Management Consultancy

People who enjoy a challenge and don’t want to settle in one specific business may find the management consultancy/professional services route more appealing. It offers exposure to a number of diverse job roles, enabling you to really get under the skin and support other organisations. While accountancy remains a vital service component offered by management consultancies, people training and working in this environment also use their wider business experiences to help other companies and organisations to make better strategic decisions. It could encompass anything from business advisory, taxation, audit and assurance, corporate recovery and insolvency, corporate finance, forensic accounting and compliance. See individual profiles for specific details about typical tasks, entry routes and salaries. Whichever area you specialise in, it would see you working with a wide range of clients, including international corporate groups and listed companies, owner-managed businesses, plus helping private individuals with financial planning and wealth management.

Salary

Once qualified and experienced, salaries start at approximately £35,000 per annum. With the right experience, qualifications and skills you could progress to senior roles and earn in excess of £100,000 per annum. This does not include potential bonuses and additional benefits. Salaries will vary considerably based on location and employer.

Meeting with a client's management teams and staff, discussing the business structure, operational issues and requirements
Providing an external viewpoint, analysing the client's requirements to come up with a detailed and appropriate business solutions
Recommending ways to reduce costs and increase profits by examining areas like financial transactions, productivity, technology, staff volumes and training
Modelling and mapping business processes, providing a cost benefit analysis of projects
Presenting recommendations to senior management and agreeing project schedules and budgets
Overseeing the implementation of projects, working closely with in-house staff

Strong numerical skills
All-round commercial business awareness
Articulate, both verbally and in writing
Excellent interpersonal skills, able to communicate confidently with clients
Objective, logical and enquiring mind
Strong analytical skills and methodical
Diplomacy and tact, to give constructive client feedback
Creative and persuasive
Good project managers, with effective planning and organisational skills
Team players
Resilience under pressure

People often move into strategic management consultancy roles once qualified as a professional accountant. Consequently, a lot of the skills required will have been acquired during training. Knowledge will be expected on:
Commercial awareness of the businesses they are advising and current trends in the wider sector

In-depth knowledge of the latest UK Financial Reporting Standards
Specialist knowledge of tax and audit compliance if advising in this area
Identifying upcoming compliance and statutory issues to address, prioritising action plans

The usual route into management consultancy is via a three-year graduate training contract at an accounting firm. Typically, employers accept any degree subject, usually a 2:1 or equivalent. Maths, accountancy, business studies, economics and finance degrees may be more relevant. Certain degrees may provide exemptions from the professional accountancy examinations. Some of the largest professional services accountancy practices also run post school training schemes. It may be possible to enter the role after completing an accounting technician qualification and then undertake professional accountancy training.

For entry level positions into accountancy, which can lead into management consultancy, employers will require candidates to have either:

A Levels, Scottish Highers or equivalent qualifications such as Business, Administration and Finance (BAF) Diploma, BTEC National Diploma, Welsh Baccalaureate (BAC), SVQ Level 3 or Higher National Certificate (SCQF Level 7)

To be able to offer the full range of accountancy and business advisory services, including audits, entrants usually study towards professional accountant status with one of the following professional accountancy bodies:

Association of Chartered Certified Accountants (ACCA)
Chartered Accountants Ireland (CAI)
Chartered Institute of Management Accountants (CIMA)
ICAEW (Institute of Chartered Accountants in England and Wales)
Institute of Chartered Accountants of Scotland (ICAS)
Association of International Accountants (AIA)

For those not undertaking audit work an alternative to the Chartered bodies is the Institute of Financial Accountants (IFA), which has a particular specialism in supporting the small and medium sized enterprise sector. The Institute of Financial Accountants (IFA) is a non-Chartered organisation, but offers training and qualifications specifically aimed at financial managers. This includes a Financial Accountant Diploma, aimed at people that support finance managers, and a Professional Financial Accountant qualification, for aspiring finance leaders and those working in managerial posts.

Because management consultants provide an outside viewpoint to commercial clients, they are not employed in-house. Instead, they provide fee-paying services, working for large accountancy, professional services and global management consultancy firms. There are also many smaller niche consultancies. Most professional services employers have their head offices in London or the southeast, as well as regional offices. However, the consultancy work may be anywhere in the UK. There are usually extensive opportunities for management consultants to travel domestically and overseas, particularly when supporting international businesses. Overseas secondments in public practice may also form a crucial part or training.

Management Consultancy

Salary

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