Career paths in Management
Management is an attractive path for graduates seeking responsibility and authority in their careers. While the obvious route for a career in management might take you up the ranks of seniority within a business, it’s not the only outlet for calm decision-makers who can put even the most complex scenarios into perspective.
As an industry worth £6.02 billion in the UK, consulting is also a lucrative path for management professionals. Although both managers and consultants work on the same principles, their roles are very different. Let’s take a look at what sets the two roads apart.
How is Management in Business and Management Consulting different?
Management in business refers to the leaders co-ordinating staff, projects and finances within an organisation, from lower level management right up to board-level executives. Management consultants, on the other hand, support these people in staying on track and improving performance.
This is the key difference between management in business and management consulting; one makes the decisions that drive a business forward, while the other consults on issues facing senior decision-makers in an organisation.
Why do the differences matter?
Aspiring leaders will very soon find themselves facing a crossroads, so it’s a good idea to explore the career path that might be best suited to you. Do you relish the prospect of getting hands-on within a business, earning your stripes to progress through the ranks? Or would you prefer to work with a variety of businesses, helping them grow by advising on management techniques?
Of course, this isn’t to say that a manager couldn’t become a consultant in time, or vice versa. However, as it takes patience to prove your worth as a leader, successful graduates tend to find a niche relatively early on in their career. This is especially important for anyone hoping to make it onto a graduate scheme.
5 key facts about Management and Management Consulting
- The average annual salary for a business manager is £33,129, versus £47,850 for management consultants.
- According to Glassdoor, marketing, product, IT, finance and sales managers are amongst the top 10 jobs in the UK.
- The UK is one of just four countries worldwide where women make up more than 20% of board members.
- The ‘Big Four’ management consulting firms in the UK are Ernst & Young, Deloitte, KPMG and PwC.
- As a whole, the Big Four consultancies swelled by 10.75% from 2014-15, demonstrating healthy growth for management consulting
Where to brush up on Management
Like the sound of this career ladder, and want to learn more about the pros and cons of management in business and management consulting? You’ll find heaps of useful information online, including plenty of advice from Bright Network to explore.
However, if you’re looking for guidance from the horse’s mouth, we suggest checking out the Chartered Management Institute and Institute of Consultants to get both sides of the story.
Taking the first steps
Careers in management present a wide variety of options for graduates with a passion for business. Managers and consultants might have quite different roles, but they share the same principles for organisation, clear thinking and decision-making.
Hopefully, we’ve given you a better idea of the two key career paths, to help you identify what might work for you. Wondering how to get your foot in the door of management consulting or management in business? Check out our graduate schemes and job opportunities to make moves into the sector.