Management Consultancy : A Career Option

So if you are one of those who are honest enough to accept that you haven’t yet zeroed in on any specific career path, then you may think of doing some challenging yet fulfilling work along with substantial money before you decide what your calling is then you are on the right page.

When we think of Management Consultancy , we think of Big 4 firms like Boston Consulting Group (BCG), McKinsey, Bain and Company & Booz and Company.

BCG McKinsey Booz - company bain_and_company

There are also some firms apart from these big 4 firms. Checkout other firms here

These firms also offer diverse & challenging work.

I was reading this book a couple of years back to get the perspective on consulting, “The McKinsey Way

mckinseywayThe book is written by former employee of McKinsey. He talks about McKinsey way of looking at business problems, how they develop the solution.

This is a funny thing I like to quote from this book which explains the exact reason why consultants are needed.

Business problem solving is organic and complex, like medicine. A patient will come into a doctor’s office and say that he thinks he has the flu. He will tell the doctor about his symptoms: scratchy throat, achy head, and runny nose. The doctor will not immedi­ately trust the patient’s conclusion. She will take the patient’s his­tory, ask some probing questions, and then make her diagnosis. The patient may have the flu, or a cold, or something more serious, but the doctor will not rely on the patient to diagnose himself.”

 

 

RajatGuptaBut why would any company allow external consultants to look at their darkest secrets ? ( If you remember the infamous “Insider Trading “case of  Rajat Gupta and Rajratnam)

Consultants are mainly expected to bring third part perspective. For some companies, after years of operation, it’s understandable that their focus or vision becomes narrow.

If you want to understand basic level problems asked in interview, I would suggest you to look at this book

 

 

Ace-Your-Case-IIIThis is five part series, read each and every book to get your basics clear. ( I have read it all of them, it gives you standard approach to tackle any basic problem, BTW, when you are working with big companies, your life may not be a cakewalk but for that there are other resources)

Sometimes , consultants are called to execute unpleasant plans like layoffs.

If you are a consultant, then get ready to travel more. Get ready to spend 12-14 hours at office or client’s place.Forget about personal and social life.

Well, the payoffs are huge. You get chance to travel to some great locations, rubbing shoulders with Top executives, travel business class.

The salaries of consultants are much higher than other industries (except investment banking).

Nobody sticks to one company for a long time.Many a times, when you join Management Consultancy firms these people want you to quit after say2-3 years. Why ? Because they want you to go to Ivy League School, complete your MBA, expand your network and return , equipped with more knowledge and ability to bring more business to them through your Alumni Network.

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Sukrut is a passionate geek, internet visionary and a full time blogger, he has been teaching MBA students from the past two years, he is a chemical engineer by qualification,. Read my full story here

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