Many individuals involved in consulting begin as analysts. Many times, they have undergraduate degrees, in the field of, business, economics, or accounting. Working as an analyst, is a great opportunity to learn a wealth of information, about management consulting. The analyst can be a catalyst in helping the company achieves their best performance.

These companies use a numerous range of skills to help improve various aspects of an organization's operation. They help clients develop future goals, skills, and create more efficiency. The companies, assist an organization is making changes to their business process and organizational structure. They also, guide clients in the direction of keeping up with changing market conditions. The client then has the resources and knowledge to go forward with new projects.

The typical analyst works in the field about 2 years before they are asked to pursue an MBA degree. After getting the MBA, the individual is normally, placed in a consulting position. There are also certain attributes, which all consultants should have, such as, leadership qualities, self motivation, organizational skills, self starter and discipline. You will need to remember, that compensation can be by the hours, but is most likely by the job. You may not have a consistent pay check, with regular health benefits.

Management consultants are the problem solvers for various organizations. The goal of the consultant is to identify problems and develop strategies to solve them. A company normally hires the consultant for a period of time, on a contractual basis. The consultant will generally have specific expertise in a certain industry.

Management consultants, have the challenge of keeping existing clients happy, while looking for new prospects. These consulting firms should look at key performance indicators (KPI) to determine the success level of the consulting work. There are various indicators, based on goals but there are some common performance measures.

One key measurement is client value. This is measured by the number of clients, their revenue contribution and the length of tenure. As a company has a larger client base, the revenue can be spread over more clients. This makes the share of revenue more equally distributed. A firm must continually cultivate new clients by keeping a stream of inquiries that can lead to new prospects. The greater the amount of prospects the higher the level of conversion into a client. Client satisfaction is a critical indicator which should be monitored on a regular basis.

This industry is projected to have a large growth, in the future. Business transactions are becoming more detailed and some companies are working overseas. This will make the companies look to experts for advice in business planning, budgeting, and strategies for marketing.

There are some consultants that did not take the traditional path. Many years ago, before the field became popular; many professionals began their careers and eventually became leaders in their profession. As a result of the expertise they gain, they were asked to take on the roll of a consultant. No matter which road you travel, you will definitely need a zest for problem solving and dealing with a variety of personalities. Each job will present new challenges and new people.

Oleksiy Nesterenko is a Director and Co-founder of Afenest Advisory. He is involved in origination and execution of transactions for companies and their stakeholders with a specific focus on Technology sector. Oleksiy Nesterenko has over 9 years of investment banking and advisory experience including advising startup firms and multinational corporations on merger and acquisition strategies and execution, and complex financing.