Today, there are at least 20 types of consulting jobs that are in the highest demand. Some of these positions require particular work experience, while others require specific skill sets to succeed. Below, we delve into each one so you can pick the most profitable type for your consultancy business.
The Most In-Demand, Best-Paying Consulting Jobs With and Without an MBA
You may be wondering what types of consultants are in demand so that you can find a good-paying consultancy job. You may also be asking yourself whether or not you need an MBA for one of these jobs. Let us explain.
What’s the difference between a consultant with an MBA degree and one without one?
If you hold an undergraduate degree, you majored in finance, marketing or operations, and you have five years of experience providing particular services, you could likely land an impressive job at a Fortune 500 company. You could also successfully work for yourself. On the other hand, some people believe that only MBA holders can land a good-paying consulting job.
What are your prospects of working as a consultant without an MBA degree?
With just an undergraduate degree, you may not make as much money in your first consultancy job as you would make as an MBA graduate. However, you can develop your skills and reputation in that first job so as to make more money later on.
What are your prospects of working as a consultant with an MBA degree?
MBA holders come into their first job with extra training and, typically, self-confidence. MBA holders who gain experience in one area of consultancy can more easily switch to another area later on without losing ground financially than non-MBA holders can. Even though some studies indicate that MBA holders can make as much as 140% more than non-MBA holders, non-MBA holders with the right skill set could fair quite well financially.
20 Consultancy Niches in Demand This Year
Depending on the type of consultancy you choose, the pay can be in the typical $50K to $80K range, or it can be upwards of $100K. Here are 20 of the most in-demand types of consultant jobs that exist today, their average salary in the U.S. and what kinds of tasks you might expect to perform while consulting.
1. Strategy consultant
National average salary: $111,290
Main duties: A strategy consultant looks at a company’s long-term vision to determine whether or not there’s a better path the company can follow. These consultants work with a company’s high-level managers, analyzing how they have allocated their resources and considering how new markets might fit into the equation.
2. Trust and pension consultant
National average salary: $81,441
Main duties: Companies hire a pension consultant to manage their employees’ pensions. Trusts are complicated to manage, so companies hire a trust consultant with a background in law to manage employee trusts and funds.
3. Investment consultant
National average salary: $63,213
Main duties: As an investment consultant, you would help investors make as much money as they can through their investments. You would monitor the investor’s current investments, research the current market and identify promising investments. You may also provide many other services.
4. Economic consultant
National average salary: $84,680
Main duties: You’ll need to possess a working knowledge of economic laws and policies to advise businesses as an economic consultant. Economic consultants watch market shifts and trends and advise businesses as to how they should change their economic policies. You might consult in the areas of war, religion, politics, law, education and/or crime in addition to the actual business.
5. Regulatory compliance consultant
National average salary: $68,380
Main duties: Launching new products requires compliance with local and, likely, global regulations. As a regulatory compliance consultant, you would need to have in-depth knowledge of FDA regulations, policies and similar guidelines so that you could ensure that the company you’re working with complies with all regulations.
6. Accounting consultant
National average salary: $70,840
Main duties: Managing finances can get confusing when a business sells various products across several industries. As an accounting consultant, you might read your client’s financial statements and determine how that company can save money. You would also forecast the company’s finances and future profitability.
7. Environmental consultant
National average salary: $64,036
Main duties: If you currently promote sustainable procedures as a government or small nonprofit organization employee, working as an environmental consultant may be your calling. This type of consultant predicts the environmental impact that their clients’ business decisions make.
8. Software consultant
National average salary: $83,329
Main duties: A software consultant looks at the client's processes and often integrates customized software that streamlines those processes and workflows. The consultant might also make other recommendations regarding digital technology and online presence. Working as a software consultant, you could either be self-employed or work as part of a software consulting firm.
9. IT consultant
National average salary: $80,086
Main duties: As an IT consultant, you would help the company optimize their processes, resulting in improved performance. You might advise the company regarding their data, computer programming and analysis and help the company adapt to new technology. You would likely either work for the firm you’re helping or else as an independent consultant. You might specialize in software development, computer systems analysis, network architecture and more.
10. Marketing consultant
National average salary: $67,925
Main duties: Working as a marketing consultant, it would be your goal to improve the company’s brand strategy. You would also help the client find ways to acquire more customers. One method you might use would be targeting a particular demographic by crafting specific marketing messages that would appeal to that demographic. Other strategic marketing tactics often include marketing events, customer relationship management (CRM) strategies and developing a brand voice.
11. Financial consultant
National average salary: $67,183
Main duties: Financial consultants are sometimes referred to as financial advisors. They advise their clients as to how they can meet their various financial goals. They often also provide investment services. It's helpful when a financial consultant has financial planning experience or specializes in corporate finance management, education costs, retirement planning, investments or some other area a client may need their consultant to be familiar with.
12. HR consultant
National average salary: $79,396
Main duties: Working as a human resources consultant, you would play a major role in the hiring process. This generally includes helping your client recruit, interview and hire applicants. You would likely also do human resource planning, and you may also analyze current programs, create new policies and suggest solutions to problems. Keep in mind that the client may hire you to simply help with normal workload if that company has downsized their internal HR department.
13. Legal nurse consultant
National average salary: $85,135
Main duties: This interesting consultancy position requires you to already be a licensed registered nurse with some experience before you add consultancy to your duties. As a legal nurse consultant, you’ll consult on medical-related legal cases. You may evaluate illnesses and injuries and review medical records and testimonies given. You'll prepare reports and, of course, you’ll also give your expert advice and observations in court, to lawyers and to others.
14. Management consultant
National average salary: $103,853
Main duties: You’ll be in high demand after you master your skills as a management consultant. That's because management consultants improve their clients' performance, and that leads to greater profits. This may be done by streamlining operations, reducing waste and identifying ways to increase revenue. You might evaluate staffing needs and find ways to enhance the company’s operational efficiencies. You may also help overcome your client's business challenges.
15. Tax consultant
National average salary: $61,742
Main duties: Different from a financial consultant or a certified public accountant, a tax consultant uses their expertise in tax laws to help their client save money at tax time. A tax consultant stays on top of tax laws and prepares the client's taxes according to the current laws. You can find legal ways to minimize your client's liabilities and maximize their financial returns. For instance, you may recommend that your client stash some of his money into funds or accounts. All suggestions must be legal.
16. Social media consultant
National average salary: $46,520
Main duties: If you have a natural knack for creating successful social media strategies and you’re a social media influencer, you may want to consider social media consultancy. Your job would be to increase your client's social media presence. One way you would accomplish that is through writing content for your client. Another way you would help your client would be to teach them the best ways to increase web traffic, grow their audience, increase engagement and improve conversions.
17. Leasing consultant
National average salary: $34,733
Main duties: If you enjoy working with real estate and with people, working as a leasing consultant may be an excellent option. Companies that own many apartment complexes often hire leasing consultants to rent out their apartments for them. As a leasing consultant, you would show the apartments to prospective renters, take their applications, process paperwork and do background checks. You might also be the go-between person when issues arise.
18. Education consultant
National average salary: $65,621
Main duties: If you have an education degree and experience but you no longer want to teach kids, a career as an education consultant could be just what you need. Dealing only with educators and administrators, you’ll perform various tasks in the background. You might develop curriculums, train staff on new technologies or classroom policies and focus on how to improve student test scores.
19. Small business consultant
National average salary: $52,314
Main duties: You may wonder, "What is business consulting?" This kind of consulting resembles management consulting except that small business consulting has to do with helping entrepreneurs – exclusively entrepreneurs. As a small business consultant, you would provide the resources and guidance a small business might need. Perhaps you’ll help the small business owner develop special programs. In general, you would streamline the entrepreneur’s operations.
20. Security consultant
National average salary: $99,000
Main duties: This position should be music to the ears of police officers who have recently resigned. Experience in law enforcement, homeland security or traditional security background is exactly what is needed to qualify for and perform well as a security consultant. IT experts can even beef up a business’s cybersecurity. As a security consultant, you would help businesses manage risk. You could help them prepare for emergencies, natural disasters, workplace violence, fraud and other potentially harmful situations.
Protect Your Consultancy Business With Commercial Insurance
If you need a job change, you may be able to use your job experiences and expertise in a consultancy capacity. There’s no better time than now to set up a home consulting business. Skim-read our guide to learn how to get started.
Don’t forget to get commercial insurance to protect your business. Call (646) 844-9933 to talk to a CoverWallet consultant or request your free quote online today.