“Steps to Breaking into and Succeeding as a Management Consultant”
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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 http://www.fabjob.com/managementconsultant.asp?affiliate=236.
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.
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Jennie S. Bev is the author of the FabJob.com Guide to Become a Management Consultant http://www.fabjob.com/managementconsultant.asp?affiliate=236, which was nominated for 2003 EPPIE award for excellence in electronic publishing (winners announced in March 2003). Jennie is a San Francisco-based professional writer, consultant and instructional designer. Her other highly praised e-book Write Industry Reports: Work at Home and Start Earning $5,000 in Royalties per Month is available through http://www.writingcareer.com/bev001.shtml. She can be reached via WritingGigs.com.
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