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.
In fact, many of the Fortune 500 companies, such as Mckinsey, Boston Consulting Group and Deloitte, hire expert consultants for very high salaries. Financial risk management consultants deal with market risk, credit risk, operational risk, inflation risk, and other similar factors that can affect the economic value of a company. Regulatory compliance consultants have in-depth knowledge of various regulations, such as the FDA, and the policies that you must comply with to comply with. For aspiring consultants seeking the highest salaries, the WSO tracks average salaries and user bonuses at all professional levels.
However, depending on the type of consulting you want to offer, you may also need to develop different skill sets. Human resources consultants perform two basic human resources functions: finding the right resources to hire and managing employees currently hired by a company. Consulting firms do compete, not directly, but in some way, with investment banks when it comes to recruiting the best talent, Curtis says. But what exactly does it mean to be a consultant? And does a successful and financially rewarding career in consulting require an MBA? Well, contrary to what most people believe, you don't need an MBA to be successful in consulting.
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. Team members have the opportunity to buy shares in the company, and GHSmart consultants highlight the company's flexibility, which includes “unlimited vacations”. Without an MBA, you can still succeed in consulting if you focus on developing your skills and creating tests in terms of what you can do for clients. Here are the differences between consultants with an MBA and those who don't, so you can decide for yourself.
In addition to these functions, accounting consultants also make financial forecasts and determine the profitability of their business. 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. The intellectual appeal and financial rewards of the consulting industry mean that it attracts a lot of attention from people of all ages.
