Management Consultant

Key skills/talents

To succeed as a management consultant, a very diverse set of skills is essential. These can be broadly categorised as follows...

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Cognitive Abilities

• Analytical Thinking: The capacity to dissect complex issues, pinpoint underlying causes, and formulate data-driven solutions.

• Problem-Solving: Skill in identifying and resolving challenges, often in ambiguous and less structured environments.

• Strategic Planning: The ability to develop plans to help clients achieve their objectives.

• Commercial Awareness: An understanding of the business landscape and market dynamics to provide relevant advice.

• Financial Acumen: Skills in budgeting and cost control.

• Risk Management: Identifying and mitigating operational risks.

• Continuous Learning: A commitment to staying informed about industry trends, new technologies, and best practices.

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Interpersonal and Communication Skills

• Communication: Strong verbal and written communication skills to clearly convey complex information and present recommendations effectively.

• Presentation Skills: The ability to present information concisely and clearly, often to senior management.

• Interpersonal Skills: The ability to build strong working relationships with clients and team members.

• Negotiation: Skill in dealing effectively with suppliers, clients, and employees.

• Teamwork and Collaboration: The ability to work effectively within a team.

 

Project Management and Leadership

• Project Management: The ability to plan, organise, and execute tasks efficiently within deadlines and budget constraints.

• Leadership: The capacity to lead project teams, influence stakeholders, and guide change initiatives.

 

Personal Attributes

• Adaptability: The ability to work across different industries, handle diverse challenges, and adjust to changing market conditions.

• Flexibility and Resilience: The capacity to adapt to changing circumstances and manage pressure in a demanding environment.

• Resilience: The ability to face and overcome numerous problems throughout a project.

 

Technical and Industry-Specific Skills

• Technical Skills: Depending on the area of specialisation, expertise in data analysis, financial modelling, or specific industry knowledge may be required.

• Change Management: Understanding and managing the human and technical aspects of implementing change initiatives.

• Knowledge of UK Building Regulations

• Sustainability Expertise (BREEAM/WELL standards)

• Space Planning (AutoCAD/Revit skills): Or the ability to collaborate effectively with those who use these tools.

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​Qualifications required

To become a consultant, you generally need an undergraduate degree, relevant work experience, and the ability to demonstrate key skills like problem-solving and communication. 

 

While a specific type of degree isn't always mandatory, certain fields like business, marketing, economics, and engineering will always be advantageous.. And expected if you want to work for big companies/brands and charge ‘good’ remuneration fees.

 

As always, start your degree search with UCAS: https://www.ucas.com/explore/search/all?query=business

 

Top ‘business’ universities in the UK are typically St Andrews, Oxford and of course, The London School of Economics…

 

https://www.st-andrews.ac.uk/business-school

https://www.sbs.ox.ac.uk

https://www.lse.ac.uk

 

Advanced degrees like an MBA can also boost your chances, especially in competitive fields. MBA (Master of Business Administration) programs are a highly sought-after pathway for career advancement in the business world.. Top MBA programs are found in the US, UK, and other regions, with some of the most prestigious programs in the US including Harvard Business School, Stanford GSB, and Wharton School. In the UK, London Business School, Saïd Business School (University of Oxford), and Judge Business School (University of Cambridge) are highly ranked.

 

https://www.theguardian.com/education/ng-interactive/2023/sep/09/best-uk-universities-for-business-management-league-table

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Rules and regs

Professional indemnity insurance covers for claims made by a client for professional negligence or mistakes made in the work you have done for them. These may include poor business advice, professional errors, defamation or libel, and sub-standard work. Professional indemnity insurance can cover the cost of legal defence, compensation payments, any additional costs for rectifying an issue and loss of income as a result of the claim.

 

If the unthinkable should happen and someone's hurt while they're visiting you or you're visiting them, then you also need to be covered with public liability insurance.

 

Hiscox offer Professional and Public Liability insurance: https://www.hiscox.co.uk/business-insurance/build-my-cover, as do AXA: https://www.axa.co.uk/business-insurance

 

If employing staff, Employers' Liability Insurance is legally mandatory under the Employers' Liability Act 1969, offered by providers like Direct Line: www.directlineforbusiness.co.uk.

 

It is advised that you also get cover for your all-important office equipment, which in this type of field is likely to be relatively expensive to buy. Again, Axa offer this: 

 

The ownership of copyright works is an important piece of legislation that you would need to adhere to: https://www.gov.uk/guidance/ownership-of-copyright-works

 

Knowledge of IP is also important, and we have touched on this in a couple of our pod write-ups: https://www.gov.uk/intellectual-property-an-overview

 

As a Management Consultant, you will also be signing A LOT of NDAs, so make sure you are familiar with the legal ins and out of them: https://www.gov.uk/government/publications/non-disclosure-agreements/non-disclosure-agreements

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Remuneration framework

Management consultants in the UK can earn a range of salaries, from a starting salary of around £30,000, to a more experienced consultant's salary of around £80,000. 

 

Experienced consultants, particularly those in senior roles like Managing Consultant or Principal Consultant, can earn even more, with base salaries between £80,000 and £140,000. 

 

As always, factors like experience, the type of firm, and individual performance will influence the overall compensation package someone receives, but it is likely to always include a decent bonus and benefit deal.

 

The career ladder, generally looks like:

• Entry-Level (intern etc): £30,000 - £50,000

• Consultant: £45,000 - £70,000

• Senior Consultant: £55,000 - £90,000

• Managing Consultant/Manager: £70,000 - £110,000

• Principal Consultant/Senior Manager: £90,000 - £150,000

• Partners: Can earn significantly more, with average earnings well into six figures and exceeding £500k in good years, but this can fluctuate based on firm performance

 

Bonuses are often tied to individual and firm performance, but these can (at least) double a consultants salary by the end of the year, if performance tallies up.

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How to get started

Become qualified - highly qualified if you can. We’ve stated above that this isn’t strictly necessary, however, it is expected and your peers will be qualified, so to compete, let alone stand out, get qualified, and if possible, some initials after your name/title.

 

Thereafter it is all about experience. Employers value experience and skills, as well as qualifications, so try to gain (free) work experience before you even consider entering the profession. Work in all and every ‘holiday’ period if you can, doing as much varied work as you can, in order to build up a portfolio (of sorts) and to move forward with recommendations and referrals.

 

Any experience that develops your skills in areas such as leadership and project management, team working, communication, business, organisation and problem-solving is beneficial. This can be paid or voluntary work or extracurricular activities such as club membership, team sports or work for a student society or community project.

 

Some degrees include a placement year option. This provides the opportunity to gain practical experience, increase your skills and develop a network of contacts. There may also be options to undertake shorter placements during your course. 

 

In addition, look out for internships that are run by the larger consulting and strategy firms. Competition for places is tough, so as we’ve said, get some experience under your belt before embarking on any ‘intern’ pathway.

 

Networking and building a network is VITAL in this field… Contacts and reputation are everything, so the old ‘work hard / play hard’ really does apply here. Networking within your chosen industry (if you have one) can further provide valuable insights and opportunities (and contacts).

 

If you're aiming for a specialised area of consulting (e.g., healthcare, technology), consider focussing and gaining knowledge and experience relevant to that field.

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Job site links

The main job site for management consultancy is Linked In, but another is Personnel Today: https://www.personneltoday.com

 

Specialist recruitment agencies also handle vacancies for experienced management consultants. These include:

• Michael Page: https://www.michaelpage.co.uk/jobs/consultant

• Ascent: https://www.ascentpros.com/=

• BLT (Beament Leslie Thomas)

• Mindbench: https://www.mindbench.com

• Prism Executive Recruitment: https://prismrecruitment.co.uk

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Associations or official bodies to register with

The main official bodies related to management consultancy are the Management Consultancies Association (MCA) and the Chartered Management Institute (CMI). 

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The MCA represents UK management consultancy firms, promoting their value and supporting members. Its members include large firms like PwC, Deloitte, EY, KPMG, and IBM, as well as smaller specialist consultancies: https://www.mca.org.uk

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The CMI, in collaboration with the MCA, manages the Chartered Management Consultant (ChMC) accreditation, the highest status in the management consulting profession. The ChMC accreditation is valuable for both individual consultants and the profession as a whole. The CMI also provides training and development resources for management consultants: https://www.managers.org.uk

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Progression pathway​

The sort of training and progression offered depends on the type of consultancy firm and its size. Large firms typically have a highly structured training and development programme, with a detailed induction process that covers an overview of the organisation, structure and specific roles. You'll usually be under the guidance of an experienced consultant. In smaller firms a lot of the training may be carried out on the job, and you'll be expected to pick things up as you go along.

 

You will often be supported to take professional qualifications while working, including:

 

Professional Consulting Level 5: https://www.managers.org.uk/education-and-learning/qualifications/qualification-library/management-consulting-practice-level-5

Professional Consulting Level 7: https://www.managers.org.uk/education-and-learning/qualifications/qualification-library/level-7-professional-consulting

 

With experience, you can apply for Certified Management Consultant (CMC) status through the IC. The highest level of accreditation you can achieve is Chartered Management Consultant (ChMC) status, which demonstrates career excellence. This status is for experienced management consultants who have made a significant contribution to the profession. 

 

In essence, the more qualified you become, and the more experience you acquire, the more higher-paid work you can do. It should also mean that your reputation speaks for itself and you will be in demand, rather than having to pitch out for work, be that for yourself or for the consultancy firm you work for.

 

Which brings us on to the end goal… Do you want to work for yourself and in effect be freelance, or do you want to work for a consultancy firm? We have suggested the ‘firm’ route above, purely to build up experience and credibility; however, once acquired, the next ‘phase’ is up to you.

 

Some people remain ‘sole traders’ and highly paid ‘hands for hire, whereas others progress within a firm and may even end up running it in later years. Alternatively, you could set-up your own firm, either on your own, or with others, and grow it, much like how a law firm operates.

 

The point is, if you’re good and successful at this, the world really is your highly remunerated oyster.

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Additional information/links

Management consultancy firms can typically be divided into either generalists or specialists…

 

Generalists

These large firms, including Deloitte, EY, KPMG, PwC, and Accenture, provide a broad spectrum of services globally, from strategy and HR to IT and outsourcing.

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Specialist Consultants

• Strategy Consultants: Offer project-based strategic advice on areas like market entry and long-range planning.

• Human Resource Consultants: Provide expert HR guidance in areas such as organizational restructuring and talent strategies.

• Information Technology Consultants: Specialize in IT-related advice, including needs assessment, system design, and applications consulting.

• Financial Consultants: Offer expertise in financial areas like budgeting systems, profit planning, and capital budgeting.

• Outsourcing Consultancies: Manage the outsourcing of functions like IT, finance, and HR.

 

Niche Firms (which does not also mean 'small')

These are often established by experienced consultants who leave larger firms to focus on specific sectors or specialised services, i.e:

• Charities

• Educational institutions

• Financial services

• Healthcare

• Hospitality and leisure

• Manufacturing

• Media and telecommunications

• The public sector and government

• Retail

• Utilities.

 

Progression process in more detail…

Entry-level management consultants typically begin as analysts, focusing on research, data collection, and analysis. Advancement to a full consultancy role comes with experience. Continuous learning and networking are crucial throughout your career. Progressing to more senior positions requires the ability to sell consulting services and generate client revenue.

 

Typical 'Career Ladder':

• Senior Consultant/Manager: Typically achieved after at least three years, involving leading small teams within larger projects.

• Managing Consultant: Requires experience managing small to medium-sized projects, potentially with business development and sales responsibilities.

• Principal Consultant: Usually attained with 9-10 years of experience, involving independent operation and managing major or multiple projects with sales and business development targets.

• Director: Requires significant experience (13-20 years) and a proven track record, managing a team and leading a service or sector, often with sales or revenue targets.

• Partner/Managing Director: Represents the most senior level, with limited opportunities, focusing on new business generation, client relationship development, and overseeing the firm's strategic growth.