Management consulting is one of the fastest-growing industries in the world, and it’s no wonder why. This industry has seen consistent growth over the past few years and shows no signs of slowing down.
Management consultants are hired by businesses to help them improve their performance, help them become more efficient, and make better decisions. Management consultants work with companies across all industries and sectors to solve problems ranging from improving sales to assisting them in developing new products.
What do management consulting firms do?
Management consulting firms help companies solve problems.
That’s it. They don’t sell products, and they’re not in the business of making widgets. They’re there to help you determine how to make your Company more efficient, effective, and profitable. Management consulting firms are all about helping businesses make better decisions. They do this by providing insights into a company’s operations and helping them improve its strategy. They can help with anything from improving performance in a particular business area to creating a brand new product or service.
The world’s best consulting firms do this by bringing together a diverse group of people from different fields who have one thing in common: they want to help you succeed.
Consulting firms are an indispensable resource for businesses at every growth stage. Whether you’re just starting, looking to scale up, or trying to break into a new market, some consultants can help you navigate any challenge.
Management consultants specialize in helping companies develop strategies for achieving their goals and implementing them effectively. They may also be called management advisors, consultants, or business advisors. Management consultants typically work with businesses that want to improve efficiency, increase profits or find new ways to grow their business. Management consultants often work with large corporations, smaller companies, and startups.
What is a full-service consulting firm?
There are two types of consulting firms: full-service and niche. Which style is right for your business?
Full-service consulting firms are the big guns. They’re great at providing solutions to complex problems that can’t be solved with a simple answer or a one-size-fits-all solution. They offer a wide range of services, from strategy to implementation, and they’ll handle all aspects of your business.
Niche consulting firms focus on specific industries or subjects and know their stuff inside and out. They might not have the resources to help you solve every problem you encounter, but their expertise will give them the upper hand in solving problems in their chosen field of interest. Some popular areas of specialization include technology strategy, organizational development, human resources (HR), finance & accounting (F&A), analytics/big data, marketing & communications (M&C), supply chain management (SCM), project management (PM), risk management (RM), legal support services (LSS), business process outsourcing (BPO) and operations research & analytics (O&A).
Which type is right for you? That depends on your needs! If you want someone who knows how to get things done quickly and efficiently without getting bogged down in minutiae (or if money is tight), then go with a full-service firm. If you need someone who knows their stuff about [industry/subject], then hire a niche firm instead.
What are MBB firms? What is the complete form of MBB?
McKinsey & Company, Boston Consulting Group, and Bain & Company are the world’s most prestigious management consulting firms. MBB refers to McKinsey (M), Bain (B), and Boston Consulting Group (B). These three firms have a long history of providing high-level consulting services to companies worldwide, and they continue to dominate today.
McKinsey & Company was founded in 1926 by James O. McKinsey, a University of Chicago professor. The Company has since grown into one of the largest consulting firms in the world, with over 12,000 employees and offices in 77 countries around the globe. Its clients include many of the world’s largest corporations and governments worldwide; some notable clients include Apple, Coca-Cola, GE Healthcare, and Walmart Stores Inc.
Boston Consulting Group (BCG) was founded in 1963 by Bruce Doolin Anderson and Bill Bain Jr., alumni of Harvard Business School (HBS). BCG has grown into one of the largest global management consulting firms with over 3,000 employees working across over 100 offices worldwide, including locations such as London and Sydney, Australia. BCG provides strategic advice on issues related to organizational change, management strategy implementation process improvement, mergers, acquisitions, divestitures restructuring, new product development, market entry new business development.
Why are MBB firms considered the best?
These three companies have been considered the best consulting firms in the world for many years because they offer a wide variety of services. Each Company has its way of doing things and different areas in which they specialize. However, they all provide excellent service that is unparalleled by other firms.
There are three main reasons why McKinsey, Bain, and BCG are considered the best consulting firms in the world.
First, they’re known for their extensive client base, connections, and prestige. They work with everyone from governments to small businesses and nonprofits. This means that they have a diverse set of experiences to draw on. They’re considered the best by themselves and by most people because they’ve been around for a long time. They have a history of success and have built its reputation over time. Not only are MBB employees top consultants, but MBB alumni are also CEOs of many top global companies.
Next, let’s talk about prestige. When looking at the best consulting firms in the world, you need to ask yourself: “Which companies do other companies look up to?” In other words: which companies’ clients are other companies trying to hire? If you’re looking for a prestigious job—and who isn’t?—you want one of these three firms on your resume!
Second, they’re known for their ability to solve problems. The consultants at these companies are trained to think critically and come up with solutions—whether they involve re-organizing a company’s workforce or helping a government improve its healthcare system. MBB consulting firms are very selective when it comes to hiring new employees. They only hire the best candidates, which means that their employees are well-qualified and highly motivated to do an excellent job for their clients.
Third, they’re known for their high salaries. You can make more than $200k annually at any of these firms if you have the proper credentials and experience!
How can you get a job in a consulting firm?
We’re not going to lie: it’s hard to get into the top management consulting firms. We’ve got you covered if you’re looking to get your foot in the door at one of the world’s best consulting firms. But we’re also here to tell you that it’s possible. And if you’re willing to put in the work, it could be one of the most rewarding experiences of your life.
Here are some ways to get noticed by them:
- Go to a good school or MBA program. The best firms recruit heavily from a handful of schools that consistently produce highly-qualified applicants. If you don’t have an Ivy League or equivalent, consider applying to one of these schools.
- Get a job at a large corporation and excel there. Consulting firms always look for people who have worked at large corporations and can transfer that experience into their firms—especially if they’ve done well in those roles!
- Make sure your resume is up-to-date and clean. This should be done for all jobs—but it’s imperative if you’re applying for a firm consulting job because these companies often spend more time reviewing candidates’ resumes than other employers would (and they will even hire people based on their resumes alone). If your resume doesn’t show off everything that makes you stand out as a candidate, then it won’t matter how much experience or skill set you have; you won’t get hired.
- Try and find a reference. If you’re looking to get a job in a top consulting firm, sometimes, it’s not enough to be good at what you do. It would help if you had someone to vouch for you.
Enter internal references. These people work at the Company where you want to work and know your work but don’t directly connect to the hiring managers or other decision-makers. Internal references can be invaluable when applying for a top consulting firm job because they can give an honest evaluation of your skills and how well you fit into their culture.
5. Research the firm before your interview. Learn everything about the Company that interests you. This means reading up on their mission statement, values, history… everything! It would help if you also learned about their competitors and what makes each one different from the others so that you know exactly where your skill set can fit into this industry and possible career paths within those organizations (and sometimes even outside!).
6. Prepare for case interviews. Preparing for case interviews is critical when applying for a consulting job. After all, these interviews require you to think on your feet and have an answer at the ready. But what if you’re not sure where to start?
We’ve got you covered. We’ve compiled a list of our favorite resources for preparing for case interviews, so you can hit the ground running and nail your first interview with confidence.
Here are some great resources for getting started:
- Case Interview Secrets by Victor Cheng
- Case in Point by Ron Heifetz et al.
- Consulting Interview Questions by Paul Dunay
Let’s have a look at the salary differentiation in Consulting Management, depending on the region or experience, and which company is offering what –
SALARY OFFERED IN INDIA BY TOP CONSULTING FIRMS
|COMPANY NAME|| APPROX. MEDIAN SALARY
|McKinsey and Company||31.80||37.10|
|The Boston Consulting Group||38.00||48.40|
|Bain & Company||33.90||59.40|
|Deloitte India (US Offices)||18.70||21.30|
SALARIES IN INDIA ON THE BASIS OF LOCATION
|LOCATION|| APPROX. MEDIAN SALARY
|DELHI – NCR||15.00||28.00|
SALARIES OFFERED IN INDIA ON THE BASIS OF PROFESSIONAL EXPERIENCE
|YEARS OF EXPERIENCE|| APPROX. MEDIAN SALARY
|Less than 1 year||13.00||21.00|
|1 – 5 Years||13.50||23.00|
|6 – 14 Years||18.00||30.00|
How to get into consulting after an MBA
It’s pretty simple. 😀
First, you need to get into the best school you possibly can.
Second, you need to ace your classes. Top consulting firms are looking for intelligent and motivated people—and they can tell that by your GPA! If you want a job at a leading consulting firm, ensure you’re doing well in school so you’ll get accepted into one of their programs and impress them with your intelligence when they interview you.
Third, you need to go on as many internships as possible. You’ll probably have a few in undergrad, but after that, it’s time for some real-deal work experience. The MBA internships are possibly easier to get.
Fourth, make sure you are a leader on campus. Consulting firms, especially MBB consulting firms, like to see applicants who are natural leaders and value-creators and have done great things in campus clubs.
Fourth, prepare yourself for the interview process. It’s intense and competitive—but if you’ve done your homework and worked hard at everything above, it will be worth it!
Management consulting salary in India
There are a lot of different factors that affect management consulting salaries in India. This article will explain to them so you can make an informed decision about whether or not to pursue a career as a management consultant.
You should first know that salaries in India vary based on your industry, the type of Companycompanyrk, and where you work in India.
For example, if you’re working for an Indian company and a foreign company, your salary will be higher than if you were working for a foreign firm. This is because foreign companies have more money to spend on their employees than domestic ones.
Another factor affecting management consulting salaries in India is where exactly you are located within the country. For example, Bangalore has one of the highest average salaries for management consultants in India, whereas Mumbai only has a much lower average.
Management consulting salaries are among the highest in India. The middle management consulting wage in India is around INR 1.1 lakhs per month, and it’s not uncommon to see consultants make up to INR 2.3 lakhs per month.
Typically, post-MBA MBB salaries start at around 25 LPA for Junior Associate/Associate roles and progress.