Management Consulting: A World Worth Understanding

Management consultants help businesses, non-profits and other organizations develop strategic plans which enable them to operate effectively and efficiently and be accountable to their shareholders and employees.

Management Consulting Firms: What Do They Do?
Management consulting firms assist companies as they anticipate changes in customer priorities, the environment they operate in and the client population or shareholders they serve. They assist organizations in developing and re-developing goals and mission statements, improving operations by streamlining or re-creating specific components of their business model.

Management consulting firms also work closely with organizations to help them identify financial, planning and staffing opportunities they might not recognize on their own. For example, they might help a non-profit refocus their budget so that they recognize the benefit of getting twenty $1,000 grants instead of one $20,000 grant in a fiscal year.

Such a small change will dramatically affect a non-profit's annual budget because if the organization has one $20,000 grant and loses their funding, they have no back-up or financial flexibility. But if they have twenty $1,000 grants, and one funder stops payment, they have $19,000 to rely on. Yes, there may be more administrative work up front but in the end, the savings are dramatic.

Focus Areas
Management consulting firms work closely with a variety of organizations in many different industries. Some specialize in specific industries but often firms employ consultants from a variety of industries in order to serve a diverse base of clients and take on business case studies and corporate strategy cases. Within any industry, firms help organizations focus on:

• Business Design Innovation
• Customer and Brand Strategy
• Operational Excellence
• Organizational Transformation
• Portfolio Strategy
• Strategic Leadership
• Quality Improvement

What Do You Need to Become a Management Consultant?
Most consultants have an M.P.A. or M.B.A. degree and experience in the sector that they specialize in. Other common degrees in the industry are J.D. or Ph.D. in organizational management or other related fields. There are several management consulting firms in the U.S. and nearly all of the large firms operate internationally. Most consultants start at an associate level and with experience, make their way up.