Careers in Management Consultancy

Proper management of an organisation leads to overall organizational as well as individual efficiency which in turn reduces the overhead costs and increases profitability of that organisation. Thus, management consultancy is growing as a lucrative and promising career option these days in almost all sectors of the economy. A management consultant works beyond their routine work and is primarily concerned with the strategy, structure, management and operations of an organisation providing objective advice, expertise and specialist skills with the aim of creating value, maximizing growth or improving the business performance of their clients.

Course Details
Management consultants provide a wide variety of services to their clients related to the areas of finance, sales and marketing, personnel management, IT management, operation and supply chain management. There is not a single course to deal with such a wide spectrum of responsibility. Therefore to be a management consultant first step is to obtain a MBA degree from any institute in India. For further career growth one can opt for any specialization in the field of management. Only a degree may not do the magic. Along with this he/she must have 5-7 years of experience in his specialized management field.

Career Prospects
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.

Top Colleges Offering UG/PG/Other Courses
There is no course as per say in management consultancy. This career option totally depends upon the quality of experience of the concerned person along with his ability to solve complex problem with minimum hassles. However a MBA professional is highly preferable to make a career in management consultancy. Therefore all institutes offering MBA programmes in India make a foundation for a career in management consultancy.

Remuneration
Management Consultancy is such a career option, where remunerations are highly variable which totally depend upon individual skill, problem solving ability, customer satisfaction along with qualification, nature and location of the job. However, generally Management consultants having 1-4 years of experience can earn up to Rs 5 lakhs per annum. More than 5 years of experience may fetch him Rs 8-10 lakhs per annum. Besides they also get performance based bonuses in addition to the overall pay package.