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The business consultancy sector provides advice and services to improve the efficiency, performance and profits of businesses

Businesses need advice and support on a range of issues such as strategy, human resources, financial management, and the environment.

Consultants are often tasked with analysing business strategy and structure. They look at how the organisation operates and is managed. After a detailed observation, recommendations for improving the business are put forward.

Business consultants often focus on a particular area depending on their expertise, but some larger consultancies may take a more holistic approach, analysing each section of the business and suggesting company-wide solutions.

Companies sometimes call in business consultants to manage or provide advice on projects, like company restructuring.

It's a varied job that requires confidence and tenacity and can also be very rewarding both professionally and financially.

N Written by Navdeep

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Skills required for a career in the Business management & consulting industry

If you want to succeed in this industry, you'll need to be motivated, a strong leader and dedicated to achieving strategic goals,

Other essential skills include:

Typical Business management & consulting career progression routes

As a graduate moving into consultancy, you're likely to start as a business analyst or junior consultant, before becoming an associate consultant. You'll eventually become a consultant (after two to five years).

Roles within the consultancy sector involve a lot of analysis. It's likely you'll be researching, conducting interviews, presenting results and building operational models.

You can go on to become a project leader, case team leader, senior manager and engagement manager. They manage teams of consultants and analysts, liaise with senior managers, and interact directly with clients.

If you have a masters or higher level qualification at the start of your career, you might go in at a higher level. For example, you might become a project leader or an engagement manager straightaway.

The next step up would be a principal director. Here, you'll have to prove you're capable of becoming a partner, whilst maintaining your day-to-day workload. You'll also keep partners updated on what's going on in the business.

The ultimate goal is to become a partner in the company. In this role, you'll have strategic responsibility for the company's most important clients, as well as the future of the business as a whole. It can take around 15 years to become a partner.

Typical Career Development for the Business management & consulting industry

The best qualification you can take to further your career is a Masters of Business Administration (MBA). If you don't have one but are working within consultancy, your employer can support you with this.

Taking an MBA is a big time commitment. It takes two years to complete if you study full time. If your employer sponsors you to complete the qualification, you'll be working at the same time, so it's likely to take significantly longer.

How much do Business management & consulting professionals get paid?

Average salaries for the overarching roles in the industry, including benefits and bonuses, are as follows:

Junior consultant: £44,645 Senior consultant: £63,074 Manager: £85,678 Senior manager: £115,744 Partner: £168,745

What qualifications do I need for a Business management & consulting career

A postgraduate qualification, such as a master's in business economics, is likely to be very helpful when you attempt to break into this industry. The vast majority of those working in consultancy firms have postgraduate qualifications.

For graduate schemes and entry level roles, the more analytical and numerical your degree (for example, finance or maths) the better chance you have of being successful.

Technical degrees like engineering and science based ones like physics are also looked upon favourably, especially by the biggest consultancy firms.

How to get there

A common route into consultancy as a graduate is via a graduate training scheme. Competition on these schemes is very strong, hence those with postgraduate degrees have the edge over graduates that don't.

Although work experience isn't essential, any experience where you've demonstrated your analytical skills will offer you a strong advantage when applying for graduate schemes or entry level roles.

Business management & consulting industry bodies

Institute of Consulting
Chartered Institute of Management Consultants
Management Consultants Association (MCA)
Chartered Institute of Business Administrators
efinancialcareers
Consultancy.uk

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