Management consulting, an industry on the rise in India, is a lucrative career option for those interested in business related decision making. The term is broad, and so is the sector. In this article, we take you through the consulting career for a bit more clarity and to help you decide if it is the right choice for you.
As a Management Consultant, your profession will involve advising businesses and suggesting solutions that help them tackle various business problems. Your clients need not be just corporate businesses, any individual conducting business may require your expertise. As a result, your avenues to rake in fees are many.
Since the consulting career is famous, a majority of graduates – both MBA and otherwise – flock towards openings when companies hire management consultants. Moreover, solutions to different aspects of a business are also provided by subject-matter experts of the particular field involved like finance, HR, IT, marketing, PR, etc. Competition is thus cut-throat, but a good understanding of the industry and work involved along with the right guidance can help you land your job.
The role of big consulting firms and the Indian situation
Joining a big consulting firm that likely offers management consulting or strategy consulting, you will specialize in providing solutions to key operational logistics such as employee-workplaces integration, merger related integrations, manufacturing unit location, market research, business partnership and competition analysis, customer targeting, fixed and operating cost reduction, and so on.
In India, however, there is a prominence of IT consulting and related services that have been bigger houses of employment than others in the recent years. Thus, if you’re looking at management consulting in IT, then Infosys, Wipro, TCS, etc. are good options for you.
A job as a Management Consultant
Typically, organizations need management consultants for expertise beyond what their internal teams possess and can provide, or when they need a different perspective. Since it can be expensive and unnecessary to have a management consultant on retainer, organizations hire consulting firms – in which you’ll likely work – for help on particular problems on an ad-hoc basis.
You will have a direct connection with your client, bringing them suggestions and advice based on your analysis of data and ideas as to what can be done. Once you reach a level in your career as a management or strategy consultant, you will be in a position to exercise a lot of power. You could sway a company to acquire another by shelling out millions or to reduce its workforce by thousands.
In order to reach this level sooner than later, an MBA will help you considerably. Without one, chances of joining at the bigger companies diminish. Networking with the right people is also essential to rise up the ranks as a management consultant.
There are several other career prospects that are available in management consulting, and the demand for them is not going down any time soon. It is thus clear that job prospects in consulting across branches are great, but how does one make the cut? Which branch does one choose?
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