Management Consulting
What Is Management Consulting?
Management consulting is a growing field aimed at helping businesses succeed. Learn about working at a management consulting firm and the skills and experience needed to start a career in consulting.
Management consulting is a global industry focused on helping organizations operate effectively. A management consultant, or management 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 specialize in nonprofits, health care, or finance. Some work on issues like diversity and inclusion, while others focus on information technology or marketing strategy. If you enjoy research and problem solving, you may find management consulting 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 US Bureau of Labor Statistics (BLS), US job openings for management analysts may grow up to 11 percent this decade. In particular, the health care and IT industries are expected to see increased demand as the population ages and cybersecurity needs continue to grow.
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 of 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
- Traveling to meet and coordinate with client teams
- Leadership Consultants who help managers and CXOs improve their leadership qualities and supervisory techniques
- Project Management Consultants who advice project managers on achieving higher cost and time efficiency in their work
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