On Point Accounting & Tax

"Management consulting" strikes many as a rather nondescript phrase. You've probably interacted with a wide variety of people who call themselves "consultants" -- whether it be a salesperson, financial representative, or business analyst. The phrase "management consulting" is more precise, referring to the industry and practice of providing guidance to management in order to improve the performance of organizations.

The client organizations are typically businesses, but management consultants also advise governmental agencies and nonprofit organizations. A basic understanding of the commonalities and different types of management consulting firms will help job seekers navigate through the milieu of management consulting career options.

Management consulting firms - also called "management consultancies" - have a few similarities that unite them. Generally, most reputable firms hire bright people who can think well on their feet, solve problems, communicate in teams, and exhibit professionalism with clients. The workaday experience of the consultant is all about gathering information, synthesizing insights, and communicating solutions.

These consultants tend to spend much of their days in team meetings, client meetings, data analysis, and slide creation. Sometimes management consultants are criticized for "stealing your watch to tell you what time it is," but consulting engagements often provide practical insights and solutions that lead to substantial improvements for client organizations.