It is expected that management and strategy consultants will continue to have good job prospects. It is estimated that employment will grow by 14 percent between now and 2028, which is much faster than the average growth rate for all other occupations. It is a fact of life that companies in a variety of industries are constantly seeking ways to improve the efficiency and profitability of their operations.
During times of economic growth, markets become increasingly competitive, which, in turn, creates a need for management and strategy consultants with expertise in resource management. The demand for consultants will be particularly strong in the healthcare sector. As the DOL describes it, “This industry segment is experiencing higher costs because of an aging population…[as] management analysts will be required in order to navigate the regulatory environment within health insurance.” There will also be good employment opportunities for consultants who specialize in information technology in the near future.
As a result, companies will need assistance in improving their information technology systems and ensuring that they are up-to-date. In addition to management and strategy consultants, government agencies will also need assistance in improving efficiency and reducing expenditures. Also in high demand will be consultants who specialize in operations and financial advisory.
The Big Picture
The management and strategy consulting industry provides services and products that assist organizations in establishing and improving their corporate strategy, marketing, and sales campaigns, organizational design, and operations management. Consultants in management and strategy are also able to assist companies in developing human resource management systems, financial management systems, logistical strategies, and information technology strategies.
In 2019, the U.S. management consulting industry generated upwards of $259 billion, with a compound annual growth rate of about 3.4 percent between 2014 and 2019. As the economy continues to grow, this trend is expected to continue.
Recent statistics indicate that Accenture PLC and Deloitte Touche Tohmatsu Limited hold the largest marketing share in the management consulting industry. Nearly 1.7 million people are employed by management consulting firms in the United States, which has a total of 774,107 businesses.
The Structure
A management and strategy consulting firm assists organizations in streamlining their management and business operations, with the ultimate goal of increasing efficiency while increasing profits. A management consultant is defined by the Institute of Management Consultants as a professional who provides independent, objective advice to management to define and achieve organizational goals through the more effective use of resources.
Management and strategy consulting agencies are hired by organizations to diagnose and solve problems, identify opportunities, make recommendations for solutions, and guide the implementation of those solutions.
It is possible for management and strategy consultants to work in many different areas. It is common for consultants to specialize in administration, accounting and financial management, human resources, information technology, organizational development and planning, research and development, marketing and sales, and strategic business planning.
Conclusion
Technology will continue to have a significant impact on the consulting industry, transforming how consultants and their clients access information and collaborate. People are now able to access some types of data and information that were previously only available to business professionals such as consultants and consulting firms through the Internet. Consequently, the consulting industry is shifting its focus toward asset-based consulting, which has been a recent disruptor and is expected to gain traction in the future. When it comes to asset-based consulting, tools and products are placed ahead of human capital, which refers to the consultants’ abilities.
The challenge of hiring and retaining high-quality employees will continue to be faced by many consulting firms, regardless of their size. In a recent survey, about 79 percent of senior managers indicated that attracting and developing new business is also a key challenge in the US management consulting industry. Management and strategy consulting will continue to offer great opportunities to experienced consultants who can assist companies in complying with regulations and keeping current with technological advances.
The best opportunities for employment are available to management and strategy consultants with a master’s degree in business administration, certification as a management consultant, and several years of relevant experience, especially in project management and business development.
