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Discussing Public Accounting Practice - Management Consultants

Written by AnonymousAugust 2, 2011
Management Consultants

Management consulting is an area of specialty within the field of accounting. Management consultants typically provide advice to organizations about how to improve their overall business operations and procedures by using a combination of modern management techniques and information technology concepts. This assistance may also include providing clients with financial planning advice and developing recommendations to improve internal computer information systems through quantitative analysis of both financial and electronic data. A management consultant or Management Consulting Services (MCS) professional, as they are also known, may also develop or manage a company’s employee pension, benefit, and compensation plans. They sometimes assist a company’s management team in recruiting executives, conducting research and planning, designing, and controlling various industrial projects. Management consultants are typically employed at mid-sized to very large accounting firms due to their specialty in providing services to larger volume clients.

Because the duties of management consultants span many disciplines, accounting majors aren’t the only individuals who may become management consultants. Many management consultants have degrees in computer science, business, economics, or statistics.

No matter what their background, management consultants are in high demand and provide services to businesses across a wide range of industries. 

Senior Management Consultants who are at the Manager/Director level at midsized consulting firms can earn anywhere from $94,500 to $142,000 per year, while those at the Manager level tend to earn between $79,750 and $103,250. Neither of these ranges includes bonuses and incentives, which typically represent a significant portion of overall pay at this level. Senior Management Consultants can earn between $62,000 and $83,000. This rate is almost double of what Management Consultants usually make in their first year, which is typically $44,000 on the low end and $55,000 on the high end. This range increases to between $51,750 and $64,750 within the first three years of employment.