The global business environment is presenting organizations worldwide with new challenges – and opportunities – every day. Senior managing consultants offer the focused direction businesses need to remain competitive and relevant. The skills and knowledge needed to start the journey to a senior managing consultant role can be obtained through an MBA program with a specialization in Management.
The U.S. Bureau of Labor Statistics (BLS) projects employment in management consulting services will see a significant increase in coming years. Job growth will occur as business continues to grow in complexity, spurring demand for skilled managing consultants. The competition for jobs at the highest level will be strong and candidates with experience and advanced degrees may have an advantage.
The day-to-day job duties for senior managing consultants vary according to the size of the company and industry. The majority of these professionals specialize in an area such as finance, engineering, information technology or healthcare. In general, they serve as advisors and thought leaders, providing support to a variety of department heads and upper management.
Senior managing consultants offer expertise in the form of knowledge, specialty skills, experience or creativity. They typically provide guidance on almost every aspect of corporate operations: human resources, marketing, manufacturing processes, corporate strategy, e-commerce and data processing are a few examples.
Individuals in senior managing consultant roles may work as a team leader on special projects, responsible for planning, implementation, integration and auditing. Another typical duty for these professionals is managing service or product delivery to clients, including performing analysis and discovery to determine needs and solutions.
Additional activities senior managing consultants might engage in are: guiding a company through a building project, advising on new technologies, determining the cause of employee turnover, providing guidance on tax strategies, helping with data management or security, or leading a strategic planning project.
Senior managing consultants generally work in a private office; a 40-hour week is standard. Depending on the employer, they may be required to work flexible hours. In larger companies, travel among satellite facilities may be required.
National salary data on PayScale.com, as of December 2010, showed that management consultants brought home a median total income of about $99,706 per year, with those in the 25th to 75th percentile earning between $67,530 and $131,883 in total pay.
PayScale.com data also indicated that management consultants with a master’s degree can earn significantly more than those with only a bachelor’s degree. In fact, based on 75th percentile salary figures, management consultants with an MBA earned $137,401 per year while those with a BA earned $115,000 per year – a differential of over 19%.
The data shows that the top salaries generally go to those with solid experience and the advanced education employers need to remain competitive in a changing global business environment.
Advancing to a senior managing consultant role is possible with the right skills and education, which can be obtained through in an MBA program with a specialization in Management. Coursework typically includes financial management, international business, production and operations management, and corporate innovations and new ventures.
Employers can be confident that professionals who have earned an MBA with a specialization in Management are able to:
If you are a strong team player, with outstanding leadership skills and a solid business background, you could be a great fit as a senior managing consultant. Adding an MBA with a specialization in Management to your credentials could give you the edge and the confidence you need to compete for the best senior management consultant positions.