Management consultant

As a management consultant, you'll help organisations improve their performance by identifying problems, reducing costs, increasing productivity, creating value and supporting growth.

Using your business knowledge and analytical skills, you'll provide objective advice and expertise, helping organisations develop new capabilities and implement effective strategies.

You'll be primarily concerned with the strategy, structure, management, systems, processes and operations of a company. Your role is to identify options for the organisation and recommend changes, as well as advising on any additional resources needed to implement solutions.

Types of management consultancy

Areas you may cover include:

• business strategy
• e-business
• financial and management controls
• human resources
• information technology
• marketing
• supply chain management.

Consultancy firms range from those that offer end-to-end solutions to smaller or more niche firms that offer specialist expertise and skills in certain industry areas.

What does a management consultant do?

As a management consultant, you'll need to:

• conduct research and data collection to understand the client's operations and to discover potential problems
• interview the client's employees, management team and other stakeholders
• run focus groups and facilitate workshops
• conduct a comprehensive analysis of the research and information gathered
• identify issues and form hypotheses and solutions
• write and present detailed reports of findings and recommendations to clients
• develop and implement tailored solutions and strategies to address problems
• liaise with the client to keep them informed of progress and to make relevant decisions
• ensure the client receives the necessary assistance to see through the changes
• collaborate with the client's staff to manage change and ensure that processes and practices are adopted successfully
• manage and evaluate the effectiveness of implemented solutions, making adjustments where necessary, to make sure targets are achieved
• lead and manage those within your team, including junior consultants
• prepare business proposals, bid submissions and pitches to attract new business
• develop relationships with existing clients.

How much does a management consultant earn?

• Starting salaries for graduate entry-level roles such as analyst can range from £27,000 to as much as £45,000 with some large firms. However, smaller consultancies may offer lower levels of pay.
• Management consultants with two to five years' experience can earn between £45,000 and £65,000. Rising to between £55,000 and £80,000 for senior consultants with up to six years' experience.
• Salaries for manager/managing consultants are in the region of £70,000 to £120,000. At director level, it's possible to earn between £125,000 and £190,000.

With significant experience, management consultants can work on a self-employed consultancy basis, charging a day rate or project fee. Some highly experienced consultants may earn more than £1,000 per day, although rates at this level are not common.

Salaries can vary significantly depending on a range of factors such as your location, the size and type of firm you work for, and the sector. The best remuneration packages are usually with the Big 4 (EY, PwC, Deloitte and KPMG) and strategy firms (such as McKinsey, Boston Consulting Group and Bain & Company), as well as other brand name advisory firms. Other factors affecting salary include your experience, skills and qualifications.

Benefits may include:

• a car allowance
• childcare vouchers
• interest-free season ticket loans
• life insurance
• on-site gym
• pension scheme
• private health insurance.

Bonuses can boost your salary significantly and can range from zero to 15% at junior levels, up to 50% (or occasionally higher) at the most senior grade.

Income data figures are intended as a guide only.

How many hours does a management consultant work?

Consultancy work can be demanding and may involve long hours beyond a regular 9am to 5pm, particularly when working on large projects or meeting deadlines. You'll need to travel between client sites and will spend considerable time at your clients' offices.

There may be opportunities for part-time, flexible or hybrid working, as well as opportunities for international travel or work, especially when working for larger organisations.

Self-employment is also possible with substantial experience, a record of success and good contacts.

How do I become a management consultant?

Management consultancy is open to graduates from any degree discipline, but a numerical or analytical degree is preferred by some firms.

The following subjects are particularly useful:

• business/business administration
• economics
• engineering
• finance
• management
• mathematics
• science.

It may also help if you have a degree or experience relevant to the industry in which you wish to work, e.g. banking, healthcare or engineering.

You'll usually need a 2:1 degree or equivalent, particularly for graduate training schemes. Some commercial experience will also help your application.

Although you don't need a postgraduate degree for a career in consultancy, it can be beneficial. Examples of relevant courses include the Masters in Business Administration (MBA) or a Masters in subjects such as data analytics or finance. Search for MBA courses.

A combination of education, skills and experience is needed to become a management consultant. Many consultants enter the profession with a background of commercial experience, and in some cases a professional qualification relevant to a certain industry.

However, some firms, mainly the larger consultancy firms, recruit new graduates on to their graduate training schemes. Competition for a place on these schemes is intense, and you should start researching and getting experience and achievements to add to your application and/or CV as soon as possible, and definitely as you move into your second year. You'll apply for positions at the beginning of your final year.

Apprenticeships, such as the Level 4 Junior Management Consultant apprenticeship combine paid work with part-time study, meaning you can learn on the job. They're available from entry level through to degree and Masters level, and you can find out more about management apprenticeships from the Chartered Management Institute (CMI).

You can show employers your commitment to the profession by joining and getting involved with professional bodies such as the Institute of Consulting (IC). Keeping up to date with industry news through organisations such as the Management Consultancies Association (MCA) will also help to strengthen your applications.

Key skills for working in management consultancy

You'll need to have:

• the ability to convey complicated data and information clearly and concisely
• interpersonal skills for building relationships with staff at all levels
• analytical skills for evaluating complex data and devising practical solutions
• project management skills to lead teams and meet deadlines and targets
• IT skills and knowledge of data analysis software, computer systems and applications
• the confidence to put forward convincing commercial arguments, to present them persuasively and to manage potential resistance
• commercial awareness and understanding of business environments.

Foreign language skills are not essential but can be an advantage if you work with global clients.

Management consultancy work experience

Employers value skills and experience, as well as qualifications, so try to gain work experience before you enter the profession.

Some degrees include a placement year option. This provides the opportunity to gain practical experience, increase your skills and develop a network of contacts. There may also be options to undertake shorter placements during your course.

Look out for internships run by the larger consulting and strategy firms, these are usually detailed on company websites. Competition for places is high, but gaining an internship will help show your enthusiasm and commitment.

Any experience that develops your skills in areas such as leadership and project management, teamwork, communication, business, organisation and problem-solving is beneficial. This can be paid or voluntary work or in the form of extra-curricular activities such as club membership, team sports or work for a student society or community project.

Many professionals enter consulting after gaining experience in related fields.

Find out more about the different kinds of work experience and internships that are available.

Who employs management consultants?

Management consultancy firms are the main employers of management consultants. These can be divided into the following areas:

• Generalists - are the larger firms, such as Deloitte, EY, KPMG, PwC and Accenture. They offer a range of services from strategy consulting and human resources, to IT and outsourcing on a global basis.
• Strategy consultants - give strategic advice to companies on a project-by-project basis, e.g. new market entry, long-range planning and rationalisation of goods and services.
• Human resource consultants - offer specialist HR advice, e.g. in organisational restructuring, talent and rewards strategies.
• Information technology consultancy firms - offer specialist IT advice such as defining information needs, systems analysis and design, the use of artificial intelligence (AI), as well as applications consulting.
• Financial consultants - offer specialist advice including the installation of budgetary control systems, profit planning and capital and revenue budgeting.
• Outsourcing consultancies - manage the outsourcing of projects such as IT, finance and HR.
• Niche firms - are often set up by consultants leaving the larger firms to set up their own consultancies in a particular sector or specialist service.

Consultants operate across a range of industries and sectors, including:

• charities and educational institutions
• financial services
• healthcare
• hospitality and leisure
• manufacturing
• media and telecommunications
• the public sector and government
• retail
• utilities.

Look for job vacancies at:

• Consultancy.uk
• Personnel Today
• Consulting Jobs Online

Specialist recruitment agencies also handle vacancies for experienced management consultants. These include:

• Ascent
• BLT (Beament Leslie Thomas)
• Mindbench
• Prism Executive Recruitment

Where can a career in management consultancy lead?

As a graduate, you'll usually begin your management consultancy career in an analyst role, mainly carrying out research, data collection and analysis.

Large firms typically have a structured training programme with a detailed induction process that covers an overview of the organisation, structure and specific roles. You'll usually be under the guidance of an experienced consultant. In smaller firms a lot of the training may be carried out on the job, and you'll be expected to pick things up as you go along.

Once you've gained experience, you'll move on to the full consultancy role. Networking and continuous learning are key to success at all stages of your career. Career progression to more senior levels is also dependent upon your ability to sell consulting services and generate revenue from clients.

You'll need to learn quickly and keep your skills up to date throughout your career. The MCA provides a useful professional network for those starting their career in management consultancy. Find out more about Young MCA.

Employers will often support you to get professional qualifications while working. For example, you could complete the following CMI qualifications:

• Principles of Management Consulting (Level 5)
• Management Consulting Practice (Level 5)
• Professional Consulting (Level 7).

Progression is typically from analyst to senior consultant or manager level, often within a few years. At this stage, your work is likely to involve leading small teams, working on larger projects and taking on some responsibility for business development and sales.

With experience, you can work towards professional recognition through the Institute of Consulting (IC). The highest professional status available is Chartered Management Consultant (ChMC), which recognises experienced consultants who consistently meet recognised industry standards and have a strong track record of delivering consultancy work. Eligibility varies by route, but typically requires at least four years' relevant experience. Find out more about becoming a Chartered Management Consultant.

With substantial experience, you may progress to principal consultant or senior manager level. This typically requires around nine to ten years' experience, although career structures and job titles vary between firms. At this level, you'll usually work independently with senior clients, manage major or multiple projects and may have responsibility for sales and business development targets.

At director level, you'll be a highly experienced consultant, typically with at least 13 years' experience. You may lead a particular service area or sector, manage staff and client relationships, and have significant responsibility for sales or revenue targets.

At the most senior level, you may progress to partner or managing director. Opportunities are competitive and responsibilities typically include winning new business, developing key client relationships and contributing to the strategic direction and growth of the firm.