Navigating the Future
As we enter the promising landscape of 2024, the domain of marketing and advertising teeters on the brink of significant transformations.
Management Consulting has become a popular choice among students nowadays.
The business and management consulting industry is estimated to grow with the rapid digitalisation and emerging market trends creating a myriad of career opportunities.
Every year, over a thousand MBA graduates enter into the diverse sectors of business consulting, including finance, management, marketing, and IT. Out of all, management consulting is a popular choice amongst the students wherein they get valuable business exposure and the opportunity to hone analytical skills.
Today, consulting is an attractive career choice as it comes with a promising salary package and provides an individual with adequate scope for personal development. The role of a management consultant is an integral denominator for the rapid growth and success of an organisation.
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In both private and public sectors, the demand for expert assistance in streamlining business, reducing costs, in a dynamic market is increasing. The problem-solving abilities, high-level aptitude, and great business management acumen are the topmost requirements to become a competent management consultant.
Moreover, the need for relevant industry insights and the dynamic trends compels the businesses to build in-house management consulting teams for strategic advice on projects and solutions further business expansion and growth.
At the early stages of the career, the starting salary of the management consultants ranges between 2.5-3 lakhs. However, with the maturity of the career, one can easily get hands on an annual package of up to Rs 50 lakhs.
The government universities including Delhi University, Rajasthan University, Pune University, and Kolkata University offer two year MBA degree program. A good score in Common Admission Test (CAT) lands the candidates to management schools like IIM where DU and RU conduct their entrance exams.
Moreover, the certification in management consultants offered by various reputed institutes further improves the candidate’s CVs. The consultancy firms prefer the candidates with at least one year of work experience in the industry; however, freshers are also welcome as they can easily be trained as per the company’s requirements.
A management consultant should be able to remain self-motivated and disciplined to handle the heavy workload on a routine basis. She/he must know the art of prioritising multiple tasks to accomplish each of them and also improving the quality of every deliverable.
The companies are eager to work with consultants who are productive, efficient, and competent in their work with little supervision.
Moreover, technologies like AI, Machine Learning, Blockchain, and Pattern Analysis are widely being used in the consultancy industry bringing innovation to their services and agility into their organisations.
So, the management consultants need to be adaptable to the changing work culture and should be able to provide quick and profitable consulting solutions to the clients.
The writer is founder and managing director, SL Consultants.
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