A Management Consulting firm sells only one service: Problem Solving, specifically, business advisory problem solving by selling strategic, marketing, human resource, finance or operational advice amongst much else to leading organisations. Most Management Consulting companies specialise in certain areas such as supply chain or procurement or by industry i.e. banking and financial services. There are some however, such as McKinsey or Bain & Company who are large enough to serve as a ‘one-stop-shop’ for virtually all industries.

A Management Consultant’s day-to-day tasks can range dramatically depending on their job title e.g. Analyst, Senior Consultant etc, their employer's or their individual speciality, the client and the nature of the client’s problem. It is not uncommon for an individual Management Consultant to be simultaneously working on several projects of different lengths and depths, in different industries and even different geographic locations. Regular travel is expected and excellent time management skills a must!

So you want to become a Management Consultant…

As outlined above, Management Consultancy can be a very challenging role. As a result, screening of applicants by Management Consulting firms is amongst the most arduous of any profession. Their reasoning is simple:

“If you can’t impress the hiring manager, how will the integrity of the firm be affected if you can’t impress the client?”

In an industry where invoicing clients to the tune of thousands of dollars a day is not uncommon, clients expect the very best and hiring managers are often willing to wait inordinate periods of time to find the very best.

Throughout your application, expect to be questioned, challenged and tested on the following Key Competencies of Management Consultancy:

• Research & Analysis

To offer expertise to a client you first have to become an expert on the client, the client’s industry and the nature of the client’s problem. High level-analytical skills are required to drill down into the numbers and spot flaws and indentify opportunities. Number crunching using Excel or other numerical and financial software is often outsourced to Management Consultants because the client either lacks the time or know-how to do it themselves. Expect to be tested on Excel and/ or numerical and verbal reasoning. Practice, practice, practice!

• Account Management and Personal Selling

As with any client-facing business, without clients Management Consultants have no income. Therefore, winning new clients and retaining existing clients is of the utmost importance. Throughout your application, be prepared to sell yourself and your relationship building abilities hard.

• Presentation and reporting

The culmination of any consulting project is a formal presentation to client senior management accompanied by written report, though also sending progress reports throughout the duration of a project as well as proposal writing is expected. The final presentation is where your findings and recommendations are delivered and where the client is either satisfied and implements your bright ideas, or vows not to use your firm again. As with any job application it’s important to win these “moments of truth” with a grammatically flawless, informative and concise CV and cover letter, and to speak freely, easily and professionally. Practice your presentation skills.

• Project management

As outlined, a Management Consultant’s day varies considerably as they juggle multiple projects with conflicting deadlines. Throughout your application, outline the step-by-step process you undertook on notable projects and how you managed your time and your team.

• Strong communicator and team player

Consultants do not work alone. Client projects are typically highly complex affairs, requiring the input of many people across a range of different disciplines. Even an individual consultant working 80 hour weeks (don't laugh, it's not uncommon), cannot hope to complete a project without significant assistance. Brainstorming with the team is a standard part of every consultant's day, as well as meeting frequently with client contacts to deliver updates, build the relationship and solicit information from both clients and industry experts.

The final word

When applying for a career in Management Consulting, emphasise your high-level analytical skills, strategic abilities, commercial acumen, project management experience, time management skills and presentation competency. Be prepared to quantify your experience with actual examples and discuss the outcome of projects you’ve worked on or managed. Management Consulting is a challenging profession that requires high-level thinking and expertise on a wide variety of industries and issues. Competition for places in Management Consulting companies is fierce but the rewards - both financially and emotionally when you see your recommendations put into practice by large corporations – make the effort worth it. Only the best need apply so be prepared!

Jeremy Bost