Management Consultant Careers Information
With the ever growing complexities of today’s business landscape, management consultants are often called upon to help a company run as efficiently as possible. By looking at the big picture, a management consultant will offer suggestions on how to reorganize the company into an optimal structure. This may mean eliminating redundant positions or departments, changing suppliers, and repurposing otherwise unproductive employee downtime.
Management Consultant Careers & Degrees
- Grand Canyon University: Online
Colorado Technical University - Undergraduate: Undergraduate - Online
- Associate of Science (ASBA) - Business Administration
- B.S. in Business Administration - Finance
- B.S. in Business Administration - Health Care Management
- B.S. in Business Administration - Human Resource Management
American Intercontinental University: Online
Management consultants may be self-employed, work for a third-party company that specializes in business management, or be employed internally at a large company. Furthermore, a management consultant may specialize in an industry, such as health care or manufacturing, or in a specific area of business, such as information technology (IT) or marketing.
Since every project presents a unique situation, a management consultant must first prepare an initial plan of action and a bid for how much he or she will charge. Should the bid be accepted, a contract is agreed upon and the consultant must work with the project until it is completed.
Management Consultant Careers Path
Although there are few degrees specific to becoming a management consultant, most earn at least a Master’s in business administration (MBA). There are some, however, who begin their career with only a Bachelor’s degree in several different areas such as business, engineering or even the sciences.
Many times individuals begin their work at a consulting firm and then determine they need an advanced degree. For those who wish to consult in a specific industry, such as health care, experience in that industry is often required.
Management Consultant Careers: Compatible Personality Traits
Excellent analytic skills, excellent oral and written communicator, people person, creative, good judgement, willing to work very long hours, excellent under pressure of deadline.
Management Consultant Careers: Salary Expectations
The average salary for management consultant is $73,570 a year, with the middle fifty percent earning between $54,890 and $99,700. The average salary of a management consultant, however, is highly dependent on geographic location, years of experience, education, the size of the employer (and therefore accounts).
Management consultants who work in larger areas, have more experience, better education, and/or work for a larger firms are likely to make the most money. Those who specialize in more technological industries generally earn more than those who work for the government or more traditional companies. The salary of self-employed management consultant is highly dependent on the number and size of their clients.
Management Consultant Careers: Job Outlook
Because of the complexities involved in running businesses in an increasingly globalized world, management consultants should find ever growing demand for their services in the coming years. Increased scrutiny of corporations following the financial scandals in the first half of the decade has also made management consultants more desirable for their skill in adapting a company’s operations to new laws.
Nevertheless, because many people with various backgrounds can end up working as management consultants, competition for these increased positions will likely be high. Those with higher degrees and more experience, who are expert in a particular field, and who have strong public relations skills are the most likely to earn the best positions or succeed on their own.
According to the Bureau of Labor Statistics, business management employment opportunities are projected to grow by 24% by 2018.
Slightly off the Footpath
- Chief Executive Officer
- Chief Financial Officer
Source: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook, 2010-11 Edition, Psychologists, on the Internet at http://bls.gov/oco/ocos019.htm(visited November 8, 2011).
