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Management Consulting : Job Responsibilities, Lifestyle, Skills & Salary [2019-20]
Hi, Welcome to CrackVerbal. In this video, we are going to be talking about Management consulting as a career.
So What do Management consultants do?
Quite simply, management consultants help their clients solve problems like “ falling revenues”, “ growing costs” or “expansion into new markets” etc
Management consultants work with businesses to optimize their performance by providing expert advice to solve problems.
The day-to-day responsibilities of a consultant typically involve performing client audits, interviewing employees of the client, analyzing company figures, providing recommendations, and an action plan for implementation.
Management consultants clock in around 50 – 75 hours per week, with most consultants having to travel and work away from their homes up to 50% of the time throughout their careers.
You might think that’s exciting at first, but after a couple of months flying in and out every week, and burning your weekdays mostly in client’s offices, you might wish for a job that actually involves less travel.
Who are the main management consulting firms?
There are three companies that are often referred to as the Big Three consulting firms. They include McKinsey & Company, Boston Consulting Group, and Bain & Company. They all consult a variety of projects and specialisms.
The Big Four accountancy firms PwC, EY, Deloitte and KPMG also have large management consulting arms.
So what are the Salaries for consultants?
Entry-level consultants in the Big Three consulting firms in the US earn up to $90,000 while MBA Hires or Experienced Consultants, that is the Big Three consulting firms in the US earn almost $200,000
What are the Skills Needed to be a Management consultant?
#1 Problem Solving: Strategy & Management consultants know how to solve very complex problems and they teach and enable their clients to do the same.
# 2 Interpersonal & Communication skills: Both oral and written in order to present their ideas in a clear and concise manner.
#3 Persuasive Skills: The third most important skill is persuasion as they have to convince their clients to make changes to their existing routines and processes.
& finally strong time management abilities.
How to become a consultant?
Management consulting is one of the most prestigious career choices & high paying jobs for business students.
The competition is fierce, and applicants with MBAs or business master’s degrees will find it considerably easier to get into the field.
Consultancy firms are known to be some of the most active recruiters at top B-schools and also offer summer internships which can help get your foot in the door.
If you dream of becoming a management consultant then take the GMAT and apply to a top MBA program.
If you are planning to start your GMAT preparation then do enroll for our Free GMAT Kickstarter course.
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