Business strategy consultants often act as backbone to large corporations. They are the minds that run behind what happens at the strategy level. Many a times called management consultants, they evaluate,analyze, and seek to transform business models for private and public organizations. The intention is to enhance and elevate the organization’s profits, and eventually expand the business’s market share and horizons.
As per Statista, the renowned German online portal for statistics, management consulting global markets amounted to $160 billion in 2019, which due to Coronavirus impact, is forecasted to reduce to $130 billion in 2020.
Management Consulting Industry Market Size (Worldwide) Between 2011 and 2020
According to the 2019 prestige ratings of the US, McKinsey & Company was the top management consulting firm. It was followed by Boston Consulting Group and Bain and Company that acquired the 2nd and 3rd spot respectively in the list. McKinsey & Company also held the title for “the best employer to work for” in the same report.
No. of management consultants in the U.S. between 2012 and 2019
People employed as management consultants in the US have grown drastically in the last five years. In 2018, the number was 684,470. Business strategists that start to work as management consultants after gaining a considerable experience in the concerned work domain enjoy a great work flexibility. Sometimes, they work from client’s locations, and many a times from their own home-based offices.
Prerequisites of Being a Strategy Consultant
|Study Level||Bachelor’s degree or MBA|
|Study Field||Management, business, or related subject discipline|
|Business Strategy Certifications
|Not mandatory, however, they play a critical role in cracking job interviews|
|Relevant Skills||Communication, analytical, time management, organizational, and problem-solving|
|Years of Work Experience||Minimum 3 years into business strategy building|
|Average Compensation||$73,627 (annual)
Stepwise Process of Making a Career in Management Consulting
Obtain a Degree
The educational prerequisites differ from employer to employer. While many of the employers demand a bachelors degree, a majority of firms prefer candidates having a graduate degree under their belt complimented with the field experience. An MBA would be highly preferred.
Why is MBA Desirable in Strategy Consultant Hiring?
Firstly, MBA programs do provide you with learning courses specific to business strategy specialization. Secondly, those who pursue MBA gain an advanced level of analytical expertise, and get to learn vital aspects of business management that comprise strategy planning, problem-solving, among others.
Internships Opens Door to Practical Industry Experience
Many educational institutes require their students to get an internship while they pursue their degree program. It can help students break into the industry and acquire the much valuable real-life problem-solving skills
Gain Work Experience as a Strategy Planner
Strategy consultants generally possesses a considerable experience working as strategy planners in varied industries such as healthcare, IT, retail, among others. Whatever sector you choose to become a strategy consultant in, you ought to have a relevant experience in that.
Acquire Relevant Credentials in Strategy Planning & Development
Besides, it’s always advised to acquire a professional certification in strategy development and planning. Top up your degree with a skill-specific professional certification, and your chances of getting shortlisted, or even being promoted, multiplies manifold.
Choose Your Own Journey
Once you are done with your education and have gained the requisite work experience, you are free to determine what path you want to take as a future strategy consultant. Numerous pathways open up when you get in a position to become a qualified strategy consultant.
One can take a job at a corporation having intentions to work as an internal consultant, or he can join a management consulting firm. Another option is to open your own consulting firm where you provide for freelance strategy consulting to public and private companies. Becoming a strategy consultant to a large consulting firm can open up opportunities to become a business partner, or moving up to the highest positions in that firm’s management team.