Today, one of the top occupations for management graduates is consulting. It’s not just a fun line of employment; it also pays handsomely. Understanding this, Chitkara University is one of the leading universities in India that offers a dedicated course in MBA Business Analytics.
Job Profile of a Management Consultant
As a management consultant, you examine an organization’s operations and work to increase its effectiveness in several departments. You deal with issues pertaining to supply chain management, human resources, marketing, finance, and company strategy, among others. The current job is to encourage performance and profit by putting out fresh ideas and different strategies.
The daily tasks include a variety of tasks including evaluating business data, creating presentations and business ideas, interviewing workers on behalf of the client, monitoring the implementation of suggestions, presenting the findings to clients, and so forth. The management consultant compensation in India is quite profitable because it is a high-calibre position.
Working as a full-time employee, a self-employed professional, or a contracted consultant are all options available in consulting. You can work for a big consulting business or a small firm that focuses on a particular industry. Strategic consulting goliaths like McKinsey, Bain & Co., Boston Consulting Group, Deloitte, KPMG, PwC, and EY serve a range of industrial demands.
Other companies with expertise in resolving issues related to IT and business processes include Accenture, Capgemini, and Grant Thornton. A job as a management consultant is among the greatest following an MBA.
Also Read: Why Pursue BE-MBA From Chitkara University?
Advantages of Pursuing MBA Business Analytics in India
The typical management consultant compensation in India is around Rs 800,000 per year, according to Indeed.com. For people with more expertise in the area, the number may be significantly larger. Due to the nature of the work, there are other potential to earn via commissions, profit-sharing, and bonuses. Additionally, many businesses provide their best consultants with benefits like corporate cars, gym memberships, vacation possibilities, sabbaticals, etc.
According to some sources, one in ten Indian students choose a career in management consulting
Over one in ten Indian students choose a career in management consulting, according to some Consultancy sources, making consulting one of the most popular occupations among students. When you take into account the potential for job development, this result is not unexpected. You get a variety of transferrable abilities from consulting employment, including strategy, research, and communication. In the event that you decide to change occupations in the future, you may apply what you’ve learned to any position.
Recent growth in MBA Business Analytics programs is evidence that the field offers both financial and personal fulfilment as a vocation. It might be challenging to stand out when there are so many people competing.
Also Read: Top 7 Career Options In Business Analytics In 2023
How to Become a Management Consultant?
Pursue MBA in Business Analytics – Try to pursue a major in the field of your choosing, such as marketing, finance, or human resource development, and then round it out with focused minors and electives.
Picking a certain industry, such as education, healthcare, agriculture, or e-commerce, is a smart option. The supplementary courses can be used to increase your knowledge and abilities in that field. An MBA in Business Analytics from a reputable institution can help you land on your dream company, even though there are no hard and fast rules about academics in the management consulting industry. This is because some companies prefer a master’s level degree or an MBA due to the intense competition.
Attain Work Experience – In India, most management consulting positions call for at least two to three years of professional experience. Along with consulting experience, it may be advantageous for you if you have held other business and project management positions, such as those in the public or social sectors.
Some employees begin in lower positions and subsequently advance to consultancy positions within the same company. You are supposed to become used to the job reality through work experience. A steep learning curve is seen while performing various duties and taking on additional responsibilities.
Also Read: Why Strategy And Leadership Are The Best MBA Skills To Have
Get Certifications: Despite not often being required, management consultant certification programs might provide you an advantage throughout the hiring process. They supplement your already-existing practical understanding of the management consulting industry while serving as a testament of your education and expertise.
In fact, they may be a fantastic way to distinguish yourself from other candidates and showcase your areas of expertise to potential employers. Today, a variety of certifications are offered, ranging from entry-level to those intended for high-level managers that work directly with clients.
Prepare for Interviews: Long and multi-stage interview processes are well-known characteristics of management consulting positions. The entire exercise seeks to comprehend, among other things, how effectively you can explain and deliver your answer, how well you can work in a team, and how you approach a certain challenge. Your time management, analytical, and critical thinking skills are also put to the test by employers via face-to-face interviews, real-world consulting challenges, and case studies.
Also Read: A Right Guide To Become Business Analyst
In Conclusion
The path to success in management consulting is littered with different checkpoints, such as suitable undergraduate or graduate degrees, MBA programmes, priceless job experience, and networking. The advice listed above will undoubtedly give you a head start!
