The Chartered Management Consultant Award (ChMC) is celebrating a year since its official launch with significant growth achieved in its inaugural year and the number of consultants and firms involved doubling. The award was conceived, developed and founded by the Management Consultancies Association (MCA) and the Chartered Management Institute (CMI), the leading professional chartered body for management and leadership, and launched jointly by the MCA and CMI in conjunction with the industry. It has:
- Received the backing and commitment of the some of the largest firms in the industry who will roll it out to their entire graduate intake and put thousands of consultants through ChMC
- Raised standards of training and development within the industry
- Proved to reduce attrition in consulting firms below industry averages by investing in career pathways for individuals
- Attracted record numbers of applicants from leading small, medium and large firms as well as the independent sector
- Received significant backing from private and public sector clients including HM Government
To date, over 600 consultants have been awarded Chartered status with more than 3,000 currently on the journey. Sixteen firms have now had their training and development schemes accredited with a further 10 to be authorised to train and develop Chartered Consultants in the near future. Firms range in size from larger firms such as PwC, EY, KPMG and IBM Consulting, Arup and Moorhouse to smaller firms including PPL and Akeso and Co.
Recent figures collected by the MCA and CMI have shown that leading firms which have rolled out Chartered have benefited from reduced attrition rates and better retention of staff by offering their individuals a clear career path and marking their firm out as a leader in the market for the highest standards of training and development. For those firms that have offered ChMC to their people, some have experienced a 100% retention rate of people and others have experienced significantly lower attrition levels than industry averages.
In recognition of the popularity of ChMC and following demand from young consultants, the MCA and CMI is also launching an Associate Award for consultants to opt for earlier on during their career. This new award for young consultants is aimed to aid talent retention and maintain motivation of individuals on the journey towards Chartered status. The Associate award is for consultants who can demonstrate a minimum of 3 years’ experience in management consulting and will provide added value and recognition of early achievement for individuals on an accredited programme which takes 5 years to complete.
Young MCA Chair and Senior Consultant at EY, Hassan Kamara said:
“For young consultants especially, a high-quality framework for learning, an accredited programme and Continuous Professional Development (CPD) are key drivers for developing a long-term career in consulting. The introduction of the Associate Chartered Management Consultant accreditation and the commitment from some of the industry’s leading firms to provide the Chartered opportunity to consulting graduates will play an important part in developing future skills and talent for the profession.”
MCA Chief Executive, Tamzen Isacsson added:
“It has been a really encouraging launch year for Chartered with major announcements by some of the world’s leading consulting brands who are committed to offering all their staff ChMC. Maintaining the highest of standards is vital to the future of the management consultancy industry which constantly needs to keep on the cutting edge of training and development and Chartered assures clients of those standards. Recent figures on attrition rates have shown ChMC has proved to be an important tool in attracting and retaining the most talented of staff to the profession. We are really encouraged that young consultants have helped shape the new Associate Award which will provide an opportunity for consultants early on in their career to get recognition of their talents and achievements. This will kick in after 3 years and help aid talent retention and keep individuals motivated on the journey to becoming fully Chartered. “
CMI Chief Executive, Ann Francke OBE, said:
“What a great first year it has undoubtedly been for the Chartered Management Consultant award. We are delighted to see both the progress made in raising awareness of the award and the appetite to get Chartered amongst the management consultancy community. All of us at CMI are proud to work in partnership with the MCA in delivering ChMC and helping to drive up standards across the sector. We look forward to a bright future ahead for the award and its positive impact in creating recognised professional pathways for management consultants. “
Both MCA and CMI have worked closely with the UK’s clients of management consultancy services, including the public sector. Government has been involved since ChMC’s inception and are also impressed with the awards remarkable progress in such a short space of time.
Parliamentary Under Secretary for State for Business, Energy and Industrial Strategy (BEIS) and responsible for Professional Services, Minister Lee Rowley MP, said:
“The Chartered Management Consultant Award is a major positive step for the industry of management consulting, where I began my own professional development. I am confident that this award will continue to nurture talent and provide recognition for the highest of standards in years to come.”
Further information on the Award (ChMC) can be found at Chartered Management Consultant Award and to sign up for the ChMC monthly newsletter designed for both consultants and clients in all sectors, register here.