Becoming a consultant seems like a highly preferred career choice for a large majority of MBA applicants these days. While for some it offers an escape from the relatively monotonous corporate existence, for others it’s the end goal that helps them work on new projects, travel extensively and help companies fix their problems. Regardless of what might be your motivation, it’s a fact that consulting post-MBA is a predominant career choice for many B-school applicants today.
Let’s acquaint you with the opportunities and prospects that lie in the consulting field.
IT/Technology consultant – Those of you who have a good academic background in computer science or technology stand a good chance to become IT/Technology consultant post your MBA. The relevance of technology in modern days’ businesses is increasing day by day. New-age technology projects, apart from implementing ERP systems, optimising operations and developing technology infrastructures also drive revenue and contribute to profit margins. Capgemini, IBM, Accenture and HP dominate this space.
Strategy consultant – You could get employed with a firm as a strategy consultant and help big companies and their CEOs chalk out important business strategies, align their offerings and vision, help them enter new market segments and assist in creation of new growth plans. Bain, BCG, Roland Berger, AT Kearney, McKinsey and Accenture are some major players in this space.
Operations consultant – Businesses involved in operations consulting normally help improve the internal efficiency of an organisation, working with specific subsets of the businesses’ functions. Big accounting firms like Deloitte, KPMG, Ernst & Young, Price Waterhouse Coopers, IBM and Accenture have conventionally dominated this domain.
HR consultant – As evident, being an HR consultant you’d be employed with an HR consulting firm. You’d be developing human capital strategy apart from tackling issues related to recruitment, benefits and compensations in big organizations. Some of the well-known HR consulting firms are Watson Wyatt, Towers Perrin, Mercer and Hay Group.
Boutique consultant – You’d be working with an operations or strategy consulting firm of a comparatively smaller size, normally focused on a niche area, for instance a specific industry. ZS Associates, involved in analytics consulting for the pharma sector; NERA, involved in economic consulting are couple of good examples in this regard.
How your career might progress?
Majority of the MBAs employed with consulting firms fall into three categories:
- Starting-out Junior Associates or Analysts who work mainly on collection and analysis of data, supporting consultants and their partners.
- Managers, Senior Consultants or Consultants involved in synthesizing of the analysis, carrying out of investigative approaches on the concerned business issue/s and creation and making of presentations. They also usually supervise a bunch of team members.
- The third category is to do with Directors and Principals of the consulting firms. They are involved with developing and managing the client relationships.
Apart from these three categories is the pinnacle position in the consulting firms, which is of a Partner. This position involves managing client relationships, taking care of multiple delivery portfolios and growing the business.
If you get employed with a firm like McKinsey, your career in consulting industry might progress in the following manner:
You’d most likely start out as a Junior Associate or an Analyst, and get promoted to a Senior Analyst’s position after some time. Thereafter you’d progress onto becoming an Engagement Manager, and then Associate Principal, followed by Partner and eventually Director or Senior Partner.
The base salaries for entry-level consultants (MBA hires) in reputed firms like McKinsey, Bain, and BCG are Rs. 25, 43,000, Rs. 27, 00,000 and Rs. 36, 33,000 per annum respectively.
Source : https://www.topmba.com/jobs/getting-mba-job-consulting
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