A huge number of undergraduate students and experienced professionals apply in management consulting firms for various reasons. To confirm this fact, recruiters have a never-ending supply of job applications year after year. Apart from this, consulting clubs at many universities continue to initiate activities that help aspirants achieve their dream job. The steady demand for a career in this industry leads us to the question, "What makes management consulting well-loved?"
One of the things that make management consulting popular is the sense of fulfillment it brings. When clients hire consultants for their expensive services, they don’t do it for trivial reasons. They do so because they need help in bringing a positive change into the organization. For this reason, consultants utilize their analytical skills to understand the problem, and come up with recommendations that can boost operations. This challenging responsibility elicits confidence and gratification. To become a part of a company’s strategic planning and project implementation is something to be proud of.
The rewarding compensation and benefit package of consultants is another reason why many candidates pursue this career. Consultants may work for 60 to 80 hours in a week but every second of hard work is being paid off.. Apart from this, they receive a performance bonus, signing incentives, relocation allowance and other benefits. Those who love to be on the road can treat this profession as a ticket to travel around the world. Consultants are sometimes assigned in another city or country to complete a project. This allows them to explore a new place, a different culture and all the elements that go with it.
Moreover, networking seems to be a built-in feature in this field, so consultants need not exert effort in meeting key people. For one, most of their colleagues come from prestigious universities or are active in several organizations. As part of their duties, they get to mingle not only with the top management but also with the frontliners. At times, they are also invited to visit universities to talk about their firm, discuss issues or share their personal experience with faculty and students. If properly taken cared of, these connections can bring in better opportunities, more relevant information, and long-lasting friendships.
Candidates who pursue management consulting also dislike stagnation. The challenge of many jobs can be felt only during the period of adjustment. When familiarity sets in, everything becomes a drag. In this industry, the role and tasks of consultants are quite dynamic. Because they are assigned to various projects and industries, they are constantly introduced to new cases and difficult hurdles which are both good brain exercises. Since intellectual stimulation is the only thing that keeps mental decline, consulting then guarantees that rust and bluntness have no place in this field.
Competency development is the next reason for its popularity. When new hires are trained, they acquire additional knowledge, skills and abilities they couldn’t have learned in other companies. They are taught specific techniques on how to approach business cases. As they carry out actual responsibilities, their competencies ripen even more. They are well-informed of the best practices across different companies. They learn to communicate effectively, organize their schedule well, and stay composed amidst stress. Upon leaving the firm, they gain a high value in the job market. Numerous companies are interested in hiring them because of their training, experience and know-how.
Consultants who venture into entrepreneurship after a few years in management consulting have an edge. Their proficiency in marketing, customer service, competition, operations and effective industry practices arms them in conceptualizing their own business ideas. They already have a clear understanding on what strategies will and will not work. On top of it, the skills and network mentioned in the previous paragraphs would come in very handy.
On the other side of the coin, management consultants also have to deal with the drawbacks of their profession. Because of their hectic and demanding work schedule, they sometimes have to compromise their loved ones and personal interests. Often times, they are confronted with work-life imbalance and health concerns. For some, frequent travels and reassignments become a source of inconvenience. Nevertheless, those who pass the recruiting process capitalize on their experience and earn most of the rewards later.
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