Steps
to a Job as a Management Consultant
Management
consulting is one of the professions that endure in
a slow economy. Why? Because more than ever, companies
need consultants to help them increase revenues and
cut costs.
Management
consulting is also one of the highest paid professions
in the United States. A recent survey by the Association
of Management Consulting Firms found entry-level consultants
earn an average of $58,000 annually while senior partners
earn an average of $259,000 (including bonuses and
profit sharing). Self-employed consultants may earn
$100 to $350 per hour.
Therefore,
if you’ve been contemplating breaking into this field,
wait no more. (I’m glad I didn’t!) The financial rewards
are a real incentive.Other benefits of the job include:
intellectual challenge, prestige, opportunities to
learn, and high levels of job satisfaction.
Now let’s
talk about the two paths of management consulting
to consider: working for others and going solo. If
you don’t have much experience or are a new graduate,
working for others is probably the wisest choice.
If you have already gained sufficient professional
experience in a specialized field, going solo is a
highly feasible option.
Whichever
path you choose, here are some tips to break into
and succeed in this field, based on the FabJob
How to Become a Management Consultant:
1.
Develop your skills. Management consultants need
to be skilled at problem-solving, communication, and
management skills such as scheduling and delegating.
Other skills and attributes that can help you land
a job are basic computer skills, leadership, and an
ability to work well under stress.
2.
Educate yourself. Contrary to popular belief,
you don’t need to have a business degree, an MBA or
even ANY degree to break into this field. (Having
one doesn’t hurt either; in fact you’ll be ahead in
the game.) However, you should keep up with current
management issues through continuing education or
reading business publications.
3.
Know what to expect from the job. Familiarize
yourself with job titles, specializations (from information
technology to organizational development), and the
typical consulting job cycle (proposal, brainstorming,
data gathering, analysis, and presentation). Even
better, learn how to prepare a proposal to get consulting
work.
4.
Get experience. Ways to get management consulting
experience include: pro bono work (volunteering to
consult for a non-profit organization), an internship,
or by becoming a summer associate for a consulting
firm.
5.
Decide where you want to work. If your career
goal is to work for a consulting firm, decide where
you want to focus your job search. Types of employers
include multi-national firms (such as Accenture and
McKinsey & Company), small "boutique" firms, corporations,
non-profit organizations, and government institutions.
Each employer has different advantages and disadvantages.
6.
Familiarize yourself with the consulting job hunt
process. For instance, the interview stage for
a consulting position includes personality and resume
questions, communication questions and business case
questions. You may even be asked to make a presentation.
7.
If you are considering starting your own firm. If
you have an aptitude for entrepreneurship, preliminary
steps to starting a consulting business include conducting
market research, deciding whether to incorporate,
and setting up your office. You will also need to
price your services (and decide whether to charge
hourly, daily, per project or on retainer), and attract
clients through networking, advertising, or publicity.
Finally,
while it is not an absolute necessity, you may want
to pursue a professional designation as a certified
management consultant to take your career to the next
level.
Management
consulting is a very lucrative, recession-proof field.
In fact, some specialized consulting fields are experiencing
a whopping increase of revenue during the current
slow economy. So get ready to plunge into this exciting
and highly rewarding profession. Just make sure to
do your homework properly to ensure success.
Jennie
S. Bev is the author of the FabJob
How to Become a Management Consultant.
The complete guide offers detailed information
about how you can break into this career and get hired
as a management consulting or start your own consulting
firm. Visit www.FabJob.com
for information.
