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Management consultant: tasks, salary, studies + application
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If companies, businesses or corporations no longer know how to proceed, management consultants are called in to help develop strategies and measures or to assist with important decisions. In addition to big and well-known names in management consultancies such as McKinsey, Boston Consulting, Accenture or Deloitte, there are numerous small business consultants who support large and small companies with their expertise and industry knowledge. A job with great responsibility and high salary prospects, but just as big are the workload and the challenges as a management consultant. If the job appeals to you, here's what you need to know about the job description of a management consultant ...
➠ Content: This is what awaits you
➠ Content: This is what awaits you
Management consultant duties
Management consultants support smaller companies or large corporations with their knowledge when they are faced with a major change, have to make an important decision or if there is a need for action due to economic problems. For example, if a company is to be completely reoriented, new business areas need to be developed or existing areas need to be disposed of, a management consultant can help find the right strategies and answers.
Management consultants work very closely with the respective customer, get an idea of the situation on site, gain insight into all the important information and work out the best possible approach together with those responsible.
The most important and most frequent tasks of a management consultant are:
- Comprehensive analysis of the status quo in a company
- Creation of concepts and strategies to achieve the desired goal
- Assessment of various measures
- Identification and implementation of growth and sales increase potential
- Joint development and planning of operational optimization
- Comprehensive advice on financing
In principle, management consultants can be deployed in all areas of a company. They are often consulted in human resources, marketing, IT or also for mergers and acquisitions (the purchase and amalgamation of companies).
The job of management consultant therefore rarely takes place in a permanent office and a great willingness to travel is required. They travel - also internationally - to the locations where they are currently needed. A professional and serious appearance with an appropriate dress code is a matter of course.
Long working hours and many overnight stays in hotels are part of everyday life for business consultants. Work-life balance is difficult to achieve in this professional field, management consultants usually work at least 50 hours a week - many come far beyond that and 70 hours a week are no exception.
Management consultant jobs
Business consultant studies
The path to a career as a management consultant does not begin with an apprenticeship, but rather with a degree. Since extensive knowledge of economic interrelationships is required for their work, many management consultants have an economic background. These include, for example ...
- Business Administration (BWL)
- Economics (VWL)
- business Informatics
- Commercial law
But you can also start a career as a management consultant by studying computer science, law or as a business mathematician. In all of these courses you can acquire extensive know-how about the most important areas and topics that are in demand as a business consultant - and these are very far-reaching.
- Rehabilitation of companies
- Controlling and important key figures
- Business organization
- Tax law
- Change management
- human Resource
- Mergers and Acquisitions
- Financing options
Universities and colleges are increasingly offering special coursesthat specifically target the area of management consulting and whose content is adapted to the required competencies. You should therefore inform yourself in advance and research which course is the best choice for you.
However, you should have good grades in every degree program and demonstrate particular commitment if you later want to work in a management consultancy.
Practical experience is almost always expected when starting out as a management consultant. This is why internships at management consultancies should be made during your studies. These also bring important contacts that can be a real door opener. You can collect additional plus points if you have gained experience with a company abroad.
Management consultant salary
The great stresses, demands and expectations are reflected in the salary. Management consultants are among the absolute top earners, which starts with a high starting salary and can climb into the six-figure range with a few years of professional experience and corresponding successes.
Nevertheless, it should not be forgotten that there can be large differences in wages depending on the size and profile of the employer. Those who make it to the well-known management consultancies mentioned above can look forward to a much higher payment. But even with smaller employers, a management consultant cannot complain about poor pay.
Even starting salaries are between 45,000 euros and 50,000 euros. In the further course of the career, the position and experience determine the amount of remuneration. After a few years in the job, management consultants can achieve an average salary of between 55,000 and 75,000 euros. Those who manage to become senior management consultants can earn 100,000 euros a year. However, there are hardly any upper limits here. In large management consultancies, a gross salary of EUR 200,000 is realistic for senior positions.
Employer: Who is looking for management consultants?
Management consultants can become self-employed and work on their own account. Most, however, choose a career as a consultant in a management consultancy. Not everyone makes it to the big names, the selection criteria are tough, the positions are limited and the competition is huge. But there are many management consultancies that focus on different areas.
Possible employers are:
- General management consultancies
- Strategy consulting
- IT consulting agencies
- HR consultancies
Career Opportunities: The Prospects as a Management Consultant?
The career opportunities as a management consultant are generally good. The consulting industry has continued to grow in recent years and this trend is expected to continue. This increases the demand for management consultants - which has a positive effect on entry opportunities and of course on further careers.
Despite good chances it should be mentioned: Many management consultancies have a tough selection process. A large number of the aspirants are rejected. If you can do it and assert yourself, there is not much in the way of a successful career - as long as you have the necessary resilience and motivation. You can make it from junior management consultant to senior management consultant or even managers and partners in management consulting.
Business consultant application: tips & templates
Before being employed as a management consultant, there is often a multi-stage selection process. Here you have to assert yourself against a large number of competitors and prove in various phases that you really are the best person for the vacancy.
Budding management consultants should be prepared for assessment centers, telephone interviews and face-to-face discussions. The initial selection usually takes place after reviewing classic application documents. So in order to have a chance at all, you first have to convince with a CV and cover letter.
Particularly important are ...
Free templates with sample text
Benefit from our free application templates. You can download these individually as a Word file by clicking on "Cover letter", "Cover sheet" or "CV" - or as a complete application set by clicking on the preview image. You will then receive all three Word templates combined in one zip file.
➠ Template / sample: cover letter, cover sheet, curriculum vitae
Use our other professional designs and free application templates to apply. More than 120 professional templates for CV, cover letter and cover sheet as WORD files including sample texts can be found here:
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