Your guide to consulting careers
If you have industry expertise, enjoy working with people, and love problem solving, a consulting career might be the perfect fit for you. While it’s a challenging career path, consulting offers plenty of excitement and excellent earning potential.
No matter which industry you work in, consulting is a role that allows you to make real-world improvements to organisations and have a positive impact on businesses. In this guide to consulting careers, we cover some of the top types of consultant roles, the benefits of a consulting career, and the qualifications you need to become a consultant.
What is consulting as a career?
What is consulting work? Consulting involves advising companies on where they can improve, whether that’s in relation to systems, processes, goals or something else entirely. What you consult on depends on your area of expertise, like finance, human resources, marketing, sales or manufacturing, for example.
Consulting is a good option for experienced professionals looking for a career change that lets them use their existing skills and knowledge. The main reasons people move into consulting is because it:
- Pays well. Consulting jobs start from $115,000 to $135,000 per year.
- Provides more diversity, as consultants generally do contract work on different projects.
- Helps improve and expand upon their business-related problem-solving skills.
- Offers a less structured and more exciting type of corporate work.
Types of consulting jobs and specialisations
If you’re wanting to become a consultant, you have a variety of paths to choose from. Most people initially make the change to a consulting career by joining a consulting firm, then step out on their own as an independent contractor. Here are some different ways of being a consultant.
Employment types
1. Independent consultant
Independent consultants work for themselves, which has unique benefits and drawbacks. When you’re independent, you choose your clients and have more control of your schedule, deciding which jobs you want to take on and setting your own rates.
Drawbacks include limited job security, the need to take care of your own tax and finances, and missing out on any employer-provided benefits you’d receive at a consultancy firm.
2. Company consultant
Company consultants work for an agency or consulting firm. These consultants work with the clients that engage their firm. They have more job security, but can’t set their own rates (though they can negotiate their salary). Working for a firm means you don’t have as much flexibility and have to work the hours outlined in your employment contract. Major firms like McKinsey, Deloitte and BCG often have long hours – it’s not unusual for consultants to work more than 60 hours a week, though this is reflected in high salaries.
Specialisation areas in consulting
Wherever there is room for improvement in a business, there’s a specialist consultant needed to advise on it. This means you have lots of options as a consultant – which direction you take depends on your area of expertise.
Consulting rates in Australia also depend on your specialty. Here are the most common areas of speciality and their consulting rates by industry in Australia.
1. Operations consultants
An operations consultant helps improve the efficiency of company workflows and processes; they aim to make the day-to-day workings of a business more streamlined in order to cut costs. Some things they might look at include:
- Increase the performance of supply chain management
- Streamline manufacturing processes
- Clarify logistics and other areas of operations
Qualifications required: to start out, you’d need a bachelor’s degree in information, communication or business (or related), or courses in logistics and operations, as well as industry experience.
Average starting salary: $73,000 per year
2. Financial consultants
If you have extensive experience in finance, becoming a financial consultant may be a good career path for you. Financial or finance consultants carefully monitor and analyse the global finance market and advise clients and companies on trends and investments that may benefit them. This may include:
- Assessing financial risks
- Financial modelling
- Overseeing or advising on mergers and acquisitions
Qualifications required: a background in finance and business, including a Bachelor of Business or Accounting, Diploma of Finance or a Masters of Business Administration
Average salary: $120,000 per year
3. Strategy consultants
Strategy consultants advise a company on what their next moves should be in order to meet company objectives. As a strategy consultant, you advise on the company’s vision and goals, strengths and weaknesses, to find ways they can improve or address shortfalls. You would research and consult on:
- Market and industry trends
- High-level brand strategy, like vision and mission
- SWOT analysis: business strengths, weaknesses, opportunities and threats
Qualifications required: you would need a business degree or a relevant tertiary qualification as well as several years of experience as a business analyst.
Average salary: $120,000 per year
4. Human resources consultants
If the culture and people side of business appeals to you, then becoming a human resources consultant may be a good choice. These consultants help companies make important decisions when it comes to staffing issues. They look at:
- Overall staffing and human-resource management across the company
- HR policies and procedures
- Programs for performance management
- Introducing benefits programs for employees
- Remuneration packages
- Conflict resolution and dispute handling
Qualifications required: a degree in human resources generally provides the foundation of a career in HR, though it’s not always required. To become a consultant, you’d need relevant professional experience, and to be knowledgeable about labour regulations.
Average salary: $95,000 per year
5. Risk and compliance consultants
Industry regulations can be complex, so risk and compliance consultants help companies ensure they’re compliant with the law and protecting the data security of their staff and customers. A risk and compliance consultant may:
- Assess, identify and reduce the risk of violations of regulations
- Explore data security breaches
- Investigate cyber threats
Qualifications required: a degree in risk assessment, IT security or law can help your resumé stand out if applying for these types of consultancy positions.
Average salary: $140,000 per year
Benefits of a consulting career
Working as a consultant comes with many benefits, like collborating with a wide range of clients, and having a higher annual salary than you would in a non-consulting position in your field. Here are some of the main benefits you can expect in a consulting career.
Diverse industries and projects
As a consultant, you work a mix of one-off jobs, short-term projects and long-term contracts. You may work with just one client or many at once, from one particular industry or across multiple. If you like a role with variety, consulting can provide plenty of exposure to different environments.
Strong skill development
Consulting is a challenging role, and will give you opportunities to hone your skills and learn new things. Working on different projects gives you the chance to refine different attributes and abilities, and paves the way for ongoing development of your analytical, problem-solving and communication skills.
Fast-paced and stimulating
Consulting with an agency means working with multiple clients at once. As a result, agencies are famously fast-paced environments, where there’s rarely any downtime. Jumping from one project to the next adds extra excitement. Consulting roles are considered quite mentally demanding and great for people who thrive in a high-pressure workplace.
Competitive compensation
Consultants typically earn high salaries as they are considered experts in their fields, and consulting itself is hard work with long hours. How much consultants earn depends on their type of work and if they work for one of the big firms. A freelance consultant can set their own rates and enjoy more flexible hours, while working for a global consultancy firm usually comes with a high salary, benefits and prestige. Consultants in general enjoy financial security, no matter their specialty or location.
Career growth opportunities
Consultants working in a firm can quickly progress their career with hard work. Big firms have good career development options for their consultants. As an independent contractor, your career growth depends on your reputation and expertise. Both trajectories can see you increase your income regularly.
Impactful work
Purpose is an essential part of job satisfaction. Consulting is a rewarding job if you’re someone who enjoys helping businesses and having an active role in solving their problems. You often get to implement the solutions you offer, and seeing those solutions in action and making a positive impact can provide a sense of satisfaction.
Strong network building
Working with different businesses and people helps expand your professional and personal network, especially if you work across multiple industries. Having a wide network means having access to more potential clients and business opportunities. A network can also be a valuable asset if you need support or advice.
Challenges of a consulting career
A consulting career does have its drawbacks. As with any job, there are aspects that can affect your work-life balance and overall wellbeing. Here are some challenges to keep in mind when deciding if consulting is a good fit for you.
Long hours and demanding workload
The project-based nature of consulting work, where clients need advice and results quickly, means consultants have to fit a high volume of work into a short amount of time. This leads to long hours and a loss of work-life balance. It’s easy for consultants to experience burnout, especially when working for a firm where the culture encourages long work hours.
Client management
Consultants work directly with clients, and need exceptional communication skills to manage their expectations and provide a high level of service. Managing clients also means travelling to work with them onsite, potentially spending long periods away from home.
Steep learning curve
Being a consultant means joining a new company with each new project. Consultants have to quickly learn all about the business and its issues, in order to provide expert advice. When that project ends, another one starts, bringing with it another steep learning curve.
Stressful environment
Consultants are responsible for identifying and solving major business problems, and clients pay a lot of money for their services. A high workload, high expectations and tight deadlines can create high levels of stress. Due to the nature of consulting roles, it’s easy to become overwhelmed.
Limited job security
If you work on a job-to-job basis as an independent consultant, there may be times when you don’t have any income. Managing your finances is essential to ensure you’re not putting yourself at financial risk during down times. By marketing and networking you can find opportunities for regular work.
How to pursue a career in consulting
These steps will help you pursue a career in consulting and get you closer towards your goal.
1. Research the market
Begin by researching the market relevant to you. Investigate different niches and which industries and business areas suit your skills best. You may find better opportunities in a field of expertise adjacent to your core competency, which might require upskilling or getting more technical knowledge before you launch into consulting.
2. Develop a niche
Developing a niche will help you tap into a market with less competition, allowing you to charge more and enjoy more job security. Find a specific industry or particular field that you enjoy working in, then start building your experience in that area.
3. Create a portfolio
A consultant portfolio should showcase your problem-solving skills through past projects. Focus on highlighting your analytical and problem-solving abilities, using case studies to show off specific results you’ve achieved. The best way to get a portfolio started is by working at a firm or by providing volunteer consulting services. A portfolio is essential for independent consultants in order to prove competency, build confidence in your work, and win clients.
4. Build your network
Networking is a great way to find new jobs and keep up with trends. Industry events allow you to connect with other consultants and firms, if you’re interested in full-time consulting opportunities. You can also meet potential freelance clients at industry events, and through building your presence online.
5. Market yourself
If you work as an independent consultant, you might need to market yourself to find new work. Building a strong presence offline and online will showcase your expertise and get exposure for your ‘brand’, helping you reach potential clients.
6. Find a mentor
A mentor can make a huge impact on your career. Tapping into their experience and knowledge can help you decide which consulting path is best for you, and provide support when you face challenges. You might already know consultants in your industry who you could ask for advice.
7. Obtain a certification
Improve your knowledge and gain more credibility in your field or industry with a certification. A business management degree or master’s can help you analyse operations and other aspects of running a company, while more industry-specific certifications may help you carve out space in your niche.
Consultancy is an exciting career to get into, offering variety, mental stimulation, and high earning potential. The qualifications needed depend on the type of consultancy, though most jobs at firms are highly competitive and require at least a bachelor’s degree. Aside from qualifications, consultants need skills in problem solving, communication and analytical thinking. Whether you work with a firm or independently, consulting can be a rewarding job, where your expertise can help struggling businesses thrive.
FAQs
Is it difficult to become a consultant?
It’s not difficult to become a consultant if you have the right amount of expertise, experience and motivation. To get consulting work as a freelancer, you need to network, market yourself and build your reputation.
What is the highest paying consulting job?
The highest paying consulting jobs include:
- Technology consulting
- Investment consulting
- Sales consulting
- Business consulting
What work do you do as a consultant?
The main work a consultant does is provide expert advice in their area of specialisation. The specifics of a consulting role depend on the job and industry, but all involve advising a business on how it can improve, whether it’s cutting costs, improving staff retention or staying compliant with the law.
What are the job roles in consulting?
Analysts, associates, senior associates, senior manager and directors are some of the most common consulting job roles within a consulting firm. The roles reflect different levels of knowledge, years of experience, and seniority in the company.
Is consultancy a good career option?
While consultancy is highly competitive, it’s also highly in demand, making it a good career option for people seeking job security and earning potential.
How can I break into consulting with no experience?
To break into consulting with no experience, you could apply for internships at a firm, as some firms may only require a bachelor’s degree. Or offer to work for a business at reduced freelance rates, to build your portfolio. Network to make industry contacts and meet potential clients.
What are the different types of consulting careers?
There are many different types of consulting careers, including:
- strategy consulting,
- marketing consulting,
- operations consulting,
- financial consulting,
- human resources consulting,
- compliance consulting,
- IT consulting and more
What are the biggest challenges faced by consultants?
The biggest challenges consultants face include:
- Long hours and lack of work-life balance
- Demanding workloads
- Travel and working away from home
- Steep learning curves dealing with new clients frequently
- Managing clients’ expectations
What certifications are valuable for a consulting career?
Some of the most valuable certifications to help with a consulting career include business degrees and diplomas, project management qualifications and data analysis certifications. These help build basic skills and provide foundational knowledge, which can be supplemented with industry experience.
