The aim of this article is to explain the salary range of business consultants, along with their duties and job description.
The job of a business consultant is to provide quality advice to the companies for whom they work. It is a very prestigious and highly coveted job. To become successful in this profession, you should ideally have a master’s degree in business management or financial management from a reputed university. People with degrees in marketing and economics can also enter this field. Apart from the regular academic curriculum, candidates who have an internship experience as a junior business consultant, can expect better jobs and pay packages. The salary of those working for top-notch multinational companies are higher than most other professions. Budding professionals should get relevant certifications to succeed in their area of work and interest. The certifications offered by organizations such as FAMEE Foundation can prove to be helpful. Certified Marketing Advisor level I, the Certified Marketing Advisor level II, the Certified Expert Marketing Advisor level I, and Certified Expert Marketing Advisor level II are the certifications which can help an aspirant, interested in the field of marketing to go a long way. These certifications will give you solidity and a fat paycheck.
The salary of business consultants depends on a variety of factors such as their educational qualifications, years of practical experience, the companies for whom they worked, and their place of work. The salaries for those who enter this field after getting a master’s degree is naturally more than that drawn by the ones with a bachelor’s degree. The salaries for the people with a bachelor’s degree in management and working as a business or management consultant can be anything from about USD 40,000 to USD 75,000. In the initial stage of their career, those with the master’s degree can earn anything between USD 60,000 to USD 1,50,000. With experience, this amount can grow to more than USD 2,00,000 per year. The average salary of those with up to four years of experience is believed to be around USD 70,000 per year. The salary of a senior business consultant can be well over USD 2,50,000 per year.
Another positive thing about this job is the bonuses, incentives, and perks along with the basic salary. The bonuses are paid as a percentage of the yearly salary drawn by the person and it also depends on the designation or post of the person. Business consultants are either full-time employees or self-employed professionals. The self-employed professionals can earn more than the employed ones, if their firm has a large client base. It is possible for an experienced self-employed consultant to earn around USD 350 per hour.
Business consultants give valuable suggestions to improve the performance of a company. They are involved in processes like strategic planning, execution, marketing, and management in an organization. They have to work at the site of their clients and interact with their employees to find out ways for business expansion of the client. They have many areas of specialization such as information technology consulting, strategic planning consulting, human resource consulting, and organization development consulting, etc. Business consultants need to have qualities such as self-confidence, good communication skills, and the ability to think logically and analytically. They have to deal with difficult situations at work and come up with concrete solutions to the problems that are hampering the growth of the client organization. These consultants attend the meetings with top officials and finalize the business strategies of the company for the present and plan the course for the future.