CONSULTANCY ?
How to Become a Management Consultant: Quick Facts
| Industry | Business Consulting |
| Eligibility | A bachelor’s degree with 50% marks as total aggregate. |
| Average Starting Salary | INR 5,00,000 to 6,00,000 |
| Job Opportunity | Strategy consultants, information technology consultants, financial consultants, entrepreneurs. |
Steps to become a Management Consultant
There are 5 basic steps any aspirant can follow to become a Management Consultant. The steps are mentioned below.
- Step 1 – Decision Making: Before beginning your career in management or any particular field one must be very sure about their decision. No second chances will be given to back off from the decision, once made. Some people think that it is about what you will do to make a living but actually it is a lot more than that. Imagine about the time you’ll have to spend working for it therefore the decision must be made thoughtfully.
- Step 2 – Subject Choices: Subject Choice makes a huge difference in what a person wants to study at their college or university level. To become a Management Consultant it is preferable to choose a commerce field. It helps in clearing your basics and understanding the course more effectively. Students with other bachelor’s degrees can also apply.
- Step 3 – Entrance Exam Preparation: Aspirants can sit for the entrance examination for the Management Consultant course once they have completed their graduation with a 50% total aggregate. Good Scores in 10+2 will also hold great importance. After clearing the returned exam the next level of the entrance examination i.e. Group Discussion(GD) and Personal Interview(PI) will take place. One has to clear them all to get admission to their desired institution.
- Step 4 – Selecting Correct Colleges: If you are someone who is willing to get admission to government colleges then you must work hard and score well in intermediate and Entrance Examinations. If your marks are low then you will end up getting only a private institution, which accepts your score. Professionals always suggest taking admission in government institutes as they have the best facilities and low fees in comparison to the private institutes.
- Step 5 – After Qualifying Exam: After qualifying for the entrance examination, candidates get their desired colleges. The journey of becoming a management consultant begins from here. One must work with full dedication and excel in all the skills and knowledge given to them regarding the field. The course is for 2 years, therefore, the students must give their 100% in these 2 years to get good placement.
Types of Management Consultant
There are various fields candidates can choose from in terms of management consultancy. Some of the types are mentioned below. Students can go through them and choose one according to their interests.
- Information Technology Consultants: Each company hires people who mainly focus on the technical requirements of the company. These peoples’ main objective is to suggest and sort out all kinds of technical or IT-related problems occurring in the company. Students from computer science, electronics, maths or IT background can prefer it. Identifying information needs, system analysis, offering application-related consultancy are also some of the important functions of an Information Technology Consultant.
- Strategy Consultants: Strategy Consultants are responsible for the growth strategies of a company. Their main objective is to advise the company regarding their high-level decisions. They make use of their in-depth knowledge to bring out the best outcomes. At times, strategy consultants also work on a project basis and plan out their strategies on a particular project. They use their deep industry knowledge to bring out the best outcomes from any project for the firm.
- Human Resource Consultant: Human Resource Consultant addresses human resource management tasks and decisions of an organization. They handle a lot of administrative policies in an organisation. Their objective is to analyze the organization’s HR programs and give suggestions concerning human resource management. HR also helps in implementing human resource policies and providing training sessions on complex HR procedures. Even though the work is challenging, it is considered a good position in a firm.
- Financial Consultants: As suggested by the name, the financial consultants help the organization by providing good financial advice. They play a major role in the company by working on financial budgets, revenue, capital budgeting, and profit planning of the organization. Their work allows the company to reach different types of goals. This job is considered as one of the best business jobs and best paying jobs across the globe. Along with the financial services, the consultants also help in providing tax preparation services, retirement planning strategies and portfolio management services as well.
- Entrepreneurs: Entrepreneurs are considered as an essential feature of the economy. They take responsibility for all the risks and opportunities of their business. In order to excel in the field, one has to be a good planner, build strong connections in the market, and have enough capital to begin the project. They help in stimulating growth by taking chances on inventive ideas. The odds of success may not be favourable but once it is they can take the company to great heights.
- Outsourcing Consultants: The outsourcing consultants of a company are responsible for handling the outsourced projects. These projects can belong to various departments such as information technology, finance, or human resources. They help the firm with hiring third-party organisations and help them with carrying out the services that were initially performed in-house.
How to Become a Management Consultant in India
Aspirants willing to become Management Consultant in India must not only acquire knowledge on the topic but must also possess some other skills as well such as teamwork, public speaking, gathering information, etc.
School-level Preparation: To begin the preparation at the school level, candidates can work on their speaking skills, management skills by taking part in various school activities. Apart from that, choosing a commerce field can also help them to clear out their basis in terms of business management.
How to Become a Management Consultant After 12th
The step-by-step preparation from UG to PG level to become a Management Consultant after 12th has been shared below.
- UG Preparation: After completion of their class 10+2, aspirants will have to enroll themselves in a bachelor’s course. Students from the commerce field are given preference over others. Complete the bachelor’s degree and score at least 50% total aggregate to be eligible for the course.
- PG Preparation: For PG, students must consider an MBA or a Management master’s degree. This will ensure to increase your chances of being hired as a consultant.
Management Consultant Courses
Below given is a list of various courses that a candidate must pursue to become a Management Consultant.
MPhil in Management
MPhil in Management is a pre-doctorate course of 1-2 year duration. This course includes subjects like research methodology, strategic management, management economics, strategic development, advanced in management etc.
- The MPhil the Management program equips the researcher to aspire for higher disciplinary and methodology competence in research.
- The program provides the requisite knowledge, skills and abilities for planning, designing, engaging and interpreting research data for problem solving and consultancy for researchers, academicians, practitioners and corporate.
- The course also enhances the ability to think systematically, and apply quantitative methods and provide the scholars the knowledge, skills and insights in identifying and solving problems in the management area independently.
- Students undergoing MPhil in Management have to study both compulsory and optional papers from each area of specialization i.e., Marketing, Economics and Finance, HR, OB and others.
Admission Process: Admission to the MPhil Management program is conducted either through entrance examination or merit based. Applications for admission can be available either from the university’s official website or by visiting the admission office for the same.
- You may use one application form to apply for MPhil in only one department.
- Use separate application forms to apply for two or more departments and each application form must be complete in all respects.
- Candidates may apply for the MPhil. Program in a maximum of three departments.
Eligibility Criteria: Students who wish to pursue a MPhil in management course must meet up with the following eligibility criteria. The minimum marks required in the Master’s degree in a related field may vary from college to college.
- The minimum qualification needed for admission to the MPhil in management programs is a second-class masters or equivalent degree in the relevant subject awarded by a recognized university in India or abroad, with at least an average of 55% of aggregate marks, or a grade point of 3.5 under the seven-point scale of the university grants commission (UGC).
- In the case of SC/ST/OBC differently able candidates, the minimum eligibility is an average of 45% of aggregate marks, or a grade point average of 2.50.
- In case of provisional admission if a provisionally admitted aspirant successfully completes the admission formalities including clearing the entrance test, but fails to score the minimum required marks/grades at the end of the final year examination of his/her master’s degree the offer of provisional admission will automatically get cancelled.
- In the case of MPhil in Management program, there is no requirement of work experience. So, candidates with one to two years of work experience will be preferred.
BBA
The other related courses through which students can pursue their career as a Management Consultant is mentioned below.
BBA is a very popular course among the students after 10+2. The course offers numerous job opportunities for the students in various sectors such as finance, marketing, business, sales, etc. The course is for 3 years.
Admission Process: Admissions in BBA are done through entrance examinations. Some institutes also make direct admissions based on various quotas. Here are the detailed steps one has to follow for the admission procedure.
- Aspirants need to fill up the application form with all necessary details with care.
- The next step of the procedure is to scan and upload all required documents like mark sheets, photographs, etc as specified by the institute’s application portal.
- A minimal registration fee is to be paid online during the submission of the application form.
- Results are announced after a couple of weeks for admission to the course. Successful candidates can move onto the next round of counseling.
Eligibility Criteria: Aspirants of BBA through NPAT must fulfill all the eligibility criteria to be qualified to sit for the exam. The details are mentioned below.
- Candidates must have completed their 10+2 from any stream and board to apply for NPAT Examination.
- They must have secured an aggregate of 60% in their 10+2 or equivalent examination.
- One can give the exam more than one time.
- The candidates exceeding the age limit of 25 will not be eligible for the exam.
MBA Management Consultant
MBA stands for Masters of Business Administration. It is one of the top-notch post-graduation courses in India as well as abroad. This 2 years course opens up great job opportunities. Students from any field can apply for the course.
Admission Process: To take admission to a top institute candidates have to clear the entrance examination. The exams are conducted at the national level, state level, and international level. The procedure to apply for the entrance examination is mentioned below.
- Visit the official website of the entrance examination you wish to sit for.
- Fill up the form with all the necessary details asked in it very carefully.
- Upload all the necessary documents such as mark sheets, id proof, photograph, etc on the form.
- Submit the form fees online.
- Results will be announced weeks after the examination.
Entrance Examination: There are various entrance examinations conducted across the globe for the respective course. Aspirants can choose accordingly and start the preparation. Some of the well-known examinations are as follows.
| Examination Name | Application Date | Date of Exam |
|---|---|---|
| CAT | August 3 – September 23, 2022 | November 27, 2022 |
| XAT | August, 2022 | January 1, 2023 |
| SNAP | August, 2022 | December, 2022 |
Eligibility criteria: The minimum eligibility criteria set up for the examination is a graduation degree. Read below for further details.
- Aspirants must possess a bachelor’s degree with a minimum of 50% total aggregate from a recognized institute to attempt the examination.
- Candidates must have also completed any professional degree such as CA, CS, or ICWA with the required percentage.
- Aspirants appearing for the final year of their bachelor’s degree can also apply for the exam.
- Students from any field whether science, commerce, or arts can apply for the examination.
How to become a Management Consultant Abroad
The process of becoming a management consultant abroad is almost similar to that of India. One does not require any specific qualifications to become a management consultant here. However, competition is tough among the applicants with MBA or any other master’s degree in management.
UK
There are various institutes in the UK that offer master’s courses in the field of consulting. Students across the globe can apply for the courses and clear the entrance examination process to begin their studies here. Some of the top-notch colleges are mentioned below.
Admission Process
- Educational requirements – A minimum of an upper second class degree in a subject like business or business studies is essential.
- Other Requirements – Candidates require proof of analytical, communication, and planning skills. Relevant work experience from an internship or a temporary job is also important.
| College Name | Average Annual Fees |
|---|---|
| University of Warwick | INR 32.18 L |
| Imperial College London | INR 29.90 L |
| London School of Economics | INR 16.21 L |
| Henley Business School | INR 18.30 L |
| University of Leeds | INR 24.30 L |
| Birkbeck, University of London | INR 19 L |
| University of Bath | INR 22.30 L |
| University of Strathclyde | INR 23 L |
| University of Hertfordshire | INR 41.10 L |
| University of Birmingham | INR 24.50 L |
| Birmingham City University | INR 22.50 L |
USA
Management Consultancy courses are opted by various students all around the world. The USA has some great universities and colleges that offer the best faculty and other elements to study management consultancy. Some of the colleges are mentioned below. Have a look and find your fit.
Admission Process
- Educational requirements – One requires a bachelor’s degree from a recognised institution at minimum in the consulting sector.
- Other Requirements – After graduation work experience and certificates are also essential. Once done with that, aspirants can crack the interview and continue learning.
| College Name | Average Annual Fees |
|---|---|
| Duke University | INR 42 L |
| Cornell University | INR 44.26 L |
| University of Virginia | INR 21.20 L |
| New York University | INR 44.50 L |
| University of Rochester | INR 50.90 L |
Canada
If you are someone who is considering making your career in business, Canada can be a great choice for pursuing your higher education. The top colleges of Canada for management consultancy offer lower tuition prices and higher acceptance rates in comparison to other institutes.
Admission Process
- Educational requirements – Candidate must have completed his graduation from a recognised institution.
- Other Requirements – They must also have work experience to amplify the chances of admission.
| College Name | Average Annual Fees |
|---|---|
| Rotman School of Management | INR 27.42 L |
| Richard Ivey School of Business | INR 11.09 L |
| Queen’s University | INR 45.33 L |
| McGill University | INR 59.04 L |
| HEC Montreal | INR 10.40 L |
| University of Waterloo | INR 11.30 L |
| Sauder School Of Business | INR 51.38 L |
| York University | INR 73.55 L |
| University of Alberta | INR 21.37 L |
| University of Calgary | INR 19.11 L |
Australia
Australia is one of the most popular hotspots chosen by students across the globe to continue their higher education. Its great facilities and better career opportunities help the students to excel in the field. Some of the best business management colleges in Australia are mentioned below.
Admission Process
- Educational requirements – To become a management consultant in Australia one must possess a bachelor’s degree in commerce, business, business administration or any related field.
- Other Requirements – Along with a degree candidates must also have some work experience. Consider gaining certificates as well.
| College Name | Average Annual Fees |
|---|---|
| Australian International Institute of Business Management | INR 50.90 L |
| Management Institute of Australia | INR 8.90 L |
| RMIT University | INR 21 L |
| Sas Institute Australia | INR 17 L |
| ABS Institute, Australia | INR 5 L |
Benefits of Career as a Management Consultant
Management Consultancy is a hectic job but it comes up with various benefits. Here, we have advanced a portion of the advantages of a career as a Management Consultant.
- Opportunity to Travel Around: Being a management consultant brings you the opportunity to travel around. With almost every project the consultant gets a chance to travel to different places which makes it a major part of this job’s description. Depending on the company they are working for, the consultants are constantly switching between cities or countries to serve the needs of the firm and its clients.
- Exposure: Management Consultants get to work with different teams on diverse projects which allows them to learn a lot on how different teams and companies work. One gets to work with different people which allows more relationship development and better communication skills in a company. They are also able to learn from the best mentors on the field.
- Develops Problem Solving Skills: The projects for a management consultant come up with a complete dependency on the person in terms of managing the internal and external communication and handling the clients for the company. They and their team are entrusted with roles to resolve client’s toughest issues. Solving tough issues helps them to challenge themselves and shape their future experience. Seeing the efforts being implemented and appreciated can be quite rewarding for them as well.
- High Salary: Being a management consultant is a high-ranked job in an organization. A high-rank job comes with more responsibility but with high paychecks as well. The job offers a good salary which is one of the features why students tend to become management consultants. Due to the increasing competition among the companies to recruit the best management consultant graduates is feral, it is reflected in the financial rewards offered by the companies.
- Continual Learning: The job of a management consultant comes up with the opportunity of continual learning. The person gets to work on different projects which increases his analytical skills, communication skills, teamwork, etc. with every new project comes new challenges and the opportunity to deal with them and learn from them.
Skills Required to Become a Management Consultant
When qualifications are essential, skills are suggested to give you a superior advantage when planning a Career in Management Consulting. The skills a business expects from a Management Consultant are mentioned below:
| Quantitative Skills | Commercial Awareness |
| Analytical skills | Problem-solving skills |
| Teamwork | Communication skills |
| Flexibility | – |
Salary of a Management Consultant in India
The salary of a management consultant in India lies between INR 5,00,000 to 6,00,000 per annum. It keeps increasing with your experience on the job. Many students get attracted to this management consultancy field because of the good pay it has to offer.
| Job Profile | Average Annual Salary |
|---|---|
| Strategy Consultant | INR 4.80 L |
| HR Consultants | INR 2.98 L |
| IT Consultants | INR 5.73 L |
| Financial Consultants | INR 1.74 L |
