The salary prospect for management consultants is high and expected to increase until 2018. Along with the salaries, job prospects are also expected to increase. Because the field is lucrative, many individuals are seeking to obtain a position in the field of management consultant. Most individuals will earn over $60,000 upon graduating and entering the field of consulting. This introductory salary is higher than average for most professions. The average salary for a management consultant is between $80,000 and $160,000 depending upon the industry and experience of the consultant, according to the Bureau of Labor Statistics.*
The more experience and education the candidate gains, the higher the candidate’s salary can expect to become. Intensive competition is present in this field. Candidates must find a way to distinguish themselves from the competition to obtain a position and to receive a higher salary. Candidates with 15 years or more of experience can expect to earn as much as $170,000 annually, according to the Bureau of Labor Statistics. Candidates with doctoral degrees in management consulting may also earn significantly more as well.*
*According to the BLS, http://www.bls.gov/oco/
Job Description and Outlook
Individuals pursuing degrees in management consulting can expect the field to grow by 83 percent between 2008 and 2018. Not only will management consulting experience growth, but all areas should experience growth, as well. As businesses grow in complexity, management consultants are needed to help businesses develop strategies for growth and positive change within an organization. This will be accomplished through the development of business plans and budgets to accomplish the goals outlined. Companies are integrating complex technology solutions that are necessary to maintain efficient business practices.*
*According to the BLS, http://www.bls.gov/oco/
Management consultants help businesses determine ways to cuts costs. Businesses need solutions to help them remain viable during tough economic periods. Management consultants provide solutions for companies who desire to acquire leading-edge technology while remaining economically sound. As companies expand globally, this will create opportunities for management consultants and consulting firms. Management consultants are also needed to help companies develop strategies protect themselves from deliberate acts of sabotage. Companies become vulnerable to sabotage when competition increases. Clients should be aware that consulting costs are often some of the first to be eliminated during economic downturn. On the other hand, clients are also more likely to obtain consulting for advice on how to reduce expenses during an economic downturn. Management consultants should be aware of how the economy may affect a company’s job security.
Management consultants may also advise companies regarding products, forecast sales, implementing marketing strategy, and customer service improvement. Clients may seek ways to improve their supply chain management process or they may seek ways maximize sales and revenue. Clients may seek the advice of management consultants for a variety of reasons.
Despite the tremendous job growth in this area, there will be competition for the jobs that are available. Individuals with the most academic training, most experience, and other credentials will be most likely to obtain a job in the area.
Training and Education Requirements
Most positions in management consulting require a bachelor’s degree or higher. However, there is no one way to obtain a position in management consulting. As competition grows stronger, employers look for advanced credentials and extensive experience. Some of management consultants come from backgrounds in business, management, marketing, accounting, economics, computer, information sciences, and engineering. Many management consultants will undergo extensive on-the-job training.
Management consults may receive degrees in Organizational Development and Change Management before they enter into the field. Some students are hired directly out of college and will undergo extensive on-the-job training. Companies that select this route choose to indoctrinate the graduates into the principles of the company. Training classes for new hire education are often conducted by senior executives. Management consultants will often sit through these classes for several weeks or months. Many companies invest large sums of money into training programs for management consultants to prepare them for their positions in the workplace.
Candidates in management consulting must possess excellent analytical skills, problem solving skills, communications skills, written skills, attention to detail, assertiveness, motivation, and the energy to work long hours. Candidates must also make certain that their business practices are ethical and their work is performed at the highest standards. Management consultants interact frequently with sensitive company data. Clients must be assured that the company’s privacy will remain intact and that proprietary information does not leave the premises. Additionally, management consultants obtain a large portion of business through referrals. Those that obtain referrals will be less likely to gain business from other clients.
Individuals who are seeking certification may obtain a certified management consultant (CMC) credential from the Institute of Management Consultants (IMC). This credential certifies that certain educational and experience requirements have been obtained. Individuals seeking certification must pass their oral and written examination. An interview is also required for certification. CMC certified management consultants must recertify every three years.
The Institute of Management Consultants (IMC) is provided as a source of professional development programs. Individuals may obtain information regarding meetings, interest groups, workshops, and national conferences for management consultants.
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