Careers in Business Consultancy
Find out about the types of jobs you could pursue in business consultancy. Read on to learn more about career options along with salary and certification information.
What is a Business Consultant?
Business consultants train as specialists in any number of industries, so their duties and responsibilities are just as varied. They assist companies with problems they may be having by providing their expertise. You may seek employment as a management consultant, a financial consultant, or an environmental consultant. Management consultants work with organizations by observing them and suggesting ways for them to improve their efficiency and effectiveness. As a financial consultant, you may work as a personal financial advisor, which involves providing individuals with financial and investment advice. Finally, environmental consultants provide companies and industries with ways to be more eco-friendly and abide by environmental laws and regulations. See the table below for some quick career facts on three of the many types of business consultants.
|Management Consultants||Financial Consultants||Environmental Consultants|
|Degree Required||Bachelor's degree; master's degree recommended for advancement||Bachelor's degree; master's degree recommended for advancement||Bachelor's degree; master's degree recommended for advancement|
|Education Field of Study||Management consulting, business, economics, business administration||Finance, economics, accounting||Environmental science, biology, chemistry|
|Licensure/Certification||Professional certification required||Professional license may be required; Optional certification available||N/A|
|Key Responsibilities|| Assess financial plans, assets and tax strategies; Manage company records;|
|Advise clients on financial goals; Recommend investments; Monitor accounts||Assist firms in complying with environmental regulations; Implement remedies to reduce pollution; Collect environmental data|
|Job Growth (2018-2028)||14% (for all management analysts)*||7% (for all personal financial advisors)*||8% (for all environmental scientists and specialists, including health)*|
|Median Salary (2018)||$83,610 (for all management analysts)*||$88,890(for all personal financial advisors)*||$71,130 (for all environmental scientists and specialists, including health)*|
Source: *U.S. Bureau of Labor Statistics.
What Are My Job Options as a Management Consultant?
Management consultants advise firms on how to execute some aspect of their business. In some cases, the company may be lacking in manpower. In others, it is lacking in expertise. It could be your role as management consultant to review a company's fundamental business functions and fill in the gaps. Here is a sample of the many specialties you can choose from:
- Administrative management consultants refine an organization's day-to-day operations. This may include records management, financial planning, asset management, tax strategy and budgeting.
- Data consultants improve and/or create programs, reports and databases to ease the transfer of information.
- Risk management consultants identify and monitor a company's financial risks and provide advice on how to lower those risks.
- Financial consultants study a company's financial infrastructure and eliminate any inefficiencies and poorly allocated funds.
- Marketing consultants help with a variety of subjects relating to client relations. Functions could include market research, product development, sales forecasting and pricing.
- Human resources consultants are experts in maintaining strong employee relations. They analyze a company's workforce and use their expertise to improve their clients' recruitment and training procedures and incentive management systems.
What Are My Job Options As a Scientific/Technical Consultant?
The U.S. Bureau of Labor Statistics projects that computer support specialists will see a growth of employment between 2018 and 2028 of 10%, and environmental scientists and specialists, including health can expect a job growth of 8% between 2018 and 2028 (www.bls.gov). A large part of this growth is due to an increased reliance of all business on technology, which produces an increased demand for technical consulting services. Here are some examples of possible specialties you could pursue within the field of scientific/technical consulting:
- Information technology consultants help update and maintain a company's computer systems and their components.
- Graphic design and programming consultants use their expertise to create or improve a firm's presence in electronic media.
- Environmental consultants assist firms in complying with environmental regulations by estimating the amount of pollutants that will be produced by the firms' operations and implementing remedies to reduce pollutant production to acceptable levels.
What Are Some Related Alternative Career Options?
You may also want to work as a financial manager, which requires a bachelor's degree, and involves overseeing all of the financial transactions and decisions made by a company. You would be responsible for making sure companies are operating within their financial means, making wise investment decisions, and setting realistic financial goals. Another option is to become a market research analyst. These professionals often work on behalf of companies that have developed new products or services. They study the market to help businesses choose the best time to release their new product so it will be received as favorably as possible.