Careers in Management Consultancy
Management consulting refers to the practice of, helping organizations improve their performance, primarily through the analysis of existing business problems and development of plans for improvement. A management consultant works beyond his routine work and is primarily concerned with the strategy, structure, management and operations of an organization providing objective advice, expertise and specialist skills with the aim of creating value, maximizing growth or improving the business performance of their clients.
Consultancies also provide organizational change management assistance, development of coaching skills, technology implementation, strategy development, or operational improvement services. Organizations hire the services of management consultants for a number of reasons, including gaining external (and presumably objective) advice, access to the consultants’ specialized expertise, or simply as extra temporary help during a one-time project, where the hiring of more permanent employees is not required.
A career in management consultancy is not only lucrative but also satisfying career wise. Today More and more companies turn on to management consultant to solve their organizational and management problems because a consultant is not only an expert with knowledge of best practices prevailing in the market due to his association with many companies but also because it saves on the cost of the company to go in for a consultant rather than to hire somebody full time.
There is no particular course that trains one into the field of management consultancy. Since consultants deal with a wide variety of subjects like IT,marketing finance etc, it is necessary that they have experience in these respective fields. Therefore the first step to get into the consultants job is to have ana MBA degree. From then on one can specialize in his core area and then start on with his consultancy business.
Career Prospects in Management Consultancy
To take care of the fierce global competition, each and every organisation requires some kind of management consultancy, be it in public or private sector. Banks, financial institutions, insurance and investment companies, export-import houses etc all employ management consultants to solve various problems related to finance, marketing, sales and human resources. Manufacturing industries, IT and telecom companies, shipping, logistics and transport companies are also need the expertise services of management consultants. Publishing, media and entertainment industries are also a good option available to management consultants. MNCs, supply chains, corporate houses and even developmental agencies and NGOs also offer suitable opportunities to these professionals. Moreover management consultants also can work with consultancy firms dealing specialized problems like industrial management, advertising and PR, sales and marketing, product development and promotion, purchasing and retails etc. Other than working with organizations, management consultants can work as an independent consultant dealing with various aspects of the organisation.
Areas of specialization in management consulting include:
- Customer relationship management
- Finance & Performance Management •
- Process & Innovation Performance •
- Talent & Organization Performance •
- Strategy •
- Supply Chain Management •
- Industry Focus •
A field that is completely dependent on the performance and skill of the person, management consultancy provides fluctuating source of income. Although returns are extremely high, one needs to work hard to build reputation and develop a chain of clients.
Institutes Offering Courses in Management Consultancy
As mentioned earlier there is no particular course for this trade, no specific institutes in the country offer training in management training. However all institutes offering MBA programs in India make a foundation for a career in management consultancy. Click here for list of top MBA colleges in India .