What does a management consultant do?
Management consultants (also called management analysts) examine and recommend ways to improve the organization, profits, and effectiveness of a business or corporation. They gather, evaluate, and examine information to make suggestions to managers of businesses. They can help reorganize the structure of an organization and eliminate jobs that are not necessary for the function of the company. Management consultants also help businesses come up with strategies for staying competitive when entering the new electronic marketplace.
Some management consultants specialize in a specific field including telecommunications or healthcare, and others specialize in a function of business such as information systems, human resources, logistics, or marketing.
What kind of training does a management consultant need?
Education requirements for management consultants vary by the position. For some entry-level jobs a bachelor degree is adequate. For other positions, candidates must have a master degree and/or expertise in a specialty. Some employers require a certain amount of work experience in the field or related area. The formal programs in management consulting are limited, but may other fields of study are sufficient for management consultants due the wide variety of areas that are addressed. Many management consultants also regularly attend seminars and conferences to stay up to date on the advancements in their field.
The Certified Management Consultant (CMC) is offered by the Institute of Management Consultants USA, Inc. Applicants must meet minimum education and experience requirements, pass an interview and exam, and submit reviews from clients. Recertification must take place every 3 years. The certification is not required, but gives management consultants a competitive edge.
What are the prospects for a career as a management consultant?
Employment of management consultants is project to grow much faster than average for all professions, increasing 22% from 2006 to 2016 (1). Job growth will be driven by many different changes in business environments and the growth of international business.
Job prospects are expected to be good with keen competition. Prospects will be the best for management consultants with a graduate degree, extensive experience in a specialty, and public relations and sales experience.
How much do management consultants make?
As of July 2009, management consultants with less than 1 year of experience earned annual salaries between $51,671 and $82,298. Those with 1 to 4 years experience earned annual salaries between $57,455 and $86,868 (2).
A career as a management consultant is an excellent choice for people who are self-discipline and motivated. Good analytical skills, strong oral and writing communication, ability to get along with a diverse group of people, excellent teamwork skills, great time management skills, good judgment, and creativity are also desirable attributes.