Business Consultant Salary:

Business Consultants is a diverse field that involves many different roles, skills, specializations, and responsibilities. They are highly valued individuals within any organization, and as a result, they are often compensated very nicely. According to Indeed, the average salary for a Business Consultant is roughly $84,000 but can range well above six figures depending on different factors. Moreover, the demand for this job position is increasing steadily, so there are ample opportunities for you if you want to work in this role. However, before you submit any job applications, you will have to consider a few key aspects that will likely play a part in determining where you apply to work. First, consider the local job market either where you live or where you plan to apply for jobs. You may want to work in a larger city, where salaries are typically higher -- just like the cost of living. With this, ask yourself which industry or company may align best with your values and needs. Just as importantly, you should consider the level of experience and education you plan to obtain. Gaining certificates and certifications as well as hands-on experience can make you a key prospect in the job search. Investing in your education and business networks can help you become a well-rounded professional with an increased likelihood of higher earning potential in the long run.

What is a Business Consultant?

Business Consultants are industry experts who advise clients on both execution and strategy. After working with management to review company operations, Business Consultants can help with revision and restructuring, as well as implementing a plan for the company to achieve long-term goals. They are typically strong problem solvers, adapt easily to market demands, and are quick to implement any changes on a higher level within the organization. Moreover, consulting across industries can mean becoming better at the job and gaining a deeper understanding of the business world at large.

Companies of all sizes rely on Business Consultants, from decades-old corporate entities to brand-new start-ups, and from family businesses to multinationals. Even more so, they can work in virtually any industry, including finance, healthcare, technology, retail, manufacturing, and even tourism. Their primary roles include analyzing the organizational structure of a business and developing new strategies for improvement as a result of their findings. They may also specialize in certain subsets of business consultancy, such as human resources, marketing, or management.

On a daily or weekly basis, Business Consultants typically engage in several key activities that range from research and analysis to presentations and strategizing. One challenge of business consulting is that tight deadlines and an expectation of meaningful results can make it a stressful field. However, the people who will succeed best as Business Consultants will be problem solvers who are motivated, flexible, calm under pressure, and have excellent communication skills. When working on large-scale projects, Business Consultants will encounter tasks that differ daily, leading to better engagement with the project and higher job satisfaction: since no day is exactly like the next as a Business Consultant, it’s hard to get bored.

What Affects Your Pay as a Business Consultant

When it comes to your expected salary range, numerous factors come into play, like your education, experience, industry, location, and specialization. For example, having an advanced degree or certification may boost your chances of landing a higher-paying job, and the more hands-on experience you have -- whether from an internship, freelance gig, or training program -- the more likely you will earn a profitable salary in the future. 

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Education

Your level of education can make a huge difference in your salary as a Business Consultant. There are many options for your business education -- you can choose from universities, community colleges, training centers, and other forms of education. However, each offers different benefits and disadvantages. For instance, many think they need a degree from an accredited university in order to earn a livable wage; however, that is becoming more and more untrue, especially in this field. Although an Associate’s, Bachelor’s, or Master’s degree can be incredibly worthwhile, it can be incredibly costly and lengthy. This is not the only method, though. You can also earn certificates and certifications from reputable training centers as a means of educating yourself on business practices and consultancy tasks. This is far less expensive and time-consuming but may omit some information that is not exactly relevant to the specific role or practical in its application. Regardless of your learning method, having a solid foundation that can be built upon in future classes or throughout your time as an entry-level consultant is essential.

Experience

Arguably more important than education is experience. Any reasonable employer will hire someone with ample experience over someone who has just graduated from a program, mainly because experience typically equates to credibility. If you are fresh out of school or training, you can expect to land an entry-level job that is designed to give employees enough experience to move up the ranks. Consultants with a few years of experience or those with relevant volunteer or freelance work will command higher rates. You can gain practical experience through internships, assistantships, workshops, bootcamps, and other forms of on-the-job training. However, any reasonable employer will want to confirm that you not only understand business consultancy, but you can perform the necessary tasks. 

Industry

Business Consultants can work in all industries. As such, it may be important to research which industries are incredibly profitable in your area before deciding on a job. For example, if healthcare is one of the main contributors to your local economy, it may be worthwhile to explore Business Consultant positions in this field. Likewise, the type of company you work for can play a role in your pay too. If you choose to work for a small business, you may expect a smaller salary range than if you work for a big company. Additionally, some industries and companies pay freelancers far more than their permanent employees, or vice versa. The caveat with this is that freelance professionals are not permanent and will eventually move on to find another job.

Location

Most of all, your location will factor into your salary expectations in addition to how you determine your quality of life. Take note of the salary ranges you notice throughout different states and cities as this can help you make your decision. Cities like New York or Los Angeles are enticing as they are large, have ample opportunities, and typically have job positions with high-paying salaries. However, the cost of living is incredibly high, particularly in comparison to other areas. For example, Chicago has a far less severe cost of living than New York City but still has all the desirable industries where a Business Consultant would thrive, such as finance, healthcare, and technology sectors. If you factor in the cost of living in any area -- including housing, utilities, groceries, transportation, leisure activities, and other expenses -- you will determine whether one region is more worth it than the other to you.

Specialization

Business Consultants who have learned an in-demand specialized skill can be rewarded for their expertise. Consultants with in-demand skill sets typically have a higher chance of gainful employment. For example, if you have experience with data analytics, marketing, project management, or financial management, you may find a more specialized role in the company, which means your pay may be affected by that as well. A specialization can set you aside from other applicants as well, which is preferable since there is such a competitive market for Business Consultants. This can also help you set premium rates for your services if you choose to become a freelancer. 

Pay Range for Business Consultants

As previously stated, Indeed estimates that the average Business Consultant in the United States can earn roughly $84,000 each year. Similarly, Glassdoor shares the same average salary but indicates that the expected salary range could be closer to $64,000 to $114,000. This does not take into consideration additional pay that could come from bonuses, profit sharing, and any other form of compensation. It is also important to consider that factors such as experience, location, and education will play a role as well. For example, entry-level Business Consultants will have to gradually work their way up the ranks to earn closer to six figures. Moreover, cities such as Dallas, Texas and Phoenix, Arizona can earn closer to $90,000 to $100,000, whereas Business Consultants in areas like Atlanta, Miami, and Seattle earn closer to the national average. Still, all this information indicates that Business Consultants can earn a lucrative salary outright and work their way up the ranks through continued growth, experience, and development.

Highest-Earning Job Titles for Business Consultants

When searching for a job as a Business Consultant, you are likely to wonder how far you can go in this field. In particular, you may wonder what the highest-earning job title that a Business Consultant can earn. Glassdoor provides further insight into this job position and its potential trajectory. Of course, when you are just starting in the field, you will likely work as an entry-level Business Consultant. From there, you will be able to move up to various mid-level positions, such as Business Consultant Manager. This jump requires additional years of experience and comes with a far higher salary, ranging from around $125,000 to $204,000. There is also potential to work as the Director of Business or a Senior Business Consultant with additional experience. As such, the pay range is far higher as well, with some indicating you could earn upwards of $200,000 to $300,000. However, this depends greatly on the company and your personal achievements. Still, working from Business Consultant all the way up to Principal Business Consultant is possible and worth considering if you have the desire to truly excel in this field and position.

Learn the Skills to Become a Business Consultant at Noble Desktop

At Noble Desktop, you can learn all the necessary skills to become a Business Consultant through various classes on a wide range of subjects. You can choose from certificates, bootcamps, and short courses that help give you more insight and skills to succeed in your preferred field and industry. For example, the 132-hour “MBA” Business Certificate allows students to master the tools, concepts, and technologies to succeed in the business world. Specifically, you will learn project management methodologies, financial concepts pertaining to investments and insurance, marketing strategies such as search engine optimization, business law and writing styles, and data analytics processes. In addition, you will explore ways to utilize useful tools like AI, which can be instrumental in creating a more productive workplace. In addition, you will practice using software and platforms like Microsoft Excel, Figma, Tableau, and Google Analytics. With the help of an expert instructor, hands-on training, and additional mentoring, you will earn your certificate of completion. This all-encompassing education will enable you to become more confident in your business skills and feel ready to take on a role as a Business Consultant or a related position.

One of the most popular and widely used platforms across all businesses includes Microsoft Office. The applications within Microsoft Office are essential for data management, communications, presentations, and document handling. In Noble Desktop’s Microsoft Office Fundamentals Bootcamp, you will learn advanced levels of Excel and intermediate levels of PowerPoint, Word, and Outlook. In Excel, your instructor will show you how to turn data insights into clear, understandable visualizations. Perhaps you choose to present your data findings with PowerPoint -- after this bootcamp, you will feel comfortable using all the visual features, transitions, and layouts. Similarly, you will learn how to navigate, format, and personalize documents within Word and share them with others in your organization with Outlook. Overall, this bootcamp gives you an all-encompassing overview of the most essential Office tools that will serve you well as a business consultancy professional.

If you are curious about specializing in project management but want to take a short course before deciding, you can enroll in Project Management Level I. Here, you will learn the five key phases of project management, focusing mostly on the first two stages: initiation and planning. You will study foundational concepts and project management terms that give you more insight into the field before deciding to move forward with Level II or a bootcamp. Moreover, you will learn how to select and develop project plans, including everything from its schedule, budget, resource allocation, and other aspects that define the project. Overall, this course gives you the skills to determine whether project management is the right career path for you to explore.