If you’ve ever considered consultancy as a career, you may have wondered about the types of consultancy jobs and what the best option may be for you. Consultancy, much like entrepreneurship, requires an in-depth understanding of establishing and running a business. But depending on the type of consultancy you want to offer, you may also need to develop different sets of skills. This post focuses on the highest paid consultancy jobs and what you need to master to be chosen for them.
Best Paying Consultancy Jobs & Most In Demand With/Without an MBA
The intellectual appeal and financial rewards that the consultancy industry entails earn it a lot of attention from people of all ages. Both younglings, just out of college, and veterans who want to slow down their careers, look at consultancy as an option. But what exactly does it mean to be a consultant? And does a successful, financially rewarding career in consulting require an MBA? Well, contrary to what most people believe, you don’t need an MBA to succeed at consulting. In fact, getting an MBA doesn’t guarantee your success in the world of consulting. It’s your skills and ability to make things work that matters, along with your ability to make choices. Would you invest in online advertising or offline networking and small but essentials such as consultant liability insurance?
Difference between consultants with MBA vs. without MBA
Technically, if you are a consultant with a Bachelor’s Degree in finance, marketing or operations, and have over five years of experience providing certain services, you could get a well-placed job in any Fortune 500 company or even generate tons of business on your own. Yet, some people believe that an MBA is an absolute requisite for getting a well-paid consulting job. Here are the differences between consultants with an MBA and those without, so you can decide for yourself.
Without MBA
Without an MBA, you can still succeed at consultancy if you focus on developing your skills and creating proof in terms of what you can make happen for clients. On the negative side, an entry-level career in consultancy may not pay as much as you would earn if you completed your MBA. However, you may earn the same salary if your skills are worth it.
With MBA
According to studies, business school graduates may make 140% more at their jobs than their peers. But this isn’t necessarily the norm. You could get paid as much as an MBA graduate if you have the skill set to warrant it. But an MBA comes with certain advantages. If you’re in one niche of consulting and would want to switch to another, an MBA can help you get a fresh start without losing any momentum or your value. An MBA also comes with the added confidence, extra training, and other such advantages.
Irrespective of whether you’ve completed your MBA or not, you can increase your earning as a consultant by choosing certain niches over others in which to specialize. Here’s a list of the types of consultants that are in demand or the highest paid types of consultants.
Consulting is a challenging and lucrative industry. Whether you’ve completed your MBA or not, you might increase your earnings as a consultant by choosing certain niches over others.
Here’s a list of seven types of consultants that are in demand.
1. Strategy consultants
Taking a top-down view of a business, strategy consultants audit a company’s long-term vision and trajectory. They may analyze a business’ allocation of resources and identify new target markets, as well as business development and lead generation.
2. Financial advisory consultants
A key part of a business’ success depends on how well its finances are managed. Financial advisory consultants explore how a business can cut costs, increase cash flow, and reduce risks in a legal and ethical manner. These consultants are expected to pass the U.S. Financial Industry Regulatory Authority (FINRA) exam to work in the field.
3. Business operations consultant
By understanding client management, product delivery, raw material procurement and other such aspects of the operations chain, business operations consultants cut costs and improve productivity for businesses.
4. Investment consultants
Investment consultants provide businesses with financial advice after conducting thorough research. From identifying new potential investments to monitoring the performance of a client’s current portfolio, these consultants help manage the decisions associated with business investment.
5. Tax consultants
Tax filing can get complicated, especially for large organizations. Tax consultants provide advice to tax filers, ensuring that they’re adhering to government-mandated norms.
6. IT consultants
IT infrastructure plays an important role in the running of any business. IT consultants may install and monitor software and other information technology to help businesses run more efficiently.
7. Risk management consultants
Risk management consultants deal with market risk, operational risk, inflation risk, and other such factors that may affect the value of a business. By calculating and making suggestions to eliminate such risks, they ensure that large businesses don’t suffer the consequences of unpredictable circumstances.
Reduce your risk with consultants insurance
As a consultant providing advice to organizations, you too could be at risk. Protect your finances and reputation with consultants insurance from BizInsure. Consultant insurance protects you against mistakes, claims of negligence, client injury, and more.
