India is a developing country, we are producing more management graduates than kids being born in America, and we have more than 1400 colleges teaching management in our country.
Our country needs management graduates with good skills, something that really interests me in management is consulting, and the idea of being paid for sharing ideas and thoughts is exciting, isn’t it?
However, the market is already overcrowded with startups and MNC’s, the competition is at max, the one who stands out in innovating eats the market, numbers have lost its relevance in today’s over globalized world.
There are several types of consultants.
- Market research
Especially in a country like India, research done in US doesn’t count; the only way to taste the market is trying out.
People are ready to pay for your services, be it physical labor or your experiences, but in the end, you have to add value to their work/business.
Consulting in a broader term is sharing your thoughts, but that is completely wrong, It’s more about helping , someone who has been there and done that can be a good consultant, before taking up consulting full time.
As they say, If you win you can lead, if you lose you can guide.
It is not just sharing ideas; it is about sharing experiences, maybe sharing what you have learnt the hard way.
I see, people with no or very less experience taking up consulting for the fun and thrill in it, it’s difficult to scale up that way, this the only reason why brats with a lot of money won’t make a good VC because he hasn’t tested the market by experimenting, he is just trying and exploring.
Consulting is more than just advice, big consulting firms might charge you a bomb, but they provide professional services and lend you a hand to work on projects, I’ve never heard of a consulting firm doing one time project, they always get in a mutual contract for at least three to five years to make things happens.
Overall, there are 3,00,000 (3 Lakhs) management consultants in the world generating more than $3 Billion in revenues and half of them are from the U.S.A and 74% of the revenue is generated in the USA through consulting and M & A. Brazil and Mexico are catching up big time in these fields after UK and US.
Starting salary of a consultant is roughly around 5 to 12 lakh per annum on an average, for an average college graduate with basic market knowledge and some relevant experience.
With experience, consultants do nearly get paid as much as bankers if not higher.
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