Management consultants will soon be able to earn Chartered status in a move to elevate the professional status of the industry’s 200,000 UK practitioners.
The Privy Council has given the greenlight to the Chartered Management Institute (CMI), which incorporates the Institute of Consulting (IoC), to work in partnership with the Management Consultancies Association (MCA) to develop the Chartered Management Consultant award.
CMI will formally make the announcement today (Thursday, September 21) to Institute members at its AGM.
In a step-change for the industry, the two organisations will work together with senior leaders from across the consulting industry to develop the new Chartered standards for management consultants. The standards will set out the skills, knowledge, behaviours and experience that will be needed to achieve this professional accreditation.
CMI has been named by the Privy Council as the body responsible for awarding Chartered status to consultants.
The Chartered Management Consultant award will be voluntary, but the two organisations predict that it will provide a progression route to a recognised professional status for those starting out in the industry or mid-point in their careers. Accreditation will be designed to complement internal training and assessment programmes in leading consulting firms. The organisations will also look at ways to link the award to higher degree apprenticeships.
The CMI and MCA are planning that management consultants will be able to apply for Chartered status from autumn 2018.
According to MCA data, businesses now spend £9.3bn on management consultancy every year. Demand for consulting services has continued to grow in recent years, with revenues in the industry growing by eight per cent in 2014 and 2015.
Ann Francke, chief executive of CMI, said: “We’re delighted that the Privy Council has given us the greenlight to develop the Chartered Management Consultant award. This will be a unifying professional standard that will transform management consultancy.
“It will give clients greater confidence in the services they’re buying, and practitioners earning Chartered status will gain from showing that they’re at the top of their profession. By providing a pathway to Chartered recognition, firms will be able to attract and retain high-calibre people.”
Alan Leaman, chief executive of MCA, said: “The MCA’s Consulting Excellence scheme confirms the commitment of our member firms to consulting as a career and great professional development. The creation of the Chartered Management Consultant Award is a natural extension of this initiative.
“We now have the opportunity to create an award that will command real respect in the industry, with individual consultants and with our clients.”
Chartered Management Consultant has already received support from other Chartered bodies, including the Institution of Engineering and Technology, Institution of Mechanical Engineers, and the Association of Chartered Certified Accountants. Business supporters include PwC, Accenture, IBM, Grant Thornton, and Mott MacDonald.