The position of management analyst is the synonymous with management consultant consistent with the BLS (Bureau of Labor Statistics). Consultants suggest ways in which a company can improve its efficiency, revenues, cost controls, and productivity. Consultants usually have the task of analyzing, modeling and identifying areas where development is required. The consultant can improve a strategy and help the business implement the essential steps to enhance revenues, expense controls or operational efficiency. Consultants may require training employees to implement as well and work with a new procedure.
A consultant can be autonomous, so they are hired by the contractor for a certain project. The project may have an exacting specialization, like inventory controls or the elimination of duplication through the reorganization of the structure of a company. Several consultants work for large consulting companies in which their function is to help the company’s clients to make the essential improvements.
1. Requirements and Training Required
You need an advanced degree such as an MBA, in addition to several years of related experience to be considered for a management consultant position. Those interested in developing their credentials can choose the certification of the Institute of Management Consultants of the United State that offers a Certified Management Consultant designation. As well as the education requirements, the consultants should also have several years of experience to get the certification.
2. Payment Options
As of 2017, the average salary of management analysts was $ 85,000, and 90% earned between $ 55,000 and $ 140,000. In general, consultants can obtain very attractive payment packages that far exceed the BLS averages. For instance, according to the payscale.com job website, management consultants with McKinsey & Co. earn an average of $ 100,000 yearly, within a range of $ 70,000 to $ 172,000.
The same management consultants at Deloitte earn an average of $ 90,000 within the range of $ 80,000 to $ 120,000 per year. Managers and consulting partners get even more pay. However, there are warnings.
3. Billing Practices
Consulting companies and individual consultants usually bill by the hour. This practice has many disadvantages, both for independent consultants and for clients who consult equally and has been attacked in some sectors.
4. Job Prospects
The BLS had more than 800,000 management consultants in 2016, and the number is anticipated to exceed 900,000 by the year 2025.
5. Work Environment
The BLS notes that frequent trips are a classic part of the job. See our discussion on health and business travel. On the other hand, the BLS also states that only about 25% work more than 40 hours weekly. The figure is probably underestimated, as a minimum for the most prestigious consulting firms. Weeks of work of at least 60 hours are sometimes normal, and 70-80 hours are not unusual at all. Click here.
As well as reading the articles mentioned above about billable hours and usage rates. All these matters are important for the prospective consultant. In brief, those who are successful in this field live to work and also thrive under pressure.