Columbia Business School’s Management Consulting Association is a large, active organization that aims to educate students about the consulting industry through its programs and activities.

Mentoring Programs

The club promotes management consulting field through different ways. It facilitates various workshops where members understand a consultant’s roles and responsibilities, and enhance their skills and abilities for the desired position. It also organizes resume reviews and mock interviews for the first year students. It also hosts panel discussions, brown-bag events and case competitions in partnership with top tier consulting firms such as Bain and Booz.

The Resume Book

The Resume Book is a compilation of resumes of all club members. It’s usually used by consulting recruiters for their manpower needs. They go over it if they want to invite students for presentations or if they’re scouting for someone with a specific technical expertise. This implies that members may be offered career opportunities without having to go through the long, exhausting, recruiting process.

The Case Book

This is another publication that can be accessed by club members. The book explains the consulting industry, the types of case problems and some guidelines to nail down the questions. Sample cases are then described, analyzed and resolved in a step-by-step manner. Possible case study frameworks are also introduced to structure the answer properly.

Visit Management Consulting Association’s Website

For more information about the club, visit their website. Take note that publications are exclusive for club members only.

Understanding the roles and responsibilities of consultants working for McKinsey, PWC, Monitor and other top tier consulting firms will let you know if this career is proper for you. Read this post and get an overview of what this position entails.

As a management consultant, your main role is to provide direction to your clients. If the company has plans of downsizing, your recommendation will determine whose contracts should be terminated or kept. If the top executives are planning to launch a new product, your market research will either confirm or negate their decision. If they’re threatened by their competitor’s gimmick, your analysis will hint them if they should counter it or not.

To be able to perform this critical role, you must fulfill the following responsibilities:

Definition of the Problem

The project usually starts with a definition meeting with your client. They will explain the business scenario you will work on and what they expect from you at the end of the project. This is very crucial since it serves as the foundation of your strategies to get things done. It objectively defines your next steps, the amount of time you need, the essential documents to go through, the people you will work with and other prerequisites.

Research and Data Collection

To have valid bases for your recommendation, you must conduct extensive research to gather the information you need. If you need to study the current financial status of the company, you might spend a few days reviewing accounting documents and facilitating focused group discussions with finance staff. If the concern is market-related, you can delve on researched industry trends and best practices.

To organize the data, you would spend many hours making consulting presentations. Presenting the research properly and communicating the findings is a key consulting skill.

Analysis of Information

Once you have the needed information at hand, you can deduce your qualitative analysis from it. Consultants often use management consulting frameworks to draw inferences from the collected data. These tools suggest the elements to be examined, and areas to be evaluated. The good news is, analysis is something you don’t have to do on your own. You can discuss and brainstorm ideas with other consultants to arrive at recommendations.

Presentation of Recommendations

You are also responsible for presenting your recommendations in a clear and concise manner. Consultants usually use Microsoft PowerPoint to make the presentations. As a consultant, you are only obliged to pose several options and recommendations, but the final say must come from your client. Most would concur to your recommendations since they have high regard for your competencies. However, if you find yourself in a different situation, always respect your client’s decision.

What makes a management consulting job challenging is the amount of time being consumed by each responsibility. At an average rate, consultants easily work 60 hours in a week. Working more hours than the typical working schedule can be very stressful, especially if you’re not equipped with time-management skills. Though you will be financially compensated, you may encounter taxing issues with management consulting lifestyle.

Management consulting culture is important because it determines the length of stay of consultants in the firm, their level of comfort at work and their extent of career fulfillment. Read this article and learn what constitutes organizational culture.

One of the areas to be considered when applying for a consulting job is the culture of the firm. It’s usually being underestimated by many, but the truth is it greatly determines the retention rate of employees. Those with personality congruent to the culture feel comfortable at the workplace, and they stay loyal to the firm. Those whose values are against corporate priorities tend to quit sooner.

This fact leads to the question, “How is a management consulting culture formed?” Below are some factors that contribute to the work ambience of consultants.

Management Goals

The culture springs from the vision and mission of the firm. How the management foresees the business ten years from now, significantly determines the consultant’s working environment. Does it aim to be on par with the Big Three (McKinsey, Bain and BCG)? If it does, then the recruiters will be very busy looking for applicants who can deliver high quality performance. Also, they must look for aspirants who are willing to work in a competitive, ambitious manner.

Training

Consultants from a certain firm have common strategies and techniques because of the training they get at the start of employment. During staff induction, they are oriented not only on what they’re expected to do but also on how they must behave professionally. They are taught how to communicate with colleagues, how decisions must be derived, how to deal with clients, etc. What  consultants can and can’t do in these procedures shape the firm’s culture.

Values

The management consulting culture is also determined by the values set by the firm. Some are focused on results, on being effective and on performing standards. These firms often offer a higher compensation scheme, but once consultants fall off their expectations they find themselves on the brink of unemployment. On the other hand, some firms prioritize efficiency and growth. They initiate many collaborative workshops and teambuilding activities to make sure their consultants are comfortable working with each other.

Relationship

Some firms facilitate rest and recreation activities to promote the spirit of camaraderie and to improve social interaction skills of consultants. For instance, consultants of BCG London sometimes surf or go mountain biking together, go on leisure trips abroad, attend Christmas parties and drink at pubs. These opportunities for getting to know each other better also contribute to the management consulting culture of a firm.

Physical Resources

The required business attire, the office and the technology being used are also influential elements. Most consulting firms ask their consultants to dress up appropriately, especially when working with clients,  to maintain their professional image. Similarly, having an office in a business district has a greater impact to clients and applicants. The technology being utilized is also vital because it is a determinant of employees’ efficiency.

When scouting for the right management consulting firm, make sure that they possess a positive, healthy culture. It must at least appreciate the idea of diversity,  treat employees with equality and encourage enthusiasm at work. It must also value each one’s contribution and maximum potential.

In order for you to understand the process of selecting and hiring consultants, download our guide on How to Land a Job in Management Consulting. Don’t forget to browse other articles on this site, too. You’ll certainly learn more information and tips that will walk you through.

Companies carefully choose management consulting firms that can ultimately help them resolve their business dilemma. To assess the firms, they take into consideration their structure, the kind of service they offer and the sector where their previous clients belong. Read on and get more details about this.

For most companies, choosing consultants is like hiring employees. Before they make the final decision, they first identify their needs, list key performance standards and assess the capabilities of management consulting firms. If they need the services on an ongoing basis, they prefer to hire full-time employees. If their concern can be resolved by simply taking on project-based employees, outsourcing critical-minded consultants becomes an option.

All consulting firms aim for business improvement but of course, companies don’t limit their understanding with such vague definition. They dig more details on the actual responsibilities of consultants. They research on the numerous kinds of consulting services in the market. Should they hire consultants from recognized firms like PWC, Monitor and Bain or must they consider their budget constraints and hire a local consultant instead? In a nutshell, companies must figure out which firm is the most capable and credible to help them find the best solution.

One way of coming to a decision is to assess management consulting firms based on the category where it belongs. Oxford University Press says that firms can be viewed in three different ways.

Business Model

This establishes the consultant’s type of job, compensation and nature of organization. Pure consultancies like McKinsey and BCG concentrate on consulting work but hybrid firms like Accenture and IBM have just added up consultancy to their services. Generalist firms work on diverse projects while niche groups are more specialized. Small groups, according to statistics, employ about 78% of the consultants but large management consulting firms bring in more income because they dominate the industry.

Some firms deploy technical contractors to clients to work on their daily operations. An example given was Indian IT consultancies providing skilled manpower to the United States sometime in 2000-2001. Some companies prefer to maintain their own internal consultancy team for cheaper pay but unfortunately, keeping those with high caliber is a concern. Consultants prefer to work for renowned external consulting firms because of their varied projects and promising opportunities.

Service

Consulting firms can be categorized based on their area of concentration. The most popular ones are strategy, information technology, outsourcing and generalist consulting.

Strategy consulting firms include coming up with a plan for the client to reach a certain business goal or market position. They conduct studies and provide direction on whether or not the company should expand their business, launch a new product or merge two companies. IT consulting firms concentrate on how to utilize technology for an organization to get to their vision. It has become popular these years because the application of new IT systems has increased company profit through efficiency savings and quality improvements.

Outsourcing implies subcontracting business activities to third parties. The last category, generalist consulting, dwells on matters related to business process re-engineering, operations, change management, human resources, and program management.

Sector

This category refers to the clients’ nature of business. Large management consulting firms send a group of consultants to a specific sector so they can gain expertise within a period of time.

The biggest source of income for consulting firms are financial institutions. In the past years, their projects focused on online-banking, electronic payment and other IT projects. Telecom and entertainment companies require consultants nowadays to help them maximize their digital assets. Other popular sectors that need consultancy services are the government, consumer businesses and environmental groups. Check this article to know the sectors where the top ten management consulting firms work for.

For candidates who are attached to family and friends, landing a job in consulting can be a struggle. Because of the demands of the projects you work on, you’ll find yourself spending less time with your loved ones. Find out how you can overcome this challenge in this article.

“Is the glass half-empty or half-full?”

Many would see the disadvantages of being employed by a top tier consulting firm like McKinsey, Bain and BCG straight away. Allotting 60 to 80 hours per week for work is no joke at all. Going home with the thought of going through your mails for 30 minutes before you sleep so they won’t build up can be a pain in the neck. The tasks on management consulting job descriptions are so time-consuming that many would say consulting is ideal for single applicants or married people with no kids.

Is management consulting still worth trying for?

People who prefer to see the glass half-full would always answer the question in the affirmative. They tend to focus on the countless opportunities a consulting lifestyle can offer. They see the positive impact of their research studies and recommendations in the organization, the countless opportunities to improve their skills, the learning and professional growth, the chance to interact with different personalities and the free tickets to a world of travel and wonder.

Tips to Help You Get Through

Time management can be very tough, but still very possible, for those in consultancy. This explains why many expert professionals are able to stick with the profession for a long time. They have learned helpful techniques to resolve the never-ending work-life balance issue among consultants. They have managed to make the people around them feel their presence despite their hectic management consulting lifestyle. How? Below are some tips:

Relationship Assessment

One feature of Facebook is to group your “Close Friends” so you would easily get updated with their whereabouts. If you are to use this feature, who would you add to this category? The metaphor may sound either corny or hilarious but assessing your relationship when your plate is overflowing can be very useful. You’ll be able to distinguish who among your contacts are important in your life and who just come and go. Once you have identified these people, make it a point to contact them regularly, despite your management consulting lifestyle. You can have a weekend dinner with them once in two weeks or exchange emails or Facebook messages from time to time.

Let Them Understand You

If you don’t explain how crazy your schedule can get, your loved ones might interpret your absence in parties and gatherings as negligence or aloofness. This isn’t healthy, of course. So when you get a chance to talk with them, share what’s cooking in your career. Explain what management consultants do and keep them updated. You don’t need to divulge everything, just make them understand that you are expected to do this and that. Share something interesting as well as burdening people with your responsibilities can be boring, too.

Get in Touch

If you lived three decades ago, you would have loads of reasons for not being able to communicate. Now that you live at the age of technology, everything is very convenient for you. You already have instant messengers, emails, mobile phones, social media websites, web albums and wireless Internet connections; what more can you ask for? You can send a curt message while waiting for your train. You can take a picture of yourself while at work and share it. You can always voice chat with your partner and kids when you’re away from home.

The field of management consulting can be full of business activities but this doesn’t mean it will cut your relationships off. But to stay connected with your loved ones, you must have the motivation to make it happen. And that motivation must be as strong as your need to meet your client’s requirements.

It only takes expertise for a person to be labeled a consultant. As long as you have the know-how on a specific topic, you can be called that way. However, when somebody hires you to be part of a globally established firm, what does it truly entail? Below are five questions beginners often ask to grasp the area of management consulting.

What is Management Consulting?

Management consulting is the practice of analyzing business problems and offering  advice to improve business performance. It all started when Frederick Taylor, the father of scientific management, studied time requirements of a manufacturing process in 1880′s. It eventually led to the emergence of other consultants. One of them was James McKinsey, the founder of the global consulting firm McKinsey and Co. Because he and his expert colleagues were able to help companies recover from economic crisis, the profession became more popular.

What Are the Characteristics of Good Consultants?

Because the nature of the job is intellectual and critical, management consultants need to possess excellent problem-solving, logical and communication skills. These are necessary in meeting requirements of clients. Consultants must also have a flair for interacting with different people since they conduct meetings with clients, facilitate focused group discussions and interview a number of employees. Further, they must also be able to endure long working hours and must be willing to travel in different cities or countries from time to time.

How Are Candidates Assessed for Management Consulting Positions?

Recruiters evaluate candidates in three ways. First, they pre-select candidates who have the right skills, experience and knowledge through resume and cover letter screening. Those who get selected are then called for testing. Not all firms adopt this method, though. Lastly, they conduct experiential and case interviews to further gauge the candidate’s ability to think critically and express opinions clearly. Case interview questions may include situational business dilemmas, brainteasers and estimation questions. To know the basic facts of management consulting case interviews, check this post.

What Are the Educational Requirements for Management Consulting Positions?

Any person with a university degree can apply for a position in well-known firms like Monitor, Booz and BCG. Graduates of Management, Marketing, Economics and Business Administration have an edge because they’ve already learned the concepts of organizational management, cost and benefit analysis and marketing strategies at school. Though it isn’t a requirement, many consultants hold an MBA degree. This achievement somehow indicates that they’re willing to go an extra scholastic mile to be of better service to the firm and clients.

What Are the Typical Duties and Responsibilities of Management Consultants?

Activities of management consultants vary from firm to firm. It mainly depends on the client’s company, business status and requested services. Consultants usually tailor their approaches according to these factors. In general, the process includes examining the client’s problem, breaking down the factors affecting it, researching data through studies and interviews, analyzing information and recommending solutions to the top management. The final decision lies with the client. The consultants just guide them to the right direction.

You Might Also Like...

• How Do Management Consultants Think?
• Management Consulting Case Study Interview Facts
• Management Consulting Estimation Questions

Responsibilities of management and IT consultants may overlap at times but there are unquestionably a few differences between the two. By reading this post, you’ll know what their similarities and differences are. You’ll also be able to assess which type of consulting is fit for you.  

Main Objective

Both management and IT consultants target to help clients improve business growth with their well-thought advice. The only difference is that they work on different aspects of the organization. Management consultants focus on organizational development, cost and benefit analysis and market researches. They use management consulting frameworks to find out and generate solutions for the main business dilemma. Here’s the job description of management consultants for your additional reference.

On the other hand, IT consultants concentrate on advising management on how to efficiently manage information technology to meet their business goals. They also develop, implement and evaluate IT systems that lead to productivity and efficiency in business processes. They also train employees to strengthen their skills.

Job Requirements

Management and IT consulting positions require some of the same skills and abilities. Both teams must be analytic, logical, organized and attentive to details. They must also be able to excellently express their thoughts in written or verbal form. They must have the capability to deal with top management and interact with frontline employees as well. What sets them apart is their technical expertise.

Management consulting staff are expected to be knowledgeable in human resources, strategic planning, finance, marketing, sales and operations. They must have a good grasp of change management tools and techniques. They must also have a good background in technology since in some cases, they need to touch that area during evaluation. Graduates of Management, Marketing, Economics and Business Administration are usually the potential candidates for this field.

On the other hand, IT consultants try to understand the current IT infrastructure of the company and identify the main concern so they must be proficient in all factors affecting it.  These factors include the hardware, the program and the people using them. IT consultants must be adept in IT assessment, computer network, systems integration, security and customer relations management. They also need to keep themselves abreast with the latest software, gadgets and other updates in IT. Graduates of Computer Science, Information Technology, Computer Engineering and other related courses are usually hired for this position. Most have CISCO, Microsoft and other technical certifications.

Prominent Management and IT Consulting Companies

Three of the top-tier management consulting firms that are popular around the world are McKinsey, BCG and Bain. Other widely-known firms are Deloitte, Booz and AT Kearney. In the field of IT consulting, Accenture, Deloitte and Capgemini are some of the large ones.

You Might Also Like...

• Common Misconceptions About Working In Management Consulting
• Consultant to Entrepreneur: How and Why
• Exit Options for Management Consultants
• How Do You Nail a Job Interview?
• How Important are Computer and Internet Skills in Management Consulting?
• How Important is an MBA in Climbing the Management Consulting Ladder?
• How to Get the Most Out of Your Consulting Network
• Investment Banking vs. Management Consulting
• Management Consulting vs. Accounting
• Management Consulting vs. Technology Consulting

Many applicants would love to be part of major firms like McKinsey, Booz and BCG because of their global popularity. However, getting a spot in boutique firms brings advantages as well. Read this article and learn more about them.

Though most boutique management consulting firms employ only about 2 to 200 staff, size isn’t the main factor that distinguishes them from global firms. It’s the concentration. Let’s take LEK Consulting as an example. It has about 900 consultants in 20 offices in different parts of the world but it’s still considered a boutique firm because it only focuses on corporate strategy, mergers and acquisitions and operations.

Mastery of Skills

Boutique strategy consulting firms aim to help top management carry out decisions through recommendations. However, as boutiques focus on one or just a few niches, consultants gain a certain level mastery for every project they work on. They develop specific skills faster than expected.

More Effective Recommendations

As a result of improving their expertise on a specific industry,  consultants are able to make recommendations more efficiently. Since they are already aware of the best practices of companies in the same industry, they can readily pinpoint the business problem, indentify the factors concerning it and suggest action steps.

Wide Scope of Responsibilities

Because the team is smaller, consultants will be able to broaden their scope of responsibilities, participate more actively in meetings and have more chances of talking to executives and managers. They easily get labeled as experts and that builds up their credibility in the industry. They’ll basically experience everything written in the job description of a management consultant.

Landing a job in  boutique management consulting firms has risks too. Below are three of them.

Deprivation to Explore

One of the disadvantages with this setup is that consultants won’t be able to see their potential performance in other practice areas. Because they are focused on solving the same problem, they are deprived of the chance to discover other strategies and approaches.  This gets more inconvenient for those who haven’t realized what they are good at.

Unverifiable Services

Some boutique management consulting firms have fewer clients so the quality of their service is harder to verify. Unlike top tier firms, few boutique firms have established a brand name. Further, small boutique firms might not have well-established systems and their consultants might not have been trained thoroughly.

More Job Requirements

Having a broad scope of responsibilities has a disadvantage too. This implies consultants have to do everything, from data gathering to analysis. Because of the team has a smaller number of members, it is harder to delegate some tasks to specialist areas.

Which do you prefer, working for one of the global or boutique management consulting firms?

You Might Also Like...

• Major or Boutique Consulting Firms
• Top 10 Consulting Firms in Asia Pacific in 2014
• Top 10 Management Consulting Firms in 2012
• Top 10 Management Consulting Firms in 2014
• Top 10 Strategy Consulting Firms in 2013
• Top 25 Management Consulting Firms in 2013
• Top 25 Management Consulting Firms in Europe
• Top 5 Management Consulting Internships

The responsibilities of experts vary according to the size and nature of the company. They work on different sectors such as consumer products, health and education, among others. To give you an overview of their responsibilities, read the job description below and understand their role in the organization.

Management Consulting Job Description Summary

A consultant is responsible for helping a company or organization improve its efficiency, growth and profit through accurate data gathering, thorough analysis and valuable recommendations. They incorporate their knowledge, skills and abilities as they help top management strategically plan and implement strategies. They give objective advice based on market trends, the company’s financial capability and other important factors.

Specific Duties

Management consulting job descriptions usually indicate that consultants work on a project basis in their own satellite or in their client’s working premises. The project length depends on how complicated the business dilemma is and the kind of setup clients prefer. The following are some of their specific duties and responsibilities:

• Define the problem through consultations, meetings and case studies;
• Review and analyze information through different reports and researches;
• Interview or facilitate focused group discussions with management and employees;
• Develop and present recommendations for the management;
• Develop plans and programs for change implementation in the organization;

Job Specifications

Management consultants are graduates of any course, preferably with a business-related major. They must be knowledgeable on business development, risk analysis, cost management and other areas. They must be someone who can look at things from different angles with logical thinking. They must also possess excellent verbal and written communication skills, exceptional organizational skills and other critical success factors. They must have the ability to deal with different personalities, cooperate with other team members and work under pressure. Their primary values must include objectivity, accuracy, patience, meticulous attention to details, goal-orientation and quality output.

Importance of Consultants in Organizations

As can be deduced from management consulting job descriptions, experts play important roles in the organization. They bring in their functional expertise, experience and professional values to create an impact in the organization. Their know-how boosts their credibility and their extensive understanding about business operations let them assimilate the best practices from outstanding organizations. Their professionalism ensures that everything’s being carried out in a well-organized manner.

Criticism of Consulting Firms

Management consulting has its own pros and cons. One of the disadvantages consultants get is the slice of disapproval from people around them. At times, their presence push other employees to think that the company managers aren’t competent enough to resolve their own problems. Also, many frown upon the luxury they get from the company. Apart from their very expensive hourly fee, they also get benefits ordinary employees can’t avail. Lastly, many employees get scared because their recommendations might significantly affect their job. Retrenchment due redundancy might be one of their solutions to increase company profit.

You Might Also Like...

• Five Steps to Improve Your LinkedIn Profile for Management Consulting
• Job Description for a Management Consultant
• Management Consulting Glossary
• What are Some Things that Management Consultants Know but Most People Don’t?

Each group of employees develops their own jargon, terms that express ideas related to what they frequently do or discuss with each other. Find out the common phrases used by management consultants in this article.

The French philosopher Condillac said in 1782 that, “Every science requires a special language because every science has its own ideas.” This generally explains why management consultants formulate terms, phrases or idioms that are uniquely used and fully understood by those who in the industry. If you are preparing  a career in BCG or other top tier management consulting firms, you might as well master some of their jargon so you won’t get lost in the discussion.

We’ve already defined some terms in this post, so in this article we listed more phrases that can add up to your management consulting vocabulary.

At the End of the Day

It is used to introduce summary of discussions, goals and meetings. (At the end of the day, we must find out what caused the annual decrease of sales of this computer brand.)

Blue Sky Thinking

It connotes thinking creatively, unconventionally or from a new perspective. Just like the blue sky, ideas should come without limits. It’s similar to the expression, “thinking outside the box.” (Each brainstorming session requires blue sky thinking from all participants.)

Boil the Ocean

It suggests taking an enormous task or resolving a problem through an extremely difficult approach (e.g. to boil the ocean literally). (There’s no need to boil the ocean for this research. Even if we limit our study to two market segments, we can still get valid results.)

Deep Dive

To conduct an extensive management consulting study and analysis about a certain problem by going through reports, market trends and other data. (Have a deep dive on Company A’s new soap product. I’d like to know if it has something to do with our decrease in sales last month.)

Due Diligence

A comprehensive review, study or evaluation of a business opportunity to clarify expectations, identify risks and investigate all relevant factors. It may include any of these management consulting frameworks to structure answers. (Each business project requires due diligence before its implementation.)

On the Beach

It describes management consultants not getting billable projects from clients. The term derived from the idea of bumming on the beach during free time. (Many consultants have been on the beach since the 2008 recession.)

On the Same Page

To see things in a similar way or to talk about the same topic. (Could you explain your analysis on this expansion strategy? We don’t seem to be on the same page.)

Take the Lead on

To assign or delegate a menial task to someone. It is an expression more often used by senior consultants. (Could you take the lead on preparing these reports for tomorrow’s meeting?)

Touch Base

To meet at a certain time to talk about the project status, important tasks and other matters. (Are you free tomorrow at 3:00 p.m.? I’d like to touch base with you to discuss our market research.)

View from 30,000 Feet

To understand a strategy, business problem or anything in a bigger picture. Because you’re viewing things from a distance, significant details are dismissed without thorough consideration. (Before we decide on merging two companies, let’s have a 30-000 foot view of the current market.)

You Might Also Like...

• How to Craft and Deliver Your Elevator Pitch
• Management Consulting Brain Teasers
• Management Consulting Dictionary
• Management Consulting Glossary
• Top 10 Management Consulting Jargon Terms
• Top 10 Most Used Consulting Jargon Terms
• What to Include in a Consulting Resume
• Words and Phrases Management Consultants Use for Effective Client Communication