It's also possible to take on project management roles, perhaps specialising in a … Consulting firms, dealing with marketing, assist companies in organizing and promoting their products, across various channels and within a defined budget. An IT consultancy can swoop in with solutions to factors such as data volumes, types, size of customer base, details to be captured, integration with upstream and downstream systems, etc. Management consulting interview questions, How to answer brain teasers in interviews for Consulting & Investment Banking jobs. In its simplest form, consulting is the business or act of coming up with solutions to real world business situations or problems. Ever heard people saying consulting is about “solving business problems”? All Associate Partner and above can start a project, as long as they can get one. Career in Management Consulting. That is why high-ranking leaders spend most of their time on networking, connecting with CEOs, and selling consulting services – projects. This course offers an in-depth view of the management consulting industry. As a new graduate you'll usually begin your management consultancy career in an analyst role, mainly carrying out research, data collection and analysis. With good salaries, specialist training and opportunities to progress quickly, it’s easy to see why. Careers in consulting. The career progression from being an Analyst to being a Partner in a consulting firm can take anywhere between 7 to 10 years, depending on the size of the company, the field, and of course your tenacity to achieve your target. But the negatives make a strong case for why one should carefully examine options. A city might need a new bridge or a new factory, for which design and building plans would be required. In fact, it is far more crucial to be able to learn and adapt rather than have a vast repertoire of knowledge. For a simple. So, a crucial requirement for the resume is that it be short and stick to what is relevant. 4,863 Management Consultant jobs available on Indeed.com. You can join your favorite client and take high positions there. If you have this talent, your resume should indicate it. Are you looking for a future within the consulting industry? Join 60,000+ on the #1 consulting prep channel! Read about our services and pricing. Engagement Directors (ED) are the ones who own a project. Real Estate Consultants assist firms with valuations, property-related legislation, locating and renovating at a limited cost, etc. While low level analysts can be anywhere around $70,000 or a bit more, an MBA can double it. There's an expectation that a few years into your consulting career you'll quit to do an MBA - and then come back again. Situational or Behavioral Interviews: What questions can you expect? These are the hot-spots for getting consulting jobs that pay high post MBA salaries. A management consultant works with company leadership to assess the company and identify problems, gather information, and implement solutions. – Management consulting resume tips for McKinsey, Deloitte, BCG, Bain. conducting research and interviews, building financial models in Excel, collecting data and running analyses, building PowerPoint slides on key insights. According to Payscale, the average annual salary for entry level general management consultant is about INR 8 lakhs in India which is reasonably high for an entry level position. Read about our, Management consulting resume tips for McKinsey, Deloitte, BCG, Bain. 1. Everyone from interns to senior consultants will play this role. If you like to solve problems, want to work in a variety of industries, don’t mind raking up the frequent flyer miles, and the nice little perks of a lifestyle lapping up the big luxuries in life, you are probably sniffing in the right quarter here. The usual mantra ‘up or out’ gives rise to a lot of competition and no guarantees. For a simple approach, I will use McKinsey’s title to explain. Consultants play this vital role, often as general experts who are trained to provide solutions to help businesses function and attain their targets successfully. Wordings can vary through different firms but naturally, it stays the same. The operational processes of a business are what drives the business itself. You will own the client’s problem and you will play a pivotal role within the team amongst the … With a 1% chance of making it into the top consulting firms, the demand to supply ratio of deserving MBA applicants is extremely disproportionate. The role involves extensive research and data gathering of client problems together with the suggested solutions. This, of course, is necessary for a starter – to warm up to the rigorous world of consulting that is expected to follow soon. For more insight, check this article by Fuqua School of Business graduate, and management consultant, on why do companies hire consultants. Let's start with entry points. Dr. Joe O'Mahoney is a Professor of Management Consulting and leading authority on the consulting industry. You have strictly 2 years to advance your position to the next level. Will it be much different from other jobs?”. They will also be in charge of managing the output of the workstreams, update with senior leaders, and communicate with their clients to see whether they are on track. 115 BCG Potential Test and 200 McKinsey PST questions, 10 case interview simulation videos with 100+ feedbacks, 50 exercises on 5 business intuition and 200+ Brain Teasers. So, before you commit, ask yourself. Cover letters, resume and interviews are the standard steps towards an offer letter. Welcome. McKinsey, Boston Consulting Group and Bain & Co., or MBB in short are considered the Big 3 management consultancies. Our Ultimate Management Consulting Program equips you with every essential skill for consulting recruitment success, including Quantitative Skills, Business Intuition, and Presentation. In case interviews, candidates are expected to come up with solutions to real business problems. Higher-ranking consultants will be given larger and more difficult tasks. See the below picture for an illustration. experienced consultants in a specific field may join some industry-related or function-related supporting centers to help their junior consultants to master the expertise in their projects. There are four general entry points into consulting: after graduating undergraduate, after graduating from a graduate program, transitioning from industry and joining as a senior industry hire. There are virtually an infinite number of types of consulting companies specializing in every imaginable area – the list is endless. A firm might want to have a central repository of data and that might require a whole lot of technological leg work, reviews, possible outcome research, and more. This practice package contains the following: Wonder how much consultants are paid? Consulting selection process is usually preceded by presentations made by consulting firms for placement at various business schools. – Not right up your street. For example, a Cement Center may employ an experienced cement expert from over the world and lend him to cement projects in progress. A management consultant, sometimes called a management analyst, is an occupational professional, working alone or as part of a team, who conducts research and provides independent, objective, external advice to directors, management, board members and other leadership figures on how their companies can better proceed to increase revenue, profits, and growth in the future. It really contributes to our development as a consultant. Consulting offers almost countless pluses as a career. Elite as management consulting may sound, its complicated structure may confuse you at first. A little bit of research on your part can reveal more names. Besides, a project may need help from supporting centers, which opens up another career path in consulting: Find my explanation later in this article. Business strategy or "strategic management" is the uppermost level of decision making... 2. Life as a consultant has its rewards, obviously, as well manifold challenges. Adding business development responsibilities dramatically raises the ceiling on compensation, but it can also increase … Below are five reasons why consulting is a great place to start your career, no matter where it takes you. He has taught over 1500 MBA students about the industry and provides consulting career workshops all over the world. Only a smaller percentage move up but if you do manage to make it to a Partner in a consulting firm, you can be all set for the rest of your career. What is management consulting? The broad span of consulting work makes it an attractive career, offering a variety of projects, challenges and opportunities for personal development. At management consulting firms, the career ladder usually has 4 to 5 levels: Projects and offices are completely separate entities – think of them as separate companies in a conglomerate. – How to get an interview at McKinsey, Bain, BCG? There are books and online mock interview resources that can prepare you well. Read on as we play tour guide into the career possibilities in the world of consulting and help you peek into what could be in store if you were to choose this career. Consultants thrive on feedback. As I told you, there is another track to get into consulting firms – through supporting tracks. As an Engagement Manager you will have responsibility for managing a project and the team. Our professional advisers assist both public and private sector organisations understand their most important value drivers and work with them to help achieve tangible and lasting improvements in performance. With this explanation, hope it helps with your consulting preparation! Collaboration is a big part of being a consultant and the ability to work in a team is therefore yet another quality evaluated in a fit interview. However, there are a few common concerns – mostly about career tracks and business outlooks. These benefits make the journey well worth it to many. In your career as a consultant, you would be looking at one these functional areas. As for the qualities that are usually assessed, they are leadership and problem solving. Everybody quits Management Consulting at some points. Your resume, cover letter, interview preparation and overall inclination for the job itself can take you rest of the way well into the end zone. While all majors are accepted, business and quantitatively oriented majors such as Finance, Economics, or Accounting are preferred. In his “honest and “hilarious” book on management consulting, “House of Lies: How Management Consultants Steal Your Watch and Tell You the Time” (2005), Martin Kihn, a former consultant at an elite firm and Columbia Business School alumnus, throws open the secrets of the industry and profession (the TV series based on the book, “House of Lies,” 2012-16, is available on … Stepping into the career requires motivation, passion, and most of all a near complete understanding of what will be expected. Here are the top MBA programs for a consulting career, according to the popular QS MBA Rankings. Management consulting is a career option that provides the opportunity to get plush, well-paid and respectable jobs, and that’s why it is being considered among some of the top professional choices by students all over the world. If you are not qualified enough to be promoted after every two years, you are suggested to leave. – Life after Consulting Exit Options You will always start at entry-level positions in the traditional consulting track and gradually climb up your career ladder. – Frequent traveling. Risk management was the only outlier. Burn out, lack of a personal life, and stiff competition faced in making it to partner level, make consultancies have a turnover rate of 15 to 20 percent. – Management consulting interview questions, – How to answer brain teasers in interviews for Consulting & Investment Banking jobs. Twitter. – Situational or Behavioral Interviews: What questions can you expect? This role corresponds with Level 3 (Project Manager/Project Leader) in the office. Entry-level consultants, or Analysts, are required to spend considerable time doing research and data gathering, making PowerPoint presentation or working on Excel spreadsheets. From here you'll typically progress to senior consultant or manager level, and this is usually achieved within about three years. – Fit Interview. Apple. IT Consulting deals with technology. To get to the Associate role and gradually work your way up, Analysts either get an MBA or work exceptionally well. Other types of popular consulting are Health or Pharma, Software, Sales, Finance, our favourite, Admissions consulting / Career Coaching, and more. Besides, a project may need help from supporting centers, which opens up another career path in consulting: supporting tracks. But as with most things in life, the promises of a consulting career can also be too good to be true. Consulting Career Path Steps Step 1: Analyst . This becomes progressively better as you hit the top business schools. And of course, there can be office politics, fighting for the most challenging or visible project while stepping over another’s shoulders. The ideal resume touches upon these five main skills. A.T. Kearney, Accenture, AlixPartners, Bain & Co., BCG, Deloitte, EY, L.E.K. approach, I will use McKinsey’s title to explain. Management consultants are responsible for proposing effective and innovative ways to improve the efficiency of companies, make them more profitable and reduce their costs. If you pay close attention to the titles, you’ll know the positions listed in the above section belong to the office. Careers in management consulting follow a general rule of thumb that the more senior you are, the greater your exposure to clients - and to senior clients in particular. Not every... Level 1: Junior Consultant / Analyst – Undergrads enter the firm at this level. The most glamorous of them all, strategy consulting has become popular because of elite firms such as McKinsey, Bain and BCG. Corporations around the world depend heavily on consulting companies to maintain and sharpen their edge in an increasingly competitive world. Many MBA students consider management consulting as their next big step after graduation. If you’re an outside-the-box thinker who enjoys exploring the myriad ways people, strategy, operations, and process improvement help shape the future of our clients’ organisations, then you may be the right fit for one of Deloitte’s consulting teams. They handle the executive work in a project – conducting research and interviews, building financial models in Excel, collecting data and running analyses, building PowerPoint slides on key insights. Once you have the academic credentials and work experience and pass the first round, the next step is the case and fit interviews. After gaining a sufficient set of skills, they look for other challenges. The salaries are obviously commensurate with the seniority and position in the firm. The idea is to assess the applicant’s numerical and verbal reasoning skills, business and commercial knowledge, presentation, and the analytical skills needed for real-life problem solving. Businesses often come across issues or targets that require fresh, unbiased, methodical and strategic perspectives to resolve. A well-written cover letter acts as a perfect introduction for a resume, by not only reflecting your personal traits but also by providing highlights of your education and employment. Supporting Tracks - What is the difference? Though an MBA is not essential to a consulting career and some have been known to make it in either straight out of school or with a few years of work experience in a related sector, as one of the stories shared in the link below, MBA still does provide one of the most standard paths towards a consulting career. ... 3. You can start your own business as I did, and succeed in your own way. They are chosen based on various criteria: cost, experience, background relevancy, and familiarity with the EM himself or herself. This is when a successful 10-year career path gives you an advantage in joining the consulting field. Consulting, McKinsey, Mercer, Parthenon, PwC, Synpulse Management Consulting, Fidelity Business Consulting, Salesforce, ZS, etc. Apply for Management Consulting Jobs in Deloitte United States. Consulting jobs cover many different industries and most consulting firms follow a particular type of business sector. © 2020 Management Consulting Prep | Intelectual Property protected by DMCA, There are 2 major tracks in consulting: (1) the, In consulting projects, there are just three levels – they roughly correspond with job titles, with slight variations here and there. Credentials for Management Consultants Management consultants usually obtain a Bachelor’s or Master’s degree in a business-related field. You may not have any consulting background previously. Management consulting continues to be a dream career to those looking for challenges as well as rewards. You may wonder when consultants will get promotion, in fact, it is a race for everybody. Recruiting firms take full advantage of what they have to offer to get the cream of the top business schools to join the firms. However, it is easier said than done, as there’d be several hurdles at every single stage, namely the huge competition from other deserving MBA graduates and colleagues. Both of these qualities are essential for your success as well as the firm’s in maintaining and growing its client base. Consulting firms hire some of the best management brains, allows a healthy amount of hobnobbing with experts in various industries, work closely with clients leading to great exposure and powerful networks, and get paid handsomely for all the consulting efforts. Once a project is established, the ED will hire an Engagement Manager (EM), the most important decision of any project. This results in a strict pyramidal structure for most top consulting firms – the higher up, the fewer people there are. Engineering consultants would be employed for such assignments. Booth has several student-led consulting groups, such as the Booth Management Consulting Group (MCG) which help with student development and networking opportunities. The Consulting industry is one of the largest recruiters of MBA graduates, consistently tying up the top spots with Finance, Energy, Health Care and Manufacturing, according to the annual GMAC Corporate Recruiter Survey. – Market sizing questions, examples and answers As part of our global, entrepreneurial team, you’ll do meaningful work from day one. The perks and attractions are a mile long and enough to dazzle most. Everybody quits Management Consulting at some points. HR Consulting helps companies with framing of employee friendly HR policies, guidelines and mandates, employee feedback, rewards, appraisals, and performance improvement initiatives. Definition. With my former experience at McKinsey, I’ll guide you through a typical career path of a consultant, give you some insights about the firm, and hopefully, it helps clear your confusion! Ernst & Young (E&Y), Deloitte, KPMG and PriceWaterhouseCoopers (PwC) are considered the Big 4 accounting consultancy firms that have grown their consulting businesses to compete with MBB.   Management consulting is a popular destination for bright students after graduating university. Career Dashboard; Your next career move; Skills Trends; Naukri Lab . The 5 Main Types of Management Consulting Careers 1. The exposure may do you good, but to give your A game, you will need to work that much harder when the field is not your forte. If you are overcoming hardships, we wanna help! But for consulting jobs, these can be dash more painful than other job applications. Cisco. – Dark side of Consulting There are a few business schools that can increase your chances of becoming a consultant, even if you weren’t already one before the MBA. Management consulting is unlikely a good route to switch your career with 10+ years of experience as you will have to start over again. What Degrees Are Best for a Career in Management Consulting The top consulting firms— McKinsey , BCG , and Bain —each have highly selective recruitment processes. Else, the charms fade just as easily as the blood pressures rises. This role corresponds with Level 4 (Director/Partner) in the office. Business Analyst (BA) is the typical entry-level position for management consultants with an undergraduate degree. Especially if you have a hard-to-please client or a taskmaster for a boss. Through interactive job readiness workshops, Career Management Consulting will provide the necessary tools to support Educational Institutions and the students prior to graduation, Learnership and Graduate Programmes to make the job search process more effective, productive and faster. According to the Carlson School of Management (the University of Minnesota Business School), 21% of graduates of their MBA program took jobs in consulting 24 and 11% of the graduates from the business program for undergraduates took jobs in consulting. – Work life balance suffers, Consultants often encounter stress, working more than 100 hours a week, with any offline hours filled with worries about work, client, competition, deadlines, you name it. There are 2 major tracks in consulting: (1) the traditional consultant and (2) the supporting tracks. In fit interviews, candidates are assessed for their “fit” within the consultancy’s culture. How does your personality, values, and skills match with the organization’s? Two, some supporting centers may go out and recruit top-notch experts to join their team. It could be mainstream like strategy and operations consulting to more niche markets like real estate, design, etc. At management consulting firms, the career ladder usually has 4 to 5 levels: Level 0: Intern – Most consulting interns support other consultants by collecting data or running analyses. A hint – they will usually have revenues in the billions and employees in the thousands spread across the globe. Fresh out of college consultants in USA make about $70,000 a year. And do browse our articles on consulting for general information as well as personal stories from consultants at some of the biggest firms on the planet.