Why Should You Join A Management Consulting Firm?

Management consulting is a practice of supporting organizations in performance improvement. There are management consultants that provide their expertise in different areas. Such consulting practices came into effect with the rise of management. 

Looking back in history, the consulting industry came into existence with Glass-Steagall Banking Act. Initially, the major areas of focus included organization, strategy and finances. A number of management consulting firms were formed after the second world war. These brought in an analytical approach to the study of strategy and management. These consulting firms saw immense growth during the 1980s and 1990s.

Services Provided By Management Consulting Firms

Management consulting firms offer their services in different areas of business. Finance, strategy, marketing, supply chain management and human resources are some of the areas where management consulting firms offer advice for smooth and streamlined operations. Other services provided by management consulting firms include:

• organizational change management assistance, 
• process analysis, 
• strategy development
• development of coaching skills, 
• technology implementation and 
• operational improvement services

Who Works at a Management Consulting Firm?

Management consultants are the core of a consulting firm. These professionals prepare presentations and proposals based on their analysis of the company’s current situation and accordingly give recommendations. Management consultants can also recommend frameworks for the identification of problems. Many advise through their proprietary methodologies as the basis for recommendations for efficient ways of performing tasks.

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They also ensure if their advice is being properly implemented for optimum results. Management consulting firms provide solutions to real-life challenges to business and help organizations. Their job responsibilities include:

1. Discussing the areas of improvement with the client.
2. Defining the problem and proposing solutions.
3. Performing both quantitative and qualitative analysis for driving the proposed solution.
4. Consolidating the findings from the analysis and presenting solutions.
5. Presenting a plan for the implementation of recommended changes.
6. Supporting client’s business development activities including pursuit development as well as production of thought papers.

Eligibility Criteria

Management consulting firms look for candidates who have a minimum of a bachelor’s degree from an institution. Preference is given to candidates with an MBA degree along with experience of more than 2 years in consulting industry. In terms of technical requirements, firms look for a professional with:

1. Working knowledge of MS Suite
2. Experience in financial services, human capital, shared services and consumer products

Why Become a Part of Management Consulting Firms?

Becoming a part of management consulting firms is one of the top career choices for most MBA students. The reason behind this is the rewarding nature of this role. Professionals working with management consulting firms tend to experience both job satisfaction and remuneration. There is a thrill to work for clientele since you get to experience clients from different industries. 

Many projects have unprecedented situations which can be exciting and unpredictable. As a consultant, you get the chance to work with senior clients. A successful consultant also enjoys a high level of responsibility in the early stages of their career. A few years down the line as a management consultant, you can become a partner in the consultancy. You can even start your own business. 

Consultancy firms are some of the most active recruiters. Big firms also offer summer internships and ‘taster’ placements to capable students. To ensure that you land a decent internship, it is advisable to prepare yourself with courses that can boost your skills.

Top Courses For Joining A Management Consulting Firms

Professional certifications and courses can boost your chances of landing a decent opportunity with management consulting firms. There are different types of courses that can upgrade your knowledge on a specific skill. Following are the top online courses for management consultants:

• IIM Kozhikode’s Professional Certificate Programme in Strategic Human Resource Management 
• IIM Ahmedabad – Senior Management Programme 
• Business Intelligence and Competitive Analysis 
• Human Resource Management: HR for People Managers Specialization
• Operations and Supply Chain Management 
• Become a Certified Image Consultant and Soft Skills Trainer 
• Sales Analysis for Management Consultants
• Finance & Accounting for Management Consultants and Analysts 
• Product Management Certification Program 

Skills Required To Join Management Consulting Firms

While joining a management consulting firm, the following skills can really add to your portfolio:

• Ability to work under pressure,
• Good teamwork skills,
• Understanding of business environment,
• Commercial awareness,
• Problem-solving skills,
• Quantitative and analytical skills, 
• Effective interpersonal and
• Good communication skills

Management consulting firms have been in existence for quite some time and the reason for their success is their ability to successfully help their clientele. Organizations have been taking the guidance of these firms for improvement in process and thus, anyone who wishes to build a successful career can think of joining the industry.

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