What does a management consultant do?

Management consulting, the practice of helping organizations to improve their performance, operates primarily through the analysis of existing organizational problems and the development of plans for improvement. Organizations may draw upon the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice and access to the consultants’ specialized expertise. These recommendations will ideally result in an increase in revenues, a reduction of costs, hiring the right people (and potentially firing the wrong people), and a clear strategy or direction for the future.

Types of Consultancy Firms

Generalist firms

These firms offer a wide range of services from strategy consulting and human resources to IT and outsourcing on a global basis. Many of these firms grew out of audit firms or IT companies, e.g. Accenture, PwC, KPMG and Deloitte.

Strategy consultancy firms

These organizations offer strategic advice to companies on a project-by-project basis, e.g. McKinsey, Boston Consulting Group (BCG), and Bain & Company.

Human Resource consulting firms

These firms offer specialist HR advice on areas such as personnel policy, job evaluation and industrial relations, improving recruiting process, e.g. Towers Watson.

Technology Firms

These offer specialist advice on a range of technological areas, from defining technological  needs through to implementing technologies, these technologies include information technology, electrical and mechanical engineering technologies. IT consulting companies include, but not limited to, Information Systems Consultant, System Applications Consultant, Data Management Consultant, Network Consultant, IT Consultant and lots more.  e.g. CAP Gemini, IBM.

Financial Consultants

These consultants offer specialist advice in areas such as the installation of budgetary control systems to office reorganization and administrative arrangements.

Niche Firms

These are smaller practices with up to 100 consultants, specializing in certain industry or business sectors. Often set up by an experienced consultant with an area of expertise.

Skill Set Required

Consulting is often an exciting career option because it offers graduate students the opportunity to use and expand upon their knowledge base in varied positions, working with highly motivated colleagues. While rewarding, however, consulting is also a demanding field. Most consultants travel extensively—they may spend three weeks a month on the road—and often work 60 to 80 hours a week. It is important to weigh the costs and benefits of a demanding schedule with the opportunities before diving into a consulting job.

Some of the skills set required to be a successfull consultant are as the following:

• Strategically minded
• Computer-savvy
• Organized
• Critical and analytical thinker
• Ability to multi-task
• Communication skills
• Can work with people of various cultural and educational backgrounds
• Can switch gears quickly (ex: from administrator to counselor to negotiator)

Frequently Asked Questions About A Career In Consulting

What is an average starting salary for a Consultant?

These are the starting salaries, meaning averages for those with zero industry experience. Within 5, 10, 15, and 20 years plus working experience you can expect to have salaries at least two to three times as big. Technology Consultants tend to have a slightly higher average starting salary than a Management, Marketing or other type of consultant. The national average starting salary in 2012 for a Technology Consultant in Canada was nearly $49,000.