Management consulting is a broad field that covers a variety of areas, such as business management, marketing, business strategy, supply chain, and employee productivity. Consultants typically work with higher-level executives and can specialize in a particular industry or work across the board. They focus on granular and narrowly defined problems, offering strategies for specific issues and sometimes helping with implementation. Management consultants are not involved in the day-to-day operations of their clients.
The most renowned management consulting firms are often referred to as the Big Three or MBB. They play an essential role in advising government agencies and public sector organizations on policy formulation, process reengineering, digital transformation, and performance management. Management consultants who work for a consulting company usually receive an annual salary plus bonuses. When I started out as a consultant (even with a great mentor), I quickly realized that it was a lot of hard work and the learning curve was steep.
It is important for management consulting company leaders to understand industry benchmarks in order to assess which aspects they should focus on for process improvements. Many management consultants move on to other business management positions, leveraging the skills they have acquired as consultants. Deltek has more than 5,200 consulting firms as clients and has a deep understanding of the weaknesses and most common difficulties of management consulting. This explains why companies hire consultants (for “best practices”) and sometimes the most proven solutions.
Career progression is possible to the partner level for those management consultants who are highly trained. Management consultants help transport and logistics companies optimize routes, reduce costs, manage the supply chain, develop logistics strategies, and improve processes. The financial services industry, which includes banking, insurance, and asset management, requires management consultants who address complex regulations, improve operational efficiency, develop risk management strategies, and optimize the customer experience. Take Accenture for example: it is literally the largest consulting firm in the world from several perspectives and no other company even comes close to its reputation in technology.
Experts can be thought of as introverted nerds who know everything but can't express it so that everyone can understand it; consultants are like the coolest nerds who may not know everything but have all the charisma necessary to persuade people. It is understandable why this profession is so attractive due to high salaries, travel opportunities, a dynamic environment, and the chance to secure a prestigious management consultant position in any of the three major companies. As a management consultant, you work with domestic or international clients either for a management consulting firm (a popular option) or as an independent consultant.