Running a business is far from a perfect experience. Problems may arise in the financial, managerial, or operational departments. When an external opinion is required, many companies seek out the expertise of a management consultant as a third-party resource who can offer an innovative perspective and solutions for the present obstacles. If this career path seems attractive, this article will cover the skills, tasks, qualifications, and starting points for a potential future as a management consultant.
What Is Management Consulting?
Management consulting is the process of providing services and advice to companies that need problem-solving or creative solutions. Coursera describes this trade as “a global industry focused on helping organizations operate effectively.”
What Is a Management Consultant?
A management consultant is an expert who helps businesses solve problems, improve their performance, and strategize for the future. Using relevant information, a management consultant processes the current breadth of operations and materials to make informed decisions about the current and future strategies for adoption.
What Is the Difference Between a Management Consultant and a Management Analyst?
While both roles have nearly identical work scopes and require many of the same qualifications, a few key details differentiate management consultant and management analyst positions. Analysts are often hired as full-time employees by a company or organization, while consultants can work through an agency or as independent contractors. In addition, management consultants are often utilized on a contract basis and can operate across multiple industries to tackle similar work scopes. Management consultants can also work with several business entities in the same industry to lend their knowledge to multiple outlets.
What Does a Management Consultant Do?
Put simply, a management consultant looks at the whole picture of a business or company and collaborates with them to change select areas to promote success. This can require literacy in several departments, as well as an in-depth understanding of standard business practices and systems. Several tasks and responsibilities that are expected of a management consultant can include:
- Curating and optimizing information on problems and obstacles
- Studying relevant data and creating solutions and optimizations for potential issues
- Discussing system adoptions with workers and operators
- Communicating with employees and management to understand workflows, tools,
processes, and nuances of operations - Creating and implementing projects and systems that will alter workflow in a positive direction
- Analyzing operations and suggesting replacements or additions of new methods
- Producing materials and instructing employees and management on new or updated policies
- Ensuring that essential personnel are knowledgeable and confident with action taken for optimization and improvement
What Education Is Needed to Become a Management Consultant?
A combination of education and experience can outfit a management consultant with the right tools to succeed. The BLS handbook notes that a bachelor’s degree in business, social science, or engineering can be applicable for working within a wide range of industries, and specializing in one area of study can have notable advantages for the application process at this stage. It should be noted that a master’s degree in business administration (MBA) is the preferable education requirement for several employers.
How To Get into Management Consulting
Becoming a management consultant means mastering high-level functions across project management, analysis, and various knowledge sets of business. While each expert takes a unique route to a job in management consulting, a possible sequential path includes:
Education: As stated, an MBA is an attractive degree for potential employers, following a bachelor’s degree in a relevant subject.
Specialization: To operate within an organization, choosing a specialization as a management consultant can offer extended benefits to the company. This can constitute an industry-specific knowledge base, or a skill set that benefits multiple types of businesses.
Work experience: A few years of work experience in a relevant field is recommended for management consultants. For more information on careers in this occupational field, visit the US Department of Labor.
Additional credentials: Obtaining certifications can bolster credibility for management consultants looking to work in certain areas of business. Distinctions such as the Certified Management Consultant (CMC) certification or the Project Management Professional (PMP) certification are common acquisitions for management consultants.
What Skills Does a Management Consultant Need?
Management consultants are expected to house a wide range of multi-disciplined capabilities. Due to the hands-on demands of the position, important skills can encompass the following areas:
- Analytical: Management experts should possess the capability to look at situations from several angles to make informed bids for adjustment or improvement.
- Time: Proper time management skills mean that projects and deadlines are met with consistency.
- Communication: Consistent communication ensures that details are conveyed for informed production and process changes.
- Interpersonal: In lieu of communication, consultants may have to maintain effective relationships with company teams and department members to provide adequate assistance.
- Problem amendment: Working on issues to propose solutions is a crucial component of the management consultant responsibilities.
- Technology: O*Net Online also notes that management consultants should understand the functions and production value of project management software, operation systems, communication platforms, and other pertinent tools.
Additional Resources for Management Consultants
To further qualifications, prospective management consultants can consider seeking out resources and information from the following organizations:
- Institute of Management Consultants (IMC USA) — This membership organization offers a credential program and extensive library of resources for management consultants at various stages of their career. IMC USA also offers the CMC certification to current and prospective consultants.
- The International Council of Management Consulting Institutes (ICMCI) — As a global network of management consultants, members of the ICMCI can access exclusive events and webinars, information regarding accredited designations, and other professionals in their respective fields.
- Project Management Institute (PMI) — Along with offering extensive membership options for project management specialists, management consultants can obtain their PMP certification, and several other certifications, through this organization.
Overview: Becoming a Management Consultant
Management consultants use a combination of experience and efficiency to create the desired outcomes for businesses that seek to improve their operations and services. Since they can bring a coveted perspective to those operations, active consultants can anticipate a constructive and functional role that is rooted in workplace betterment. The opportunity to maintain a position of authority across multiple entities means that management consultants can be a valuable aide, and the endeavors of this path are worthy of consideration for dynamic problem-solvers that love a challenge.