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Management Consultants

If you're like most people, the first time you heard of "management consulting," it sounded like a made-up job. That's probably because the variety of tasks performed by management consultants is so broad that it's hard to pin down exactly what they do. The only way to describe what they do is that they, well, consult.

Consultants are basically professional trouble-shooters. Companies hire consultants to solve a specific problem or need they are experiencing. Maybe the company is planning a move, or reorganizing its structure, or acquiring a new computer system. That's where a consultant comes in. The consultant will gather and analyze relevant data, make recommendations about the best way to approach a given task, and assist in implementing the proposal.

What They Do:

Most consultants begin by working for a consulting firm. Firms assign individual consultants to various projects dictated by the needs of particular clinets ("How do we computerize this process," or "How do we increase efficiency?") Consultants either tackle the client's project alone, or as part of a team. Depending on the consultant's specialty, the problem may be one of general management, or it may be in a specific facet of business such as computers or human resources. The heart of their work consists of researching the problem, coming up with a solution, and helping to implement their strategy. Most consultants work far more than a standard 40-hour work week, but the potential monetary rewards are very high.

Why It's Cooler Than It Sounds:

If you value independence and variety, management consultant may be a good career choice for you. Most consultants work under relatively flexible supervision, and, if you're successful, you can work towards founding your own firm. Furthermore, because most consultants are contracted out on a per-project basis, the potential for boredom is significantly less than if they were doing the same thing every day for years. And, for those who care about such worldly things, the potential financial payoffs are very high.

What they earn:

Average salary (in 1992): $40, 300 (significantly higher for those employed by firms in the Association of Management Consulting Firms)

How to begin:

Even though consulting job opportunities are plentiful, there's still lots of competition for the good jobs. An MBA is the fastest route to the consulting fast track. However, most firms also hire individuals straight out of college with only a bachelor's degree. To land one of these jobs, a degree in business or management is most useful. Other majors which consulting firms favor are computer science and engineering. It is possible to get a consulting job with a bachelor's in liberal arts, but it definitely helps to have taken some courses in business and economics.