Do Business Consultants Get Paid Well? - A Comprehensive Guide

Consulting jobs are known to be among the most lucrative in the world. With the right strategies, you can land a high-paying consulting job for yourself. This post will explore several consulting roles that tend to offer higher salaries than other consulting positions. I recently had the chance to speak with Kristina Kang, a senior change management consultant, to learn more about what it's really like to work in the field.

We discussed what the title “consultant” means, the paths you can take to enter the industry, the skills you need to succeed, and what you can expect to be paid when you're just starting out.

Business process management consultants

help companies document, analyze, improve and automate their business processes to increase efficiency and productivity. Trust consultants, who are usually experienced in law, assist companies in managing their trusts and funds. Some consultants simply prefer to work for smaller companies and are willing to accept a slight pay cut to do so. This post will focus on the highest-paying consulting jobs and what you need to master to be chosen for them. Whether or not you have an MBA, you can increase your income as a consultant by specializing in certain niches over others.

But what does it mean to be a consultant? And is an MBA necessary for a successful and financially rewarding career in consulting? Contrary to popular belief, an MBA is not required for success in consulting.

The Big Four Consulting Firms

The “big four consulting or accounting firms” are Deloitte, Ernst and Young, KPMG and PwC. If you have a degree in finance, marketing, or operations and more than five years of experience providing certain services, you could land a well-placed job at any Fortune 500 company or even generate tons of business on your own. In addition to these functions, accounting consultants also make financial forecasts and determine the profitability of their business. When auditing the functioning of an organization, business operations consultants focus on analyzing the companies' chain of operations and finding out how they can be optimized.

Business Growth & Lead Generation Consultants

By analyzing how you allocate resources, target potential customers and convert them, business growth and lead generation consultants focus on transforming your business.

Consulting jobs provide opportunities to develop general and specialized skills and develop at all stages of a worker's professional career.

MBA vs Non-MBA Consultants

Here are the differences between consultants with an MBA and those who don't, so you can decide for yourself. However, this doesn't mean that you should focus all your efforts on big companies to maximize profits. There are also people who will gain a lot of work experience in an industry, get an MBA, and then hire them in a consulting firm.