MBA in management consulting salary ranges from 4.5 lakh to 1 crore+ per annum in India. I came across these mind-boggling numbers in a random conversation with a friend that led me to dig deeper into management consulting. Who is a management consultant and what is this person doing to earn crores were some of the questions that aroused my curiosity.
Management consulting is a practice done by analysing the position of an organisation, identifying problems and providing solutions to improve business operations and maximise revenue. Consulting can be done for multiple sectors in an organisation like management, finance, marketing, HR, operations, etc. Management consulting mainly focuses on providing advice and assistance to organisations to help them operate more efficiently and effectively.
Management is required almost in every sector of an organisation. So it is important for a business to hire management consultants for its multiple departments for smooth functioning of the business. Management consultants can specialise in various sectors such as:
Every business faces multiple challenges like increasing profits, adapting to new technology, regulation and compliance, etc. In this situation, the role of management consultants comes into play. They use their analytical and business skills to find solutions to these problems.
In simpler terms, management consultants are people with business acumen, experience and skills that they use to find best practices to improve the performance of an organisation. Management consultants work with the senior levels of organsation like managers and leaders to identify challenges and develop solutions.
Responsibilities of Management Consultants
The responsibilities of a management consultant can vary depending on the specific project and the needs of the client. Given below are some of the responsibilities of a management consultant:
There are some interesting facts and a few shocking secrets that I discovered recently that I would like to share here. After going through these facts I can tell that along with exceptional benefits there are major drawbacks in this industry. Let's uncover these 5 secrets that not everyone knows about together.
Insane hike percentages: In general management consulting jobs there is a hike of about 25% to 35%. As per reports, the growth of pay is between 35% to 40% consistently for a good 5 to 10 years.
Data analysis on Excel: For analysis data of big companies there is absolutely no need to know any programming language. The analysis is done by these millionaire management consultants in MS Excel only.
Primary steps followed in this job: There are only 2 steps that management consultants follow to get their job done. First is analysing data on MS Excel and second is storytelling through PPTs.
Highest-paying job: As per reports, investment baking is the highest-paying job in the corporate world and management consulting is just below or equal to it.
Disappointing results: Even after working for 18 hours everyday for 6 months, sometimes management consultants do not receive the same outcomes they expect and result in failed projects.
K J Somaiya Institute of Management MBA Admissions 2025
Highest CTC: INR 28.25 LPA | Average for Top 100 offers: INR 17.34 LPA | Ranked #63 in India under Management category by NIRF | 148 Recruiters
The job of a management consultant is demanding and rewarding. There are benefits as well as drawbacks of this position offered in organisations. Check out the pros and cons of a management consulting job explained below.
Pros of Management Consulting Job
Diverse Experience and Professional Growth: Consultants work on various dynamic projects across industries, gaining exposure to different business challenges. This helps them acquire valuable skills in problem-solving, communication and project management allowing professional growth.
Networking Opportunities: Consultants have the chance to build a vast professional network by interacting with clients, colleagues, and industry leaders. This diverse experience and network open doors for future opportunities.
High Salary: Management consultants often receive competitive salaries and benefits. Additionally, their bonuses and performance-based incentives are also very high.
Impactful Contributions: Management consulting is a professionally rewarding job. Consultants play a crucial role in helping businesses by making a huge impact by overcoming challenges and improving their performance.
Cons of Management Consulting Job
Long Working Hours and Challenging Work-Life Balance: Consultants often work long hours, especially during project deadlines. The nature of consulting can lead to unpredictable working hours, making work-life balance challenging.
Frequent Travel: Consultants may need to travel extensively, spending time away from home. This can be exhausting and impact personal life.
High Pressure and Stress: The need to meet client expectations, tight deadlines, and handle complex issues can result in high levels of stress and pressure.
How to become a management consultant?
Becoming a management consultant requires a combination of skills, education and experience. Additionally, a management consultant must have a business-driven mindset which allows them to tackle these challenges more effectively. Follow these tips to know how to become a management consultant.
Educational background
Bachelor’s degree: It is beneficial for a person to have a bachelor’s degree in a relevant field like business, management, economics, finance, etc. Many people also have degrees in technical fields like engineering and computer science.
Advanced Degree: Nowadays, having a master's degree or an MBA in management consultancy is given more importance over a bachelor’s degree alone. As the knowledge gained through an advanced degree is more practical and industry-relevant.
Relevant Experience
Internships/Entry-Level Jobs: The business environment is dynamic and requires skills and experience to deal with organisational challenges. One must consider getting an internship or an entry-level job in consulting firms or related industries to make yourself more competitive in the job market.
Develop Key Skills
Management consultants are very skilled in their work. They are very experienced and have various skills that help them analyse problems, find solutions and convey complex ideas clearly to the clients. A management consultant must possess relevant skills like:
The management consultant's salary depends on various factors like company, location, educational qualifications, experience and skill set. Management consultant salary in India is always on the higher side.
The starting salary of a freshly graduated management consultant with experience of 0-1 years is around 6 LPA to 7 LPA.
Management consultants with more than 1 years of experience can earn upto 17 LPA as well.
The average salary of management consultants is 23.4 LPA.
The highest salary of management consultants with 5+ years of experience can go up to 63.3 LPA.
In some cases, management consultants who have a strong educational background and experience in this field can receive a salary package of more than 1 CPA.
Why do management consultants earn so much?
The task of consulting is not at all easy. It requires accurate data analysis, comparisons and expertise from the end of a management consultant. The following factors are responsible for a higher salary package of management consultants:
Every business faces challenges so there is a high demand for management consultants in the industry which results in higher pay.
Management consultants are paid highly because of their expertise in solving complex business problems and providing transparent, cost-effective and valuable services to their clients.
They also provide actionable recommendations and strategic insights to their clients to help them gain a competitive advantage.
Frequently Asked Questions (FAQs)
1.How much management consultants earn in India?
On an average, a management consultant in India can earn up to 23.4 LPA.
2.What is the highest salary of consultant?
The highest salary of a consultant in India having a strong educational background, experience and expertise in this field goes beyond 1 CPA.
3.What is the salary of consultant after 5 years?
The highest salary of a consultant after 5 years of experience can go up to 63.3 LPA depending on the company, knowledge and skills.
4.How do I become a Management Consultant in India?
To become a management consultant in India, one must have a bachelor's degree from a recognised university preferably in business, economics, finance, or engineering field. There are no specific requirements to become a consultant but students having an MBA degree could get a competitive advantage and get placed in top companies.
5.Is management consultant a high paying job?
Yes, a management consulting job is one of the highest-paying jobs in India.
A two-year
MBA program
in India typically costs between 10 lakh and 34 lakh, but this can vary significantly based on the institution, program type, and location. Government and state colleges generally have lower fees, ranging from 2 lakh to 6 lakh, while private and international institutions can charge considerably more.
Factors influencing MBA fees:
Institution Type: Government and state-funded institutions generally have lower fees compared to private and international universities.
Program Type: Full-time, part-time, and online MBA programs can have different fees.
Location: Costs can vary depending on the city and state.
Infrastructure and Facilities: Institutions with better facilities and programs like international immersion programs may charge higher fees.
Fee ranges for different categories:
IIMs: 20 lakh to 28 lakh.
Tier-1 Private Colleges: 15 lakh to 25 lakh.
Tier-2 Private Colleges: 8 lakh to 12 lakh.
Tier-3 / State Colleges: 2 lakh to 6 lakh.
Private Universities: Up to 34.60 lakh.
Government/State Colleges: 2,600 to 8.6 lakh.
Online/Distance MBA: 15,500 to 55,000 per semester.
The IBS Executive MBA Program is great for working professionals because it offers a flexible schedule, allowing you to study while continuing your job. The program focuses on real-world business problems, which helps you apply what you learn directly to your work. You’ll learn from experienced faculty members and have the chance to network with other professionals from different industries, which can open up new career opportunities.
It’s designed to improve leadership skills, making it ideal for people looking to grow in management roles. You also get a chance to gain global exposure through international study trips and industry connections. The curriculum includes various specializations, so you can choose what aligns with your career goals, whether it’s marketing, finance, or something else. Plus, the degree is from a well-recognized institution, which adds value to your resume.
The best part is that the program understands your need for balance, so it’s structured to fit into your busy work life.
Based on the available information, if your merit number is
940
for the
B.Tech + MBA Tech
program at
NMIMS Mumbai
, it is unlikely that you will secure admission. The competition for this program is intense, and the closing ranks are typically much lower.
Key Points:
Limited Seats:
The B.Tech + MBA Tech program at NMIMS Mumbai has a limited number of seats, making the admission process highly competitive.
Merit-Based Selection:
Admission is primarily based on merit, and candidates with higher merit numbers have a lower chance of securing a seat.
Alternative Options:
If you are interested in pursuing this program, consider exploring other campuses of NMIMS or similar programs at different institutions.
For the most accurate and up-to-date information, please refer to the official NMIMS website or contact their admissions office directly.
I hope this answer helps you. If you have more queries, feel free to share your questions with us, and we will be happy to assist you.
Thank you, and I wish you all the best in your bright future.
A
5-year integrated MBA
is a program that combines both undergraduate and postgraduate studies in business management. After completing your 12th grade, you can join this program, which typically includes 3 years of undergraduate courses (like BBA or similar) followed by 2 years of MBA-level coursework.
This program is designed to save time by combining both degrees into one. It usually requires you to clear an entrance exam for admission. It’s a good option if you’re certain about pursuing an MBA and want a streamlined path.
A career as Marketing Director is also known as a marketing expert who is responsible for the overall marketing aspect of the company. He or she oversees plans and develops the company's budget. The marketing Director collaborates with the business team to plan and develop the marketing and branding strategies for the company's products or services.
A Business Development Executive (BDE) is a professional responsible for identifying growth opportunities and fostering strategic partnerships to enhance a company's market position. Typically, a BDE conducts market research, analyses industry trends, and identifies potential clients or business prospects. He or she plays a crucial role in developing and implementing sales strategies to achieve revenue targets.
A BDE often collaborates with cross-functional teams, including marketing and product development, to align business objectives. Strong communication, negotiation, and relationship-building skills are essential for success in this role. BDE strives to expand the company's customer base, drive sales, and contribute to overall organisational growth in a dynamic and competitive business environment.
Content Marketing Specialists are also known as Content Specialists. They are responsible for crafting content, editing and developing it to meet the requirements of digital marketing campaigns. To ensure that the material created is consistent with the overall aims of a digital marketing campaign, content marketing specialists work closely with SEO and digital marketing professionals.
A sales manager is a revenue-generating source for a company. Any organisation or company which sells a commodity or service requires sales to generate revenue. A Sales manager is a professional responsible for supervising the sales team. An Individual as a sales manager works closely with salespeople, assigns sales territories, sets quotas, mentors the members of the sales, assigns sales training, and builds a sales plan.
The Sales Manager work also includes hiring and laying off sales personnel after evaluating his or her work performance. In bigger entities, sales quotas and plans are usually set at the executive level. He or she is responsible for overseeing the set target or quotas met by salespeople or upholding any policy. He or she guides his or her fellow salespeople and allows them to sell.
Individuals who opt for a career as a business analyst look at how a company operates. He or she conducts research and analyses data to improve his or her knowledge about the company. This is required so that an individual can suggest the company strategies for improving their operations and processes.
In a business analyst job role a lot of analysis is done, things are learned from past mistakes and the successful strategies are enhanced further. A business analyst goes through real-world data in order to provide the most feasible solutions to an organisation. Students can pursue Business Analytics to become Business Analysts.
A marketing manager is a person who oversees a company or product marketing. He or she can be in charge of multiple programmes or goods or can be in charge of one product. He or she is enthusiastic, organised, and very diligent in meeting financial constraints. He or she works with other team members to produce advertising campaigns and decides if a new product or service is marketable.
A Marketing manager plans and executes marketing initiatives to create demand for goods and services and increase consumer awareness of them. A marketing manager prevents unauthorised statements and informs the public that the business is doing everything to investigate and fix the line of products. Students can pursue an MBA in Marketing Management courses to become marketing managers.
An SEO Analyst is a web professional who is proficient in the implementation of SEO strategies to target more keywords to improve the reach of the content on search engines. He or she provides support to acquire the goals and success of the client’s campaigns.
Digital marketing is growing, diverse, and is covering a wide variety of career paths. Each job function aids in the development of effective digital marketing strategies and techniques. The aims and objectives of the individuals who opt for a career as a digital marketing executive are similar to those of a marketing professional: to build brand awareness, promote company services or products, and increase conversions. Individuals who opt for a career as Digital Marketing Executives, unlike traditional marketing companies, communicate effectively through suitable technology platforms.
