Is consulting a good career choice? 11 in-demand fields to consider

What is consulting, and what does a consultant do? Essentially, a consultant is a professional expert who provides specialized advice and guidance to organizations or individuals to help them solve problems, improve performance, and achieve their goals.

Consultants work across many different types of industries, offering expertise in a variety of areas – including everything from management and finance to marketing and human resources.

Consultants may operate independently or as part of a consulting firm. Generally, their role involves analyzing business problems, developing tailored solutions, and implementing strategies that drive success.

With businesses increasingly seeking expert insights to navigate complex markets, the demand for skilled consultants continues to grow – especially in high-paying specialties that offer valuable expertise.

Do I need an MBA to become a consultant?

Consulting is an appealing career path for many. But does finding a role as a consultant mean that you need to have an MBA?

Holding an MBA may help you earn a higher salary. But it does not always guarantee employment. What matters is that you have the right skills, knowledge and abilities to help your clients achieve their business goals.

How much can I earn as a consultant?

A Graduate Management Admissions Council (GMAC) survey found that the average starting salary for MBA graduates is $120,000. This is $30,000 higher than direct-from-industry hires and $50,000 higher than job candidates with a bachelor’s degree.

However, irrespective of whether you’ve completed your MBA or not, you can increase your earning potential as a consultant by choosing certain niches in which to specialize.

11 Types of consultants that are in demand

In today’s fast-paced business landscape, businesses need to have an edge over the competition in order to remain successful and profitable. This is where professional consultants can help. Consultants bring specialized knowledge that can help to solve complex business problems, from attracting and retaining top talent to managing business risks. From start-ups to large corporations, many types of businesses can benefit from the unique skills of a professional consultant.

1. Strategy consultants

Taking a top-down view of a business, strategy consultants audit a company’s long-term vision and trajectory. They may analyze a business’ allocation of resources and identify new target markets, as well as business development and lead generation.

By providing actionable recommendations, a strategy consultant can assist businesses in making data-led decisions that drive growth.

2. Financial advisory consultants

A key part of a business’ success depends on how well its finances are managed. Financial advisory consultants explore how a business can cut costs, increase cash flow, and reduce risks in a legal and ethical manner.

Financial advisory consultants often specialize in areas such as debt restructuring, mergers and acquisitions, and financial compliance. Many are required to pass industry certifications to operate in the field, such as the U.S. Financial Industry Regulatory Authority (FINRA) exam.

3. Business operations consultant

By understanding process optimization, supply chain management, workflow automation, and resource allocation, business operations consultants cut costs and improve productivity for businesses. To do this, they analyze key performance indicators (KPIs), identify inefficiencies, and develop solutions to streamline day-to-day operations. Their expertise is particularly valuable in industries such as manufacturing, retail, and logistics, where optimizing efficiency can have a direct impact on profitability.

4. Investment consultants

Investment consultants provide businesses with financial advice after conducting thorough research. From identifying new potential investments to monitoring the performance of a client’s current portfolio, these consultants help manage the decisions associated with business investment.

5. Tax consultants

Tax filing can get complicated, especially for large organizations. Tax consultants help businesses navigate complex tax laws, ensuring compliance while optimizing deductions and credits. They provide advice to tax filers, ensuring that they’re adhering to government-mandated norms. Their services may include tax planning, audits, and representation before tax authorities.

6. IT consultants

IT infrastructure plays an important role in the running of any business. IT consultants assess a company’s technological needs and recommend solutions to enhance efficiency, cybersecurity, and data management. They may also install and monitor software and other information technology to help businesses run more efficiently.

IT consultants often specialize in a particular area, such as cloud computing, artificial intelligence, and cybersecurity.

7. Risk management consultants

Risk management consultants analyze market risk, operational risk, inflation risk, and other such factors that may impact a business. To do this, they conduct risk assessments, implement mitigation strategies, and develop contingency plans to help protect businesses from financial and operational uncertainties.

8. Management consultant

The role of a management consultant is to help businesses improve their overall performance by developing strategies to enhance productivity. They do this by analyzing existing business structures and identifying inefficiencies and areas for improvement. Their work often includes restructuring teams, implementing new business models, and improving decision-making processes.

Frequently, management consultants play a key role in organizational change management, ensuring that businesses can adapt to shifting market conditions and challenges.

9. Marketing consultant

Marketing consultants assist businesses in developing and executing effective marketing strategies to boost brand awareness, attract customers, and increase sales. They conduct market research, analyze consumer behavior, and craft data-driven marketing plans tailored to a company’s target audience. Quite often, a marketing consultant’s expertise will span across digital marketing, content strategy, social media management, and advertising campaigns.

10. HR consultant

HR consultants support businesses in managing their workforce effectively by advising on recruitment, employee engagement, compliance, and organizational development. They help companies create strong HR policies, improve talent acquisition strategies, and implement training programs to enhance employee productivity. By ensuring compliance with labor laws and fostering a positive workplace culture, HR consultants help businesses attract and retain top talent.

11. Education and training consultant

Education and training consultants work with businesses, schools, and organizations to design and implement effective learning and development programs. They assess skill gaps, develop customized training curriculums, and introduce innovative learning solutions to enhance workforce capabilities.

Reduce your risk with consultant insurance

A consultant’s job revolves around helping businesses, organizations and individuals achieve their goals. The work can be both challenging and rewarding. However, it does come with certain risks. That’s why consultant insurance comes in.

Consultant insurance can help to protect you against mistakes, claims of negligence, client injury, and more. Find out more about insurance for consultants with BizInsure today.