How to choose the perfect college: CAREER GUIDANCE SERIES
Some of you guys must have heard this term from your elders, a promising career path, they might have mentioned. Here’s a quick and simple guide to understand what’s consulting about.
What is Management Consulting?
It is the practice of helping organisations improve their performance. Sometimes it makes sense to take help from someone outside your organisation to solve an issue. Think of it this way-
You go to an grocery or a kirana shop nearby. You ask for a melody. The shopkeeper gives you one. You ask him if there’s a new variety of candy that you’d like. He recommends you the Pulse candy and reaches to a shelf in a faraway corner, away from everybody’s sight. He says, “Everybody loves it.”
You have a light bulb moment, after a little analysis of the situation. You recommend him to put the Pulse candy in the front shelf, in front of everybody’s sight. This would eventually drive a lot of Pulse candy sales. The customers are happy and so is the shopkeeper.
Watch this video to learn more about consulting
Word has spread in the neighborhood about this only shop which has the Pulse. People start coming, which in turn enables the shopkeeper to sell a lot of other things as well to them. Now, the crux of the story- You acted as a consultant for the shop. This is one of many things that consultants do for the businesses that hire them. The biggest management consulting firms are-
McKinsey & Company
The Boston Consulting Group
Bain & Company
Consultants usually have graduated from top colleges, and the firms tend to have an intellectual culture compared to elsewhere in business.
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How can you get into consulting?
The standard route to entry for an analyst position is an undergraduate degree from an elite university, and an MBA from an elite university for an associate position. However, many consulting firms also hire MDs, PhDs, and JDs at the associate level. Consulting jobs at top firms are highly competitive, with acceptance rates around 1–3%.
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