What is a Management Consultant?
A management consultant works members of a company’s leadership team to analyze the structure, efficiency, and profits of their organization. As business experts, they look for ways to help streamline processes, limit waste, reduce costs and increase revenues. Company leaders may also look to management consultants for a variety of other assignments, such as implementing effective mergers and acquisitions, helping with product launches, or developing franchising strategies.
The specific responsibilities of management consultants vary depending on client needs. They may be charged with gathering and organizing information, contacting key stakeholders and management team members, and organizing data and financial records. Management consultants also identify areas of improvement, make recommendations to company leaders, and implement follow up procedures to monitor the effectiveness of these changes. Work is done primarily in office settings. Individuals in this role must possess coherent verbal and written communication skills. They must also be comfortable with public speaking. Because they analyze large quantities of data, management consultants must be proficient in mathematics and computers as well.
Management consultants make a median annual salary of $82,450. However, those in the top ten percent of earners can earn more than $152,210 annually. Jobs in this field are expected to grow 14 percent by 2026, a rate considered faster than average. This is particularly true in the healthcare sector.
Management consultants typically need a minimum of a bachelor’s degree. However, many employers may require a master’s in business administration. Further training can also help aspiring management consultants improve their professional credibility. The Institute of Management Consultants offers the Certified Management Consultant (CMC) designation, allowing obtainees to stay competitive in the workforce.
Your Future Business Career
King University is proud to offer an MBA that offers a quality and accessible experience for online learners. With a comprehensive curriculum, the program prepares students with the skills they need to become leaders in their business careers. Because the degree is offered fully online, students have ultimate flexibility when balancing their work and life commitments. The program can be completed in as little as 16 months.