What is Management Consulting
Management consultants review organizations business practices from a 3rd party perspective, question business practices and evaluate them with best practices and propose ways to improve an organization’s efficiency. They advise management on how to make organizations more profitable through reduced costs and increased revenues.
Management Consulting employees people with lots of experience in the specific business domain as well as highly analytical and creative thinking professionals who can challenge status quos to find improvements. Typically, graduates from top business schools are sought after for Management Consulting positions, however, a person with the right attitude and experience without any formal education can also be a top notch Management Consultant.
What is involved in Management Consulting
- Management Consultants do a lot of business analysis by using data gathering techniques and statistical tools to find trends, salient facts.
- Management Consultant work with different groups within the organization and manage often difficult transitions in business practices especially around restructuring which impacts availability and scope of employment.
- Management Consultants conduct workforce transformation through team building exercises, training, and on-hand workshop.
How is the employment outlook
Employment of Management Consultants is projected to grow 14 percent in near future, much faster than the average for all occupations. Demand for Management Consultant is growing as organizations continue to seek ways to improve efficiency and control costs.
Universities offering Business Education
A typical business school graduate is hired by Management Consulting firm for conducting research or analytics.
- University of Pennsylvania – Wharton School of Business
- University of Chicago – Booth School of Business
- Harvard School of Business
- Stanford – Graduate School of Business
- MIT – Sloan School of Management
- Indian Institute of Management, Ahmedabad
- University of London – London School of Business
- INSEAD – MBA Program
- University of Cambridge – Judge Business School
- Indian School of Business
- HEC Paris – MBA program
- University of Navarra — IESE Business School
- International Institute for Management Development
- Hong Kong University of Science & Technology Business School
- China Europe International Business School — CEIBS
- Nanyang Business School