Management Consulting Toolkit (2024)

FAQs

What are the tools as in consultant? ›

What Are Management Consulting Frameworks? Broadly speaking, management consulting frameworks are systemic enterprise tools and/or principles that consist of a set of critical philosophies that allow managers to carry out a variety of key tasks in a more feasible manner based on following best practices.

Management consultants provide industry counsel, advice and functional expertise in specialized areas such as strategy, mergers, governance, reorganizations, organization design, strategic leadership, operations, finance, risk management, digital transformation, information technology, organizational change management, ...

The traditional consulting business model is based on two principle ideas: (1) hiring people (top talent if possible) and (2) charging clients a fee per hour or day for gaining access to this talent, its expertise and/or manpower.

The McKinsey 7s framework is a seminal concept in measuring organizational effectiveness. It shows how to assess the different parts of an organization and the role they play in influencing organizational change. The focus here is not on evaluating structure, but the role of coordination in change.

Deliverables can be anything that is tangible and which you and the client can agree has been performed or not. These are typical types of deliverables: The [slider title=”report.”] Management consulting assignments often include some kind of written documentation; the hated Report.

The consulting work at the Big Four accounting firms tends to focus on implementation, such as helping a company set up a new process or technology or helping a company implement recommendations that were previously made by other management consulting firms.

Most mid-tier consulting firms pay a salary between $65,000-$70,000 for entry-level financial consultants. Senior financial consultants at these firms earn a salary of $112,000-$120,000. In the top three consulting firms, you can expect to earn $80,000 as an entry level salary, and $149,500 as a project manager salary.

What do management consultants do day to day? ›

Management consultants help organisations to solve issues, create value, maximise growth and improve business performance. They use their business skills to provide objective advice and expertise, and help an organisation to develop any specialist skills that it may be lacking.

Strong ambition for success: maintaining work consistency and achieve the highest results in difficult tasks. Excellent content skills: problem structuring, data gathering and analysis, presentation. Excellent people skills: leading teammates, working with support staff, influencing clients.

Both an 'expert approach' and 'medical model' focuses on an analytical orientation regarding 'why' things are done. A process approach focuses on 'how' things are done.

Frameworks for consulting are tools that managers can use to deliver key tasks efficiently. These tools guide them to make sure their teams reach their goals and follow their strategic plans. Often, consulting frameworks involve analyzing a business's performance and outside factors that may prevent it from succeeding.

The McKinsey 7S Model is an organizational tool that assesses the well-being and future success of a company. It looks to seven internal factors of an organization as a means of determining whether a company has the structural support to be successful.

These phases are acquiring projects (pre-project phase), consulting practices, communicating results (post-project phase), and coordinating expectations (see Fig. ...

A good consultant is an intuitive, skilled communicator with an expansive vocabulary. They know when and how to bring a complementary tone to a client setting, and can communicate their expertise through a variety of means. As oral communicators, they are effective presenters capable of making clear and concise points.

This consists of making initial contact with our client and starting to build a relationship of mutual trust and respect. We want to find out all about our client and their situation, as well as getting to know something about the problem/opportunity we are there to assist with.

What are the 7s of project management? ›

The 7 S's are structure, strategy, systems, skills, style, staff and shared values.

The McKinsey 7-S framework was developed by Tom Peters and Robert Waterman at McKinsey & Company. It argues that organisational effectiveness involves more than simply putting in place the right command and control structure to coordinate the delivery of an organisation's strategy.

Contact, Discussion, Negotiation, Implementation and Evaluation, these are the active stages of the consulting process as I experience it.

1. Entry and contract. This is the first step of the consulting process where the clients tests the consulting firms skills and the company learns if it is capable of the project.

Engagement management has five major phases: proposal, kickoff, delivery, closure, and archive. The proposal has a project charter with three key components. A statement of work with background, scope, approach, and assumptions. The SOW specifies the deliverables that'll be provided to the client.

A key deliverable is anything that is produced or provided as a result of a process. When goals are met, deliverables are produced, and when the over-arching project is accomplished, your key deliverable has been created.

PowerPoint presentations are deliverables

This is the actual work product that we give to clients.

"Big 4" used to refer to accounting firms. Accenture used to be a part of the "Big 5" with Andersen, but they had to re-brand because of the Enron scandal. They no longer do accounting.

Deloitte scored higher in 9 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Work-life balance, Senior Management, Compensation & Benefits, CEO Approval, Recommend to a friend and Positive Business Outlook. Both tied in 1 area: Career Opportunities.

Is McKinsey better than Deloitte? ›

Deloitte scored higher in 1 area: Work-life balance. McKinsey & Company scored higher in 8 areas: Overall Rating, Culture & Values, Diversity & Inclusion, Senior Management, Compensation & Benefits, Career Opportunities, Recommend to a friend and Positive Business Outlook. Both tied in 1 area: CEO Approval.

At McKinsey, the salary for entry-level consultants (Analysts) ranges from $90,000 to $110,000 per year, while the figure for MBA-level/experienced Associates can go up to $233,000. Engagement Managers typically earn around $250,000, while Partners and Directors can earn up to $1,300,000.

The work of a consultant is often challenging. You'll end up working on some of the toughest business problems faced by senior executives. Clients of top consulting firms pay a large sum to have consultants working for them, so they are naturally expecting highly committed personalities.

A solid majority of management consultants enjoy their work environment, probably contributing to overall higher satisfaction with working as a management consultant.

Most Annoying Consulting Stress Factor: Long Working Hours, Overwork And Shift Work. Long Working Hours and Overwork. Long working hours and overwork are shown to lead to higher risk of psychological effects as either anxiety, depression, insomnia or simply hostility.

Those projects are really interesting to work on because you go really deep in 2 weeks on whatever you're doing but it's not a pace that you want to sustain for too long. Generally speaking though, it was usually a 60-70 hour working week.

“Process consulting is an iterative form of humble inquiry and guidance in which the consultant works alongside the client to co-create solutions. A process consultant's purpose is not to provide ready-made solutions but to advance the client's growth and learning through an authentic discovery process.”

Do consultants use mouse? ›

Much of consulting involves manipulating PowerPoints and switching between different tabs on the screen. Most people suffice pre-consulting with their laptop touchpad, but the mouse makes all the difference in improving the speed and precision of your computer use.

Contact, Discussion, Negotiation, Implementation and Evaluation, these are the active stages of the consulting process as I experience it.

These phases are acquiring projects (pre-project phase), consulting practices, communicating results (post-project phase), and coordinating expectations (see Fig. ...

A good consultant is an intuitive, skilled communicator with an expansive vocabulary. They know when and how to bring a complementary tone to a client setting, and can communicate their expertise through a variety of means. As oral communicators, they are effective presenters capable of making clear and concise points.

Perhaps the number one consulting skill, then, is critical thinking. Your client will expect you to tackle complex problems plaguing their business. It's possible they've started the pre-work and have a direction in mind. Or, they may rely on you to jumpstart the discussion.

The McKinsey problem-solving process can be summarized in the 5 steps: define the problems, find the root cause, use “hypothesis-driven” process, analyze with “issue tree” and propose solutions. Define the problem: Every consulting project revolves around a “problem”. But the “problem” is NOT always the problem!

Consultants tend to be “nerdier” in that they are often extremely intellectual. Most consulants have an extremely good grasp of general - but also more specific - knowledge.

Ghost Deck is used as a work plan, aligning on the approach and direction to get to the final version while minimising wasted work. Once the team or client agrees with the storyline, the rest of deck then continues to develop.

How do you make a good consulting slide? ›

But most often, the best slides tend to come from consultants. This makes sense if you think about it… a consulting firm's main deliverable is most often a PowerPoint deck, so it's in their best interest to make these decks as high quality as possible.