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-354330-20320Industry GuideConsulting020000Industry GuideConsultingOverview: Companies who fall under this category are specific to those who provide professional business advice to a third party, for a fee. They are contracted when a company needs to make a business decision and need outside expertise in relation to: management, technical, strategic, operational, human resources, logistics, etc.Hiring Outlook and Trends: Average wages for the consulting industry in the US are significantly higher than the national average. Professionals in the industry generally have advanced education and high-level technical training. Potential partners in top-tier firms typically must have an MBA or other advanced degree. Cloud Consulting — Rapid adoption of cloud computing technologies is transforming the way that businesses and government agencies manage their IT resources. Cloud computing refers to hardware and software resources that are delivered over a public or private network, typically hosted by third-party providers. Moving from localized resources to a cloud-based model offers both advantages (cost-savings, scalability) and challenges (privacy, availability), creating new demand for consulting services. Many firms have dedicated cloud computing practices to address the burgeoning market.Industry Consolidation — Small and midsized consulting firms face greater competition from bigger firms that can offer clients a variety of services. Big firms are adding fields of expertise through acquisitions, often buying the consulting practices and other non-audit services of accounting firms. Large firms are expanding their reach into areas once served mainly by small consultants.Greater Use of Consultants — The evolution of many US companies to a leaner business model has created greater demand for consultants. The expertise to structure and direct the operations of complicated businesses is difficult for many corporations to get internally, especially in rapidly evolving industries. Many US businesses now retain consultants as a matter of course, not just when they perceive a problem.Consultants Expanding Services — Many consulting firms have expanded their areas of expertise in a bid to become one-source service providers to corporate customers. Many traditional management consultants have added expertise in IT and HR, which have become important strategic factors in traditional fields like finance, marketing, and production.More International Work — Consulting firms have followed the expansion of US corporations abroad and benefited from the greater volume of international mergers and acquisitions, which often require the help of consultants. Many consulting specialties have easily translated abroad.Assignments with Contingency Fees — With corporate clients demanding a strong ROI on consulting services, many major consulting firms are accepting contingency payments as a part of their fee structure. Some consulting firms position themselves as worthy of pay only when the client demonstrates an improved bottom line; others take on projects with an equity-like investment in project work.What Employers are seeking:Core Competencies Management consultants are those organizations and/or individuals that participate in the process of management consulting within a framework of appropriate and relevant professional disciplines and ethics designed for the activity of management consultingSkills and Experience MBA, BA/BS in management, business, technology, marketing, sales, operations, technology, organizational, and human resources. Management or strategy consultants focus on developing the best strategy. Developing good strategy takes a combination of industry knowledge, consulting skills, the willingness to do hours of painstakingly focused research, and industry experience to make actionable decisions. The consulting process is incredibly important to getting to the right answer, studying one's competitors or interviewing one's clients are not tasks that can be done without forethought. Rather, detailed project plans and interview guides need to be developed to focus analytical staff on the crucial points - what products of a competitor are earning the margins, what client needs are going unfulfilled, and into what areas can a company profitably expand with its existing or only incrementally new capabilities. The culmination of these skills sets makes for a successful consultant.Certifications / Technical Skills: CMC Certificate (Certified Management Consultant)Sample Employers DeloitteErnst & Young KPMGPwC?Sample Job TitlesConsultant - Project ControllerBusiness AnalystBusiness Process ConsultantTax Consultant/Financial Advisor TraineeJr Business Analyst/Product SpecialistStrategy Consultant Junior Technical Consultant Jr. Business System AnalystStrategic Risk ConsultantBusiness Financial Analyst, JuniorGeographic Distribution / Global opportunities (Top 10 Firms)?CompanyLocationRecruit MBAs?McKinsey & CompanyNew York, NYYThe Boston Consulting Group Boston, MAYBain & CompanyBoston, MAYStrategy&New York, NYYMonitor GroupNew York, NYYDeloitte ConsultingNew York, NYYOliver WymanNew York, NYYRoland BergerMunich, GermanyYL.E.KLondon, UKYA.T. KearneyChicago, ILYResourcesCenter for Complexity in Business (CCB)Center for Digital Innovation, Technology and Strategy (DIGITS)Center for Leadership, Innovation and Change (CLIC)Careers4Terps One-Page Industry Guide: Data Science - One-Page Industry Guide: Human Resources - One-Page Industry Guide: Risk Management - UG Club - Business Management Association (BMA) – Shady Grove - President: Marina Hernandez | marinah7@terpmail.umd.eduSmith UG Club - Consult Your Community (CYC) - MBA Club - MBA Consulting Club - MBA Club - Human Capital Association - MBA Club - Data Analytics - of Management Consultants USA - Society of Professional Consultants - Association of Management Consulting Firms - ?IMCUSA - Institute of Management Consultancy Advisors TimelinesThe industry hires all year without a formal recruiting process. ?Programs identified for college programs typically follow the traditional fall/spring recruitment cycles. College programs: ?Full time and internship recruiting takes place in September and October. ?Certain experiential and leadership programs recruit in the springtime during the months of February and March. ?Compensation: ?MBA:$126,919.00 Source: US News, reported March 23, 2017Entry-level:$60k Source: ? ................
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