WHAT IS MANAGEMENT CONSULTANCY?
Management consultants help businesses improve performance and grow by solving problems and finding new and more efficient methods of operating. Many firms work with public sector organisations to help develop their services and, where necessary, reduce costs and make savings.
Consultancy covers as many sectors as are out there, which is why it is such an exciting and dynamic career option. As work is project based there are always new challenges and opportunities for personal development and the chance to travel both nationally and internationally.
For any doctor thinking about it, do your research! There are different types of Consultancy and many different firms that have a record of hiring doctors. The ‘Big 4’ auditing firms include KMPG, Deloitte, EY and PwC. Then you have the dedicated big consultancies, like McKinsey, Bain and BCG; or the specialist medical consultancies like AbedGraham and Mansfield Advisors.
Check out our blog on how to write a CV for management consulting.
HOURS AND PAY
If you join at an Associate level (with 2 year + of medical experience), you are likely to start on a salary of c. £50k.
If you join at an Analyst level (as a graduate, you are likely to start on a salary of c. £40k.
Hours are long, so this is definitely not an easy option! It is not unusual to be working 60-80 hours per week and you are likely to have to travel a lot, as part of the job.
If you are good at what you do, then you can progress quickly, which means associated increases with pay.
Management consultancy is also an excellent base to explore other options in the corporate field – such as banking, business advisory roles and entrepreneurship.
HOW TO APPLY
You can either apply through recruiters or directly.
Recruiters will advise you on your CV and the interview process, which is notoriously challenging.