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Running a business comes with its share of challenges and opportunities for growth. To reduce risks and build a strong foundation for long-term success, many companies turn to experienced consultants who specialize in business management. Here, we’ll take a closer look at this pivotal role.

Companies of all sizes sometimes need a fresh perspective to improve their performance. That’s where a business management consultant may enter the picture. This role involves helping companies work smarter, streamline operations, cut unnecessary costs and potentially boost profitability.

Business management consulting services may include planning, budgeting, marketing, information systems, human resources and production management.

In 2023, roughly held this role, with the majority (35%) employed in professional, scientific and technical services. 15% worked for government agencies, while 13% worked for finance and insurance firms and 4% for company management teams. Additionally, 14% of management consultants were self-employed.

These consultants typically split their time between their own offices and business locations. The role may also require travel to meet with clients and assess company operations firsthand.

Additionally, the work can vary by project. These professionals may collaborate with a specialized team or they may work independently with company managers. Some management consultants focus on specific areas such as inventory control, corporate restructuring or industry-specific challenges in healthcare, telecommunications and government.

In government roles, management consultant specializations typically depend on the type of agency they work for.

While not always required, relevant certifications may enhance a business management consultant’s skill set and knowledge. Candidates can pursue industry-specific certifications or credentials in project management and process improvement.

For example, the Institute of Management Consultants offers the (CMC^®) credential to recognize expertise and ethical standards in the field. The CMC credential is for independent consultants and individuals who lead business consulting firms.

This credential focuses on advanced consulting skills, a commitment to industry best practices and the ability to operate within a strong ethical framework.

To qualify for certification, candidates must have at least three years of relevant experience, provide verifiable client references, demonstrate business expertise and commit to ethical and professional conduct.

Many management consultants start their careers in related fields before transitioning into consulting. Companies often look for candidates with industry-specific experience to bring valuable insights to their teams.

For example, a tax preparation firm may prefer someone with an accounting or auditing background, while a software company might seek an analyst who has worked in IT or systems development.

Having experience helps candidates understand business challenges and may provide insight for offering practical, data-driven solutions. As management consultants gain experience, they may choose to take on bigger responsibilities such as leading teams and managing projects.

The consulting industry is highly diverse, with opportunities to specialize in a variety of areas. For example, those who specialize in strategy may focus on organizational planning and provide advice to upper-level management.

Those who work in finance may focus on financial strategy, risk management, corporate finance, mergers and acquisitions, tax compliance, restructuring and real estate. Some also specialize in forensic research and dispute resolution.

Some organizations hire business management consultants to assist with workforce-related challenges, such as change management, talent development, employee benefits and business culture transformation. They may also help optimize HR processes, systems and organizational design.

In the IT industry, management consultants support businesses in adopting and managing technology. They might lead digital transformation projects, system integrations and enterprise resource plannng (ERP) implementations. Specializations within IT consulting also include cybersecurity, data analytics, digital strategy and IT forensics.��

Joining professional organizations can provide consultants with valuable networking opportunities, industry insights and professional development resources.

Some groups offer workshops and conferences for skill development. Others may focus more on networking opportunities and experiences.

Ultimately, this means professionals have a variety of options, ranging from national organizations like IMC to local groups to online forums. Consider which skills you’d like to develop, as well as whether you’d like to find (or be!) a mentor to help you along your professional journey, as you explore your options.

With education and experience, business and management consultants may potentially advance to senior roles in which they oversee teams working on more complex projects. Experienced management consultants may also focus on business development and expanding client relationships.

Some may choose to pursue leadership positions, where they can help drive revenue and shape company strategy. This is a highly competitive role, however, and not for everyone. Other senior management consultants may transition into management roles in nonconsulting organizations.

According to U.S. Bureau of Labor Statistics (BLS) data, management consultant positions are projected to grow by from 2023 to 2033 as organizations continue to seek ways to improve efficiency and reduce costs. This growth is driven by the need for businesses to gain competitive advantages and adapt to changing market conditions. Leveraging external expertise in strategy and operations can help in that regard.

As of May 2023, management consultants earned ��, with a median wage of $99,410, according to BLS.

Salary ranges are not specific to students or graduates of ��������. Actual outcomes vary based on multiple factors, including prior work experience, geographic location and other factors specific to the individual. �������� does not guarantee employment, salary level or career advancement. BLS data is geographically based. Information for a specific state/city can be researched on the BLS website.

BLS Occupational Employment Projections, 2023-2033 is published by the U.S. Bureau of Labor Statistics. This data reflects BLS�� projections of national (not local) conditions. These data points are not specific to �������� students or graduates.