Indian management consultancy industry is estimated around Rs. 300 million at FY 2019, catering to over 6000 high-value clients. With an annual growth rate of 6.75%, this multi-million worth industry is set to rise exponentially in the next 3-5 years. If you consider how to become a management consultant in India, you must be an excellent strategist and hold supreme managerial and operating power.
To become a successful consultant with world-class companies, one must have an academic background from any of the top MBA colleges in India. If one achieves a respected score at CAT, he/she can pursue an MBA degree from one of the reputed institutions in the country.
Also, if you are an aspiring CA, management consultancy is one of the most sought-after chartered accountant practice opportunities in India. CAs can also provide management consultancy to their clients when they set up a practice.
Skills required to be a management consultant
Here are some of the things you must focus on after completing your CA articleship to build a strong professional career in management consultancy –
[A] Build excellent communication skills
One of the key factors to how to become a management consultant is to learn communication skills. Interacting efficiently with high-profile leads can enable you to secure clients easily.
Effective communication skills can also open new opportunities of working at a reputable firm as a management consultant.
[B] Develop strong networking skills
While dealing with different clientele, consultants must hone their skills in networking and multitasking. This ability can provide you a wider exposure, and you could be a part of sales/purchase negotiations at prestigious organisations. Landing up with a job of financial or strategy consultant is one of the sought-after job titles of accountants in modern-day businesses.
[C] Inculcate a strong sense of analytical skills
Along with the wide variety of work, the level of interactions one has with the stakeholders plays a crucial role in developing strong analytical skills. This also builds up your ability to cope up with tremendous pressure and stress on juggling multiple clients at once. If you want to know how to become a management consultant, it is an area which needs special focus.
[D] Develop an understanding of the business environment
Excelling in a corporate management requires one to develop an in-depth understanding of the functioning of the same. Additionally, an analysis about the recent and trending commercial pointers enables individuals to deal with the impending responsibility of a corporate industry. This also lends in an additional pointer on understanding the importance of teamwork and problem-solving skills
To minimise the stress on your finances for getting admission into one of these institutions, you can avail a Loan for Chartered Accountant from lenders like Bajaj Finserv instead. This tailor-made advances can fetch you up a hefty sum of up to Rs. 35 Lakh at competitive interest rates.
Furthermore, if you are an existing customer, you can enjoy from their pre-approved offers. These pre-approved offers are applicable on personal loans, business loans, home loans among numerous other financial products. You can check out your pre-approved offer by sharing only a few necessary details like your name and contact number.
These are some of the prominent qualities of an accountant required to become successful in management consultancy. Apart from these, a management consultant must also possess the following skills:
- Understanding of various business environments
- Be a team player
- Excellent verbal and written interpersonal communication skills
- Innovation and sense of creativity
- Strategic planning and problem-solving ability is also vital in how to become a management consultant
- MBA degree from one of the top management institutions
- 2 years of experience in the consultancy industry
Management consultancy is redefining the role of chartered accountants in India. With a convenient access to a considerable funding, one can invest in training for suiting into a management consultant role in an established enterprise.