum of three years of experience. Therefore, you need to begin working as an intern or an entry-level consultant to gain experience.
Answer: Work experience is quite essential in the field of management consulting. You should possess considerable experience in the field to be considered for high-paying jobs. Experience is important because it demonstrates your skills, expertise, and knowledge of the consulting field.
Answer: Yes, you can become a management consultant without an MBA. The minimum qualification to apply for management consulting jobs is a bachelor’s degree. However, you may be required to prepare more and network better to break into the consulting field if you do not have a master’s in business administration.
Answer: Yes, management consultants are highly paid. The average highest salary of a management consultant is ₹42 lakh per annum.
