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Become A Consultant/Entrepreneur

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Working As A Consultant/Entrepreneur

  • Getting Information
  • Communicating with Supervisors, Peers, or Subordinates
  • Establishing and Maintaining Interpersonal Relationships
  • Analyzing Data or Information
  • Organizing, Planning, and Prioritizing Work
  • Deal with People

  • Mostly Sitting

  • $107,000

    Average Salary

What Does A Consultant/Entrepreneur Do

Management analysts, often called management consultants, propose ways to improve an organization’s efficiency. They advise managers on how to make organizations more profitable through reduced costs and increased revenues.

Duties

Management analysts typically do the following:

  • Gather and organize information about the problem to be solved or the procedure to be improved
  • Interview personnel and conduct onsite observations to determine the methods, equipment, and personnel that will be needed
  • Analyze financial and other data, including revenue, expenditure, and employment reports
  • Develop solutions or alternative practices
  • Recommend new systems, procedures, or organizational changes
  • Make recommendations to management through presentations or written reports
  • Confer with managers to ensure changes are working

Although some management analysts work for the organization that they analyze, most work as consultants on a contractual basis. 

Whether they are self-employed or part of a large consulting company, the work of a management analyst may vary from project to project. Some projects require a team of consultants, each specializing in one area. In other projects, consultants work independently with the client organization’s managers.

Management analysts often specialize in certain areas, such as inventory management or reorganizing corporate structures to eliminate duplicate and nonessential jobs. Some consultants specialize in a specific industry, such as healthcare or telecommunications. In government, management analysts usually specialize by type of agency.

Organizations hire consultants to develop strategies for entering and remaining competitive in today’s marketplace.

Management analysts who work on contract may write proposals and bid for jobs. Typically, an organization that needs the help of a management analyst solicits proposals from a number of consultants and consulting companies that specialize in the needed work. Those who want the work must then submit a proposal by the deadline that explains how the consultant will do the work, who will do the work, why they are the best consultants to do the work, what the schedule will be, and how much it will cost. The organization that needs the consultants then selects the proposal that best meets its needs and budget.

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How To Become A Consultant/Entrepreneur

Most management analysts have at least a bachelor’s degree. The Certified Management Consultant (CMC) designation may improve job prospects.

Education

A bachelor’s degree is the typical entry-level requirement for management analysts. However, some employers prefer to hire candidates who have a master’s degree in business administration (MBA).

Few colleges and universities offer formal programs in management consulting. However, many fields of study provide a suitable education because of the range of areas that management analysts address. Common fields of study include business, management, economics, political science and government, accounting, finance, marketing, psychology, computer and information science, and English.

Analysts also routinely attend conferences to stay up to date on current developments in their field.

Licenses, Certifications, and Registrations

The Institute of Management Consultants USA (IMC USA) offers the Certified Management Consultant (CMC) designation to those who meet minimum levels of education and experience, submit client reviews, and pass an interview and exam covering the IMC USA’s code of ethics. Management consultants with a CMC designation must be recertified every 3 years. Management analysts are not required to get certification, but it may give jobseekers a competitive advantage.

Work Experience in a Related Occupation

Many analysts enter the occupation with several years of work experience. Organizations that specialize in certain fields typically try to hire candidates who have experience in those areas. Typical work backgrounds include experience in management, human resources, and information technology. 

Advancement

As consultants gain experience, they often take on more responsibility. At the senior level, consultants may supervise teams working on more complex projects and become more involved in seeking out new business. Those with exceptional skills may eventually become partners in their consulting organization and focus on attracting new clients and bringing in revenue. Senior consultants who leave their consulting company often move to senior management positions at nonconsulting organizations.

Important Qualities

Analytical skills. Management analysts must be able to interpret a wide range of information and use their findings to make proposals.

Communication skills. Management analysts must be able to communicate clearly and precisely in both writing and speaking. Successful analysts also need good listening skills to understand the organization’s problems and propose appropriate solutions.

Interpersonal skills. Management analysts must work with managers and other employees of the organizations where they provide consulting services. They should work as a team toward achieving the organization’s goals. 

Problem-solving skills. Management analysts must be able to think creatively to solve clients’ problems. Although some aspects of different clients’ problems may be similar, each situation is likely to present unique challenges for the analyst to solve.

Time-management skills. Management analysts often work under tight deadlines and must use their time efficiently to complete projects on time.

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Consultant/Entrepreneur Demographics

Gender

Male

53.3%

Female

34.1%

Unknown

12.7%
Ethnicity

White

59.0%

Hispanic or Latino

14.8%

Black or African American

10.7%

Asian

10.4%

Unknown

5.1%
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Foreign Languages Spoken

Spanish

30.0%

French

20.0%

Portuguese

10.0%

Chinese

10.0%

Japanese

10.0%

Russian

10.0%

Thai

10.0%
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Consultant/Entrepreneur Education

Schools

New York University

10.0%

Syracuse University

6.7%

Pennsylvania State University

6.7%

Missouri State University

6.7%

Columbia University

6.7%

George Washington University

6.7%

University of Texas at Arlington

5.0%

University of Florida

5.0%

Southern Methodist University

5.0%

Seton Hall University

5.0%

University of California - Berkeley

5.0%

Michigan State University

5.0%

Thunderbird School of Global Management

3.3%

Miami University

3.3%

University of Pennsylvania

3.3%

Mesa Community College - Boswell

3.3%

Long Island University - C W Post Campus

3.3%

California State University - Fullerton

3.3%

National University

3.3%

Harvard University

3.3%
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Majors

Business

32.6%

Finance

10.0%

Marketing

8.9%

Computer Science

5.8%

Management

5.8%

Accounting

5.3%

Electrical Engineering

3.2%

Mechanical Engineering

3.2%

Legal Research And Advanced Professional Studies

2.6%

Small Business Management

2.6%

Political Science

2.6%

Human Resources Management

2.6%

Project Management

2.1%

Specialized Sales And Merchandising

2.1%

Public Relations

2.1%

Law

2.1%

Kinesiology

1.6%

Nursing

1.6%

Educational Leadership

1.6%

Communication

1.6%
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Degrees

Masters

38.2%

Bachelors

34.3%

Other

14.4%

Doctorate

6.5%

Certificate

3.3%

Associate

2.6%

Diploma

0.7%
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Top Skills for A Consultant/Entrepreneur

  1. Financial Statements
  2. Businesses Plan Development
  3. Business Development
You can check out examples of real life uses of top skills on resumes here:
  • Prepare, analyze, and review financial statements to create detailed overviews for meetings.
  • Conduct social media marketing campaigns and business development initiatives.
  • Managed a cross-disciplinary team of 12-16 students called Idea Connectors to double entrepreneurship engagement on campus.
  • Specialized project management in financial services industry.
  • Consulted to Internet set top box company on product strategy and content services deals.

How Would You Rate Working As a Consultant/Entrepreneur?

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Top Consultant/Entrepreneur Employers

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