Business consultants help companies stay competitive in a constantly changing market. Most business consultants need a bachelor’s degree, with popular majors including business, social sciences and engineering. Some employers prefer to hire consultants with M.B.A.s or other relevant graduate degrees.
A career path in business consulting can provide you with a competitive salary and many job opportunities after college. If you are interested in becoming a business consultant, read on for a snapshot of what you need to know.
What Does a Business Consultant Do?
A business consultant’s job is to provide advice and recommendations to the leaders of an organization. A consultant may also support the implementation of their recommendations. The title of business consultant can vary by company or industry and may include titles like management analyst, business advisor, strategy consultant, operational consultant, financial consultant or even leadership consultant.
Consultants conduct studies on the issues an organization is trying to address. Studies may include interviewing personnel and observing the methods and practices used within the workplace. They also analyze their findings, determine solutions and hold meetings to review recommendations with management.
While some business consultants communicate primarily with management, others take more hands-on roles in the organizations they work for. Career coach Amy Bartachek notes, “There are many business consultant roles that are primarily client-facing; their role is to assist the client with putting analysts’ output into a plan of action.”
Business Consultant Job Outlook
Business consultant careers are expected to grow faster than average over the next decade and have attractive salaries. As technology continues to reshape a multitude of industries, markets will become more competitive, requiring businesses to operate more efficiently and effectively.
The U.S. Bureau of Labor Statistics (BLS) expects to see strong demand for consultants who specialize in specific business functions, such as HR or information technology. For example, companies rely on IT consultants to maintain their security and efficiency. The BLS also predicts government agencies will call on consultants to optimize their operations.
Business consultants typically take home above-average salaries. According to the BLS, business consultants or management analysts earned a 2022 median income of $95,290, with the top 10% of earners making more than $167,650.
Top Skills for a Business Consultant
Having highly effective communication skills is crucial for a business consultant. Being an effective communicator will help the relationship between consultant and client. Not only do you need to clearly convey your ideas to your client, but being able to comprehend their issues and needs will help you determine the best course of action to take.
Other top skills include a depth of knowledge in the industry or business you are working in, as well as problem-solving and creative thinking skills. A firm grasp of these abilities, plus a solid understanding of data analytic solutions, will allow you to give advice and recommendations that will help your client stay ahead of the curve.
Steps To Become a Business Consultant
Working as a business consultant requires a particular skill set. Not only do you need deep knowledge of an industry, but you must also have analytical and leadership skills, along with the ability to think creatively and communicate effectively.
Earn a Bachelor’s Degree
A bachelor’s degree is typically a requirement to become a business consultant. Many business consultants also obtain a designation such as a Certified Management Consultant (CMC).
Students should consider a major that includes a focus on business, such as business management, marketing, accounting, business analytics or finance. Additionally, degrees in social sciences and engineering have their strengths as well, especially if a student plans to work as a consultant in the field they major in.
Consider a Master’s Degree
Although not required, completing an M.B.A. program will make you more attractive for higher-paying positions at consulting firms. An M.B.A. is also an opportunity to network with professionals in the field and gain additional knowledge on certain industries.
Additionally, if you are an entrepreneur or plan to start your own consulting business, earning an MBA can help broaden your skill set.
You may also consider other relevant master’s programs beyond the M.B.A. Specialized degrees that can benefit aspiring business consultants include Master of Science programs in business analytics, management, management studies and technology management.
Look Into Certifications
Certifications are not a requirement for success as a business consultant, but they can be beneficial. Consider these two certifications, but note that there are many types of certifications available.
The Project Management Professional (PMP)® offered by the Project Management Institute can show prospective clients that you understand the needs of a business. The designation validates your understanding of the technical aspects of project management, the soft skills required to influence a team and how organizational strategy relates to project scope.
The U.S. Institute of Management Consultants offers the internationally recognized professional designation of Certified Management Consultant. CMC certification shows clients your mastery of professional knowledge and commitment to ethical practices.
Frequently Asked Questions (FAQs) About How To Become a Business Consultant
How long does it take to become a business consultant?
You can expect to take a minimum of five to six years to become a business consultant. You will need to complete a bachelor’s degree, then either spend a couple of years gaining experience in the field or earn an M.B.A. or specialized master’s degree.
How do I start a career in consulting?
You can start a career in consulting by earning a bachelor’s degree in business or a discipline related to your target sector. After earning your degree, you can pursue a graduate degree or enter the workforce to gain experience and knowledge within your industry. Alternatively, if you already have expertise in a particular field, you can start and scale your own consulting business.
Which type of consultants make the most money?
According to the BLS, the highest-paying industries for management analysts—a broad category that includes business consultants—include information services, metal ore mining, petroleum and coal manufacturing, computer manufacturing, and clothing and accessories retailing. As of 2022, consultants and analysts in these fields earn median salaries ranging from about $136,000 to above $190,000.
