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Management consulting is one of the professions that endure in a slow
economy. Why? Because more than ever, companies need consultants to help
them increase revenues and cut costs.
Management consulting is also one of the highest paid professions in the
United States. A recent survey by the Association of Management Consulting
Firms found entry-level consultants earn an average of $58,000 annually
while senior partners earn an average of $259,000 (including bonuses and
profit sharing). Self-employed consultants may earn $100 to $350 per hour.
Therefore, if you’ve been contemplating breaking into this field, wait
no more. (I’m glad I didn’t!) The financial rewards are a real
incentive. Other benefits of the job include: intellectual challenge,
prestige, opportunities to learn, and high levels of job satisfaction.
Now let’s talk about the two paths of management consulting to
consider: working for others and going solo. If you don’t have much
experience or are a new graduate, working for others is probably the wisest
choice. If you have already gained sufficient professional experience in a
specialized field, going solo is a highly feasible option.
Whichever path you choose, here are some tips to break into and succeed
in this field, based on the FabJob.com Guide to Become a Management
Consultant .
1. Develop your
skills.
Management consultants need to be skilled at problem-solving, communication,
and management skills such as scheduling and delegating. Other skills and
attributes that can help you land a job are basic computer skills,
leadership, and an ability to work well under stress.
2. Educate
yourself.
Contrary to popular belief, you don’t need to have a business degree, an
MBA or even ANY degree to break into this field. (Having one doesn’t hurt
either; in fact you’ll be ahead in the game.) However, you should keep up
with current management issues through continuing education or reading
business publications.
3. Know what to
expect from the job.
Familiarize yourself with job titles, specializations (from information
technology to organizational development), and the typical consulting job
cycle (proposal, brainstorming, data gathering, analysis, and presentation).
Even better, learn how to prepare a proposal to get consulting work.
4. Get
experience. Ways to get
management consulting experience include: pro bono work (volunteering to
consult for a non-profit organization), an internship, or by becoming a
summer associate for a consulting firm.
5. Decide where
you want to work. If your
career goal is to work for a consulting firm, decide where you want to focus
your job search. Types of employers include multi-national firms (such as
Accenture and McKinsey & Company), small "boutique" firms,
corporations, non-profit organizations, and government institutions. Each
employer has different advantages and disadvantages.
6. Familiarize
yourself with the consulting job hunt process.
For instance, the interview stage for a consulting position includes
personality and resume questions, communication questions and business case
questions. You may even be asked to make a presentation.
7. If you are
considering starting your own firm.
If you have an aptitude for entrepreneurship, preliminary steps to starting
a consulting business include conducting market research, deciding whether
to incorporate, and setting up your office. You will also need to price your
services (and decide whether to charge hourly, daily, per project or on
retainer), and attract clients through networking, advertising, or
publicity.
Finally, while it is not an absolute necessity, you may want to pursue a
professional designation as a certified management consultant to take your
career to the next level.
Management consulting is a very lucrative, recession-proof field. In
fact, some specialized consulting fields are experiencing a whopping
increase of revenue during the current slow economy. So get ready to plunge
into this exciting and highly rewarding profession. Just make sure to do
your homework properly to ensure success.
-- Jennie S. Bev is the author of the FabJob.com
Guide to Become a Management Consultant and Write
Industry Reports: Work at Home and Start Earning $5,000 in Royalties per
Month . She is a San Francisco-based professional technical writer,
business consultant and instructional designer. She can be reached via
WritingGigs.com.
March 25, 2003
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