Job Description for a Management Consultant

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Management consultants have a valuable role in helping companies and organizations improve their performance. They help their clients overcome business challenges after doing thorough analysis and suggesting pragmatic recommendations,

For a detailed description of a consultant's daily duties, job specifications, compensation and benefits, read this presentation. If you're interested in landing a job in this industry, download our free consulting ebook for more insider information: http://www.consultingfact.com/guides/land_a_consulting_job/

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Job Description for a Management Consultant

  1. 1. Job Nine Common Description for Management a Management Consulting Fit Interview Consultant Questions
  2. 2. Duties and responsibilities of consultants The fundamental role of a management consultant focuses on providing strategic, substantial, and pragmatic advisory services to private and public businesses and organizations. Consultants utilize their deep industry knowledge, valuable experience, and analytical skills to address their clients’ challenges. The main goal of a consultant is to produce positive change within an organization. In order to do this, consultants work on the assigned project for a period of 1–12 months; the length depends on the complexity of the issue. In this presentation, you will learn: • • • • • • • Duties and responsibilities of consultants Project team Schedules and travels Services and industries Job Specifications Compensation and benefits Criticisms All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 2
  3. 3. Duties and responsibilities of consultants Day-to-day duties of management consultants include: Problem identification Defines the problem through management consultations, team meetings, case framework analysis, and other applicable strategies. Conceptual thinking Breaks the problem into small, manageable segments; identifies the factors that affect the problem; decides how to approach the project. Research Conducts objective research on current market trends, the client’s competitors, product demands, and other related topics to support critical analysis. Interview Interviews or facilitates focused group discussion with stakeholders, managers, supervisors, and other employees for additional data gathering. Document review Checks and analyzes information such as financial status, salary structure, expenditures, business flows, sales statistics, and other relevant data. Synthesis Summarizes all gathered data and facts; deduces logical conclusions based on valid arguments. Progress report Attends regular meetings and reports project progress to management. Recommendation Brainstorms, finalizes, and presents recommendations for solutions to the business dilemma. Programs formulation Develop strategic programs, communication plans, and other attainable change management approaches to implement desired transformations in the organization. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 3
  4. 4. Project Team A working team of five or six experts is assigned to a project. The team typically consists of: Position Partner Team Manager Consultants Associates or Analysts No. of Staff Duties 1 • • • Builds the relationship with the client; Expert of a particular domain; and Handles a few projects at the same time. 1 • • • • • Has intensive knowledge and experience of a particular domain; Oversees the everyday duties of the other team members; Facilitates regular meetings; Coaches and counsels the other team members; and Works full-time on the project. 1-2 • • • Has gained substantial experience in a specific industry; Gathers and analyzes raw data; and Works full-time on the project. • • • New to the management consulting industry; Gathers and analyzes raw data; Provides support to the consultants and team manager through data collection, tabulation, and analysis; and Works full-time on the project. 1-2 • All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 4
  5. 5. Schedules and travels Management consultants work approximately 50–80 hours per week. The complexity of their duties demands a great deal of time and they struggle with the never ending issue of maintaining a work-life balance. Exceeding the nine-to-five corporate schedule, consultants work overtime for their deliverables. When they get home, they allot another hour or two for checking and responding to emails in order to lessen their work load the following day. Many management consultants work at their client’s offices to obtain first-hand information, get a feel for the company’s culture, and convey their motivation and sincerity through their actions. They work off-site Monday–Thursday and report back to their home satellite office on Friday. When the client is based in a different state or country, some consultants decide to stay in the client’s location for weeks in order to beat deadlines. This can be one of the reasons why consultants complain they have less quality time for their loved ones. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 5
  6. 6. Services and industries Multinational management consulting firms cater to companies across all industries. The ―Big Three,‖ Bain, BCG, and McKinsey, have Fortune 1000 clients in the fields of transportation, consumer products, private equity, mergers and acquisitions, and technology, among others. They usually employ thousands of employees based in different parts of the globe. Experts in boutique consulting firms focus on a few niches. For instance, L.E.K. concentrates on mergers and acquisitions, shareholder value, and business strategy. The Yankee Group is an example of a boutique firm in the telecommunications sector. Boutique firm consultants can master their services easily because they encounter virtually the same challenges on every project. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 6
  7. 7. Job specifications A. Education The minimum educational requirement for this industry is an undergraduate degree, preferably in management, business administration, economics, statistics, or other business course(s). Graduates with alternative degrees may also apply, but they must exert more effort into networking, engaging in extra-curricular activities, and building consulting skills to prove their competency to the employer. Consulting recruiters often visit prestigious schools for recruitment, and in many cases, the top students are offered entry-level positions in the firm. Applicants with an MBA degree are at an advantage. This two year post-graduate program allows them to gain additional knowledge in business, both in theory and reality. The program also enhances discipline, communication skills, and other applicable abilities. Fortunately, as part of their personnel development initiatives, some firms finance their employees’ MBAs, provided that they will continue to render services after graduation. B. Knowledge, Skills, and Abilities Apart from the competencies enumerated on the next slide, consultants must be physically fit for traveling and enduring long working hours. Stress management skills are imperative as the position encompasses both trivial and critical encounters. C. Experience Applicants who have no experience yet possess soft skills are employed as analysts, the lowest echelon in a consulting firm. The experienced recruits are awarded higher positions. Career changers (e.g., lawyers or engineers who want to shift into consulting) are also welcome to apply. They will be hired as long as they can prove their previous work experiences have equipped them for the consulting position. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 7
  8. 8. Knowledge and skills required for the position Business Knowledge The business involves providing advice to companies in trouble. Commercial awareness is necessary to analyze the problem and recommend solutions. Industry Knowledge Knowledge of a specific industry (e.g., financial services, healthcare, media) is sought after by firms because it is the key to comprehending real and ideal scenarios. Analytical Skills Management consulting entails a lot of brain work. It requires an analysis of what went wrong, organizational threats, and other financial aspects. Quantitative Skills Consultants are inundated with numbers, be it a statement of accounts, bank documents, revenues, etc. The ability to interpret quantitative reports is necessary. Team Work A consultant collaborates with a team to produce a quality presentation, both in content and form. Interpersonal Skills The life of a consultant involves a lot of people. Getting along easily with clients is vital to accomplish goals faster and develop a long-term relationship. Communication Skills Both excellent verbal and written communication skills are required to convey ideas clearly and comprehensively. Commitment As mentioned earlier, a consultant works for more than eight hours a day. Motivation, discipline, and commitment to this work schedule are essential. Research Skills Designing a data collection tool (e.g., questionnaire for a survey), online research, and interviews are indispensable for data gathering. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 8
  9. 9. Compensation and benefits • One of the most attractive aspects of a management consulting career is its lavish compensation and benefits package. Every second of effort and each sleepless night are rewarded accordingly. • The starting annual salary for an entry-level position depends on the compensation scale of consulting firm (top tier consulting firms usually provide larger salaries), and also your experience. For example, Ivy League graduates will normally be offered larger salaries. Also, this depends on the country where you apply. • The salary increases as the position moves vertically. A senior partner earns according to the degree of his or her responsibility and accountability in the firm. • On top of this, management consultants can take advantage of insurance, business flights, luxury hotel accommodations, transportation allowances, laptops and cell phones, company trainings, and numerous opportunities to network with professionals—the best perk of a consulting career. In addition to the salary, many firms offer a combination of the following perks: • • • • • • • Signing bonus Relocation assistance Year-end bonus Performance bonus Travel expense reimbursements Profit-sharing incentive Retirement pay All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 9
  10. 10. Criticisms Some employees frown at the presence of management consultants because they are worried that: • They may be retrenched after streamlining the processes; • They receive extravagant benefits and pay while the regular staff do not; and • They cannot be trusted with confidential documents. However, regardless of the aforementioned criticisms, their services are still employed because they have the expertise, know the best industry practices, and they significantly contribute to the growth of a company. All rights reserved by ConsultingFact.com. More free consulting career advice on www.consultingfact.com. 10
  11. 11. Free Guide: Learn How to Break Into Consulting Do you want to break into consulting? Download our free PDF guide, which will show you the necessary steps and best practices on how to prepare. 1 2 3 Consulting Interview Process: Get an overview of the application and interview process when applying to management consulting firms. Receive tips on how to write your cover letter and resume and get prepared for the written tests and interviews once you get there. Interview Preparation: Learn what you need to practice to receive an offer from one of the top-tier consulting firms. See our step-by-step framework to case study solving, learn how to develop your own frameworks and get mental math tips. Case Study Example: Know what to expect from a case study interview round. Read a real-life case study interview, which includes a variety of topics. See the practical application of the step-by-step framework to case study solving. Download this free guide (PDF)

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