Fastest Growing Areas in Management Consulting
Career Path : Administration
After a few difficult years for the consulting industry during the recent economic downturn, the market for management consulting is rebounding along with the current economy. The focus, however, may have shifted from keeping the head count low to areas more focused on growth. The consulting industry in general is expected to grow steadily, and the areas listed below are growing faster than most.
Marketing and Sales
The competition in sales and marketing consulting is intense. A newcomer to the industry with a business degree or MBA with a specialization in marketing stands a good chance of being hired by a boutique consulting firm. Included in this consulting specialization might be sales force automation, brand management or product launch via social media and other means.
The IT sector of the consulting industry is expected to grow at a high rate for the foreseeable future, and the need for IT Consultants with expertise in computer software engineering, cyber security, banking, finance and networking will expand as well. IT consultants work for professional services firms, staffing firms, IT security consulting firms, or as independent contractors. Educational requirements are less of a barrier to entry that in other areas.
Human Resources consulting services advise on issues pertaining to employee job satisfaction, employee training and development, benefit packages and compensation. They often take over headhunting, recruitment services and hiring policies as well. Companies hire consultants to focus on issues like turnover, compensation comparisons within the industry, and training and development. A Bachelor’s degree in human resources would probably earn an entry level position in an HR consulting firm.
Business consultants that specialize in accounting are a growing part of the field. They assist businesses in the structure/restructure of their financial reporting, ensure that all government regulations and guidelines are met, and they often serve as outside auditors. Specializations include forensic accounting and international finance, but graduate level work, like an MBA Online, is usually required for accounting consultant positions.
High Growth Industries
Management consulting is utilized by almost every industry, and the industry sectors showing the highest growth are:
- Health Care
Companies in each of the above industries, and others not listed here, will be faced with the dilemma of how to change strategy to match the changing economic landscape, or how to reshape their benefits programs to conform to new government regulations. Consulting firms will be looking to bring on qualified candidates, and an online business degree will help get your foot in the door.
There are many small consulting firms that specialize in one area, like accounting. Larger firms have different departments that handle certain areas. Education requirements for entry level positions is usually, at minimum, a Bachelor’s degree in a related field, with the possible exception of certain IT consulting positions. Many large firms require that candidates possess an MBA.
In which area of consulting would you most like to work, and why?