National Avg. Salary$91,770 More Salary Data →
Job Growth Rate13.6% More Growth Data →
Recommended DegreeBachelor's Programs & Degrees →
- Fast Paced Career
- Get to Travel
- Good Entry Level Salary
- Growing Industry
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Companies hire management consultants to identify problems and recommend solutions in order to improve efficiency and increase profitability. Specific objectives can be as simple as analyzing existing procedures and then streamlining company policy or more widely defined to include a general reorganization of a corporation’s business practices.
Management consultants have to be accomplished analysts, attentive listeners, and firm but tactful communicators. They are thinkers and problem solvers who know how to convince others that change is needed. Compensation is at the higher end of the spectrum, but hours are correspondingly longer and frequent travel is typically required. Satisfaction is generally high in this career, despite its demands.
In the course of their jobs, management consultants typically fulfill the following responsibilities:
- Gather and organize information about the client in order to identify the problem(s) at hand and create solutions
- Make improvements to the existing procedures or recommend new systems or organizational changes
- Conduct onsite observations and interview personnel to determine the particular needs of the client, from methods to implementation, inventory and personnel
- Analyze data, including but not limited to revenue, employment reports and expenditures
Day in the Life
Management consultants provide strategic and dispassionate advisory services to assist companies in improving productivity and overall performance. Advisory expertise includes areas such as HR, financial performance, marketing and business restructuring, with an emphasis on calculating risks versus costs. Consultants generally work in teams while on assignment, with each team consisting of a partner, a manager or senior consultant, associates (typically experienced consultants or those with a MBA) and analysts (typically those without MBA postgrad degrees).
Regardless of self-employment or the size of consulting firm, the day-to-day work of a management consultant varies enormously from assignment to assignment. Some projects will necessitate an entire team of consultants, each specializing in a particular area. Other times, consultants must operate independently from one another and/or in close contact with the client’s managers.
A typical project will involve meeting with clients, assessing needs, research, analyzing data and subsequently giving recommendation to the clients, after which a time table is set to implement improvements.
Management consulting is a growing profession and significant opportunities are projected for the future as an increasingly crowded market ensures the need for companies to improve efficiency and cut costs in order to remain viable. Given the high average salary associated with the position, competition for these positions is expected to be intense.
The most coveted destinations for a management consultant are those offered by the premiere consulting firms: McKinsey & Company, Bain and Company, BCG and Deloitte Consulting to name a few. However, the majority of management consultants tend to be self-employed and work in firms of less than ten people, though this is oftentimes only after working at a larger company and building a network of professional contacts.
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Management Consultant Salary Data
We've provided you the following to learn more about this career. The salary and growth data on this page comes from recently published Bureau of Labor Statistics data while the recommendations and editorial content are based on our research.
National Annual Salary
National Hourly Wage
How do Management Consultant salaries stack up to other jobs across the country? Based on the latest jobs data nationwide, Management Consultant's can make an average annual salary of $91,770, or $44 per hour. On the lower end, they can make $60,450 or $29 per hour, perhaps when just starting out or based on the state you live in.
Salary Rankings And Facts
#92 Nationally for All Careers
Above Average Salary Nationally
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How To Become
There are no definitive academic prerequisites for management consultant positions, however employers are overwhelmingly likely to desire a bachelors degree as the minimum level of education required. While no specific field is rated above another in this regard, many areas of study provide a suitable education due to the wide range of focus that management consultants encounter on the job. Typical fields of study include business, management, statistics, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, mathematics and English.
Employers look quite favorably on MBAs, though oftentimes these are acquired after initial employment, and which are necessary requirements for upward mobility within the field. The top companies in the industry will often pay for their best employees to attend a top twenty business school on the condition of continued employment. A majority of consulting businesses offer a clear career progression, and high-level performers can expect to reach partner within ten years.
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Recommended Min. Degree
Programs and Degrees
Here are the most common degrees for becoming a Management Consultant. a Bachelor's is usually recommended and specifically a degree or coursework that prepares you for the particular field, see below.
Highest Education Among Management Consultant
- 7.2% Doctorate
- 29% Masters
- 41% Bachelors
- 5.1% Associates
- 12.4% College
- 4.9% High School
- 0.5% Less than High School
Job Growth Projections and Forecast
2014 Total Jobs758,000
2024 Est. Jobs861,400
Job Growth Rate13.6%
Est. New Jobs103,400
How does Management Consultant job growth stack up to other jobs across the country? By 2024, there will be a change of 103,400 jobs for a total of 861,400 people employed in the career nationwide. This is a 13.6% change in growth over the next ten years, giving the career a growth rate nationwide of Above Average.
Growth Rankings And Facts
#121 Nationally for All Careers
Above Avg. Growth Nationally
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