What Is Management Consulting?

Management consulting is a global industry focused on helping organisations operate effectively. A management consultant or analyst provides an outside perspective on problem-solving, best practices, and strategy to help companies improve their performance.

Management consulting covers a broad range of industries and business needs. Some consultants specialise in nonprofits, health care, or finance. Some work on diversity and inclusion, while others focus on information technology or marketing strategy. If you enjoy research and problem-solving, management consulting is a fulfilling career.

What does a job in management consulting look like?

Many businesses want to bring outside perspectives to strategic decisions. According to the Management Consultancies Association (MCA), the UK management consulting industry grew 18 percent in 2021, hitting £14 billion in revenue. This is expected to continue over the next few years [1].

Opportunities for employment range from jobs at major management consulting firms such as the Big Three (McKinsey & Company, BCG, Bain & Company) to self-employment. Entry-level jobs for recent graduates or those with a few years experience often entail:

• Working with a broad scope of clients and projects 

• Being part of a collaborative and cross-functional team

• Using data science and analytics to solve business problems

• Assisting in project planning and management  

• Adapting to fast-paced, high-pressure, and deadline-driven situations

• Travelling to meet and coordinate with client teams

What skills do management consultants need?

To offer sound advice to clients, consultants must identify the business’ strengths and weaknesses. A big part of a consultant's job is collecting information about the organisation to understand its business problems. This involves data analysis, learning about competing organisations, and interviewing employees such as executive team members.

Management consultants analyse their findings, make recommendations, and communicate the information to clients. In some cases, the consultant may also implement the strategy. As a result, management consultants need a diverse skill set that includes:

• Problem-solving skills: Identify issues and take action to resolve them.

• Analytical skills: Review complex information, analyse data, identify key conclusions, and make recommendations. 

• Communication skills: Communicate effectively with individuals at all levels of an organisation.

• Time-management skills: Manage tight deadlines, schedules, travel, and other project requirements. 

• Interpersonal skills: Collaborate effectively with consultants and client representatives to develop the best solution and inspire an organisation's leaders to act.

Salary information  

According to Glassdoor, a management consultant's average annual base salary is £60,043. With experience, this can grow to a high of £90,000 [2].

What education and experience does a management consultant need?

Management consultants almost always need an undergraduate degree, and many hiring organisations look for candidates with a Master of Business Administration (MBA) or other relevant postgraduate qualifications. 

Given the industry’s broad scope, needs and expectations vary by company and job. Some management consulting firms look for new hires with computer science or economics backgrounds. Others want graduates in health care or public administration. Sometimes, firms desire employees with broad experience that they can train. Here are four tips for pursuing a career in management consulting:

Explore professional qualifications.

Distinguish yourself from other job candidates with professional qualifications for relevant and in-demand skills such as project management, change management, and strategic management. The Certified Management Consultant (CMC) and Project Management Professional (PMP) certifications are two respected options.

Develop your interview skills.

Interviews for management consultant or analyst positions often reflect the job's complexity. Firms may have candidates perform a case analysis, ask interviewees brain teasers, or give them coding tests in addition to standard interview questions to assess their thought processes and creativity.

The good news is that consulting firms may provide candidates with information to prepare for their interviews. McKinsey and BCG, for example, have sections on their websites with sample case studies and guides. Because so many consulting firms have interview guides, they are also likely to assess a candidate’s ability to prepare and follow guidelines.

Consider a specialisation.

Gain a competitive advantage and focus your job search with a specialisation. Many consulting firms are looking for expertise in areas such as health care, financial services, and information technology. A consultant that specialises in fundraising could be just what a nonprofit needs. You might find job opportunities with a manufacturing company if you have environmental sustainability expertise.  

Gain related work experience.

Many consulting firms want employees who have worked with the types of organisations that make up their client base or who have worked in their area of expertise. Others prefer employees who focus on consulting. Internships help students develop work experience — and discover whether management consulting is the right career.

Getting started in management consulting

If you’re ready to take the next step toward a career in consulting, consider the Google Project Management: Professional Certificate. You’ll learn relevant strategic communication, problem-solving, and stakeholder management skills and gain practical experience through real-world exercises.