Management consulting is a field where you provide advice to companies to improve their performance. This is done by analyzing existing business problems in a company and formulating a future plans to tackle them.
Management Consulting Job Description
Management consulting services are growing in demand because of urgent necessity for professional advice.
Management consultants have to work together with top management and employees at all corporate levels. One has to begin by gathering and collating data, processing figures for the senior management, researching external sources, taking interviews of clients and other individuals. They assemble data and analyze it, lucidly present the nature of the problem, consider potential options and formulate objective recommendations for the client
Specialization in Business Analysis, Strategic Planning and HR Consultancy
A qualified management consultant can specialize in several fields.
In order to get into the field of management consultancy students must have a background in economics, business management, mathematics, and information technology. Familiarity with these subjects helps him/her considerably to get along with the work. Other skills required are:
- Good interacting skills
- Good sales skills
- Excellent analytical skills
- Ability to synthesize
- Creative ability
- Personal initiative
- Computer skills
Management Consulting Careers and Salaries
A fresher starts his career in this field as an Associate Consultant. He can look forward to a base salary of Rs 1 lakh per annum. The figure can go higher depending on whether you need to work in finance areas like investment banking and private equity or something else.
The compensation is higher for MBAs. Armed with this degree, you can get 1.5 to 2 lakhs per annum. Salaries are higher in the top-ranked strategy consulting firms because these firms generate more revenue per consultant.
As one grows old in this field, one can end up making somewhat less than investment bankers but more than persons in most corporate positions.
Management Consulting Companies
General Business Consulting Firms
- McKinsey & Company
- Bain Consulting India Pvt Ltd
- Boston Consulting Group
- AT Kearney
- F. Ferguson & Co.
- Arshiya International Ltd
- KVP Business Solutions
- Tata Strategic Management Group
IT consulting firms
- Diamond Management & Technology Consultants
- Binary Semantics
- ISHIR Digital
- ProcessLOGIX Consulting Pvt Ltd
HR Consulting Firms
- Mitcon Consultancy Services Ltd
- ALP Management Consultants
- Ma Foi Management Consultants Ltd
- Omam Consultants
- ABC Consultants Pvt Ltd
- Vruksham Talent Group