Consultant Careers & Degrees How to Become a Consultant

Management consultants are sometimes called management analysts. Their job is to look at what an organization does as a whole, then work to increase efficiency in most areas. Specifically, they strive to make a business more profitable, usually by helping the owners cut costs and grow revenue. To get there, they might recommend personnel changes, new systems, alternative practices or new procedures. Most are self-employed and work on a contractual basis. To learn more about what it means to be a management consultant, as well as the work it takes to get there, read on.

What Does a Consultant Do?

Management consultants work to increase efficiency. But that is a very simple way to explain what they really do behind-the-scenes for large companies and organizations. Here's how their days break down.

Consultant Career Basics

The work of a management consultant varies from one project to another; some projects require an entire consulting team, with each person having specialized knowledge in one area. Other projects are smaller and can be handled by an individual consultant. The work involves a great deal of research, looking over internal documents, exploring expense reports, speaking with employees and monitoring day-to-day operations.

Consultant Careers In-Depth

Some consultants make a point of specializing in one particular area, such as healthcare or retail sales. They might then specialize further under that umbrella, focusing on points such as inventory control, personnel and reorganizing corporate structure. They might also work with start-ups to design the best entry into the marketplace, or companies that are looking to downsize and sell to someone else. Either way, consultants often work under tight schedules and might work overtime to meet deadlines.

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Consultant Salaries & Job Growth

Consultant Salaries Across the US

Management consultants in the United States made a median wage of $81,320 per year in 2015, according to the Bureau of Labor Statistics. That number might be higher or lower depending upon several factors, including experience, educational attainment and geographical location. Here's what to expect from consultant salaries in various states.

Consultant Job Growth

As more organizations seek to save money by becoming more efficient, consultants are expected to be more in demand. In fact, the Bureau of Labor Statistics estimates an increase of 14 percent in employment for management consultants from 2014 to 2024, which is faster than the average for all occupations. Growth is expected to be strong in government agencies, small consulting firms and those that focus on international business. Growth will be driven by particular industries as well, such as information technology or human resources. Those who have specialized expertise, are fluent in a foreign language, have great people skills and have some knowledge of “green” technologies are expected to see the best opportunities.

Steps to Becoming a Consultant

Consultants must typically earn a bachelor's degree in order to be competitive in the field. However, some employers prefer to hire those who have earned their master's degree, specifically the MBA. Here are the steps to reach various consultant careers.

Preparing for Consultant Careers: Management Degrees & Programs

When an aspiring police officer chooses to go to school to obtain formal education, a world of possibilities opens up. Here are some of the potential places where the certificate or degree can be earned.

Undergraduate Programs & Degrees

Business

The business degree is designed to provide a broad base of knowledge to students, including courses in finance, marketing, organizational behavior, statistics, accounting, business law and more. This well-rounded undergraduate degree can also be specialized a bit with electives that build on the knowledge offered in the core courses. Typical classes might include:

• Human resource management
• Public relations
• Strategic management skills
• Management information systems

Psychology

The bachelor's degree in psychology can provide a strong overview of how individuals and groups think and act, which are vital points to consider when advising a company on how to handle personnel issues. This understanding of human behavior might be especially advantageous to the consultant who intends to work with government entities, including social services. Typical classes include:

• Cognitive foundations
• Occupational & industrial psychology
• Research methods
• Perspectives on the social mind

Consultant Degrees: Courses & Requirements

The most common degrees for consultants are found at the bachelor's and master's degree levels. Keep in mind that the bachelor's degree can be in almost anything, as long as it relates to business, psychology, accounting and the like – all topics that will be informative for the aspiring consultant. Here's what to expect from the degree options.

Bachelor's Business Consultant Degrees

Time to Complete:

Four years of full-time study

Courses typically found in a bachelor's business program include:

Master of Business Administration

Time to Complete:

Two years of full-time study, but accelerated degrees are available

Students may expect to find the following classes in the MBA program:

Consultant Career Concentrations

Those who choose to work as a consultant can expect to have many doors opened to them, depending upon their particular area of concentration or expertise. These are some of the careers that management consultants might choose.

Auditor

2015 median wage: $67,190

The work of an auditor includes preparing and examining financial records, ensuring that all financial documents are accurate, assessing financial operations and implementing ways to make it run more smoothly, and keeping up with new laws that impact taxes and other payments.

Budget Analyst

2015 median wage: $71,590

These analysts look over the expense reports, payments, receipts, inventory lists and more to ensure that a company is running at peak financial performance. They prepare budget reports for various areas of the business and find ways in which spending can be curtailed.

Cost Estimator

2015 median wage: $60,390

When a company wants to build a new building, expand a department or otherwise drop a large amount of money into a project, cost estimators work to ensure the best possible financial advantages. They estimate the time, money, materials and personnel needed to complete a project and deliver a final budget to their clients.

Market Research Analyst

2015 median wage: $62,150

These individuals work with certain products and services, exploring the market and gauging what the best price points might be for those items or services. Their research informs companies on what people are buying, who is buying it, and what price they are willing to pay.

Survey Researchers

2015 median wage: $53,920

These researchers create surveys that focus on a particular product, brand or service, and then find the proper audience to take the survey and provide answers. Those answers are then analyzed and compiled into reports that inform businesses and organizations of their next innovation or change.

Management Consultant

2015 median wage: $81,320

Also known as management analysts, these individuals delve into all aspects of an organization to determine where changes might be made that will lead to a healthier company. This might include changes in finance, operations, personnel and more.

Components of a Successful Consultant Careers: Skills, Credentials & Technology

Successful consultants have certain things in common, including a particular set of skills and traits. They learn to use certain technologies to their advantage, and earn credentials that help them stand out to employers. Here's what they need.

Skills

Technology

Credentials

Management consultants are not required to have certain credentials to conduct their work; however, the field is competitive, which means that every advantage counts. Those who have a nice list of credentials on their resume are more likely to get hired or see better pay. The most common credential is the Certified Management Consultant (CMC) designation, offered through the Institute of Management Consultants USA.

The CMC is awarded on three levels: Basic is designed for those who have been in the business for anywhere from three to nine years, Experienced is designed for those with a decade or more of experience, and Management is designed for those with at least 20 years of experience as well as at least three years of consulting.

To earn the CMC, applicants must submit an application, submit at least five satisfactory client reviews, pass an oral and written examination, and meet the education and experience requirements for their chosen level of credential. The process can take as little as two months. The credential must be updated every three years.

Related Careers at a Glance

Source: Bureau of Labor Statistics

What Do Related Occupations Make?

If you're interested in how to become a consultant, you might also be interested in related professions. Working as an accountant, budget analyst, financial analyst, or cost estimator might be on your radar. If that's the case, you can peruse the list of related occupations below, which includes average salaries:

Consultant & Business Degrees Search Tool

Finding a consulting position begins with the proper degree. This search tool allows students to comb through the numerous potential degrees, including those in business, to find the ones that might be suitable for their personal needs and professional goals.

Become Team

Contributing Writer

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