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As a management consultant, you will be responsible for problem-solving, helping businesses to attain efficiency through proposed changes, and working on core strategy development, operational optimization, risk advisory services, technology deployment, and human capital advisory.
Types of Management Consultants
Strategy consultants provide clients with guidance in various spheres of business, including corporate strategy, business transformation, and digital and innovation capabilities
Operations consultants provide clients with guidance regarding business process optimizations to improve operational business capabilities
Information technology consultants provide and implement technological solutions for the client
Human capital consultants provide clients with solutions with change management and aide with any organizational changes that may affect the employees
Financial advisory consultants advise clients with regard to mergers and acquisitions, business restructuring, and economic advisory for overall business health
Skills for Success in Consulting
To be a successful consultant, you will need to have the following skills:
Research, analysis, and presentation
Attention to detail
Analytical, innovative, and creative mindset
Exceptional written and verbal communication
Self-direction and the ability to work independently
Aptitude for grasping new concepts and producing results
In addition to the above, management consultants are expected to have a high degree of emotional intelligence, be team players, structure and manage intensive workloads, have confidence and maturity to work with senior executives, and be dedicated to contributing to the outcome desired by the team. They are also expected to keep abreast of all changes in the industry and how they may affect existing and potential clients.
Consultants need to have advanced working knowledge of Microsoft Suite, specifically Excel and PowerPoint, to perform quantitative research methodologies such as data mining, creating financial models, and performing valuation analysis, and qualitative research methodologies such as market research and collecting business intelligence.
A Typical Day for a Management Consultant
Your day as a consultant will be highly variable depending on the engagement and scope of your work. You’ll spend your time conducting research and analyses, presenting findings and recommendations, and developing plans to implement changes. You might also contribute to the production of a white paper or spend some time researching relevant changes in the business sphere and general economy, assessing how they might impact your client organizations.
Qualifications and Experience Required for Consultants
Basic qualifications for success in management consulting include a bachelor’s degree, although preferred qualifications include an MBA, at least two years of consulting experience, and well-developed industry expertise specific to the field in which you intend to specialize. Consultants in the financial industry should have a solid understanding of and experience in the finance and banking industry specifically.
Compensation for Management Consultants
Management consultants typically earn competitive salaries relative to other jobs in finance and banking, though the exact compensation can vary depending on your level of seniority, specific job function, and the professional services firm you work for. Investment bankers and traders may earn higher salaries than management consultants, but they may also work longer hours and have more demanding workloads. Overall, management consulting is generally considered a well-compensated role in the finance and banking industry.
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