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, 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 aim to be a management consultant, understanding the salary of a management consultant in India is crucial. In this blog, we will explain a management consultant’s salary in India across different industries and experience levels. We will also cover 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 involves getting expert advice from external sources to help companies resolve issues, improve performance, and boost growth. C-suite executives and senior leaders typically recruit management consultants as objective third-party analysts. They provide fresh viewpoints on strategy, organizational design, marketing, supply chain, employee productivity, and operations. Their suggestions are backed by extensive research and data.  

A management consultant generally works with both domestic and international clients, either within firms or as independent consultants. For example, one common consulting project involves supply chain optimization when a company faces delays and rising costs. A management consultant has worked on supply chain optimization projects across multiple industries. They can use their expertise to help the client.

What Does a Management Consultant Do? Roles and Responsibilities

Management consultants work with executives to identify challenges and gather and analyze information. They 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 their duties and responsibilities.

Key Responsibilities that a management consultant performs are:

1. Conducting research and analysis: A management consultant gathers and researches data to know the business environment of their client. This includes reviewing 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: They 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 work with 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 company. These can include boosting profitability, strengthening customer relationships, and simplifying supply chain operations.

5. Presenting reports to stakeholders: Consultants share their research findings and strategic recommendations and report to stakeholders. Their analysis and suggestions help executives and stakeholders identify opportunities and inform the likely results of each proposal.

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. 

The following are the management consultant salaries 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. They 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 salaries between ₹9.8 –  ₹49 lakhs per year. The average annual salary is ₹31.4 lakhs.
• Senior-level Management Consultant Salary: Senior-level management consultants typically have 10+ years of experience. They 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. 

Check out: 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 Accenture, 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:

The average management consultant salary in startups in India ranges between ₹9.6 – ₹40 lakhs per year. This depends 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, early-career management consultants can expect salaries of ₹7 – ₹39 lakhs per year, while senior-level management consultants earn between ₹13 – ₹53 lakhs per year. 

2. Company Size and Profit

The size and profitability of the company strongly affect the average management consultant salary in India. Large, profitable companies tend to offer higher salaries to management consultants due to the complexity of their financial operations and costs. 

3. Location (City)

Your work location also impacts the management consultant’s salary in India. Cities like Mumbai, Bangalore, and Delhi have a high cost of living, which is why consultants demand higher salaries. In contrast, in cities like Jaipur, Bhopal, and Nagpur, the salaries are comparatively lower due to the lower cost of living and 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. Candidates with degrees from top-tier institutions like the IIMs, XLRI, or ISB often receive higher package offers. This is because companies trust the training and business expertise of these institutions. 

5. Professional 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

A management consultant’s salary varies by experience, location, and industry. Let’s now 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. A degree focused on analytical or quantitative skills also helps build critical thinking and problem-solving abilities.

2. Professional Certifications

An industry-recognized certification helps recruiters notice you and supports your career growth. Holding certifications such as PMP, CBAP, and Six Sigma Green Belt, or relevant IT-specific certifications, can help boost your salary. You can check online platforms like Intellipaat or Coursera 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 company size and your experience, you may receive additional benefits, such as 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 opportunities: 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 opportunities: As a management consultant, you interact with diverse clients and senior consultants, helping you build strong industry connections.
• Travel opportunities: 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 research and analyze issues, interpret large data sets, and turn insights into practical solutions for clients. 

2. Communication and interpersonal skills: Consultants work closely with executives and top management. They must clearly communicate complex ideas in simple ways to build strong connections with stakeholders. 

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

4. Commercial awareness: Strong knowledge of industries, financial principles, and market situations helps a management consultant offer reliable and practical advice. 

5. Project management: A management consultant organizes multiple tasks, resources, and deadlines to ensure successful project delivery.

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. Management consultant salaries in India are highly competitive, but vary by experience, employer, and skill set.

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

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