Management consultant
Management consultants are involved in providing objective advice, expertise and specialist skills with the aim of creating value, maximising growth or improving the business performance of their clients.
They are primarily concerned with the strategy, structure, management and operations of an organisation. Consultants can assist by identifying options with recommendations, providing additional resources and/or the implementation of solutions.
Consultants operate across a wide variety of services such as business strategy, marketing, financial and management controls, human resources, information technology, e-business and operations, and supply-chain management.
As with the type of work, the range of consultancy firms also varies from the larger firms that offer end-to-end solutions to smaller or niche firms that offer specialist expertise, skills and industry knowledge.
The day-to-day activities of management consultants are often complex and varied. Consultancy is essentially entrepreneurial in nature and project-based. Projects can vary in length depending on the type of consultancy, firm and the demands of the client. They can involve an individual or a large team. They can be based at one site or across several international borders.
Typical tasks, particularly for new graduate recruits, involve:
In addition to the above, tasks for more experienced and senior consultants involve:
Although management consultancy is open to graduates from any degree discipline, a degree which is either numerical or analytical in content could be an advantage for some firms. A degree in the following subjects may increase your chances:
Because of the wide variety of industry sectors in which management consultancy firms work, e.g. banking, healthcare, engineering, public sector, retail, hospitality, media, there are many degree disciplines that could have some relevance. Employers will be looking for a strong academic record more than the subject of study; 2:1 at degree level or equivalent is a standard requirement. Many firms also have a minimum UCAS points (or equivalent) requirement.
Entry with HND/foundation degree is not possible.
A postgraduate degree is not essential for entry into consultancy, however it could be useful. In particular, for those with several years' experience post degree looking to get into management consultancy, the Masters in Business Administration (MBA) is seen as a useful springboard. Consulting firms also recruit PhD students. Graduates would be recruited into Analyst roles but MBAs and PhDs are usually recruited into the higher-level Associate positions.
Many consultants enter the profession with a broad-based background of commercial experience and in some cases a professional qualification, e.g. the ACA (Associate Chartered Accountant), accredited through the Institute of Chartered Accountants in England and Wales (ICAEW) , Chartered Accountants Ireland or the Institute of Chartered Accountants of Scotland (ICAS) . Graduates with experience of one or more of the key consultancy industries and services will be attractive to recruiters.
Employers are also looking for a range of skills which may have been gained through extracurricular activities e.g. club membership, team sports, paid or voluntary work experience.
Candidates will need to provide evidence of key skills and attributes:
Commercial awareness or understanding of business environments is essential to be able to get through the selection process which frequently involves analysing case studies.
Competition is extremely intense with high entry standards and requirements. Early applications are recommended. Many of the larger firms have closing dates in November of your final year. The majority of firms have a structured application process. It is important to know what recruiters are looking for, so make sure you do your research. Using the Vault Guides to top consulting firms will be particularly helpful. To be successful in the selection process it is important that you refresh your numeracy skills and practise case study interview techniques.
Consulting thrives when the economy does, so the recession has had an effect on recruitment. Firms are still seeing a demand for work but rather than concentrating on growth strategies, the focus is on transformational work, turnarounds and cost-reduction projects. Cuts in government spending will also have an effect on demand, particularly for those consultancies that specialise in the public sector.
For more information, see work experience and internships and search courses and research.
Consultancy firms place a strong emphasis on training and professional development.
New entrants will go through an extensive induction and training process. This involves an overview of the organisation, structure and specific roles. Throughout the induction, new entrants will develop their consultancy skills and be under the guidance of an experienced consultant.
Many firms offer other development opportunities such as mentoring programmes, skills courses, lectures and presentations given by experts, knowledge databases and resource libraries, group training and networking opportunities.
Postgraduate qualifications can be the key to career progression in management consultancy. The Masters in Business Administration (MBA) is the most common qualification for promotion to senior positions. Other Masters programmes in a relevant business subject can also be undertaken. A number of institutions offer Masters degrees that have a consultancy module or component. Some consultants opt to do a PhD giving them the chance to specialise in a particular field.
Professional consultancy qualifications are also available. The Institute of Consulting (IC) , formerly the Institute of Management Consultancy, offers a number of professional qualifications for aspiring and developing management consultants. They also offer the Certified Management Consultant Award (CMC) - an internationally recognised award for members of the IBC that recognises a consultant's competence, skills and experience.
Continuing professional development is vital, but it is up to you to make the most of the training opportunities on offer.
New graduates will begin their management consultancy career as an analyst, mainly involved in research, data collection and analysis. After approximately two years it is expected that graduates will progress to consultant level; in some firms entrants may need to undertake an MBA (usually sponsored by the employer) in preparation for this position. Those who already have an MBA or relevant commercial experience may be fast-tracked to associate/consultant level.
After about three years, progression would be to senior consultant or manager; at this level a consultant would be leading teams, designing and developing solutions and projects. New consultants who stay within the firm they first join may progress to project management roles, perhaps specialising in an area of industry that takes their interest. A consultant with ambition may become a partner or director, but this depends on the structure of the organisation.
At either principal or partner/director level, a consultant would have responsibility for generating new business, developing client relationships and generally overseeing the strategic growth of the firm.
New recruits are often expected to progress rapidly up to consultant and senior consultant level, and to contribute to the development of their firm. Consultancies are meritocracies, rewarding those who show initiative and identify and develop opportunities for both the business and themselves, and expecting staff to express an interest in areas or projects they would like to get involved in and skills they would like to learn.
Those who choose to move on may take on a role with another practice as an industry specialist, start up their own consultancy or go into a senior position in industry.
Consultancy firms can be divided into the following areas:
Consultants operate across a whole range of industries and sectors, including financial services, healthcare, manufacturing, media and telecommunications, utilities including gas and renewable energy providers, public sector and government, charities and educational institutions, retail, hospitality and leisure.
There are also a number of recruitment agencies and useful websites for management consultancy jobs:
Get tips on job hunting, CVs and covering letters and interviews.
Tweet