Five of the Most Popular Business Consultancy Occupations- What’s Right for You
Want to be a consultant but still feel unsure when picking which career path will suit you? It’s not surprising since there are plenty of options. Right now, Business Consulting is very popular and offers many interesting opportunities. It’s certainly important to consider your unique experiences, certifications, education, and the type of work that most inspires you. Read on to learn more about the five major types of consultants and what will work with your personality and background.
Different Types of Consultancy careers Finding the right one for Your Background and Personality
For each job category that exists, there is most likely a corresponding consulting role. Some of the most popular consultancy positions include Information Technology, Management and Operations, and Human Resources and let’s not forget those unique consulting professionals that focus on business and life strategies. Each consultant type is exposed to interesting projects and robust salaries. We’re going to dig in a little deeper to help you uncover which type of consultancy is best for your background and personality.
What is Consultancy?
In the 1960’s, consulting services exploded in the American employer market (Entrepreneur, 2014). Businesses were becoming mostly service-oriented and found themselves needing consultants to figure out proactive service solutions without adding permanent staff. The most popular consultants at that time were experienced in legal, finance, human resources, and business. Over the last fifty years, not much has changed. In fact, the types of consulting roles in the United States have only expanded. These days hiring consultants is a standard practice for all companies.
How Does It Work?
Business owners pay consultants to help improve their business for the better by using a combination of experience, education, and knowledge. Most consultants will meet with the client to discuss their overall objectives and timeframes. This will help flesh out the upcoming project and make sure everyone is on the same page as far as results.
The next step is for the consultant to begin observing, studying, interviewing, and researching various aspects of the company. Fact finding will help the consultant understand where the company is now and what they will need to do to assist the company to achieve the end goal. Once the consultant feels they have a grasp on the situation, they normally roll up their sleeves and get down to the action phase of consulting. Now it’s time to do what’s needed to meet the business owner’s objectives.
Entrepreneur.com online magazine breaks down a consultant’s basic job tasks into the following list (2014):
- To provide a specific expertise.
- To identify problems.
- To supplement a company’s internal staff.
- To act as a catalyst for change.
- To be an objective onlooker.
- To teach.
- To bring new life to an organization.
- To assist with a business launch.
- To share contacts.
Different Consultancy Fields for You
The possibilities are endless when it comes to a vocation such as consultant. There are 5 different consultancy fields that continue to be very popular and may be a great fit for you. Remember, the majority of consulting jobs have great compensation packages that generally include insurance, bonuses, commissions, and profit sharing.
Here are some consultancy fields which you may like to consider, starting with.
Financial Advising Consultants
Companies have a strong focus and motivation on making a profit, so they are always trying to improve their bottom line. In many cases, a business will hire Financial Advising Consultants to help keep expenses down and profits up for the long-term. Sometimes a financial advisor (or consultant) is focused strictly on the general public and how to grow an individual’s net worth through investments and other tactics.
Financial Advising specialties include:
- Economic
- Financial
- Foreclosure
- Fundraising
PayScale reports the average Financial Consultant salary is $65,497 plus a total of $58,481 in additional incentives (2018).
Information Technology (IT) Consultants
Information Technology Consultants are usually in high demand. Just about everything is technological these days and businesses need an expert to handle it. From software to servers.
IT consultants usually fall into the following areas:
- Software Implementation
- Cyber Security
- Telecom
- Sap Security
- Technology
It’s been reported the average salary for an IT Consultant is $75,664 plus a total of $22,425 in additional incentives (PayScale, 2018).
Management and Operations Consultancy
Management Consultants are typically utilized when a business is going through a large-scale expansion or transition. Management Consultants generally are focused on one of these areas:
- Senior Risk Control
- Change Management
- Infrastructure
- Project Manager
- Politics and Political Campaigns
PayScale reports the average Management Consultant salary is $85,018 plus a total of $19,860 in additional incentives (2018).
Human Resources Consulting
Human Resources (HR) envelopes quite a long list of responsibilities. So it’s no surprise HR Consultants can focus on a few different aspects of a business. HR Consultants are also needed to recruit outside of the country, assist in corporate expansion, and support the company in moving to the next phase in its advancement.
Some Human Resources Consulting specialties are:
- Staffing and Employee Relations
- Compensation
- Healthcare Management
- Recruitment
- Senior Benefits
- Human Capital
PayScale reports the average HR consulting salary is $71,517 plus a total of $21,978 in additional incentives (2018).
Consultants for business strategy
On occasion a business may need a coach the same as football player or tennis champ. A consultant for business strategies will help a company envision their goals, create a corporate strategy for meeting that goal, and teach the company and its employees to work the strategy for success.
- Global Strategy
- Digital Strategy
- Customer Strategy & Marketing
- Mergers & Acquisitions
- Strategy Manager
It’s been reported the average salary for a Business Consultant is $98,924 plus a total of $20,119 in additional incentives (PayScale, 2018).
Business
Business Consultants are used to evaluate the weaknesses within an organization and develop an action plan to resolve that fault.
Business Consultants fall into many specialties such as:
- Human Resources
- Management
- Customer Service
- Marketing
It’s been reported the average salary for a Business Consultant is $71,193 plus a total of $26,292 in additional incentives (PayScale, 2018).
Tips for Finding the Perfect Consulting Job
Many find consulting appealing because of the glamorous, jet-setting, well-paid lifestyle it presents. Yes, to some extent that may be the reality of consulting. So, does any of that make you think consulting sounds like something worth pursuing? If so, how would you increase your chances of finding a consulting job? Here are a few ideas!
- Target your industry of expertise. Do your research! There are consulting firms of all sizes doing consulting work in all industries. You’ll want to find the firm taking on clients in an industry you understand and appreciate.
- Take classes and learn from others. It’s always important to sharpen your skills and fluff up your resume. So take some classes to learn new skills and meet new people. In fact, consider a mentorship to get your foot in the door at a consulting firm you are interested in working for full-time.
- Network and socialize. Go find other consultants that you would like to work for or with and connect, connect, connect. This means participating in webinars, networking events, conferences, professional organizations, and other trade event. Be sure to utilize social media such as LinkedIn, Twitter, and Facebook to get your name out there and begin associating with other consultants that may know of open positions.
- Establish your specialty. While you are doing research, be sure you know and have the required skill set, education, and certifications necessary to establish your specialty. If you don’t have everything you need, get it as soon as possible. If you do have what it takes, then put your name out into the universe. You’ll want to create an online presence for yourself that showcases your knowledge. To get started, write a blog, post in social media, and make yourself available to every opportunity where you can show-off your expertise.
Consulting positions are the same as most other jobs. You can look for consulting work online through employment websites and social media, by contacting a placement agency, or by word-of-mouth. If you get around the right consulting contacts, then your chances of finding your dream role will increase.
Of course, you may want to consider starting your own consulting firm and being self-employed. If you do decide to go this route, then you’ll want to be sure your new consulting firm is protected. Find out more about liability insurance for consultants by visiting the link.
How to Know What’s Right for You?
Successful consultants normally possess good skills when it comes to problem-solving, communicating, time management, and analytical skills. They also possess the appropriate experience, education, certifications, and enthusiasm to make their consulting roles fruitful. Some people in consultancy will work for an agency while others will strike out on their own. What will you decide to do?
If you have the appropriate background and are willing to work hard to make your clients successful, you should have no trouble in this line of work. Keep in mind, if you are going to create your own consulting firm, you will need to ensure your business is properly set up, which includes ensuring that you have liability insurance to protect yourself.
Reference List:
Entrepreneur (April 28 2014), [Online] Available from: https://www.entrepreneur.com/article/233300
FlexJobs (July 18, 2018), [Online] Available from:
https://www.flexjobs.com/blog/post/how-to-find-consulting-jobs/
PayScale (August 26, 2018), [Online] Available from:
https://www.payscale.com/research/US/Job=Management_Consultant/Salary