About Management Consulting Field:
Management consulting is a rapidly growing industry which offers various career opportunities. With growing economy, more companies are willing to implement upgraded plans and willing to expend more money to gain exact advice. As the economic condition is improving considerably in private equity, companies are trying to increase their profits and discover some confident way to reduce expenditure and improve efficiency.
Management consulting companies are also performing in the booming field of merger and acquisition. Management consulting field in the U.S. is 50 percent of the global consulting market.
Management consulting sector was in boom in 2007; however subprime mortgage crisis had changed the economic world radically. Because of this, the growth of the consulting industry in 2007 was modest. In such condition, financial services companies seek advice on issues of crisis management and recovery methods. In this credit crunch situation, FTI Consulting firm has become prosperous as many trouble facing companies are the target of this firm.
But nowadays consultancy companies need to be well prepared as business has become more complicated, and buyers are asking for more value, expertise and focused resolution. Most of the clients demand that their project should be handled by senior consultants rather than fresh or inexperienced people. As clients are becoming more selective, consulting firms are changing their strategies. They provide detailed knowledge about the industry and highlight irrefutable results. They also focus on areas like security, economic consulting or globalize policies. They also offer wide range of services including IT, recruitment and compliance.
In the consulting field, there is cut throat competition and it is going to be tougher. Many small firms offer service at low prices by keeping overhead and staff expenditure at a low. In order to enter in the field, smaller firms also accept low profile projects like data migration or implementation. In the last few years, consulting industry was pushed largely because of M&A activity.
Even though the economic conditions are not stable, most of the consulting firms are still recruiting people. They are planning to hire the same number of employees that they were hiring in 2007. This shows that the credit crunch will not affect the industry in the long term. There are various management consulting career options available for fresh graduates. High profile blue chip companies and public entities are attracting graduates. Some smaller firms are preferred by students for acquiring particular experience. Big firms offer higher compensations while smaller firms give more client exposure and faster career growth. Consulting firms are also looking for MBA graduates having industry expertise.
Another area of focus for the consulting industry is Environmental awareness. Concerns about global warming have been addressed by firms by implementing long-term plans to reduce their carbon footprint. They are taking various measures to handle global warming including recycling office materials, reducing wastage of energy, and minimizing air travel. Some firms are in the field of environmental advisory practice areas which assist their clients in the application of conservation programs in the field of chemicals, oil and gas, and energy.
Please refer to the following articles regarding the Management Consulting Career: