How to Become a Management Consultant?

Management consulting is a growing career that focuses on helping businesses perform better. Consultants work with companies to solve problems, improve strategies, and support important decisions. Many people want to know what this role includes, the skills required, and how much a consultant can earn in India. In this blog, we will explore the role of management consultants and the steps to start a career in this field.

Table of Contents:

• What is Management Consulting?
• What Does a Management Consultant Do?
• Responsibilities of a Management Consultant
• How to Become a Management Consultant
• Skills Required to Become a Management Consultant
• Tools and Technologies Used by Management Consultants
• Career Levels and Responsibilities of a Management Consultant
• Management Consultant Salary
• Why Intellipaat’s General Management Course Stands Out
• Conclusion

What is Management Consulting?

Management consulting helps organizations enhance their performance. Organizations engage management consulting firms to help them address problems, formulate new strategies, and guide them in their growth. This is a very popular field across the world. Many students and professionals look to engage in management consulting courses to assist in their job search and find a career in the field. These courses are highly engaging in teaching skills like problem solving, strategy development, and leadership.

What Does a Management Consultant Do?

Management consultants are experts who support companies in solving their issues and growing. Their main function is to evaluate how the enterprise is working and then make recommendations for improvement. A consultant does not handle the daily operations of a company. Instead, they work as independent experts who bring fresh ideas and useful insights to improve the business.

Some of the most common functions that a consultant serves are:

1. Evaluate the structure, finances, and processes of the company.
2. Analyze what challenges are getting in the way of the company.
3. Develop a plan for performance improvement.
4. Identify any new tools, techniques, or systems that might lead to improvement.
5. Support leaders in making informed decisions.

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Responsibilities of a Management Consultant

Let’s explore the responsibilities of a management consultant:

1. Problem Investigation: A management consultant looks at company operations, identifies problems, and finds areas for improvement.

2. Plan Development: They develop plans and strategies for setting business direction and improving performance. 

3. Process Improvement: A consultant will propose methods to shorten, smooth, and reduce the costs of business processes.

4. Financial Advice: They analyze the financial data and provide advice to increase profits and reduce losses.

5. Change Management: Consultants assist a company in effecting organizational changes, such as mergers, expansion, and/or digital transformations.

How to Become a Management Consultant

Pursuing a Management Consultant role can be a good career path if you enjoy problem-solving, analyzing a business, and helping companies move forward to success. 

Step 1: Obtain a Bachelor’s Degree

Your first step is to earn a bachelor’s degree in fields such as economics, business, finance, or management. This will give you the foundational knowledge you’ll need to understand how businesses operate.

Step 2: Complete a Master’s Degree (Optional)

Although getting a master’s degree is not always required, most consulting professionals pursue an MBA to gain more opportunities and stand out.

Step 3: Acquire Work Experience & Internships

Gaining practical experience is essential. Entry-level jobs and internships will help you understand how companies function. Many successful consultants start their consulting careers working in industries such as banking, marketing, or operations, and move into management consulting to serve as consultants.

Step 4: Get Relevant Certifications

Certifications set you apart from other applicants. While there are many management consulting courses and certifications (example: CMC – Certified Management Consultant) to help establish you as an expert, they are most useful if you plan to work for a prestigious consulting firm.

Step 5: Create a Professional Network and Apply to Positions

Networking is one of the most important aspects of this step. Attend seminars, workshops, and job fairs to meet people in the field. Then apply to consulting firms or start your own practice. Over time, you will have more projects and build your reputation.

Skills Required to Become a Management Consultant

To be effective in management consulting, you’ll need a combination of technical skills and soft skills.

Technical Skills

1. Business Analysis: The capability to assess financial data, market trends, and company operational activities.
2. Problem-Solving: Providing functional responses to serious business issues.
3. Project Management: Effectively managing time, resources, and project teams.
4. Research Skills: Collecting and evaluating information to create evidence-based recommendations.
5. Technical Tools: Expert with tools such as Excel, data visualization tools, and presentation tools.

Soft Skills

1. Communication: Effectively articulating and translating ideas to clients and teams. 
2. Critical Thinking: Assessing problems from different perspectives to determine the optimal action plan. 
3. Adaptability: Maintaining flexibility in quickly evolving businesses. 
4. Teamwork: Collaborating effectively with diverse people across different departments. 
5. Leadership: Guiding clients and colleagues to enhance decision-making.

Tools and Technologies Used by Management Consultants

Management consultants use the following tools and technologies:

1. Data Analysis Software – Excel, Power BI, Tableau

Data analysis software helps consultants analyze numbers, financial data, and market trends. Excel is a great place for calculations. Power BI and Tableau let you create visuals, like charts and dashboards, to help make sense of the data. They allow you to identify trends in data and make recommendations for improved business practices. 

2. Project Management Software – Trello, Asana, Jira

Consultants often manage multiple projects at a time. Project management software helps consultants plan their work, track progress, and manage deadlines. Good project management software ensures smooth teamwork and that no tasks are overlooked again.

3. Communication Tools –  Zoom, Microsoft Teams, Slack.

One of the most significant management consulting skills is clear communication. These tools enable consultants to connect with customers, update them, and have virtual meetings. Effective communication tools save time, and collaboration is made easy even when at varying locations.

4. Research Resources- Market Databases, Industry Reports, Online Surveys

Consultants require facts before they give advice. Research tools assist them in gathering sound data regarding markets, industries, and how customers behave. Their recommendations are based on this information.

Career Levels and Responsibilities of a Management Consultant

Management Consultant Salary

The management consultant’s salary varies based on experience, company, and specific role. Here’s an overview of the typical salary ranges:

1. Entry-Level (1–3 years): ₹15,00,000 – ₹20,00,000 per year
2. Mid-Level (4–6 years): ₹23,00,000 – ₹30,00,000 per year
3. Senior-Level (7–9 years): ₹31,00,000 – ₹45,00,000 per year
4. Top-Level (10+ years): ₹50,00,000+ per year
   

These figures are based on data from Glassdoor, showing the compensation trends for management consultants in the Bangalore area.

Why Intellipaat’s General Management Course Stands Out

The Intellipaat Executive Post-Graduate Certification in General Management helps you become a skilled management professional. Here’s why it stands out:

1. Earn an Executive Post-Graduate Certification from IIM Ranchi and get Executive Alumni status.
2. Master core general management skills, including finance, marketing, operations, organizational behavior, and strategy.
3. Attend live online sessions with IIM Ranchi faculty and top industry professionals.
4. Participate in a 3-day campus immersion program at IIM Ranchi for hands-on learning and networking.
5. Work on real-world projects and case studies to apply your learnings practically.

Conclusion

Management consulting is an exciting career that focuses on helping companies solve problems and grow. It requires a mix of technical skills, communication, and experience. Management consulting courses help develop these skills and increase earning potential. The career offers clear growth opportunities, from entry-level roles to senior positions. With growing demand for experts, it is a rewarding, challenging, and well-paid profession.

Upskill today by enrolling in our General Management Course and advance your career with expert-led training.

What is Management Consulting?- FAQs