The Management Consultant job description below gives an example of the skills, education, and experience required to be hired as a management consultant at a consulting firm or for internal strategic functions of an institution or corporation.
Within a traditional consulting firm, one typically holds each position for two years before progressing to the next level. As an entry-level management consultant, you will normally be required to possess a certain skill set, consisting of both technical and soft skills.
What is Management Consulting?
Management consulting, in a nutshell, is problem-solving. Businesses today face numerous problems, many of which are detrimental to operating efficiently. With the ever-changing market landscape and the emergence of new technologies, companies need to continue to evolve. Companies often need assistance to implement changes vital to their economic health. Management consultants provide their expertise to help their clients attain efficiency through the proposed changes.
Job Description – Management Consultant
Facilitate discussions with the client to elaborate on the areas of proposed improvements
Define the problem concisely and hypothesize the proposed solution
Perform quantitative and qualitative analysis to drive the proposed solution
Quantitative research methodologies include data mining, creating financial models, and performing valuation analysis
Qualitative research methodologies include performing market research and collecting business intelligence
Consolidate the findings from the analysis and present solutions to the client
Develop and present a plan to implement the recommended changes
Support the business development activities of the firm, such as pursuit development and production of thought papers
Bachelor’s degree from a top institution
Well-developed core consulting skills of research, analysis, presentation, and attention to detail
Aptitude to grasp new concepts and effectively produce results
Exceptional problem-solving skills – an analytical, innovative, and creative mindset
Exceptional written and verbal communication skills
Ability to be self-directed and be an independent contributor to the team
MBA from a top institution
2+ years of consulting experience
Advanced working knowledge of the Microsoft Suite, specifically Excel and PowerPoint
Well-developed industry expertise in a domain of alignment (financial services, consumer products, human capital, shared services, etc.)
Ability to lead teams with a sound work ethic, intellectual curiosity, and exceptional client service
Personality and Interpersonal Skills
Ability to structure and manage intensive workloads
A worthy team player, dedicated to contributing toward the outcome desired by the team
High degree of emotional intelligence to effectively deal with increasingly diverse clients and teams
Confidence and maturity to work with senior executives
Types of Management Consultants
Management consultants perform various specialized functions, including core strategy development, operational optimization, risk advisory services, technology deployment, and human capital advisory.
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 advice clients in regards to mergers & acquisitions, business restructuring, and economic advisory for overall business health
Major Roles of Management Consultants
Let’s go beyond the official management consultant job description and look more deeply into what consultants do in practical terms:
Management consultants work to provide solutions to the client’s changing business needs. The scope of engagement is highly variable and can include core strategy development, large scale implementation, process optimization, change management, and new technology introduction. The analysis pertaining to each engagement is variable, but often includes intensive data and financial analysis performed in Microsoft Excel.
Most consulting firms place an emphasis on producing white papers and internally produced research on relevant changes occurring in the business sphere and general economy. Management consultants are required to contribute to the pieces.
As they progress in their careers, management consultants are often required to become aligned with a specific industry of their choice and eventually become “experts” in that field. They are required to keep abreast of all changes in the industry and how they may affect existing and potential clients.
Credentials for Management Consultants
Management consultants usually obtain a Bachelor’s or Master’s degree in a business-related field. While all majors are accepted, business and quantitatively oriented majors such as Finance, Economics, or Accounting are preferred.
Since data and financial analysis is an essential part of the job of a management consultant, adding a practical designation, such as CFI’s Financial Modeling & Valuation Analyst (FMVA)™ certification, is becoming an increasingly popular professional upgrade for a management consultant. CFI’s financial modeling-focused course teaches analysts how to produce advanced financial analysis using Microsoft Excel, PowerPoint, and the real tools of an analyst.
Management consultants can find themselves employed in traditional and niche consulting firms, strategy functions of corporations and institutions, and, following a few years’ worth of experience, find prominent roles in start-ups or be independent consultants. They wear many hats in order to provide robust business solutions to their clients.
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