A career in business consulting can be lucrative, but you’ll need to take steps to break into the highly competitive consulting industry.
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Bennett Leckrone is a news writer for BestColleges. Before joining BestColleges, Leckrone reported on state politics with the nonprofit news outlet Maryland Matters as a Report for America fellow. He previously interned for The Chronicle of Higher Ed...
Updated on July 24, 2024
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Editor, Business Education
Valerie Black has over 12 years of experience as a professor and 10 years in journalism. She empowers students to leverage the resources that are available but not easily accessible. Her focus is in online education, rich content, and digital storyte...
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By
Reporter, Business Education
Bennett Leckrone is a news writer for BestColleges. Before joining BestColleges, Leckrone reported on state politics with the nonprofit news outlet Maryland Matters as a Report for America fellow. He previously interned for The Chronicle of Higher Ed...
Edited by
Editor, Business Education
Valerie Black has over 12 years of experience as a professor and 10 years in journalism. She empowers students to leverage the resources that are available but not easily accessible. Her focus is in online education, rich content, and digital storyte...
Updated on July 24, 2024
Learn more about our editorial process
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Consulting can be a lucrative field, but landing a job in the industry is no easy task.
Management consulting jobs are highly competitive, especially at top firms like McKinsey and Bain. Landing a job in consulting, either at a national or local firm, means standing out from the crowd and taking steps to boost your credentials.
There are a number of paths you can take to become a consultant, from earning a degree to getting real-world experience in the industry you want to consult for. Consulting is a broad field that extends far beyond traditional management, and you can shape your expertise to carve out a consulting role in a number of different areas.
Read on to learn more about how to break into the lucrative and fast-paced consulting industry.
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The Business Consulting Industry
Business consultants are professional advisors that help companies meet goals or make their operations more efficient.
As a business consultant, you’ll be brought in to increase revenue and profitability, improve employee performance, create long-term plans, and account for changing technologies. That can mean helping leaders make difficult decisions about staffing and investments.
Consulting is a broad field that encompasses a number of industries. From manufacturing to human resources and technology companies, consultants are brought on to help companies reach their long-term goals and adapt to ever-changing consumer demands.
Consultants can earn high salaries: The average base salary across the industry was $86,000 per year as of July 2024, according to Payscale, although they can earn more depending on location and expertise.
How to Become a Business Consultant
There are a number of paths to becoming a business consultant.
One common way to land a job at a top consulting firm is to pursue a master of business administration (MBA) degree. People usually pursue an MBA after already completing a bachelor’s and gaining some industry experience.
Earning an MBA isn’t a requirement to become a consultant. Real-world experience and industry connections can also help you break into the industry, especially if you want to work at a smaller firm or on a local basis rather than at a large, national company. You can also earn much cheaper credentials and professional certificates to showcase your expertise without pursuing a full-on graduate business degree.
7 Tips to Become a Business Consultant
1. Choose an area of expertise.
Business consulting is an ever-changing field that mirrors industry trends.
Whether you have a keen interest in finance or financial technology (fintech) or existing expertise in technology, web development, and artificial intelligence, you should mold your journey to becoming a consultant around your own interests.
If you’re interested in workforce development and team building, you might specialize in human resources consulting. If you care more about building a business from the ground up, you might shape your skills more broadly and focus on a sweeping consultant role.
There are some skills, like data analytics, that you’ll need regardless of your area of focus as a consultant.
2. Get a degree.
Pursuing an MBA degree is a common path to becoming a consultant.
Many MBA programs offer specializations in consulting, and top consulting firms tend to hire recent MBA graduates. Earning an MBA can help you develop the many skills necessary for becoming a consultant, like project management, marketing, and more. It can also help you build a network of peers and industry professionals.
Most MBA programs require a bachelor’s degree or work experience for entry. You can also pursue another graduate business degree to help kickstart your consulting career, such as a master’s in management or business data analytics.
A degree isn’t absolutely necessary for becoming a consultant. Relevant industry experience and connections can also help you build your reputation and get work as a consultant.
3. Earn certifications.
A professional consulting certification can help boost your resume. There are a number of relevant certifications available for prospective consultants, including:
- American Institute for Business Management and Communication's Certified Business Consultant
- Institute of Certified Business Consultants' Certified Business Consultant
- Institute of Management Consultants USA's Certified Management Consultant
- Institute of Financial Consultants' Certified Financial Consultant
You can also pursue certifications in closely related fields, such as the Project Management Institute's Project Management Professional, or a Six Sigma accreditation. Even a certification in a high-demand area like information technology (IT) or AI can help bolster your credentials and help you stand out from the competition in the consulting industry.
4. Network, network, network.
A strong professional network is key to consulting. You can make connections by earning a cohort-based degree and getting real-world experience, but attending networking events and joining industry groups can also help you build your network.
5. Use your real-world experience.
Being a consultant means helping business leaders make tough decisions. There’s no better way to prepare for that high-pressure environment than getting relevant, real-world experience within the industry.
You don’t need to have started your career in the consulting industry to transition into a consulting role. You can leverage your real-world experience with business leadership and data to help break into the field of consulting. Relevant industry experience also means you’ve developed a professional network and contacts that can help further your prospects in the consulting industry.
6. Become an effective communicator.
Consulting isn’t just about devising a plan to help a business. It’s also about effectively communicating that plan to decision-makers and ensuring that teams are on the same page regarding proposed changes.
You’ll be making presentations and distilling high-level data for teams across numerous businesses. Presenting and communicating effectively are critical skills for a consultant. Be ready to both interpret and present data.
You can improve your public speaking skills by studying speakers, preparing talking points ahead of time, and brushing up on crafting presentations with visual aids. As a consultant, you may have to be a one-stop shop for both preparing and presenting to clients.
7. Make a name for yourself
An active and engaging social media presence can help you gain name recognition, boost your network, and add to your consulting credentials.
Businesses are keen to develop digital marketing strategies, so effectively marketing yourself and building a brand online can help shore up your consulting acumen. Actively posting professional, informative news and analysis on social media sites like LinkedIn can also boost your searchability and make you recognizable to clients.
You might also consider contributing thought leadership and analysis pieces to online and industry publications.
Featured Online Business Programs
Learn about start dates, transferring credits, availability of financial aid, and more by contacting the universities below.
Frequently Asked Questions About Business Consultants
Do consultants make a lot of money?
Consultants can make in excess of six figures, especially at top consulting firms. Top schools like Stanford report high earnings for MBA graduates entering the consulting industry, even amid slower job prospects.
How do consultants get paid?
Consultants can be paid in multiple ways. Some on-staff consultants are paid a salary, whereas others earn project-based or hourly rates.
Is being a business consultant worth it?
Being a business consultant can bring in high earnings, although the job market is highly competitive and difficult to break into.
What is the average fee for a business consultant?
Fees vary depending on the firm and type of business consultant. A local consultant will typically charge less than a high-profile national firm.
Why would someone need a consultant?
Consultants are brought in to tackle business challenges like revenue loss and plan for future growth.
