What does an organization do when it is stuck with functional challenges? What does a budding start-up firm do when it has to set up its operations? What does a company do when it faces technical hiccups? Hire a CONSULTANT.
Who is a Consultant?
A consultant provides specialized solutions to problems. The principal roles and responsibilities of a consultant are:
- Gather the requirements of clients
- Asses the challenges and bottlenecks
- Offer strategic, economical and quick solutions
- Prepare business plans
- Mitigate risks.
Can MBAs be Consultants?
It is evident that consultant is someone who is:
- An effective communicator
- A quick problem-solver
- A prompt decision-maker
- A bold risk-taker.
Who better than an MBA graduate encapsulates these qualities? Consulting a lucrative career option for more than one-third of management graduates. Organizations seek consultancy skills preferably from MBA students to:
- Improve the organizational structure
- Devise an effective strategy and marketing plan
- Fix operational efficiency
- Improve the technology and infrastructure
- Create and improve brand awareness
- Effective cash management
- Organic expansion of the firm.
Why MBAs Excel as a Consultant?
An MBA Degree provides the necessary stamp of confidence to the recruiters. It helps break through the consulting career.
- Most top recruiters target the tier-1 b-schools while hiring management graduates as consultants. Earning an MBA degree puts them in the preferential list of hiring companies. The brand value associated with hired consultants adds to the prestige of the firm.
- Any MBA helps build a strong network of professionals. The hiring companies value this aspect. The alumni network of a prestigious business school helps steer in the consulting field. It opens many avenues.
- MBA graduates can excel as consultants because they are thoroughly trained in –
- Cnducting research
- Data gathering, analysis & visualizatin
- Crisis cmmunication & management
- Public relatins management
- Wrking with PowerPoint and Excel.
- MBA curriculum and pedagogy enables Experiential Learning. It helps hone business knowledge and soft skills. It assures the recruiters that one can multi-task and have a result-oriented approach.
Some experts argue that an MBA is not a must-have to be a consultant. However, it gives that extra edge and the necessary skills that consulting companies seek. Entering the consulting field with top MBA ensures handsome salary packages. The starting package can be anywhere between 10 to 15 lakhs per annum.
Frequently Asked Questions
FAQ1. What are some of the manangement consulting firm hiring management graduates as consultants?
Ans. The top management consulting firms across the globe are:
- McKinsey & Company
- The Boston Consulting Group
- Bain & Company
- IBM Global Services
- Ernst & Young
FAQ2. What is a typical process to recruit management graduates as consultants?
Ans. Those who choose consulting as a career path undergo a rigorous selection procedure. As per top admissions consultants the recruiting consulting companies conduct:
- Written exam testing communication skills
- Case study discussions with a group of Panelists testing analytical ability and presentation skills
- Face to face interview testing technical, communication, and interpersonal skills.
FAQ3. What are the different job profiles / job titles offered to consultants?
Ans. The different job titles that can be offered to top MBA graduates as consultants are:
- Management Consultant
- Operational Consultant
- Strategy Consultant
- Business Analyst
- Consulting Advisor
- Research Assistant
- Brand Management Consultant
- Financial Consultant
- Technical Consultant
- Marketing Consultant
- Sales Consultant
- Risk Control Consultant
- SAP Security Consultant
- Recruitment Consultant
- HR Consultant
FAQ4. What are the top qualities recruiters look for while hiring consultants?
Ans. The top qualities that recruiters look for in consultants are:
- Analytical skills
- Problem-solving skills
- Decision-making skills
- Effective written and oral communication skills
- Leadership skills
- Strong track record
- Risk-taking abilities
- Team-work skills
FAQ5. What are the latest trends affecting the consulting industry?
Ans. The trends that are redesigning the consulting industry are:
- Dawn of digital transformation
- New automated technologies like AI, robotics etc.
- Emergence of short-term employees and contractors
- Working on performance-based payments.
FAQ6. Is a full-time MBA mandatory to join the consultant club?
Ans. No. Many aspirants shift to the consulting field after gathering work experience and finishing an executive MBA. Some prefer to work in technical areas. Then they decide to change career paths and enter the consulting field. Most consultancy firms look for MBA students from top tier schools of management.
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