Management Consultant Salary

Many people often wonder about the details of being management consultant as this is a highly attractive and satisfying career choice. With the rising popularity of internationally acclaimed management schools all around the world, management consulting is something that involves people who aid large business organizations in creating and implementing their business growth strategies.

A management consultant simply studies the challenges facing the business of any of their clients and suggests suitable solutions and growth options for this organization. Naturally, the best management consultants will make the most amount of money as well, since this is a crucial job for the functioning of many large companies. There are a large number of roles that a management consultant will play for his client, and this is a job that does get its fair share of lucrative rewards as a result. Most people also prefer to complete their Masters in Business Administration (MBA), and this management training gives them the ability to command a higher salary.

Management Consultant Job Description

What a consultant does is to simply create a road map for any company to follow, in order to achieve their objectives and goals. This job will require a management consultant to take on different roles in different companies. Simultaneously, a management consultant studies the current status of the company with respect to its client relations, production, operations, sales, advertising, HR policies, market share, market positioning and many other factors. The consultant will determine if these policies are sufficient enough to let the company prosper, and he will hence, recommend what steps the company must take to come up to the level of competitors and then surge ahead. To make a detailed job description of business consulting is impossible without taking into consideration the kind of company he is going to be attached with and also the sector for which the company has hired him in the first place. The company may have some specific objective in mind for the consultant, and this is what will determine his job description.

The Consultant's Salary Scale

Management consultants get paid a lot of money for their services, and this amount only rises as the experience and portfolio of the consultant grows. Even consultants who are just beginning on their career can earn quite a large amount of money and this amount will grow even more if the consultant has completed his MBA from an esteemed institute.

The following break up of the salary range should give you a better idea about industry standards. This is not an exact estimation, so there may be some differences between these figures and those mentioned elsewhere. Note that these are amounts for an undergraduate management consultant, who has not completed his MBA.

Starting Salary	$55,000 - $70,000 p.a.
Signing Bonus	$5,000 - $10,000
Year End Bonus	$5,000 - $15,000 (depending on the company)
Relocation Expenses	$5,000 - $10,000

This works out to approximately $70,000 - $95,000 p.a. that a good management consultant can earn within the first year itself. This amount will obviously be higher for someone who has considerable experience in the field. These business consultant salary amounts will be even higher for someone with an MBA. The following table will give an approximation about such a situation.

Starting Salary	$105,000 - $150,000 p.a.
Signing Bonus	$15,000 - $45,000
Year End Bonus	$15,000 - $45,000 (depending on the company)
Relocation Expenses	$10,000 - $25,000

These amounts work out to about $1,45,000 - $2,60,000 p.a. that a management consultant can make. Needless to say, this is a very lucrative and attractive figure to turn down. Another advantage of consultancy firms is that they offer excellent tax benefits, insurance policies and other health benefits as well. At the end of the day, this works out to be one of the best career choices that one can undertake. With such high amounts and great benefits, this is a job that is not easy to get. One requires extensive knowledge about a wide range of companies and sectors, and there are many educational qualifications as well that will affect the salary range for jobs in this sector.