Careers In Management Consulting
Management Consulting is one of the popular and competitive career options today.
Basically there are two types of consulting positions–the generalist and the specialist. Specialists offer process or functional knowledge to clients.
Most aspiring consultants are interested in the generalist firms such as Bain, McKinsey and BCG. These firms offer advice to corporate clients on to operating more efficiently, or opening new markets, etc. These firms prefer hiring experienced candidates or MBA’s for the positions that lead to partnership within the firm. Typically they hire undergraduates to act as research analysts or research associates for their support centers popularly known as knowledge centers, firms like McKinsey, Bain and BCG have their knowledge centers located in India. These knowledge centers provide support to various ongoing consulting engagements through research and analytics. Consulting firms have traditionally been among the largest employers of top MBA and college graduates.
Management Consulting Jobs provide you with
- Opportunity to understand wide variety of business issues
- Learning and networking with some of the brightest minds
- Excellent pay and perks
Many firms vouch for specialists in various diverse fields such as computers, human resources, corporate communications, mobile communications, health care, financial services, real estate-commerce, fraud investigations etc to advise their clients on various issues
IT services specialists were extremely popular from the year 2000 to 2008, consulting firms, including IBM Global Services, Capgemini, and Accenture, derive a significant portion of their revenue through systems integration and outsourcing engagements. These firms work with a client to develop hardware and software solutions and then often manage the systems
Some of the leading consulting firms are
1. McKinsey & Company
2. Bain & Company
3. Booz Allen Hamilton (not present in India)
4. Boston Consulting Group
5. Ernst & Young
6. Deloitte
7. KPMG
8. Accenture
9. PwC
10. IBM Global Services
11. Hewitt Associates
12. Capgemini
13. A.T. Kearney
14. Mercer Management Consulting
Other than the firms mentioned above there are also a number of Boutique Strategy Firms. These firms specialize in a particular industry, process, or type of consulting. For people interested in a particular industry or type of consulting, these firms offer excellent career opportunities.
It is important to know you’re target firms and their areas of expertise; Firms like McKinsey, Bain, and BCG are famous for their strategy work. Booz Allen is particularly strong in organizational work. Accenture has traditionally had a strong information technology and systems focus.
Listed below find a brief set of the most common questions that an aspiring management consultant can honestly ask themselves before committing to a career in management consulting.
Does this describe you?
- You are looking for a “glamorous” job but aren’t ready to work hard
- You have difficulty assuming responsibility and setting a direction for yourself
- You do not have strong analytical skills
- You want to work 40-hour weeks
- You do not like to travel
If this is you then management consulting is most probably not a good career choice for you.
Do you want to?
- Gain broad exposure in different areas of business
- Work in several different industries before making a decision to focus on just one
- Acquire basic business skills to meet your future goals, such as entering industry or entrepreneurship
- Take on significant amounts of responsibility in dynamic environments
- Develop a strong and diverse network
If you answered yes to all of the above then definitely go ahead. You will most likely be a successful management consultant. Therefore, if you’ve been contemplating to break into this field, wait no more. The financial reward is a real incentive. Other perks, such as intellectual challenge, opportunity to learn, helping others to learn, self-satisfaction and prestige may further motivate you to enter the field
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