Management consultants help managers analyze the management and operating problems of an individual organization. They recommend solutions to problems concerning the objectives, policies, and functions of the organization. They may also help with implementation of any recommended programs.
The work of management analysts and consultants varies from employer to employer and from project to project. For example, some projects require several consultants to work together, each specializing in one area; at other times, they will work independently. In general, analysts and consultants collect, review, and analyze information, make recommendations, and often assist in the implementation of their proposal.
About half of all management consultants are self-employed, the rest work for general management consulting and accounting firms and for federal, state, and local governments.
Businesses and industries of all kinds use the services of management consultants as do government agencies, nonprofit organizations, and institutions such as hospitals.
Places of Employment and Working Conditions
Management analysts and consultants usually divide their time between their offices and their client's operation. Although much of their time is spent indoors in clean, well-lighted offices, they may have to visit a client's production facility where conditions may not be so favorable. They must follow established safety procedures when making field visits to sites where they may encounter potentially hazardous conditions.
Management consultants are employed in all areas of the country. Some jobs may involve temporary overseas assignment if multinational corporations are involved.
Management consultants work long hours. A 50-hour week is a short week; most consultants work even more hours. Overtime is common, especially when deadlines must be met. In addition, because they must spend a significant portion of their time with clients, they may travel frequently.
Travel plays a large part in the consultant's work; some estimates say 20 to 35 percent of a consultant's time is taken up in traveling to a client's location or between different locations of a client's organization.
Qualifications, Education, and Training
There are no universal educational requirements for entry level jobs in this field. However, employers prefer to hire those with a master's degree in business or public administration or those with a bachelor's degree and several years of appropriate work experience. Most government agencies and some firms hire those with a bachelor's degree and no work experience as entry level analysts and consultants. In addition, many entrants are career changers who were formerly middle and upper-level managers.
An analytical mind, good judgment, objectivity, tact, good communication skills, and the ability to work as part of a team are necessary.
High school should provide a solid college preparatory course with emphasis on mathematics, social sciences, and communication skills.
A college degree in engineering, business administration, accounting, or other related fields should be followed by graduate study in business administration or public administration.
A number of professional societies offer examinations leading to various certifications in this field. Some of them are certified management consultant (CMC), certified management accountant, registered professional engineer, and certified data processor.
Potential and Advancement
A significant portion of management analysts are self-employed. The rest work in management consulting and accounting firms and for Federal, State and local governments. The majority of those working for the Federal Government are found in the Department of Defense. Management analysts and consultants are found throughout the country, but employment is concentrated in metropolitan areas.
Employment of management analysts and consultants is expected to grow much faster than the average for all occupations through the year, as industry and government increasingly rely on their expertise to improve the performance of their organizations. Growth is expected to be concentrated in larger consulting and accounting firms. Most job openings, however, will result from the need to replace personnel who transfer to other fields or leave the labor force.
Job opportunities are expected to be best for those with a graduate degree or industry expertise. Because many small consulting firms fail each year for lack of managerial expertise and clients, those interested in opening their own firm should have good organizational and marketing skills.
Management consultants can advance to positions as project directors and, with extensive experience, may become associates or partners in their firm. Some advance by going into business for themselves or take a high-level job with a large corporation.
Income
The income of management consultants varies so greatly that the figures are difficult to estimate. The median annual wage of management consultants was $78,160 in May 2010. The bottommost 10 percent earned less than $43,900, and the uppermost 10 percent earned upwards of $138,790.
Related Jobs
Management analysts and consultants collect, review, and analyze data; make recommendations; and assist in the implementation of their ideas. Others who utilize similar skills are managers, computer systems analysts, operations research analysts, economists, and financial analysts.
