Drawing a highly attractive salary is many people’s dream, but it is very difficult to make it big in the field, where it is offered. One such field is of management consulting, which demands expertise in a wide array of sectors, and this is something that can only be acquired over time.
Many people aspire to become a management consultant, as it is a highly attractive and satisfying career choice. With the rising popularity of internationally acclaimed management schools all around the world, management consulting is something that involves people, who aid large business organizations in creating, and implementing their business growth strategies.
The consultant simply studies the challenges being faced by the business of any of their clients, and suggests suitable solutions and growth options for the respective organization. Naturally, the best ones will make the most amount of money, since this is a crucial job for the functioning of many large companies. There are a large number of roles that one plays for his client, and this is a job that does get its fair share of lucrative rewards, as a result. Most people also prefer completing their Masters in Business Administration (MBA), and this degree gives them the ability to command a higher salary.
Job Description
The job of the consultant is to simply create a road map for any company to follow, in order to achieve its objectives and goals. This job will require one to take on different roles in different companies. Simultaneously, he will study the current status of the company with respect to its client relations, production, operations, sales, advertising, HR policies, market share, market positioning, and many other factors. He will determine, if these policies are sufficient enough to let the company prosper, and hence, recommend what steps the company must take to come up to the level of competitors and then surge ahead. To make a detailed job description of business consulting is impossible, without taking into consideration the kind of company he is going to be attached with, and also, the sector for which the company has hired him in the first place. The company may have some specific objective in mind for him, and this is something that will determine his job description.
Salary Scale
The consultants get paid a lot of money for their services, and this amount only rises as their experience and portfolio grow. Even the ones, who are just beginning their career can earn quite a large amount of money, and this amount will grow even more, if they have completed MBA from an esteemed institute.
The following break up of the salary range should provide you with a better idea about industry standards. This is not an exact estimation; so, there may be some differences between these figures, and those mentioned elsewhere. Note that these are the amounts for an undergraduate management consultant, who has not completed his MBA.
| Starting Salary | USD 55,000 – USD 70,000 p.a. |
| Signing Bonus | USD 5,000 – USD 10,000 |
| Year End Bonus | USD 5,000 – USD 15,000 (depending on the company) |
| Relocation Expenses | USD 5,000 – USD 10,000 |
These work out to approximately USD 70,000 – USD 95,000 per annum, which one can earn within the first year itself. The amount will obviously be higher for someone who has considerable experience in the field. These salary amounts will be even higher for someone with an MBA degree. The following table will provide you with an approximation about such a situation.
| Starting Salary | USD 105,000 – USD 150,000 p.a. |
| Signing Bonus | USD 15,000 – USD 45,000 |
| Year End Bonus | USD 15,000 – USD 45,000 (depending on the company) |
| Relocation Expenses | USD 10,000 – USD 25,000 |
These amounts work out to about USD 1,45,000 – USD 2,60,000 per annum that one can make. Needless to say, this is a very lucrative and attractive figure to turn down. Another advantage of consulting firms is that they offer excellent tax benefits, insurance policies, and other health benefits, as well. At the end of the day, this works out to be one of the best career choices that one can make. With such high amounts and great benefits, this is a job that is not easy to get; one requires extensive knowledge about a wide range of companies and sectors, and there are many educational qualifications as well, that affect the salary range for jobs in this sector.