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Overview Management Consulting can be defined as the providing to management of objective advice and assistance relating to strategy, structure, management, and operations of a business in pursuit of its long-term vision and purpose. Such includes the identification of options with recommendations; the providing of an additional resource; and the implementation of solutions.

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In the Beginning...
Your first step in deciding to become a management consultant is to understand what the role involves, and to consider whether it’s the right path for you. So what does it involve? The opportunity to play a part in a variety of projects is often the single largest driver for those interested in a career in consulting. Typically, every consultant you meet will have had very different experiences. Even within a niche consultancy, individual career paths can be extremely diverse or have a narrower technical focus – broadly speaking each role you undertake will combine a depth of technical expertise with knowledge of a sector. If you consider the wide range of functions across a typical organization (strategy, HR, sales, marketing, customer management, finance, manufacturing, IT, to name a few) and multiply this by the number of sectors (public sector, retail, telecoms, etc), add to this an international dimension and issues specific to your client and you start to get some feel for the scale of variety and opportunities and the reason that consulting as a career option has such wide appeal! The broad nature of management consulting means that, as a new entrant, you need to consider from how and where you want to position your career. The key questions are: “What areas do I want to focus on?” and “What type of working environment will enable me to best achieve my career objectives?”
What areas do I want to focus on?

Your starting point is a self-evaluation of your current expertise. What skills do you have to offer a potential client? How do you want to extend and develop these? Do you want to obtain a wide range of roles in one sector? Are you seeking to specialize in one or more technical areas? Your response to these questions is critical to determining which area of consulting and what type of organization will enable you to flourish.
To be an effective management consultant, you need to demonstrate competence in some or all of the following areas, by providing evidence of:

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Learn How to Start or Accelerate Your Consulting Business! What type of working environment?
The maturing of the market means the options for the environment and style within which you choose to operate as a consultant are diverse. The choices range from joining one of the major international practices to a specialist niche player, a strategy house, an internal consultancy, a networked consultancy, or becoming a sole practitioner. In finding the niche that will enable you to nurture and develop your skills to create success, both for your clients and yourself, some of the factors you may wish to consider are: the range of roles, types of clients, nature and scale of projects, brand awareness, extent of travel, training, culture, size of clients, and the size of and your fit within consulting teams.

With MasterMind Consulting Network Inc, you have a great resource to find a huge amount of invaluable information on our web site and to Network with those already in the profession to find out if it’s really for you!

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The Consulting Industry
Between 1992 and 1999, the consulting industry grew exponentially, due to the rapid convergence of audit advisory and technology-led consulting. This included the proliferation of new firms with capabilities in e-business, enterprise planning, and business transformation.

This period was followed by the global con-traction of the industry between 1999 and 2002 due to economic conditions, resulting in fragmentation of the market, accelerated by corporate accounting scandals. As a result, many familiar names have disappeared altogether, and the industry is now largely in a transition period.

Firms focused on strategy remain strong, and we are now seeing the emergence of full service firms, audit firms are begin to rebuild their practices and specialist are re-emerging.

The public sector was a catalyst for growth, but currently revenues from private sector are growing due to improving economic conditions coupled with the shift from traditional industries to smaller new start up businesses. The shrinkage of large manufacturing firms through early retirement and force reductions is creating a pool of skilled practitioners those best work prospects are in starting up their own company. This has resulted in explosive growth of new business start up creating a huge market for business consulting services. In the future meeting the changing challenges facing businesses and effectively addressing new challenges and opportunities will shape the consulting industry.

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Join a Consortium of Independent Consultants That Help Each Other! Frequently Asked Questions

Do I need a degree and if so, in which subject area?
The majority of individuals who enter consulting are university graduates. They come from all disciplines – it is not necessary to have a business-related degree although one is preferred.
What does MasterMind Consulting Network look for?

Candidates must meet our entry requirements which include education, skills, and experience. However, you will also need to display a wide range of personal qualities. A would-be management consultant must possess the following traits:
• Integrity – your clients’ needs come first;
• An analytical mind – every problem must have a solution;
• Clarity of expression – both verbally and in writing;
• Empathy – the ability to recognize another person’s point of view, although not necessarily agreeing with it.

Should I join a small, medium, or large firm?
The choice is one of personal preference. A good indicator is how comfortable you feel during the initial interview. In larger firms, you will likely be placed within particular business sectors, whereas in smaller firms, you will gain a wider range of experience. At MasterMind Consulting Network, you will gain the widest possible range of experience, while working with a large company with a diversified range of resources available to support and compliment your individual skills and experience.

What happens after I join?
On joining MasterMind Consulting Network, you will receive several months of education and on the job training under the guidance of an experienced consultant. During the initial training period, your diagnostic skills are developed and our professional standards will become your own. Particular attention is given to the writing of clearly written documents, and the ability to present your thoughts and ideas verbally to clients. In addition, we will seek to fill any gaps in your knowledge and experience while teaching you our methods, procedures, and product applications. We have a formal career structure for our consultants where you progress to responsibility for the detailed day-to-day conduct of assignments and later become a team leader in multi-disciplined assignments.

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What is the range of a management consultant’s work?
Management consultants by their very nature usually start our as specialists and because of the wide variety of management activities which include:

How much can I expect to earn?
Your income will vary according to how many hours your work and for which clients you’re working with. Since MCN Consultants are paid on commission your income will match your success in satisfying client needs and in building your client base. In general, the average first year income for new full time consultants is between $35,000 and $40,000.

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Summary
Management consulting offers a career without limitations and restraints; it offers a training ground for those wanting to broaden their managerial experience and a ladder of promotion to senior management positions in industry to those who are prepared to accept the challenges and disciplines of the profession.