In general, the consultant position is a higher-level position (although this position does not exist in all companies). Business analysts must collect and document customer requirements. Many of the skills you'll find are similar. Generally, a BA may have more technical experience and less financial experience than a consultant, but that reflects the professional development process of the position, more than what the position requires.
Consultant is also a generic term, as well as a level degree. The analyst may suggest that you are more of a systems analyst in that field. One of the first things that analysts and consultants usually do during a hiring is to perform a SWOT analysis, which analyzes the strengths, weaknesses, opportunities and threats of a company or department, explains MindTools. The final stage for a business consultant is to draw up a plan for success and provide a road map that the company can implement to achieve the desired results.
In general, a business consultant is considered to be a generalist, in the sense that he has knowledge and skills in several areas, such as finance, accounting, management, strategic thinking, etc. Consulting as a business analyst usually includes the application of industry benchmarks with respect to the company in question. Both business analysts and consultants use analytical skills to examine a company's operations and make recommendations for improvement. In addition to analyzing the individual departments of a company and its functioning, analysts and consultants analyze the company's overall financial situation.
The analyst and business consultant review business operations to determine their strengths and weaknesses, but consultants are more likely to only offer a possible solution without going ahead with implementation. I am a full-time analyst and if I were working for a consulting firm and my company hired me only for a short-term contract, my same role would be called a consultant. Both a business analyst and a business consultant focus on identifying inefficiencies and finding solutions and therefore seem similar in their roles. Many business analysts also have a master's degree in business administration (MBA) or a certified professional in business analysis (CBAP) designation.
In larger companies, you often find the role (perhaps not the job description) of in-house consultant, while other business units provide consultants to managers to help them with problems. Business analysts can often play the role of in-house consultants in this context and, in fact, should act as in-house consultants when managing requirements. This is a typical business practice carried out by companies and that you should carry out for your company if you haven't done so recently. In conclusion, many of the skills of a business analyst and a business consultant are the same, but in general, a business analyst can be more of a technical expert added to the skills of a business consultant.
In addition, many business analysts and consultants obtain certifications through professional organizations, such as the Institute of Management Consultants (IMC) or the Project Management Institute (PMI). This is especially useful for small family businesses trying to decide who should work with customers, who should manage employees, and who should run the company.