Management consultant

If you're motivated, enjoy problem solving and have an interest in helping organisations to operate more efficiently, then management consultancy could be the career for you

Management consultants help organisations to improve business performance by cutting costs, increasing productivity, creating value and maximising growth. They use their business skills to provide objective advice and expertise and help an organisation to develop any specialist skills that it may be lacking.

You'll be concerned primarily with the strategy, structure, management, systems, processes and operations of a company. Your role is to identify options for the organisation and suggest recommendations for change, as well as advising on any additional resources needed to implement solutions.

Types of work can include:

• business strategy
• e-business
• financial and management controls
• human resources
• information technology
• marketing
• supply chain management.

Consultancy firms range from those that offer end-to-end solutions to smaller or more niche firms that offer specialist expertise and skills in certain industry areas.

Responsibilities

As a management consultant, you'll need to:

• conduct research and data collection to understand the client's operations
• interview the client's employees, management team and other stakeholders
• run focus groups and facilitate workshops
• conduct a comprehensive analysis of the research and information gathered
• identify issues and form hypotheses and solutions
• write and present detailed reports of findings and recommendations to clients
• develop and implement tailored solutions, liaising with the client to keep them informed of progress and to make relevant decisions
• ensure the client receives the necessary assistance to see through the changes
• collaborate with the client's staff to manage change and ensure that processes and practices are adopted successfully
• manage and evaluate the effectiveness of implemented solutions, making adjustments where necessary, to make sure targeted outcomes are achieved
• lead and manage those within your team, including junior consultants
• prepare business proposals, bid submissions and pitches to attract new business
• develop relationships with existing clients.

Salary

• Starting salaries for graduate entry-level roles such as analyst can range from £30,000 to as much as £45,000 with some large firms. However, smaller consultancies may offer lower levels of pay.
• Management consultants with two to five years experience can earn between £45,000 and £65,000. This rises to between £55,000 and £80,000 for senior consultants with up to seven years experience.
• Salaries for manager/managing consultants are in the region of £70,000 to £110,000, while senior manager/principal consultants can earn between £90,000 and £140,000. At director level, it's possible to earn between £120,000 and £180,000. The very small number of consultants who make it to partner grade in a major consulting firm can earn from £250,000 to double that amount.

After considerable experience, management consultants can work on a self-employed consultancy basis, charging a considerable day rate or project fee. This can reach a figure of in excess of £1,000 per day, although this is not common.

Salaries can vary significantly depending on a range of factors such as your location, the size and type of firm you work for, and the sector. The best remuneration packages are usually with the Big 4 (EY, PwC, Deloitte and KPMG) and strategy firms (such as McKinsey, Boston Consulting Group and Bain & Company), as well as other brand name advisory firms. Other factors affecting salary include your experience, skills and qualifications.

Benefits may include a car allowance, private health insurance, pension scheme, life insurance, on-site gym, childcare vouchers and interest-free season ticket loans.

Bonuses can boost your salary significantly and can range from zero to 10% at junior levels, up to 40% (or occasionally higher) at the most senior grade.

Income data from Prism Executive Recruitment. Figures are intended as a guide only.

Working hours

Consultancy work can be demanding and may involve long hours beyond 9am to 5pm, particularly when working on large projects or to meet deadlines.

There may be opportunities for part-time, flexible or hybrid working.

Freelance work is also possible with substantial experience, a record of success and good contacts.

What to expect

• Consultancy involves a lot of responsibility. It can be challenging at times as there are targets and tight deadlines to meet, but also rewarding as you are making a real difference to businesses and society as a whole.
• Jobs are available throughout the UK, with opportunities outside London expanding. Self-employment can be an option if you have significant experience.
• The MCA has a strong commitment to equality, diversity and inclusion and has a Diversity and Inclusion Working Group, as well as a Women in Consulting Group, which is committed to supporting all member firms increase diversity in the workforce. Latest data shows that the number of female leaders in the consulting sector has increased by 10% since 2018 and one in three MCA member firm employees are from an ethnic minority background.
• You'll need to travel between client sites and will spend considerable time at your clients' offices. There may be opportunities for international travel or work, especially when working with larger organisations.

Qualifications

Management consultancy is open to graduates from any degree discipline, but a numerical or analytical degree is preferred by some firms.

The following subjects, in particular, are useful:

• business/business administration
• economics
• engineering
• finance
• management
• mathematics
• science.

It may also help if you have a degree or experience relevant to the industry in which you wish to work, e.g. banking, healthcare or engineering.

You will usually need a 2:1 degree or equivalent, particularly for graduate training schemes. Some commercial experience will also help your application.

Although you don't need a postgraduate degree for a career in consultancy, it can be beneficial. Examples of relevant courses include the Masters in Business Administration (MBA) or a Masters in subjects such as data analytics or finance. Search for MBA courses.

You will usually need a combination of education, skills and experience to become a management consultant. Many consultants enter the profession with a background of commercial experience and, in some cases, a professional qualification relevant to a certain industry.

However, some firms, particularly the larger consultancy firms, recruit new graduates on to their graduate training schemes. Competition for a place on these schemes is intense and you should start researching and getting experience and achievements to add to your application and/or CV as soon as possible, and definitely as you move into your second year. You will apply for positions at the beginning of your final year.

Apprenticeships combine paid work with part-time study, meaning you can learn on the job. They are available from entry level through to degree and Masters level. The Level 4 Junior Management Consultant apprenticeship, in particular, is aimed at aspiring or junior management consultants. Find out more about management apprenticeships from the Chartered Management Institute (CMI).

You can show employers your commitment to the profession by joining and getting involved with professional bodies such as the Institute of Consulting (IC). Keeping up to date with industry news through organisations such as the Management Consultancies Association (MCA) will also help to strengthen your applications.

Skills

You'll need to have:

• excellent communication and presentation skills, both oral and written
• the ability to convey complicated data and information in a clear and concise way
• interpersonal skills for building relationships with staff at all levels of an organisation or business
• a creative and innovative approach to problem solving
• analytical skills to evaluate complex data and produce practical solutions
• strategic planning skills
• project management skills and the ability to meet deadlines and targets
• flexibility and resilience
• leadership qualities
• a thorough and logical approach to work
• the ability to work collaboratively, as part of a team, but also independently
• the ability to cope with pressure and a range of business challenges
• general IT skills and knowledge of data analysis software
• the confidence to put forward convincing commercial arguments, to present them persuasively and to manage potential resistance
• commercial awareness and understanding of business environments.

You will need a driving licence. Fluency in a second language can be an advantage.

Work experience

Employers value experience and skills, as well as qualifications, so try to gain work experience before you enter the profession.

Some degrees include a placement year option. This provides the opportunity to gain practical experience, increase your skills and develop a network of contacts. There may also be options to undertake shorter placements during your course. 

Also, look out for internships that are run by the larger consulting and strategy firms. Competition for places is keen. Use the opportunity of an internship to show your enthusiasm and commitment.

Any experience that develops your skills in areas such as leadership and project management, team working, communication, business, organisation and problem-solving is beneficial. This can be paid or voluntary work or extracurricular activities such as club membership, team sports or work for a student society or community project.

Many professionals enter consulting after gaining experience in related fields.

Find out more about the different kinds of work experience and internships that are available.

Employers

Management consultancy firms are the main employers. These can be divided into the following areas:

• Generalists are the larger firms, such as Deloitte, EY, KPMG, PwC and Accenture. They offer a range of services from strategy consulting and human resources, to IT and outsourcing on a global basis.
• Strategy consultants give strategic advice to companies on a project-by-project basis, e.g. new market entry, long-range planning and rationalisation of goods and services.
• Human resource consultants offer specialist HR advice, e.g. in organisational restructuring, talent and rewards strategies.
• Information technology consultancy firms offer specialist IT advice such as defining information needs, systems analysis and design, as well as applications consulting.
• Financial consultants offer specialist advice including the installation of budgetary control systems, profit planning and capital and revenue budgeting.
• Outsourcing consultancies manage the outsourcing of projects such as IT, finance and HR.
• Niche firms are often set up by consultants leaving the larger firms to set up their own consultancies in a particular sector or specialist service.

Consultants operate across a range of industries and sectors, including:

• charities and educational institutions
• financial services
• healthcare
• hospitality and leisure
• manufacturing
• media and telecommunications
• the public sector and government
• retail
• utilities.

Look for job vacancies at:

• Consultancy.uk
• Personnel Today
• LinkedIn
• websites of major consultancy firms.

Specialist recruitment agencies also handle vacancies for experienced management consultants. These include:

• Ascent
• BLT (Beament Leslie Thomas)
• Mindbench
• Prism Executive Recruitment

Professional development

The sort of training offered depends on the type of consultancy firm and its size. Large firms typically have a structured training programme with a detailed induction process that covers an overview of the organisation, structure and specific roles. You'll usually be under the guidance of an experienced consultant. In smaller firms a lot of the training may be carried out on the job, and you'll be expected to pick things up as you go along.

You will need to learn quickly and keep your skills up to date throughout your career. The MCA provides a useful professional network for those starting their career in management consultancy. Find out more about Young MCA.

You will often be supported to take professional qualifications while working, including:

• Professional Consulting Level 5
• Professional Consulting Level 7

These CMI qualifications have been developed in cooperation with the Institute of Consulting (IC) and are available as an award, certificate or diploma.

With experience, you can apply for Certified Management Consultant (CMC) status through the IC. The highest level of accreditation you can achieve is Chartered Management Consultant (ChMC) status, which demonstrates career excellence. This is for experienced management consultants who have made a significant contribution to the profession. Find out more at IC - Qualifications.

There are also relevant postgraduate qualifications available, such as the MBA and other business-related Masters courses.

Career prospects

As a graduate you'll usually begin your management consultancy career in an analyst role, mainly carrying out research, data collection and analysis. Once you've gained experience, you'll move on to the full consultancy role. Networking and continuous learning are key to success at all stages of your career. Career progression to more senior levels is also dependent upon your ability to sell consulting services and generate revenue from clients.

You'll typically progress to senior consultant or manager level after at least three years. At this stage you will typically have experience of leading small teams, often as part of a larger project.

At managing consultant level, you will have the experience to manage small to medium-sized consulting projects. You may also have some responsibility for business development and sales. Once you've reached the level of principal consultant (typically with a minimum of 9 to 10 years' experience), you will operate independently with responsibility for managing major or multiple projects. You will often have sales and business development targets.

Directors have considerable experience (typically between 13 and 20 years) and are successful management consultants with a proven record. You will manage a team of staff and will lead on a particular service or sector, usually with sales or revenue targets.

Once you reach a senior level, there are a very small number of opportunities to become a partner or managing director with responsibility for generating new business, developing client relationships and overseeing the strategic growth of the firm.