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Last Updated By Shreya Sareen on 16 Dec, 2021
If you are interested in how a business works-its strategy, management and operations, then a career in management consultancy may be for you. The job involves being responsible for the overall management of an organization, managing a list of clientele and handling the internal and external communication strategies. Also known as management analysts, they may choose to specialise in a particular industry such as education or health care. A management consultant can also focus on a particular function such as human resources, inventory control or information technology. The tasks of a consultant include identifying problems, gathering information and offering solutions. Management consultants are hired in all sectors be it the private, public or government sector, and the demand for a management consultant is globally high. If candidates are proficient in their work role and have a good educational background with good marks then there is a lot of scope of getting hired by world-class companies on an attractive remuneration package.
Candidates must acquire a bachelor’s degree from a recognised institution. They can opt for any subject combination for their graduation degree but recommendation and preference might be given to the candidates with a graduation degree in subjects related to MBA (like BBA).
Candidates are also required to score at least 50% marks as total aggregate to become eligible for appearing for the entrance exam and for the admission process.
A good score in 12th boards will also be valued at the time of admission.
It is mandatory for candidates to present their entrance exam mark sheet along with their graduation mark sheet at the time of selection process.
Only after clearing the next levels of selection process comprising of Group Discussion (GD) and Personal Interview (PI), candidates will be allotted seats in the designated institution.
Candidates must most importantly remember that the eligibility criteria my change depending upon the reservation and specifications marked by the institution.
A number of job profiles are available for the candidates who aspire to become management consultants. The profiles mostly depend upon the designation offered by the industries as per their needs and requirements. Enlisted below are a few recommended and in-demand management consultant job profiles for aspiring management consultants.
Strategy Consultants: A strategy consultant is the one who is responsible for the growth strategies of an organization. Their job is to advise the organisations regarding the high-level decisions, by making use of their in-depth knowledge for best results. They often work on a project basis and plan work according to their assigned project.
Information Technology Consultants: These are the specialists who focus mainly on the technical requirements of the company. They offer suggestions and advice related to the IT problems of the company. Identifying information needs, design and system analysis along providing consultancy on application-related issues are also important functions of IT consultants.
Outsourcing Consultants: They are responsible for dealing with outsourced projects. These projects can be from various departments such as Finance, Information Technology, and Human Resources.
Human Resource Consultants: They analyse the company’s HR programs and focus on disseminating advice and suggestions pertaining to Human Resource Management.
Financial Consultants: Financial consultants play a major role in working on proposals related to financial budgets, budgetary control systems, revenue, and capital budgeting and profit planning of the company.
Entrepreneurs: They start and manage their own business and take responsibility for all risks and opportunities. An entrepreneur is fully responsible for planning the business strategies, acquiring resources, and deciding on the budget. In order to be a successful entrepreneur, you need to be a good planner, build strong relations with customers and know sales and marketing.
Aspiring consultants must have an idea of the different employment opportunities available for them. To help candidates, we have prepared a list of industries where the employment opportunities for management consultants are available. The list includes the following:
IT Industry
Management Houses
Finance Companies
HR Recruitment Consultancies
Entertainment Industry
Media Houses
Recruitment Agencies
To justify your degree, it is important to work with a reputed organisation. In India, there are more than 100 firms and more than 50 different industries that hire management consultants. Candidates with good educational background and promising certificates are given preference by top recruiting companies. Take a look at a few top companies hiring management consultants.
McKinsey & Company
Deloitte
Bain Consulting India Private Limited
Boston Consulting Group
Accenture
AT Kearney
Tata Strategic Management Group
KVP Business Solutions
A F. Ferguson & Co.
Arshiya International Limited
A management consultant’s salary is based on the type of role and responsibilities for which he/she has been hired. The different genres of management consultancies also determine the pay scale of the management consultant:
Job Profile | Starting Salary per annum (in INR) | Mid Level Salary per annum (in INR) | Senior Level Salary per annum (INR) |
Strategy Consultants | 4,80,971 | 12,74,510 | 24,56,260 |
IT Consultants | 5,73,857 | 9,20,645 | 13,02,112 |
HR Consultants | 2,98,009 | 6,87,647 | 9,83,134 |
Financial Consultants | 1,74,507 | 6,00,000 | 13,43,194 |
Note: The figures mentioned above are an approximate estimate and may vary from one organisation to the other organisation.
In order to become a management consultant, it is important for candidates to score well in the entrance exams designed for taking admission in the various management colleges of India. To do so, candidates can take help from the best books and study materials for the preparation of the MBA entrance exam. Enlisted below are some of the top books and reference materials.
50 Plus Solved Papers MBA Entrances by Arihant Publication.
MBA Entrance Examinations Guide (Big Size) 2016 Edition by RPH Editorial Board
Group Discussion on Current Topics by P.N.Joshi
A Modern Approach to Verbal & Non-Verbal Reasoning by R.S. Aggarwal
Word Power Made Easy by Norman Lewis
NCERT Mathematics books for Class 8, 9 & 10
Logical Reasoning and Data Interpretation by Nishit K. Sinha
If you are a management consultant, you’ll get to travel as well with almost every project that you will handle.
You will get to work with people from different fields, and you get to learn a lot from the exposure.
There is a complete dependency on you in terms of handling the clientele and managing the internal and external communication of the organisation. It can be quite rewarding to see your efforts being appreciated and implemented.
Work load can sometimes frustrate you until you are completely done with a task that has been assigned to you.
In this field you don’t have a fixed boss, they change according to the project and clientele, which at many times can be a bit confusing.
Unwanted travel calls can harass you and duty calls are completely unavoidable.
Being in demand can sometimes ruin your personal life to a certain extent. Work calls will have to be attended no matter what.
Regarding how to become a management consultant, candidates can check out the details given and start planning accordingly. A basic criterion is to have a graduation degree from a certified and recognised institution. For better insight, read the details given below.
Take our test and find out if it suits your strengths.
You could become a Digital Marketer , an Entrepreneur , a Retail Manager , a Human Resource Manager after studying P.G.P.M. (Post Graduate Program in Management).
You could become an Operations Manager , a Digital Marketer , a Human Resource Manager , a Sales Manager after studying P.G.D.M. (Post Graduate Diploma in Management).
You could become an Operations Manager , an Entrepreneur , a Human Resource Manager , a Retail Manager after studying M.B.M. (Master of Business Management).
You could become a Banker , an Operations Manager , a Digital Marketer , a Sales Manager , a Retail Manager after studying M.B.A. (Master of Business Administration).
You could become a Human Resource Manager , an Operations Manager , a Digital Marketer , an Entrepreneur after studying M.A.M. (Master of Applied Management).
You could become a Sales Manager , an Entrepreneur , a Digital Marketer , an Operations Manager , a Human Resource Manager after studying BBA-MBA.
You could become an Entrepreneur , an Operations Manager , a Retail Manager , a Human Resource Manager after studying B.B.S. (Bachelor of Business Studies).
You could become a Human Resource Manager , an Operations Manager , an Entrepreneur , a Retail Manager after studying B.B.M. (Bachelor of Business Management).
You could become a Human Resource Manager , an Operations Manager , a Sales Manager , a Retail Manager after studying B.B.A. (Bachelor of Business Administration).
You could become a Human Resource Manager , an Operations Manager , a Digital Marketer , an Entrepreneur , a Retail Manager after studying B.A.M. (Bachelor of Applied Management).
