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MBA in Management Consulting Salary Trends 2024

MBA in Management Consulting Salary Trends 2024

Edited By Anusha Bhalotia | Updated on Feb 13, 2024 02:40 PM IST | #MBA

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.

What is management consulting?

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.

People also search for: MBA Consultancy Management

Types of Management Consulting

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:

What does a management consultant do?

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:

  • Problem Identification and Analysis

  • Data Collection and Analysis

  • Recommendation Development

  • Project Management

  • Client Interaction

  • Client Education

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Top 5 Secrets of Management Consulting

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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

Management Consulting Pros and Cons

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.

  1. 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.

  1. 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.

  1. 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:

    • Analytical Skills

    • Communication Skills

    • Problem-Solving

    • Project Management

Also read: How to become a management consultant?

Salary of management consultant in India

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 Question (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.

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Questions related to MBA

Have a question related to MBA ?

Hello Aashish,

Jawaharlal Nehru University (JNU) in New Delhi offers MBA programs through its Atal Bihari Vajpayee School of Management and Entrepreneurship (ABVSME). The campus has an active placement cell that assists in recruitment for MBA students, and many well-known companies visit JNU for campus placements. The school's strong alumni network and industry connections help attract potential recruiters to the campus. The MBA program at JNU has a good placement rate, with students securing job offers in various sectors. For updated information, you can check the official website of JNU and the ABVSME section, look for placement reports, or contact the placement cell for specific queries.

Yes, you can pursue an MBA in Telangana after taking MAH CET (Maharashtra Common Entrance Test), but there are a few points to consider:


1. MAH CET Scores:

- MAH CET is primarily used for MBA admissions in Maharashtra. While some institutions in Telangana may accept MAH CET scores, it is not the standard entrance test for most colleges in Telangana.


2. Entrance Exams for Telangana:

- Most MBA programs in Telangana typically require scores from the Telangana State Integrated Common Entrance Test (TS ICET) or other national tests like CAT, MAT, or GMAT.

- You should check the specific requirements of the MBA colleges in Telangana you're interested in to see if they accept MAH CET scores.


3. Application Process:

- If the colleges you’re interested in accept MAH CET scores, you should check their application deadlines and procedures.

- It’s also a good idea to visit the college websites or contact their admission offices for the most accurate and up-to-date information.


If you’re set on studying in Telangana, you might also want to consider taking TS ICET or another relevant exam to increase your chances of admission.

Hello aspirant,

Amity University, Noida offers a two-year full-time postgraduate Master of Business Administration (MBA) programme in fashion management.

Generally the fees for MBBS programme in Amity Noida is around 7.5 lakh.

To know more information you can visit our website by clicking on the link given below.

https://www.careers360.com/colleges/amity-school-of-fashion-technology-noida/mba-fashion-management-course

Thank you

Hope this information helps you.

Hello aspirant,

Exams for top MBA programmes in 2024, including CAT, XAT, MAT, SNAP, IBSAT, CMAT, and others, will be held from November 2024 to April 2025. From February to May 2024, other top state-level MBA entrance tests were held, including the MAH-CET, AP ICET, TS ICET, OJEE, KMAT and GMAT, MAT, ATMA, and others. Notification for the CAT, one of the most renowned MBA entrance exams, will be sent out in the final week of July 2024. The exam is scheduled for November 24.

For more information you can visit our website by clicking on the link given below.

https://bschool.careers360.com/articles/top-mba-entrance-exams-you-must-take

Thank you

Hope this information helps you.

Choosing an online MBA program that fits your budget and offers quality education involves considering various factors. Some top online MBA programs that are known for being both high-quality and affordable are:

University of Illinois at Urbana-Champaign (Gies College of Business)

  • Program: iMBA
  • Cost: Approximately $22,000
  • Highlights: Highly regarded for its quality and affordability, strong alumni network, flexible learning options.
  • Indiana University (Kelley School of Business)

    • Program: Kelley Direct Online MBA
    • Cost: Approximately $74,520
    • Highlights: Excellent reputation, high-quality curriculum, strong career services.
  • University of North Carolina at Chapel Hill (Kenan-Flagler Business School)

    • Program: MBA@UNC
    • Cost: Approximately $125,589
    • Highlights: Highly ranked program, strong networking opportunities, rigorous curriculum.
  • Arizona State University (W. P. Carey School of Business)

    • Program: Online MBA
    • Cost: Approximately $61,320
    • Highlights: Known for innovation, strong support services, flexible course delivery.
  • University of Florida (Warrington College of Business)

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