Management Consulting Services in Chicago, Illinois (IL) // WhereOrg.com (2024)

FAQs

What are average management consulting fees? ›

39% of consultants charge between $100-$250 per hour. 25% don't use hourly fees. 19% charge between $250-$500 per hour. 12% charge less than $100 per hour.

The Big 4 firms in management consulting are Deloitte Touche Tohmatsu (Deloitte), KPMG International (KPMG), PricewaterhouseCoopers (PwC), and Ernst & Young (EY).

Management consulting is working with businesses to identify solutions to problems to maximize business performance, improve business processes, and increase revenue. A management consultant can cover a range of areas including business management, marketing, business strategy, supply chain, and employee productivity.

The CMC is the gold standard for excellence of a management consultant. In selecting management consultants, clients are well advised to seek individuals who meet the profession's own standards of competence, ethics, and independence. Institute certification is a valuable aid in this quest.

There is a pretty big range if you are hiring one of the Big 4 consulting firms (McKinsey, Booze Allen, Accenture, Deloitte) compared to a small boutique firm or an independent management consultant. You can expect the hourly rate to start at $350. But, it may go as high as $1,000.

Consulting firms, including prominent ones like McKinsey, often keep their fee structures confidential, viewing them as competitive assets. McKinsey's rates, for example, range broadly from $300 to $800 per hour, with project minimums typically starting at $500K.

The three consulting firms widely regarded as constituting the Big Three or MBB are McKinsey & Company, Boston Consulting Group, and Bain & Company.

A consultant is a person who's an expert in a particular field who gives professional advice to individuals and businesses in their area of expertise, usually on a temporary or contract basis until a particular need has been met. Companies hire consultants to: Get an objective, outsider opinion on processes or systems.

Tier 1: The Big 3

McKinsey, Bain, and BCG are the top dogs in the consulting world. They handle the most complex and high-stakes projects for the world's leading companies. If you're looking for the ultimate challenge and the highest rewards, then a job at one of the Big 3 is for you.

Management Consultants help businesses make strategic decisions that directly impact the entire company. They evaluate issues that the client is facing and help them develop action plans for improvement.

Do management consultants make a lot of money? ›

On average, management consultant graduates in the US may earn starting salaries ranging from $70,000 to $120,000 per year, with potential for bonuses and performance-based incentives. Top-tier consulting firms often offer higher starting salaries and additional benefits.

While there is no specific degree requirement, most management consultants hold at least a bachelor's degree, often in fields such as business, economics, finance, or engineering. Pursuing a master's degree or an MBA can provide a competitive advantage and open doors to prestigious consulting firms.

The cost to take the CMC exam is $135 for members of the American Association of Critical Care Nurses (AACN) and $180 for non-members. The CMC exam must be completed within 2 hours and it consists of 90 multiple-choice questions.

"Certified management consultant" (CMC) is an international professional certification established in 1967 for management consulting professionals, awarded by institutes in 50 countries (as of February 2014).

The management fee varies but usually ranges anywhere from 0.20% to 2.00%, depending on factors such as management style and size of the investment. Investment firms that are more passive with their investments generally charge a lower fee relative to those that manage their investments more actively.

Key Takeaways

The management fees may or may not cover not only the cost of paying the managers but also the costs of investor relations and any administrative costs. Fee structures are usually based on a percentage of assets under management (AUM). Fees tend to range from 0.10% to more than 2% of AUM.

While ZipRecruiter is seeing hourly wages as high as $118.75 and as low as $10.10, the majority of Ceo Consultant wages currently range between $24.28 (25th percentile) to $62.50 (75th percentile) across the United States.