Is Management Consulting the Right Career for You?

Management consulting concept in yellow surrounded by related words. Photo courtesy of Shutterstock.

Management consultants are in demand more than ever in today’s global economy. Large businesses rely on the advice of top-notch firms to accelerate their growth and services. Despite the need for more consultants, prestigious consulting firms only select a handful of applicants to come on board.

Even with the odds being so small in landing a consulting job, it is still considered to be a very popular choice among fresh graduates. Why is management consulting such a sought after career?

Stability in a Fluctuating Job Market

Management consulting is considered to be a very stable profession. Research shows that consulting firms have one of the lowest employee turnover rates compared to other types of service-oriented companies. This is due to a number of reasons.

First, it is very difficult to jump from one consulting firm to another. By the third switch within a short period of time, your dedication and commitment will be questioned by the recruiter who notices the pattern in your resume. Next, management consulting companies take care of their employees well. Extensive benefits, high salaries and bonuses are factors that are hard to walk away from.

Stepping Stone

Not everyone who is working in a consulting firm is hoping to make partner. Many professionals use consulting as a foundation or stepping stone for other careers and goals. One of these is starting a business. In fact, numerous CEOs of large brands such as Vodaphone, Boeing, BMW AG and Morgan Stanley started in McKinsey & Company before filling in their respective leadership role.

What you get from time as a management consultant is more than just a rewarding career. A reason why many consultants that leave the industry to become entrepreneurs is due to their knowledge and exposure to the operations of various companies. Many leave with a balanced skill set needed to run and sustain a successful business, from the technical aspects to the legal matters.

Another benefit that ex-management consultants get from working in a high caliber firm is a solid network. After years of working with clients, managers, CEOs and seniors, a professional would have been able to build a strong network. Even as a business owner, many ex-consultants still rely on their network for new clients, primary investors and partners.

Graduate School

For those that wish to pursue graduate school in a top business university, working as a management consultant can be a great foundation. This step can increase your chances of getting into a well-known school. Furthermore, some firms offer to cover the costs that come with an MBA, provided that one comes back to the firm after graduation.

Exposure

One of the perks and at the same time a burden that comes with the job is traveling. Many consultants admit that after a while it becomes one of the downfalls of the profession. However, if you’re into the traveling lifestyle, then you may see this aspect of the job as an advantage. Aside from being exposed to different cities around the world, one is also exposed to different types of projects, techniques and perspectives on business sustainability.

ConsultingFact.com is a company that helps prospective consultants prepare for the interview process. The website contains free guides, E-books and tutorials for those who are interested in a career in management consulting. Daniel Stefanac, CEO of Consultingfact.com and former McKinsey consultant, along with a team of experts designed each module to ensure the effectiveness of the content provided. The website also has its own online course and community of professionals in the consulting industry.