Recently after installing SharePoint Search Express 2010 on one of my clients test servers and on running SharePoint 2010 Management Shell I got the following error “The local farm is not accessible. Cmdlets with FeatureDependencyId are not registered”.
After checking the logs in 14 hives, I found that the current logged in user was not having sufficient rights on the SharePoint configuration DB. After providing the db_owner and SharePoint_Shell_Access rights i was able to start use the SharePoint Management Shell.
However a friend of mine who faced similar problem was not successful in get the SharePoint 2010 Shell running even after providing appropriate rights in SQL, but a quick way to make it work was to run the Shell as an Administrator.