How to become a consultant

Because of the diversity of the consultancy world, consultants hold many different kinds of undergraduate degrees. However, many earn a bachelor’s degree in a business-focused discipline, such as business administration, business management, finance, or accounting. A psychology degree is another popular choice among prospective consultants.

Students who are certain of the field in which they wish to offer consulting services may choose to combine a major business or psychology concentration with a minor in that specific discipline.

A bachelor’s business program is designed to provide a broad-based, core education, but can also be specialized to a degree by adding electives.

Typical courses include:
Management Concepts
Focus
Concepts and techniques that make up the cornerstones of management; the development of management principles as they are integrated into management theory
Target Skills
• Planning, organizing, and leading a group
• Controlling a project from start to finish
• Theories of management and practical application in the workplace

Business Ethics
Focus
How business challenges can be handled from an ethical standpoint, including real-world case analysis
Target Skills
• Ethics of decision-making and policy development
• Proper human resource management
• Creating an open and ethical working atmosphere

Principles of Economics
Focus
Micro- and macro-economic principles and concepts and how to translate those into real-world application for business
Target Skills
• Understanding of government economy and international trade
• Understanding of how economics factor into business decisions
• Understanding of costs, diminishing returns, and the marginal principle

Business and Society
Focus
Primary and secondary stakeholders; ethics and social responsibility; organizational activities
Target Skills
• Understanding of how society and globalization affect business strategies
• Understanding of how stakeholders influence business decisions
• Understanding of the social responsibilities of stakeholders

A bachelor’s psychology program provides a foundational overview of how individuals and groups think and act – human behavior issues that are vital to understand when advising an individual, company, agency, or organization on how to handle personnel issues.

Typical courses include:
• Cognitive Foundations
• Occupational and Industrial Psychology
• Research Methods
• Perspectives on the Social Mind

The field of consultancy is wide and varied. Because of this fact, the consultant experience in virtually any business sector is valid and valuable.

An entry-level position with a private business, government agency, or non-profit will lay the foundation for every subsequent work experience and ideally lead to transition to a rich and rewarding consulting career, be it a generalist one or one focused in a specific sector or industry.

For consultants, the decision to pursue a master’s degree will typically lead to more senior consulting roles or contracts. Some companies and, particularly, some government agencies may require that the consultants they hire possess a graduate degree.

The most common graduate level program chosen by consultants is a Master of Business Administration (MBA). The MBA can be specialized to allow for targeted training, but most programs include the following courses:

Financial Reporting and Analysis
Focus
Corporate performance as based on financial reports; how to analyze the reports; what to look for in financial statements to ensure legality and adherence to regulations
Target Skills
• Understanding of accounting standards
• Understanding of how taxes factor into financial analysis
• Reading, interpreting, and analyzing financial documents

Management Information Systems (MIS)
Focus
An overview of MIS and how to effectively run a business-wide operation
Target Skills
• Managing IT as a strategic resource
• Understanding the role of the Chief Information Officer (CIO)
• Process engineering, planning, governance, and communication

Statistics for Managerial Decision-Making
Focus
Statistical theory, business systems; business systems analysis and improvements
Target Skills
• Understanding probabilities
• Using common software
• Decision analysis based on a variety of simulations

Corporate Organization
Focus
General management of businesses and organizations; identifying solutions to complex problems and choosing how to implement those solutions
Target Skills
• Pinpointing the source of problems
• Management of solutions
• Action-oriented general management techniques

Voluntary certification in the consultancy field is offered by a number of professional associations and organizations. One of the most recognized credentials is the Certified Management Consultant (CMC) designation, offered by the Institute of Management Consultants USA.

The CMC is awarded on three levels:

• Basic – designed for consultants with between three and nine years of management consulting experience
• Experienced – designed for consultants with 10 or more years of management consulting experience
• Management – designed for consultant with 20 or more years of management consulting experience

Experienced consultants who have established a trusting clientele often choose to operate an independent consultancy over offering their services through a consulting service.