According to studies, business school graduates can earn 140% more in their jobs than their peers. But this isn't necessarily the norm. You could be paid as much as an MBA graduate if you have the skills to justify it. However, an MBA has certain advantages.
If you are dedicated to one consulting niche and want to move to another, an MBA can help you start from scratch without losing momentum or value. An MBA also comes with added confidence, additional training, and other similar perks. With a top-down view of a business, strategy consultants audit the vision and long-term trajectory of a company. With the participation of senior executives and managers at the highest level, strategy consultants analyze how resources have been allocated by identifying new markets and comparing their value with that of existing target markets.
Business process management consultants help companies document, analyze, improve and automate their business processes to improve efficiency and production. In fact, many of the Fortune 500 companies, such as Mckinsey, Boston Consulting Group and Deloitte, hire expert consultants for very high salaries. By understanding customer management, product delivery, purchasing raw materials, and other similar aspects of the chain of operations, business operations consultants reduce costs and improve the productivity of their company. Investment consultants are those who work with investors by providing them with investment portfolios to conduct extensive research on the market and the performance of investible assets.
From identifying potential new investments to tracking the performance of a client's current investments, investment consultants offer a long list of services. HR consultants also focus on employee engagement, compensation, benefits, talent mobility, and human resource management through acquisitions and mergers. When auditing the functioning of an organization, business operations consultants focus on analyzing the companies' chain of operations and finding out how they can be optimized. Technically, if you're a consultant with a degree in finance, marketing, or operations and have more than five years of experience providing certain services, you could land a well-placed job at any Fortune 500 company or even generate tons of business on your own.
For aspiring consultants seeking the highest salaries, the WSO tracks average salaries and user bonuses at all professional levels. The intellectual appeal and financial rewards of the consulting industry mean that it attracts a lot of attention from people of all ages. Regardless of whether you've completed your MBA or not, you can increase your income as a consultant by choosing certain niches over others in which to specialize. Financial consulting consultants are those who explore how a company can reduce costs, increase cash flow and reduce risks in a legal and ethical way.