Management Consultant Salary, Job Outlook, And What They Actually Do For Businesses
If your ideal job is to give opinions to businesses and get paid decent money to do it, then maybe you should think about becoming a consultant. Their main goal is to learn everything possible about a particular company or product, work with customers to find out their needs and goals, and devise an execution plan. So if you are interested in learning more about these miracle workers, we will be exploring the typical management consultant salary, job description and much more in this article.
According to a market researcher poll, 82 percent of the U.S. clients surveyed said they will not be cutting the amount they spend on outside help over the next year. And over 40 percent of those same clients said they are planning to bring in even more consultants in the near future. It is no wonder that the market for management consulting grew 8 percent last year in the country.
Salary And Job Outlook
The salary expected as a management consultant will depend mainly by the firm you are hired by. A large consulting firm such as Price Waterhouse Cooper, Deloitte or Accenture can pay you top dollar,. often with a starting salary of $60,000 to $70,000. A first year-graduate with little work experience can expect a far lower range of about $30,000 a year. The average national salary for this occupation is around $84,000 annually.
The other major factor of your salary will depend on where you live. Management consultants who work in major cities such as New York and San Francisco can expect to earn the highest salary. Around 25% of all consultants in the U.S. are self-employed, meaning many of them choose to go off and start their own business.
Employment in this field is expected to grow about 22 percent from 2010 to 2020. It is also highly competitive, as more and more undergraduates decide to pursue their MBA in pursuit of obtaining a better job and higher pay. As businesses strive to keep up with the latest technology and business practices, they will turn more frequently to experienced, knowledgeable consultants to guide them towards future success.
Getting Into The Field
Most companies are looking to hire consultants who are highly educated and have management experience under their belt. The majority of consultants have a Bachelor’s degree in Business Administration, Management or a similar field. Many go on to pursue their MBA either as a full-time student or part-time while working at another business to gain experience. Job candidates usually apply for consulting firms or go off to start their own business. The top college graduates are highly recruited by big consulting firms.
Consultants with little or no formal education background can still be attractive to companies if they have prior business experience as a manager or similar role. They can also self-study by taking online courses or obtain certifications to bolster their qualifications.
What They Do Exactly
As outside consultants, this job requires individuals to be knowledgeable in all areas of organizational operations, from strategy to marketing. They are basically troubleshooters for companies, helping them to solve issues, add value, generate growth, facilitate change, and offer their expertise to the organization. Consultants can either specialize in specific sectors like sales, while some are general consultants who have experience in all aspects.
Management consultants mainly handle the inside environment of a company. They study the company’s business ethics and observe the relationship of the workers in the office. They are mainly concerned with company’s structure and how it is currently operating. It’s their responsibility to think of what options can be made by the company to expand or grow further. Or if the company is having other problems, it’s their job to come up with solutions and an execution plan.
If there are any misunderstandings or conflicts between co-workers, it’s up to the consultant to suggest suitable arrangements. This could mean hiring new employees, different training techniques, or implementing team building activities. Consultants will have the data and research to determine which course of action will be the most effective.
Consultants work mostly in project teams, which can consist of a couple people or a team of six or more. A typical consulting team might consist of three research analysts with 0-2 years of experience each, two associates with 3-5 years of business experience each, an engagement manager with 5-7 years of experience, and a junior partner with 10 years of experience. They will also have to setup meetings with company managers or shareholders to go over any proposed plans. This means consultants need to possess excellent communication and presentation skills.
Some consultants are expected travel often to visit clients or work sites. This means they will also have to be comfortable living away from home for an extended amount of time. Some of the top management consultants are constantly being flown to clients, meaning they are always on the road or in an airplane. This also translates to long work hours, including working on the weekends and holidays if necessary.
Big companies are more likely to be dysfunctional and in need of consultants than smaller ones. For this reason, consultants can usually expect to work in corporate environments. It is important that they work and present themselves in a professional matter, meaning they dress and act accordingly within the company’s practices.
Become A Consultant In 5 Steps
Are you thinking of becoming a consultant yourself? Join Dr. Tonya Featherston in her guide to becoming a consultant, as she will show you step by step on how to set up your own consulting company, find clients, market your services and produce documents. Tonya has over 20 years of experience as an educator and entrepreneur and her course provides 17 lectures that you can access at anytime, anywhere. The reviews speak for themselves!
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