Management Consultant Salary In India

Management consulting salaries are often described as high-paying, but what does that really mean? Early-career consultants, mid-level managers, and senior partners all take home very different paychecks. The salary of a management consultant depends on the job location, industry type, education, and experience. On average, the salary package ranges between ₹7 – ₹ 53 lakhs per year, from early-career to senior-level roles. 

So, if you are aiming for the role of a management consultant, understanding the management consultant’s salary in India is crucial. In this blog, we will help you understand a management consultant’s salary in India across industries and different experience levels, factors that affect management consultant compensation, and the skills and qualifications you need to become a management consultant.

Table of Contents:

• What is Management Consulting?
• What Does a Management Consultant Do? Roles and Responsibilities
• Management Consultant Salary in India Based on Experience
• Management Consultant Salary in India by Industry
• Management Consultant Salary in India by City
• Top 10 Companies Offering High Salaries to Management Consultants in India
• Key Factors That Affect Management Consultant Salary in India
• How to Become a Management Consultant in India – the Entire Process
• Top Benefits and Perks for Management Consultants in India
• Important Skills to Become a Management Consultant in India

What is Management Consulting?

Management consulting is the process of getting expert advice from external sources for companies to help them resolve issues, improve performance, and boost growth. Typically, C-suite executives and senior leaders recruit management consultants as objective third-party analyzers to provide a fresh viewpoint on a wide range of areas, including strategic, organizational, business management, marketing, business strategy, supply chain, employee productivity, and operational. Suggestions given by them are backed by extensive research and data.  

A management consultant generally works with both domestic and international clients. They can do so either by working with a company or as an independent consultant. For example, one of the most common consulting projects involves supply chain optimization when a company is struggling with delays and rising costs. A management consultant who has worked on supply chain optimization projects for several companies across multiple industries could clearly use their expertise to help the client.

What Does a Management Consultant Do? Roles and Responsibilities

Management consultants work with executives and industry leaders to identify challenges, collect and analyze information, and develop and apply solutions that improve performance by reducing costs, increasing productivity, and maximizing growth.  As a management consultant, you will be responsible for analyzing and developing a company’s strategy, structure, management, systems, processes, and operations. Now, let’s discuss the management consultant’s duties and responsibilities.

Key Roles that a management consultant performs are:

1. Conducting research and analysis: A skilled consultant starts the process by gathering and researching data to know the business environment of their client. This analysis includes an analysis of financial reports, marketing trends, managerial approaches, and competitor analysis. The aim is to identify areas that require improvement before making important decisions. 

2. Creating strategies: One of the primary roles of a management consultant is to create an ideal plan to solve the issues faced by the client. Suggestions made by the management consultant offer solutions to reduce expenses, improve efficiency, and achieve sustainable growth.

3. Executing recommendations: Sometimes, management consultants not only make recommendations but also take part in executing solutions. For this, they contact the client’s internal teams to ensure a smooth execution and track the entire process.

4. Identifying issues and opportunities: A management consultant finds major problems and opportunities for a specific company, from boosting profitability, strengthening customer relationships, to simplifying supply chain operations, and other related activities.

5. Showing reports to stakeholders: Consultants show their research findings, strategic recommendations, and progress in presentations and detailed reports to stakeholders. Their analysis and suggestions help executives and stakeholders identify opportunities and inform the likely results of each proposal.

Key Responsibilities that a management consultant performs are:

1. Drafting business proposals for new strategies and ideas.
2. Overseeing cross-functional teams.
3. Researching and analyzing data for companies.
4. Preparing detailed reports and presentations.
5. Following stakeholder relations to provide updates and collect feedback.

Management Consultant Salary in India Based on Experience

Salaries of management consultants vary based on experience, location, and industry, ranging from ₹7 – ₹ 53 lakhs per year. A management consultant’s salary per month can range from ₹1.26 – ₹1.92 lakh for 2-15 years of experience. 

Let’s take a look at the salaries of Management Consultants from the early-career to the senior level in India.

• Early-Career Management Consultant Salary: An early-career Management Consultant typically has 2-5 years of experience and can expect a salary range of ₹7 – ₹39 lakhs per year, with an average annual salary of ₹26.2 lakhs.

• Mid-level Management Consultant Salary: With 5-10 years of experience, mid-level Management Consultants can expect a salary of between ₹9.8 –  ₹49 lakhs per year, with an average annual salary of ₹31.4 lakhs.

• Senior-level Management Consultant Salary: Senior-level Management Consultants with 10+ years of experience can expect packages ranging between ₹14.3 – ₹53 lakhs per year, with an average annual salary of ₹33 lakhs.

Management Consultant Salary in India by Industry

Management Consultant salaries in India vary across industries. 

The average salary range that an industry offers is as follows:

Note: Figures are based on reported salaries for professionals with around 10 years of experience. 

Checkout: Management Consulting vs Investment Banking

Management Consultant Salary in India by City

Here is the city-wise breakdown of management consultant salaries in India:

Note: Figures are based on reported salaries for professionals with around 2-15 years of experience.

Top 10 Companies Offering High Salaries to Management Consultants in India

In India, top firms like IBM and Deloitte offer some of the highest salary packages for management consultants.

The following table highlights some of India’s top companies offering high salaries to management consultants:

Also, the average management consultant salary in startups in India ranges between ₹9.6 – ₹40 lakhs per year, depending on factors such as funding stage and size of the company. 

Note: These are approximate figures. Salaries vary based on role, experience, location, and industry.

Key Factors That Affect Management Consultant Salary in India

Several key factors affect a management consultant’s salary in India. Some of these are as follows:

1. Level of Work Experience

A management consultant’s salary is typically determined and negotiated on the basis of their work experience.  For example, if you join a company or organisation as an early-career management consultant, you can expect to earn an average management consultant salary of ₹7 – ₹39 lakhs per year, while for a senior-level management consultant, it ranges between ₹13 – ₹53 lakhs per year. 

2. Company Size and Profit

One of the important factors that affects the average management consultant salary in India is the size and profit of the company. Generally, large companies with more profit tend to offer a higher salary package to their management consultants because of the complexity of their financial management and associated costs. 

3. Location (City)

Your work location also impacts the management consultant’s salary in India. Cities like Mumbai, Bangalore, Delhi, and Hyderabad have a high cost of living, because of which management consultants demand higher salaries. While in cities like Jaipur, Bhopal, and Nagpur, the salaries of management consultants are comparatively lower due to the low cost of living and lower expenses.

4. Education and Qualification

Educational qualification plays an important role in getting a high-paying job as a management consultant. Having an MBA or a Certified Management Consultant (CMC) qualification can help. Those who pursue higher education from top-tier institutions like the IIMs, XLRI, ISB, or other top universities can expect to receive a higher package offer. This is because companies trust the training and business expertise of these institutions. 

5. Certifications

Earning certifications like Project Management Professional (PMP), Certified Business Analysis Professional (CBAP), Six Sigma Green Belt, or other IT-specific qualifications relevant to your field can help increase your salary.

How to Become a Management Consultant in India – the Entire Process

After understanding the average salary of a management consultant, which varies by experience, location, and industry type, let’s look at how to become a management consultant in India. 

To become a management consultant, you need a mix of education, certifications, and relevant work experience. 

1. Educational Qualifications

You first have to complete your bachelor’s degree, which is the basic requirement to become a management consultant. Complete your graduation in a relevant field such as business, economics, finance, or management from a well-recognized college. You can also do an MBA, PGDM, or a master’s degree in a relevant field to get a higher position sooner. It has also proven helpful to get any degree with a focus on analytical or numerical assessment, which promotes critical thinking and problem-solving skills.

2. Professional Certifications

Having an industry-recognized certification can help you get noticed by recruiters and advance your career, in addition to those lacking. Holding certifications such as Project Management Professional (PMP), Certified Business Analysis Professional (CBAP), and Certified Six Sigma Green Belt, as well as various IT-specific certifications, can help boost your salary. You can check online platforms like UpGrad, Coursera, and Udemy for certifications related to management consulting. 

3. Gain Professional Experience

It is a fact that the higher the position level you are applying for, the more experience you need.  If you have just completed your graduation or post-graduation, you can start your career with an internship. With time, you can move to mid-level positions and gain more experience by working on different projects. Any experience that shows your leadership and communication skills will be helpful. 

Top Benefits and Perks for Management Consultants in India

The job of a management consultant has its own perks and challenges. As a management consultant, you receive bonuses, profit-sharing opportunities, and commissions. Depending on the size of the company and your level of experience, you may be eligible for additional benefits, including travel opportunities, insurance coverage, and a company car. Apart from competitive salaries, management consultants often get several perks, such as:

• Flexible work hours: As consultants take on projects, their work schedules are flexible. Many companies offer remote or work-from-home opportunities to maintain a healthy work-life balance.  

• Professional development opportunity: Several consulting firms invest in professional growth programs. So, consultants can use this opportunity to learn new skills, earn industry-recognised certifications, and advance their career growth.

• Networking opportunity: When you are working as a management consultant, you come across diverse clients and senior consultants, which helps you establish strong industry connections.

• Travel opportunity: Consultants get the chance to work on both domestic and international projects. Because of this, they have to travel frequently, and generally, their client or company covers the expenses. 

Important Skills to Become a Management Consultant in India

A management consultant in India must have a strong set of skills. From excellent leadership to management skills, a management consultant should possess all of these. Here is the list of key skills that are required: 

1. Analytical and research skills: They should be able to research, analyze issues, and interpret large amounts of data and convert them into practical solutions for clients. 

2. Communication and interpersonal skills: As consultants work closely with executives and top management, they should clearly communicate complex ideas and information in simple and effective ways. Additionally, establish a strong connection with stakeholders at all organizational levels. 

3. Strategic thinking: A management consultant needs to create high-level strategies and plans to help companies achieve their goals.

4. Commercial awareness: Having a good knowledge of different industries, financial principles, and market situations can help a management consultant to offer reliable and practical advice. 

5. Project management: A management consultant must know how to organize and manage multiple tasks, resources, and deadlines to ensure the successful completion of the project. 

The Bottom Line

Management consulting is one of the most demanding yet rewarding careers. Consultants help organizations solve problems, identify opportunities, and drive long-term growth, whether that means boosting efficiency, increasing profits, or fostering innovation. When it comes to pay, the management consultant salary in India is highly competitive, but it varies based on experience, employer, city, and skill set.

You can also check out these online project management courses to master tools like Six Sigma, CBAP, Microsoft Excel, and more.

Management Consultant Salary – FAQs