I installed System Center Configuration Manager 2012 SP2 for my lab in a testing environment. Everything went fine but when I try to open configuration manager console the above screen appears and I have no clue to fix it as I am new to  SCCM. Any help appreciated. 

Thanks

Are you running the console with the same user account you used to install the ConfigMgr site?

Yes I am running the console using the same user account.

Have you changed any permissions on any folders in "Microsoft Configuration Manager" ? 

No I have not changed any permissions yet.

Can you establish a connection to your site database using SQL Server Management Studio?

Are you sure the installation is done and that it completed successfully? Examine the setup log in the root of the C drive to verify this.

Yeah this is a classic incompatible console version message if you're definitely using an account that has access. Check the console version and any errors that might be in c:\ConfigMgrSetup.log as Jason said. Console upgrade is about the last thing setup does.

Yes I am able to establish connection to site database using SQL Server Management Studio.

As per Jason I believe that installation completed successfully. Even I checked the ConfigMgrSetup.log which doesn't show much information or errors as such.

Please make sure that SYSTEM and your User has full permissions on \\ServerName\SMS_SiteName folder and then try again.

I suspect that the console setup has failed. The console version must match the site version.

If you're not sure, simply uninstall and reinstall the console.

You have the console setup file in the SCCM Installation directory\Tools\ConsoleSetup